2006 Equity Incentive Plan, as amended, and related documents



 Exhibit 10.2 
 ENPHASE ENERGY, INC. 
 2006 EQUITY INCENTIVE PLAN 

AS AMENDED ON JANUARY 23, 2007 
 AS AMENDED ON APRIL 16, 2008 
 AS AMENDED ON APRIL 23, 2009

 AS AMENDED ON MARCH 4, 2010 
 AS AMENDED ON MAY 21, 2010 
 AS AMENDED ON JANUARY 21, 2011

 1. PURPOSE. The purpose of this Plan is to provide incentives to attract,
retain and motivate eligible persons whose present and potential contributions are important to the success of the Company, its Parent and Subsidiaries, by offering them an opportunity to participate in the Company’s future performance through
awards of Options and Restricted Stock. Capitalized terms not defined in the text are defined in Section 22 hereof. Although this Plan is intended to be a written compensatory benefit plan within the meaning of Rule 701 promulgated under the
Securities Act, grants may be made pursuant to this plan that do not qualify for exemption under Rule 701 or Section 25102(o). Any requirement of this Plan that is required in law only because of Section 25102(o) need not apply if the
Committee so provides and another exemption from the qualification requirements of applicable California State securities laws applies. 
 2. SHARES SUBJECT TO THE PLAN. 

2.1 Number of Shares Available. Subject to Sections 2.2 and 17 hereof, the total number of Shares reserved and
available for grant and issuance pursuant to this Plan will be 68,400,797 Shares or such lesser number of Shares as permitted by applicable law. Subject to Sections 2.2, 5.10 and 17 hereof, Shares subject to Awards previously granted will again be
available for grant and issuance in connection with future Awards under this Plan to the extent such Shares: (a) cease to be subject to issuance upon exercise of an Option, other than due to exercise of such Option; (b) are subject to an
Award granted hereunder but the Shares subject to such Award are forfeited or repurchased by the Company at the original issue price; or (c) are subject to an Award that otherwise terminates without Shares being issued. At all times the Company
will reserve and keep available a sufficient number of Shares as will be required to satisfy the requirements of all Awards granted and outstanding under this Plan. 

2.2 Adjustment of Shares. In the event that the number of outstanding shares of the Company’s Common Stock is
changed by a stock dividend, recapitalization, stock split, reverse stock split, subdivision, combination, reclassification or similar change in the capital structure of the Company without consideration, then (a) the number of Shares reserved
for issuance under this Plan, (b) the Exercise Prices of and number of Shares subject to outstanding Options and (c) the Purchase Prices of and number of Shares subject to other outstanding Awards will be proportionately adjusted, subject
to any required action by the Board or the stockholders of the Company and compliance with applicable securities laws; provided, however, that fractions of a Share will not be issued but will either be paid in cash at the Fair Market Value of
such fraction of a Share or will be rounded down to the nearest whole Share, as 

  
 1. 









 
determined by the Committee and provided, further, that the Exercise Price of any Option may not be decreased to below the par value of the Shares. 

3. ELIGIBILITY. ISOs (as defined in Section 5 hereof) may be granted only to employees
(including officers and directors who are also employees) of the Company or of a Parent or Subsidiary of the Company. NQSOs (as defined in Section 5 hereof) and Restricted Stock Awards may be granted to employees, officers, directors and
consultants of the Company or any Parent or Subsidiary of the Company; provided such consultants render bona fide services not in connection with the offer and sale of securities in a capital-raising transaction. A person may be granted more
than one Award under this Plan. 
 4. ADMINISTRATION. 

4.1 Committee Authority. This Plan will be administered by the Committee, or by the Board if no Committee is
created by the Board. Subject to the general purposes, terms and conditions of this Plan, and to the direction of the Board, the Committee will have full power to implement and carry out this Plan. Without limitation, the Committee will have the
authority to: 
 (a) construe and interpret this Plan, any Award Agreement and any other agreement or
document executed pursuant to this Plan; 
 (b) prescribe, amend and rescind rules and regulations
relating to this Plan; 
 (c) approve persons to receive Awards; 

(d) determine the form and terms of Awards; 

(e) determine the number of Shares or other consideration subject to Awards; 

(f) determine whether Awards will be granted singly, in combination with, in tandem with, in replacement of, or as
alternatives to, other Awards under this Plan or awards under any other incentive or compensation plan of the Company or any Parent or Subsidiary of the Company; 

(g) grant waivers of any conditions of this Plan or any Award; 

(h) determine the terms of vesting, exercisability and payment of Awards; 

(i) correct any defect, supply any omission, or reconcile any inconsistency in this Plan, any Award, any Award
Agreement, any Exercise Agreement or any Restricted Stock Purchase Agreement; 
 (j) determine whether an
Award has been earned; 

  
 2. 









 (k) make all other determinations for the administration of this
Plan; and 
 (l) extend the vesting period beyond a Participant’s Termination Date. 

4.2 Committee Discretion. Unless in contravention of any express terms of this Plan or Award, any determination
made by the Committee with respect to any Award will be made in its sole discretion either (a) at the time of grant of the Award, or (b) subject to Section 5.9 hereof, at any later time. Any such determination will be final and
binding on the Company and on all persons having an interest in any Award under this Plan. The Committee may delegate to one or more officers of the Company the authority to grant an Award under this Plan, provided such officer or officers are
members of the Board. 
 5. OPTIONS. The Committee may grant Options to eligible
persons described in Section 3 hereof and will determine whether such Options will be Incentive Stock Options within the meaning of the Code (“ISOs”) or Nonqualified Stock Options (“NQSOs”), the
number of Shares subject to the Option, the Exercise Price of the Option, the period during which the Option may be exercised, and all other terms and conditions of the Option, subject to the following: 

5.1 Form of Option Grant. Each Option granted under this Plan will be evidenced by an Award Agreement which will
expressly identify the Option as an ISO or an NQSO (“Stock Option Agreement”), and will be in such form and contain such provisions (which need not be the same for each Participant) as the Committee may from time to time
approve, and which will comply with and be subject to the terms and conditions of this Plan. 
 5.2 Date of
Grant. The date of grant of an Option will be the date on which the Committee makes the determination to grant such Option, unless a later date is otherwise specified by the Committee. The Stock Option Agreement and a copy of this Plan will be
delivered to the Participant within a reasonable time after the granting of the Option. 
 5.3 Exercise
Period. Options may be exercisable immediately but subject to repurchase pursuant to Section 11 hereof or may be exercisable within the times or upon the events determined by the Committee as set forth in the Stock Option Agreement
governing such Option; provided, however, that no Option will be exercisable after the expiration of ten years from the date the Option is granted; and provided further that no ISO granted to a person who directly or by attribution owns more
than 10% of the total combined voting power of all classes of stock of the Company or of any Parent or Subsidiary of the Company (“Ten Percent Shareholder”) will be exercisable after the expiration of five years from the date
the ISO is granted. The Committee also may provide for Options to become exercisable at one time or from time to time, periodically or otherwise, in such number of Shares or percentage of Shares as the Committee determines. Subject to earlier
termination of the Option as provided herein, to the extent Section 25102(o) is intended to apply, each Participant who is not an officer, director or consultant of the Company or of a Parent or Subsidiary of the Company shall have the right to
exercise an Option granted hereunder at the rate of no less than 20% per year over five years from the date such Option is granted. 

  
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 5.4 Exercise Price,. The Exercise Price of an Option will be
determined by the Committee when the Option is granted and may not be less than 100% of the Fair Market Value of the Shares on the date of grant. However, in the case of an ISO or if Section 25102(o) is intended to apply, the Exercise Price of
such an Option granted to a Ten Percent Shareholder will not be less than 110% of the Fair Market Value of the Shares on the date of grant. Payment for the Shares purchased must be made in accordance with Section 7 hereof. 

5.5 Method of Exercise. Options may be exercised only by delivery to the Company of a written stock option exercise
agreement (the “Exercise Agreement”) in a form approved by the Committee (which need not be the same for each Participant). The Exercise Agreement will state (a) the number of Shares being purchased, (b) the
restrictions imposed on the Shares purchased under such Exercise Agreement, if any, and (c) such representations and agreements regarding Participant’s investment intent and access to information and other matters, if any, as may be
required or desirable by the Company to comply with applicable securities laws. Participant shall execute and deliver to the Company the Exercise Agreement together with payment in full of the Exercise Price, and any applicable taxes, for the number
of Shares being purchased. 
 5.6 Termination. Subject to earlier termination pursuant to Sections 17 and
18 hereof and notwithstanding the exercise periods set forth in the Stock Option Agreement, exercise of an Option will always be subject to the following: 
 (a) If the Participant is Terminated for any reason other than death, Disability or for Cause, then the Participant may exercise such Participant’s Options only to the extent that such Options
are exercisable as to Vested Shares upon the Termination Date or as otherwise determined by the Committee. Such Options must be exercised by the Participant, if at all, as to all or some of the Vested Shares calculated as of the Termination Date or
such other date determined by the Committee, within three months after the Termination Date (or within such shorter time period, not less than 30 days, or within such longer time period, not exceeding five years, after the Termination Date as may be
determined by the Committee, with any exercise beyond three months after the Termination Date deemed to be an NQSO) but in any event, no later than the expiration date of the Options. 

(b) If the Participant is Terminated because of Participant’s death or Disability (or the Participant dies
within three months after a Termination other than for Cause), then Participant’s Options may be exercised only to the extent that such Options are exercisable as to Vested Shares by Participant on the Termination Date or as otherwise
determined by the Committee. Such options must be exercised by Participant (or Participant’s legal representative or authorized assignee), if at all, as to all or some of the Vested Shares calculated as of the Termination Date or such other
date determined by the Committee, within 12 months after the Termination Date (or within such shorter time period, not less than six months, or within such longer time period, not exceeding five years, after the Termination Date as may be determined
by the Committee, with any exercise beyond (i) three months after the Termination Date when the Termination is for any reason other than the Participant’s death or disability, within the meaning of Section 22(e)(3) of the Code, or
(ii) 12 months after the Termination Date when the Termination is for Participant’s disability, within the meaning of Section 22(e)(3) of the Code, deemed to be an NQSO) but in any event no later than the expiration date of the
Options. 

  
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 (c) If the Participant is terminated for Cause, the Participant may
exercise such Participant’s Options, but not to an extent greater than such Options are exercisable as to Vested Shares upon the Termination Date and Participant’s Options shall expire on such Participant’s Termination Date, or at
such later time and on such conditions as are determined by the Committee. 
 5.7 Limitations on Exercise.
The Committee may specify a reasonable minimum number of Shares that may be purchased on any exercise of an Option, provided that such minimum number will not prevent Participant from exercising the Option for the full number of Shares for which it
is then exercisable. 
 5.8 Limitations on ISOs. The aggregate Fair Market Value (determined as of the
date of grant) of Shares with respect to which ISOs are exercisable for the first time by a Participant during any calendar year (under this Plan or under any other incentive stock option plan of the Company or any Parent or Subsidiary of the
Company) will not exceed $100,000. If the Fair Market Value of Shares on the date of grant with respect to which ISOs are exercisable for the first time by a Participant during any calendar year exceeds $100,000, then the Options for the first
$100,000 worth of Shares to become exercisable in such calendar year will be ISOs and the Options for the amount in excess of $100,000 that become exercisable in that calendar year will be NQSOs. In the event that the Code or the regulations
promulgated thereunder are amended after the Effective Date (as defined in Section 18 hereof) to provide for a different limit on the Fair Market Value of Shares permitted to be subject to ISOs, then such different limit will be automatically
incorporated herein and will apply to any Options granted after the effective date of such amendment. 
 5.9
Modification, Extension or Renewal. The Committee may modify, extend or renew outstanding Options and authorize the grant of new Options in substitution therefor, provided that any such action may not, without the written consent of a
Participant, impair any of such Participant’s rights under any Option previously granted. Any outstanding ISO that is modified, extended, renewed or otherwise altered will be treated in accordance with Section 424(h) of the Code. Subject
to Section 5.10 hereof, the Committee may reduce the Exercise Price of outstanding Options without the consent of Participants by a written notice to them; provided, however, that the Exercise Price may not be reduced below the minimum
Exercise Price that would be permitted under Section 5.4 hereof for Options granted on the date the action is taken to reduce the Exercise Price; provided, further, that the Exercise Price will not be reduced below the par value of the
Shares, if any. 
 5.10 No Disqualification. Notwithstanding any other provision in this Plan, no term of
this Plan relating to ISOs will be interpreted, amended or altered, nor will any discretion or authority granted under this Plan be exercised, so as to disqualify this Plan under Section 422 of the Code or, without the consent of the
Participant, to disqualify any Participant’s ISO under Section 422 of the Code. In no event shall the total number of Shares issued (counting each reissuance of a Share that was previously issued and then forfeited or repurchased by the
Company as a separate issuance) under the Plan upon exercise of ISOs exceed 10,000,000 Shares (adjusted in proportion to any adjustments under Section 2.2 hereof) over the term of the Plan. 

  
 5. 









 6. RESTRICTED STOCK. A Restricted
Stock Award is an offer by the Company to sell to an eligible person Shares that are subject to certain specified restrictions. The Committee will determine to whom an offer will be made, the number of Shares the person may purchase, the Purchase
Price, the restrictions to which the Shares will be subject, and all other terms and conditions of the Restricted Stock Award, subject to the following: 
 6.1 Form of Restricted Stock Award. All purchases under a Restricted Stock Award made pursuant to this Plan will be evidenced by an Award Agreement (“Restricted Stock Purchase
Agreement”) that will be in such form (which need not be the same for each Participant) as the Committee will from time to time approve, and will comply with and be subject to the terms and conditions of this Plan. The Restricted Stock
Award will be accepted by the Participant’s execution and delivery of the Restricted Stock Purchase Agreement and full payment for the Shares to the Company within 30 days from the date the Restricted Stock Purchase Agreement is delivered to
the person. If such person does not execute and deliver the Restricted Stock Purchase Agreement along with full payment for the Shares to the Company within such 30 days, then the offer will terminate, unless otherwise determined by the Committee.

 6.2 Purchase Price. The Purchase Price of Shares sold pursuant to a Restricted Stock Award will be
determined by the Committee and will be at least 100% of the Fair Market Value of the Shares on the date the Restricted Stock Award is granted or at the time the purchase is consummated, except in the case of a sale to a Ten Percent Shareholder and
Section 25102(o) applies, in which case the Purchase Price will be 110% of the Fair Market Value on the date the Restricted Stock Award is granted or at the time the purchase is consummated. Payment of the Purchase Price must be made in
accordance with Section 7 hereof. 
 6.3 Restrictions. Each Restricted Stock Award may be subject to
the restrictions set forth in Section 11 hereof or such other restrictions not inconsistent with the exemptions from applicable securities laws that are relied upon in connection with such Restricted Stock Award. 

7. PAYMENT FOR SHARE PURCHASES. 

7.1 Payment. Payment for Shares purchased pursuant to this Plan may be made in cash (by check) or, where expressly
approved for the Participant by the Committee and where permitted by law: 
 (a) by cancellation of
indebtedness of the Company owed to the Participant; by surrender of shares that: (i) either (A) have been owned by Participant for more than six months and have been paid for within the meaning of SEC Rule 144 (and, if such shares were
purchased from the Company by use of a promissory note, such note has been fully paid with respect to such shares) or (B) were obtained by Participant in the public market and (ii) are clear of all liens, claims, encumbrances or security
interests; 
 (b) by tender of a full recourse promissory note having such terms as may be approved by the
Committee and bearing interest at a rate sufficient to avoid (i) imputation of income under Sections 483 and 1274 of the Code and (ii) variable accounting 

  
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treatment under Financial Accounting Standards Board Interpretation No. 44 to APB No. 25; provided, however, that Participants who are not employees or directors of the Company
will not be entitled to purchase Shares with a promissory note unless the note is adequately secured by collateral other than the Shares; provided, further, that the portion of the Exercise Price or Purchase Price, as the case may be, equal
to the par value of the Shares must be paid in cash or other legal consideration permitted by Delaware General Corporation Law; 
 (c) by waiver of compensation due or accrued to the Participant from the Company for services rendered; 
 (d) with respect only to purchases upon exercise of an Option, and provided that a public market for the Company’s stock exists: 

(i) through a “same day sale” commitment from the Participant and a broker-dealer that is a member of
the National Association of Securities Dealers (an “NASD Dealer”) whereby the Participant irrevocably elects to exercise the Option and to sell a portion of the Shares so purchased sufficient to pay the total Exercise Price,
and whereby the NASD Dealer irrevocably commits upon receipt of such Shares to forward the total Exercise Price directly to the Company; or 
 (ii) through a “margin” commitment from the Participant and an NASD Dealer whereby the Participant irrevocably elects to exercise the Option and to pledge the Shares so purchased to the
NASD Dealer in a margin account as security for a loan from the NASD Dealer in the amount of the total Exercise Price, and whereby the NASD Dealer irrevocably commits upon receipt of such Shares to forward the total Exercise Price directly to the
Company; or 
 (e) by any combination of the foregoing. 

7.2 Loan Guarantees. The Committee may, in its sole discretion, elect to assist the Participant in paying for
Shares purchased under this Plan by authorizing a guarantee by the Company of a third-party loan to the Participant. 

8. WITHHOLDING TAXES. 

8.1 Withholding Generally. Whenever Shares are to be issued in satisfaction of Awards granted under this Plan, the
Company may require the Participant to remit to the Company an amount sufficient to satisfy federal, state and local withholding tax requirements prior to the delivery of any certificate or certificates for such Shares. Whenever, under this Plan,
payments in satisfaction of Awards are to be made in cash by the Company, such payment will be net of an amount sufficient to satisfy federal, state, and local withholding tax requirements. 

8.2 Stock Withholding. When, under applicable tax laws, a Participant incurs tax liability in connection with the
exercise or vesting of any Award that is subject to tax withholding and the Participant is obligated to pay the Company the amount required to be withheld, the Committee may in its sole discretion allow the Participant to satisfy the minimum
withholding tax obligation by electing to have the Company withhold from the Shares to be issued that minimum number of Shares having a Fair Market Value equal to the minimum 

  
 7. 









 
amount required to be withheld, determined on the date that the amount of tax to be withheld is to be determined; but in no event will the Company withhold Shares if such withholding would result
in adverse accounting consequences to the Company. All elections by a Participant to have Shares withheld for this purpose will be made in accordance with the requirements established by the Committee for such elections and be in writing in a form
acceptable to the Committee. 
 9. PRIVILEGES OF STOCK
OWNERSHIP. 
 9.1 Voting and Dividends. No Participant will have any of the rights of a
stockholder with respect to any Shares until the Shares are issued to the Participant. After Shares are issued to the Participant, the Participant will be a stockholder and have all the rights of a stockholder with respect to such Shares, including
the right to vote and receive all dividends or other distributions made or paid with respect to such Shares; provided, that if such Shares are Restricted Stock, then any new, additional or different securities the Participant may become entitled to
receive with respect to such Shares by virtue of a stock dividend, stock split or any other change in the corporate or capital structure of the Company will be subject to the same restrictions as the Restricted Stock. The Participant will have no
right to retain such stock dividends or stock distributions with respect to Unvested Shares that are repurchased pursuant to Section 11 hereof. To the extent required, the Company will comply with Section 260.140.1 of Title 10 of the
California Code of Regulations with respect to the voting rights of Common Stock. 
 9.2 Financial
Statements. The Company will provide financial statements to each Participant annually during the period such Participant has Awards outstanding, or as otherwise required under Section 260.140.46 of Title 10 of the California Code of
Regulations. Notwithstanding the foregoing, the Company will not be required to provide such financial statements to Participants when issuance of Awards is limited to key employees whose services in connection with the Company assure them access to
equivalent information. 
 10. TRANSFERABILITY. Except as permitted by the
Committee, Awards granted under this Plan, and any interest therein, will not be transferable or assignable by Participant, other than by will or by the laws of descent and distribution, and, with respect to NQSOs, by instrument to an inter vivos or
testamentary trust in which the options are to be passed to beneficiaries upon the death of the trustor (settlor), or by gift to “immediate family” as that term is defined in 17 C.F.R. 240.16a-1(e), and may not be made subject to
execution, attachment or similar process. During the lifetime of the Participant an Award will be exercisable only by the Participant or Participant’s legal representative and any elections with respect to an Award may be made only by the
Participant or Participant’s legal representative. 
 11. RESTRICTIONS ON
SHARES. 
 11.1 Right of First Refusal. At the discretion of the
Committee, the Company may reserve to itself and/or its assignee(s) in the Award Agreement a right of first refusal to purchase all Shares that a Participant (or a subsequent transferee) may propose to transfer to a third party, unless otherwise not
permitted by Section 25102(o), provided that such right of first refusal terminates upon the Company’s initial public offering of Common Stock pursuant to an effective registration statement filed under the Securities Act. 

  
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 11.2 Right of Repurchase. At the discretion of the Committee, the
Company may reserve to itself and/or its assignees) in the Award Agreement a right to repurchase Unvested Shares held by a Participant for cash and/or cancellation of purchase money indebtedness owed to the Company by the Participant following such
Participant’s Termination at any time within the later of 90 days after the Participant’s Termination Date and the date the Participant purchases Shares under the Plan at the Participant’s Exercise Price or Purchase Price, as the case
may be, provided that to the extent Section 25102(o) is intended to apply, unless the Participant is an officer, director or consultant of the Company or of a Parent or Subsidiary of the Company, such right of repurchase lapses at the rate of
no less than 20% per year over five years from: (a) the date of grant of the Option or (b) in the case of Restricted Stock, the date the Participant purchases the Shares. 

12. CERTIFICATES. All certificates for Shares or other securities delivered under this Plan
will be subject to such stock transfer orders, legends and other restrictions as the Committee may deem necessary or advisable, including restrictions under any applicable federal, state or foreign securities law, or any rules, regulations and other
requirements of the SEC or any stock exchange or automated quotation system upon which the Shares may be listed or quoted. 

13. ESCROW; PLEDGE OF SHARES. To enforce any restrictions on a
Participant’s Shares set forth in Section 11 hereof, the Committee may require the Participant to deposit all certificates representing Shares, together with stock powers or other instruments of transfer approved by the Committee,
appropriately endorsed in blank, with the Company or an agent designated by the Company to hold in escrow until such restrictions have lapsed or terminated. The Committee may cause a legend or legends referencing such restrictions to be placed on
the certificates. Any Participant who is permitted to execute a promissory note as partial or full consideration for the purchase of Shares under this Plan will be required to pledge and deposit with the Company all or part of the Shares so
purchased as collateral to secure the payment of Participant’s obligation to the Company under the promissory note; provided, however, that the Committee may require or accept other or additional forms of collateral to secure the payment
of such obligation and, in any event, the Company will have full recourse against the Participant under the promissory note notwithstanding any pledge of the Participant’s Shares or other collateral. In connection with any pledge of the Shares,
Participant will be required to execute and deliver a written pledge agreement in such form as the Committee will from time to time approve. The Shares purchased with the promissory note may be released from the pledge on a pro rata basis as the
promissory note is paid. 
 14. EXCHANGE AND BUYOUT OF
AWARDS. The Committee may, at any time or from time to time, authorize the Company, with the consent of the respective Participants, to issue new Awards in exchange for the surrender and cancellation of any or all
outstanding Awards. The Committee may at any time buy from a Participant an Award previously granted with payment in cash, shares of Common Stock of the Company (including Restricted Stock) or other consideration, based on such terms and conditions
as the Committee and the Participant may agree. 
 15. SECURITIES LAW AND
OTHER REGULATORY COMPLIANCE. 

  
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 15.1 Securities Law Compliance. Although this Plan is intended to be
a written compensatory benefit plan within the meaning of Rule 701 promulgated under the Securities Act, grants may be made pursuant to this plan that do not qualify for exemption under Rule 701 or Section 25102(o). Any requirement of this Plan
that is required in law only because of Section 25102(o) need not apply if the Committee so provides. An Award will not be effective unless such Award is in compliance with all applicable federal and state securities laws, rules and regulations
of any governmental body, and the requirements of any stock exchange or automated quotation system upon which the Shares may then be listed or quoted, as they are in effect on the date of grant of the Award and also on the date of exercise or other
issuance. Notwithstanding any other provision in this Plan, the Company will have no obligation to issue or deliver certificates for Shares under this Plan prior to (a) obtaining any approvals from governmental agencies that the Company
determines are necessary or advisable, and/or (b) compliance with any exemption, completion of any registration or other qualification of such Shares under any state or federal law or ruling of any governmental body that the Company determines
to be necessary or advisable. The Company will be under no obligation to register the Shares with the SEC or to effect compliance with the exemption, registration, qualification or listing requirements of any state securities laws, stock exchange or
automated quotation system, and the Company will have no liability for any inability or failure to do so. 

15.2 Tax Treatment of Awards. The provisions of this Plan generally shall be construed and applied in a manner
consistent with the provisions of Sections 409A and 422 of the Code and in order to avoid the additional income tax imposed by Section 409A of the Code. However, any particular Award may be granted with specific recognition given to an intent
not to comply with any such Section by specific reference to the Code Section affected or that any particular Option shall instead be a non-qualified option, in which case such Award shall be so construed and applied. Each Award under this Plan is
granted subject to modification by the Company for purposes of compliance with the requirements of such Sections. The Exercise Price or Purchase Price of Awards is to be determined by the Committee based upon the best evidence available to the
Committee and is intended to equal the Fair Market Value of the Shares as of the date of grant, or in some cases 110% of Fair Market Value, as required by the Code. However, the tax treatment of Awards shall not be, and is not, warranted or
guaranteed. Neither the Company, the Committee nor any of their designees shall be liable for any taxes, penalties or other monetary amounts owed by any Participant, employee, beneficiary or other person as a result of the grant, amendment,
modification, exercise and/or payment of, or under, any Award, notwithstanding any challenge made to the determination of Fair Market Value by any taxing authority. 
 16. NO OBLIGATION TO EMPLOY. Nothing in this Plan or any Award granted under this Plan will confer or be deemed to
confer on any Participant any right to continue in the employ of, or to continue any other relationship with, the Company or any Parent or Subsidiary of the Company or limit in any way the right of the Company or any Parent or Subsidiary of the
Company to terminate Participant’s employment or other relationship at any time, with or without Cause. 
 17.
CORPORATE TRANSACTIONS. 
 17.1 Assumption or Replacement
of Awards by Successor. In the event of 

  
 10.









 (a) a dissolution or liquidation of the Company, 

(b) a merger or consolidation after which the stockholders of the Company immediately prior to such merger (other
than any stockholder which merges, or which owns or controls another entity that merges, with the Company in such merger) cease to own at least a majority of their shares of capital stock of the Company, 

(c) the sale of substantially all of the assets of the Company in one transaction or series of related transactions
followed by the liquidation of the Company; or 
 (d) the sale by the stockholders of the Company of at
least a majority of the outstanding shares of capital stock of the Company in one transaction or series of related transactions pursuant to an agreement to which the Company and the selling stockholders are parties, 

then any or all outstanding Awards may be assumed, converted or replaced by the successor entity (if any), which assumption, conversion or
replacement will be binding on all Participants. In the alternative, the successor entity may substitute equivalent Awards or provide substantially similar consideration to Participants as was provided to stockholders (after taking into account the
existing provisions of the Awards). The successor entity may also issue, in place of outstanding Shares of the Company held by the Participant, substantially similar shares or other property subject to repurchase restrictions and other provisions no
less favorable to the Participant than those which applied to such outstanding Shares immediately prior to such transaction described in this Section 17.1. In the event such successor entity (if any) does not assume or substitute Awards, as
provided above, pursuant to a transaction described in this Section 17.1, and in the case of clauses (b) or (c) above, the stockholders of the Company after the event described in such clause cease to hold at least 80% of the shares
of the Company’s capital stock they held prior to such event, unless the Committee shall otherwise approve, then notwithstanding any other provision in this Plan to the contrary, the vesting of such Awards will accelerate and the Options will
vest and become exercisable as to one calendar month for each calendar month the Participant has been employed by the Company up to a maximum of 12 months in addition to the amount of vesting that would have been applicable in the absence of such
accelerated vesting, which vesting shall accelerate prior to the consummation of such transaction at such times and on such conditions as the Committee determines, and if such Options are not exercised prior to the consummation of such transaction,
they shall expire as to the unexercised portion on the occurrence of such transaction at such time, and on such conditions, as the Committee shall determine in accordance with the provisions of this Plan. 

17.2 Other Treatment of Awards. Subject to any greater rights granted to Participants under the foregoing
provisions of this Section 17, in the event of the occurrence of any transaction described in Section 17.1, any outstanding Awards will be treated as provided in the applicable agreement entered into by the Company in connection therewith
or the plan of merger, consolidation, dissolution or liquidation relating thereto. 
 17.3 Assumption of
Awards by the Company. The Company, from time to time, also may substitute or assume outstanding awards granted by another company, whether in connection with an acquisition of such other company or otherwise, by either (a) granting an


  
 11.









 
Award under this Plan in substitution of such other company’s award or (b) assuming such award as if it had been granted under this Plan if the terms of such assumed award could be
applied to an Award granted under this Plan. Such substitution or assumption will be permissible if the holder of the substituted or assumed award would have been eligible to be granted an Award under this Plan if the other company had applied the
rules of this Plan to such grant. In the event the Company assumes an award granted by another company, the terms and conditions of such award will remain unchanged (except that the exercise price and the number and nature of shares issuable upon
exercise of any such option will be adjusted appropriately pursuant to Section 424(a) of the Code). In the event the Company elects to grant a new Award rather than assume an existing Award, such new Award may be granted with a similarly
adjusted Exercise Price. 
 18. ADOPTION AND STOCKHOLDER
APPROVAL. This Plan will become effective on the date that it is adopted by the Board (the “Effective Date”). This Plan will be approved by the stockholders of the Company (excluding Shares
issued pursuant to this Plan), consistent with applicable laws, within 12 months before or after the Effective Date. Upon the Effective Date, the Board may grant Awards pursuant to this Plan; provided, however, that: (a) no Option may be
exercised prior to initial stockholder approval of this Plan; (b) no Option granted pursuant to an increase in the number of Shares approved by the Board shall be exercised prior to the time such increase has been approved by the stockholders
of the Company; (c) in the event that initial stockholder approval is not obtained within the time period provided herein, all Awards granted hereunder shall be canceled, any Shares issued pursuant to any Award shall be canceled and any
purchase of Shares issued hereunder shall be rescinded; and (d) Awards granted pursuant to an increase in the number of Shares approved by the Board which increase is not timely approved by stockholders shall be canceled, any Shares issued
pursuant to any such Awards shall be canceled, and any purchase of Shares subject to any such Award shall be rescinded. 

19. TERM OF PLAN/GOVERNING LAW.
Unless earlier terminated as provided herein, this Plan will terminate ten years from the Effective Date or, if earlier, the date of stockholder approval. This Plan and all agreements hereunder shall be governed by and construed in accordance with
the laws of the State of Delaware. 
 20. AMENDMENT OR TERMINATION
OF PLAN. Subject to Section 5.9 hereof, the Board may at any time terminate or amend this Plan in any respect, including without limitation amendment of any form of Award Agreement or instrument
to be executed pursuant to this Plan; provided, however, that the Board will not, without the approval of the stockholders of the Company, amend this Plan in any manner that requires such stockholder approval pursuant to Section 25102(o)
or the Code or the regulations promulgated thereunder as such provisions apply to ISO plans. 
 21.
NONEXCLUSIVITY OF THE PLAN. Neither the adoption of this Plan by the Board, the submission of this Plan to the stockholders of the Company for approval, nor any
provision of this Plan will be construed as creating any limitations on the power of the Board to adopt such additional compensation arrangements as it may deem desirable, including, without limitation, the granting of stock options and other equity
awards otherwise than under this Plan, and such arrangements may be either generally applicable or applicable only in specific cases. 

  
 12.









 22. DEFINITIONS. As used in this Plan, the
following terms will have the following meanings: 
 “Award” means any award under this Plan, including
any Option or Restricted Stock Award. 
 “Award Agreement” means, with respect to each Award, the signed
written agreement between the Company and the Participant setting forth the terms and conditions of the Award, including the Stock Option Agreement and Restricted Stock Agreement. 

“Board” means the Board of Directors of the Company. 

“Cause” means Termination because of (a) any willful, material violation by the Participant of any law or
regulation applicable to the business of the Company or a Parent or Subsidiary of the Company, the Participant’s conviction for, or guilty plea to, a felony or a crime involving moral turpitude, or any willful perpetration by the Participant of
a common law fraud, (b) the Participant’s commission of an act of personal dishonesty which involves personal profit in connection with the Company or any other entity having a business relationship with the Company, (c) any material
breach by the Participant of any provision of any agreement or understanding between the Company or any Parent or Subsidiary of the Company and the Participant regarding the terms of the Participant’s service as an employee, officer, director
or consultant to the Company or a Parent or Subsidiary of the Company, including without limitation, the willful and continued failure or refusal of the Participant to perform the material duties required of such Participant as an employee, officer,
director or consultant of the Company or a Parent or Subsidiary of the Company, other than as a result of having a Disability, or a breach of any applicable invention assignment and confidentiality agreement or similar agreement between the Company
or a Parent or Subsidiary of the Company and the Participant, (d) Participant’s disregard of the policies of the Company or any Parent or Subsidiary of the Company so as to cause loss, damage or injury to the property, reputation or
employees of the Company or a Parent or Subsidiary of the Company, or (e) any other misconduct by the Participant which is materially injurious to the financial condition or business reputation of, or is otherwise materially injurious to, the
Company or a Parent or Subsidiary of the Company. 
 “Code” means the Internal Revenue Code of 1986, as
amended. 
 “Committee” means the committee created and appointed by the Board to administer this Plan,
or if no committee is created and appointed, the Board. 
 “Company” means Enphase Energy, Inc., or any
successor corporation. 
 “Disability” means a disability, whether temporary or permanent, partial or
total, as determined by the Committee. 
 “Exercise Price” means the price at which a holder of an
Option may purchase the Shares issuable upon exercise of the Option. 
 “Fair Market Value” means, as of
any date, the value of a share of the Company’s Common Stock determined as follows: 

  
 13.









 (a) if such Common Stock is then quoted on the Nasdaq National
Market, its closing price on the Nasdaq National Market on the date of determination as reported in The Wall Street Journal; 
 (b) if such Common Stock is publicly traded and is then listed on a national securities exchange, its closing price on the date of determination on the principal national securities exchange on
which the Common Stock is listed or admitted to trading as reported in The Wall Street Journal; 
 (c)
if such Common Stock is publicly traded but is not quoted on the Nasdaq National Market nor listed or admitted to trading on a national securities exchange, the average of the closing bid and asked prices on the date of determination as reported
by The Wall Street Journal (or, if not so reported, as otherwise reported by any newspaper or other source as the Board may determine); or 
 (d) if none of the foregoing is applicable, by the Committee in good faith. 

“Option” means an award of an option to purchase Shares pursuant to Section 5 hereof. 

“Parent” means any corporation (other than the Company) in an unbroken chain of corporations ending with the
Company if each of such corporations other than the Company owns stock representing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. 

“Participant” means a person who receives an Award under this Plan. 

“Plan” means this Enphase Energy, Inc. 2006 Equity Incentive Plan, as amended from time to time. “Purchase
Price” means the price at which a Participant may purchase Restricted Stock. 
 “Restricted Stock”
means Shares purchased pursuant to a Restricted Stock Award. “Restricted Stock Award” means an award of Shares pursuant to Section 6 hereof. “SEC’ means the Securities and Exchange Commission. 

“Section 25102(o)” means Section 25102(o) of the California Corporations Code. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Shares” means shares of the Company’s Common Stock, $0.00001 par value, reserved for issuance under this
Plan, as adjusted pursuant to Sections 2 and 17 hereof, and any successor security. 
 “Subsidiary”
means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company if each of the corporations other than the last corporation in the unbroken chain owns stock representing 50% or more of the total
combined voting power of all classes of stock in one of the other corporations in such chain. 

  
 14.









 “Termination” or “Terminated” means, for
purposes of this Plan with respect to a Participant, that the Participant has for any reason ceased to provide services as an employee, officer, director or consultant to the Company or a Parent or Subsidiary of the Company. A Participant will not
be deemed to have ceased to provide services in the case of sick leave, military leave or any other leave of absence approved by the Committee, provided that such leave is for a period of not more than 90 days (a) unless reinstatement (or, in
the case of an employee with an ISO, reemployment) upon the expiration of such leave is guaranteed by contract or statute, or (b) unless provided otherwise pursuant to formal policy adopted from time to time by the Company’s Board and
issued and promulgated in writing. In the case of any Participant on sick leave, military leave or an approved leave of absence, the Committee may make such provisions respecting suspension of vesting of the Award while on leave from the Company or
a Parent or Subsidiary of the Company as it may deem appropriate, except that in no event may an Option be exercised after the expiration of the term set forth in the Stock Option Agreement. The Committee will have sole discretion to determine
whether a Participant has ceased to provide services and the effective date on which the Participant ceased to provide services (the “Termination Date”). 

“Unvested Shares” means “Unvested Shares” as defined in the Award Agreement. 

“Vested Shares” means “Vested Shares” as defined in the Award Agreement. 

  
 15.










					
		  	ENPHASE ENERGY, INC.	  	No.    

 2006 EQUITY INCENTIVE PLAN 
 STOCK OPTION EXERCISE AGREEMENT

 This Exercise Agreement is made and entered into as of
                    ,              (the “Effective
Date”) by and between Enphase Energy, Inc., a Delaware corporation (the “Company”), and the purchaser named below (the “Purchaser”). Capitalized terms not defined herein shall have the
meanings ascribed to them in the Company’s 2006 Equity Incentive Plan (the “Plan”). 
  

			
	Purchaser:	 	 
		
	Social Security Number:	 	 
		
	Address:	 	 
		
		 	 
		
	Total Number of Shares:	 	 
		
	Exercise Price Per Share:	 	 $

		
	Total Exercise Price:	 	 
		
	Date of Grant:	 	 
		
	Type of Option (check one):	 	 ̈  Incentive Stock
Option     ̈  Nonqualified Stock Option

 1. Exercise of Option. 
 1.1
Exercise. Pursuant to exercise of that certain option (“Option”) granted to Purchaser under the Plan and subject to the terms and conditions of this Agreement, Purchaser hereby purchases from the Company, and the
Company hereby sells to Purchaser, the Total Number of Shares set forth above (“Shares”) of the Company’s Common Stock at the Exercise Price Per Share set forth above (“Exercise Price”). As used
in this Agreement, the term “Shares” refers to the Shares purchased under this Exercise Agreement and includes all securities received (a) in replacement of the Shares, (b) as a result of stock dividends or stock
splits with respect to the Shares, and (c) all securities received in replacement of the Shares in a merger, recapitalization, reorganization or similar corporate transaction. 

1.2 Payment. Purchaser hereby delivers payment of the Exercise Price in the manner permitted in the Stock Option
Agreement as follows (check and complete as appropriate). 
  

	 ̈	in cash in the amount of $            , receipt of which is acknowledged by the Company.


  

	 ̈	by cancellation of indebtedness of the Company to Purchaser in the amount of $            .


  

	 ̈	by the waiver hereby of compensation due or accrued for services actually rendered in the amount of
$            . 

  

	 ̈	provided that a public market for the Company’s stock exists, by delivery of             
fully-paid, nonassessable and vested shares of the Common Stock of the Company owned by Purchaser for at least six months prior to the date hereof which have been paid for within the meaning of SEC Rule 144, (if purchased by use of a promissory
note, such note has been fully paid with respect to such vested shares), or obtained by Purchaser in the open public market, and owned free and clear of all liens, claims, encumbrances or security interests, valued at the current Fair Market Value
of $             per share. 









	 ̈	provided that a public market for the Company’s stock exists, (1) through a “same day sale” commitment from Participant and a broker-dealer that is
a member of the National Association of Securities Dealers (a “Dealer”) whereby Participant irrevocably elects to exercise the Option and to sell a portion of the Shares so purchased to pay for the Exercise Price and whereby
the Dealer irrevocably commits upon receipt of such Shares to forward the Exercise Price directly to the Company, or (2) through a “margin” commitment from Participant and Dealer whereby Participant irrevocably elects to
exercise the Option and to pledge the Shares so purchased to the Dealer in a margin account as security for a loan from the Dealer in the amount of the Exercise Price, and whereby the Dealer irrevocably commits upon receipt of such Shares to forward
the Exercise Price directly to the Company. 

 2. Delivery. 

2.1 Documents to be Delivered. Purchaser hereby delivers to the Company (a) this Exercise Agreement,
(b) two copies of a blank Stock Power and Assignment Separate from Stock Certificate in the form of Exhibit 1 attached hereto (the “Stock Powers”), both executed by Purchaser (and Purchaser’s
spouse, if any), (c) if Purchaser is married, a Consent of Spouse in the form of Exhibit 2 attached hereto (the “Spouse Consent”) executed by Purchaser’s spouse, and (d) the Exercise Price and
any payment or other provision for any applicable tax obligations. Upon its receipt of the Exercise Price and all the documents to be executed and delivered by Purchaser to the Company under this Section 2, the Company will issue a duly
executed stock certificate evidencing the Shares in the name of Purchaser, to be placed in escrow as provided in Section 10 until expiration or termination of the Company’s Right of First Refusal described in Section 8. 

2.2 Tax Withholding. Prior to the issuance of the Shares upon exercise of the Option, Participant must pay or
provide for any applicable federal, state and local withholding obligations of the Company. If the Committee permits, Participant may provide for payment of withholding taxes upon exercise of the Option by requesting that the Company retain Shares
with a Fair Market Value equal to the minimum amount of taxes required to be withheld. In such case, the Company shall issue the net number of Shares to the Participant by deducting the Shares retained from the Shares issuable upon exercise.

 3. Representations and Warranties of Purchaser. Purchaser represents and warrants as
follows. 
 3.1 Agrees to Terms of the Plan. Purchaser has received a copy
of the Plan and the Stock Option Agreement, has read and understands the terms of the Plan, the Stock Option Agreement and this Exercise Agreement, and agrees to be bound by their terms and conditions. Purchaser acknowledges that there may be
adverse tax consequences upon exercise of the Option or disposition of the Shares, and that Purchaser should consult a tax adviser prior to such exercise or disposition. 

3.2 Purchase for Own Account for Investment. Purchaser is purchasing the Shares for
Purchaser’s own account for investment purposes only and not with a view to, or for sale in connection with, a distribution of the Shares within the meaning of the Securities Act. Purchaser has no present intention of selling or otherwise
disposing of all or any portion of the Shares and no one other than Purchaser has any beneficial ownership of any of the Shares. 
 3.3 Access to Information. Purchaser has had access to all information regarding the Company and its present and prospective business, assets, liabilities and financial condition that Purchaser
reasonably considers important in making the decision to purchase the Shares, and Purchaser has had ample opportunity to ask questions of the Company’s representatives concerning such matters and this investment. 

3.4 Understanding of Risks. Purchaser is fully aware of: (a) the highly speculative nature of the
investment in the Shares; (b) the financial hazards involved; (c) the lack of liquidity of the Shares and the restrictions on transferability of the Shares (e.g., that Purchaser may not be able to sell or dispose of the Shares or
use them as collateral for loans); (d) the qualifications and backgrounds of the management of the Company; and (e) the tax consequences of investment in the Shares. Purchaser is capable of evaluating the merits and risks of this
investment, 

  
 2 








 
has the ability to protect Purchaser’s own interests in this transaction and is financially capable of bearing a total loss of this investment. 

3.5 No General Solicitation. At no time was Purchaser presented with or solicited by any publicly issued
or circulated newspaper, mail, radio, television or other form of general advertising or solicitation in connection with the offer, sale and purchase of the Shares. 
 4. Compliance with Securities Laws. 

4.1 Compliance with Federal Securities Laws. Purchaser understands and acknowledges that the
Shares have not been registered with the SEC under the Securities Act and that, notwithstanding any other provision of the Stock Option Agreement to the contrary, the exercise of any rights to purchase any Shares is expressly conditioned upon
compliance with the Securities Act and all applicable state securities laws. Purchaser agrees to cooperate with the Company to ensure compliance with such laws. The Shares are being issued under the Securities Act pursuant to the exemption
identified to apply on page 1 of the Stock Option Agreement evidencing this Award. 
 4.2
Compliance with California Securities Laws. THE PLAN, THE STOCK OPTION AGREEMENT, AND THIS AGREEMENT ARE INTENDED TO COMPLY WITH SECTION 25102(o) OF THE CALIFORNIA CORPORATIONS CODE. IF SECTION
25102(O) IS INDICATED TO APPLY ON PAGE 1 OF THE STOCK OPTION AGREEMENT EVIDENCING THIS AWARD, ANY PROVISION OF THIS AGREEMENT THAT IS INCONSISTENT WITH SECTION 25102(o) SHALL, WITHOUT FURTHER ACT OR AMENDMENT BY THE COMPANY OR THE BOARD, BE
REFORMED TO COMPLY WITH THE REQUIREMENTS OF SECTION 25102(o). THE SALE OF THE SECURITIES THAT ARE THE SUBJECT OF THIS EXERCISE AGREEMENT, IF NOT YET QUALIFIED WITH THE CALIFORNIA COMMISSIONER OF CORPORATIONS AND NOT EXEMPT FROM SUCH
QUALIFICATION, IS SUBJECT TO SUCH QUALIFICATION, AND THE ISSUANCE OF SUCH SECURITIES, AND THE RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO SUCH QUALIFICATION IS UNLAWFUL UNLESS THE SALE IS EXEMPT. THE RIGHTS OF THE PARTIES TO THIS
EXERCISE AGREEMENT ARE EXPRESSLY CONDITIONED UPON SUCH QUALIFICATION BEING OBTAINED OR AN EXEMPTION BEING AVAILABLE. 
 5. Restricted Securities. 
 5.1
No Transfer Unless Registered or Exempt. Purchaser understands that Purchaser may not transfer any Shares unless such Shares are registered under the Securities Act or qualified under applicable state securities laws
or unless, in the opinion of counsel to the Company, exemptions from such registration and qualification requirements are available. Purchaser understands that only the Company may file a registration statement with the SEC and that the Company is
under no obligation to do so with respect to the Shares. Purchaser has also been advised that exemptions from registration and qualification may not be available or may not permit Purchaser to transfer all or any of the Shares in the amounts or at
the times proposed by Purchaser. 
 5.2 SEC Rule 144. In addition, Purchaser has been advised
that SEC Rule 144 promulgated under the Securities Act, which permits certain limited sales of unregistered securities, is not presently available with respect to the Shares and, in any event, requires that the Shares be held for a minimum of one
year, and in certain cases two years, after they have been purchased and paid for (within the meaning of Rule 144). Purchaser understands that Rule 144 may indefinitely restrict transfer of the Shares so long as Purchaser remains an
“affiliate” of the Company or if “current public information” about the Company (as defined in Rule 144) is not publicly available. 
 5.3 SEC Rule 701. If the Shares are issued pursuant to SEC Rule 701 promulgated under the Securities Act, they may become freely tradeable by non-affiliates (under limited conditions
regarding the method of sale) 90 days after the first sale of Common Stock of the Company to the general public pursuant to a registration statement filed with and declared effective by the SEC, subject to the lengthier market standoff agreement
contained in Section 7 of this Exercise Agreement or any other agreement entered into by Purchaser. Affiliates must comply with the provisions (other than the holding period requirements) of Rule 144. 

  
 3 








 6. Restrictions on Transfers. 

6.1 Disposition of Shares. Purchaser hereby agrees that Purchaser shall make no disposition of the Shares
(other than as permitted by this Agreement) unless and until: 
 (a) Purchaser shall have notified the Company of
the proposed disposition and provided a written summary of the terms and conditions of the proposed disposition; 

(b) Purchaser shall have complied with all requirements of this Exercise Agreement applicable to the disposition of the
Shares; and 
 (c) Purchaser shall have provided the Company with written assurances, in form and substance
satisfactory to counsel for the Company, that (i) the proposed disposition does not require registration of the Shares under the Securities Act or (ii) all appropriate action necessary for compliance with the registration requirements of
the Securities Act or of any exemption from registration available under the Securities Act (including Rule 144) has been taken. 
 6.2 Restriction on Transfer. Purchaser shall not transfer, assign, grant a lien or security interest in, pledge, hypothecate, encumber or otherwise dispose of any of the Shares which are
subject to the Company’s Right of First Refusal, except as permitted by this Agreement. Each person (other than the Company) to whom the Shares are transferred by means of one of the permitted transfers specified in this Agreement must, as a
condition precedent to the validity of such transfer, acknowledge in writing to the Company that such person is bound by the provisions of this Exercise Agreement and that the transferred Shares are subject to: (a) the Company’s Right of
First Refusal granted hereunder and (b) the market stand-off provisions of Section 7, to the same extent such Shares would be so subject if retained by the Purchaser. 

7. Market Standoff Agreement. Purchaser agrees in connection with any registration of the
Company’s securities that, upon the request of the Company or the underwriters managing any public offering of the Company’s securities, Purchaser will not sell or otherwise dispose of any Shares without the prior written consent of the
Company or such underwriters, as the case may be, subject to all restrictions, and for such a period of time, as the Company or the underwriters may specify. However, the restricted period will not exceed 180 days after the effective date of such
registration, which restricted period may be extended if the Company’s securities are listed on the Nasdaq Stock Market and Rule 2711 thereof applies and (a) during the last 17 days of the restricted period the Company issues an earnings
release or material news or a material event relating to the Company occurs or (b) prior to the expiration of the restricted period the Company announces that it will release earnings results during the 16-day period beginning on the last day
of the restricted period. The restricted period may not be extended beyond the 18th day after issuance of the earnings release or occurrence of the material news or material event, but in no event shall the restricted period end later than 215 days after the effective date of the
registration statement. Participant agrees to enter into with such underwriter such agreements regarding this market-standoff as the Company or such underwriter may request. 
 8. Company’s Right of First Refusal. Before any Shares held by Purchaser or any transferee of such Shares (either being sometimes referred to herein as the
“Holder”) may be sold or otherwise transferred (including without limitation a transfer by gift or operation of law), the Company and/or its assignee(s) shall have an assignable right of first refusal to purchase the Shares
to be sold or transferred (the “Offered Shares”) on the terms and conditions set forth in this Section (the “Right of First Refusal”). 

8.1 Notice of Proposed Transfer. The Holder of the Offered Shares shall deliver to the Company a
written notice (the “Notice”) stating: (a) the Holder’s bona fide intention to sell or otherwise transfer the Offered Shares; (b) the name of each proposed bona fide purchaser or other transferee
(“Proposed Transferee”); (c) the number of Offered Shares to be transferred to each Proposed Transferee; (d) the bona fide cash price or other consideration for which the Holder proposes to transfer the Offered
Shares (the “Offered Price”); and (e) that the Holder will offer to sell the Offered Shares to the Company and/or its assignee(s) at the Offered Price as provided in this Section. 

  
 4 








 8.2 Exercise of Right of First Refusal. At
any time within 30 days after the date of the Notice, the Company and/or its assignee(s) may, by giving written notice to the Holder, elect to purchase the Offered Shares proposed to be transferred to any one or more of the Proposed Transferees
named in the Notice, at the purchase price determined as specified below. 
 8.3 Purchase Price. The
purchase price for the Offered Shares purchased under this Section will be the Offered Price. If the Offered Price includes consideration other than cash, then the cash equivalent value of the non-cash consideration shall conclusively be deemed to
be the value of such non-cash consideration as determined in good faith by the Board. 
 8.4 Payment.
Payment of the Offered Price will be payable, at the option of the Company and/or its assignee(s) (as applicable), by check or by cancellation of all or a portion of any outstanding indebtedness of the Holder to the Company (or to such assignee, in
the case of a purchase of Offered Shares by such assignee) or by any combination thereof. The Offered Price will be paid without interest within 60 days after the Company’s receipt of the Notice, or, at the option of the Company and/or its
assignee(s), in the manner and at the time(s) set forth in the Notice. 
 8.5
Holder’s Right to Transfer. If all of the Offered Shares proposed in the Notice to be transferred to a given Proposed Transferee are not purchased by the Company and/or its assignee(s) as provided in this Section, then the
Holder may sell or otherwise transfer such Offered Shares to that Proposed Transferee at the Offered Price or at a higher price, provided that such sale or other transfer is consummated within 120 days after the date of the Notice, and
provided further, that (a) any such sale or other transfer is effected in compliance with all applicable securities laws and (b) the Proposed Transferee agrees in writing that the provisions of this Section will continue to
apply to the Offered Shares in the hands of such Proposed Transferee. If the Offered Shares described in the Notice are not transferred to the Proposed Transferee within such 120-day period, then a new Notice must be given to the Company, and the
Company will again be offered the Right of First Refusal before any Shares held by the Holder may be sold or otherwise transferred. 
 8.6 Exempt Transfers. Notwithstanding anything to the contrary in this Section, the following transfers of Shares will be exempt from the Right of First Refusal: (a) the transfer of any
or all of the Shares during Purchaser’s lifetime by gift or on Purchaser’s death by will or intestacy to Purchaser’s “immediate family” (as defined below) or to a trust for the benefit of Purchaser or Purchaser’s
immediate family, provided that each transferee or other recipient agrees in a writing satisfactory to the Company that the provisions of this Section will continue to apply to the transferred Shares in the hands of such transferee or other
recipient; (b) any transfer of Shares made pursuant to a statutory merger or statutory consolidation of the Company with or into another corporation or corporations (except that the Right of First Refusal will continue to apply thereafter to
such Shares, in which case the surviving corporation of such merger or consolidation shall succeed to the rights of the Company under this Section unless the agreement of merger or consolidation expressly otherwise provides); or (c) any
transfer of Shares pursuant to the winding up and dissolution of the Company. As used herein, the term “immediate family” will mean Purchaser’s spouse, the lineal descendant or antecedent or brother or sister of the
Purchaser or the Purchaser’s spouse, or the spouse of any child or grandchild of Purchaser or the Purchaser’s spouse, whether or not adopted. 
 8.7 Termination of Right of First Refusal. The Company’s Right of First Refusal will terminate (a) when the Company’s securities become publicly traded or (b) at the
Company’s sole election, if the tax or accounting treatment of this Award in connection with the Right of First Refusal is in any way unfavorable to the Company. 
 9. Rights as Stockholder. Subject to the terms and conditions of this Exercise Agreement, Purchaser will have all of the rights of a stockholder of the Company with respect to the
Shares from and after the date that Shares are issued to Purchaser until such time as Purchaser disposes of the Shares or the Company and/or its assignee(s) exercise(s) Right of First Refusal. Upon any such exercise, Purchaser will have no further
rights as a holder of the Shares so sold upon such exercise, except the right to receive payment for the Shares so sold in accordance with the provisions of this Exercise Agreement, and Purchaser will promptly surrender the stock certificate(s)
evidencing the Shares so purchased to the Company for transfer or cancellation. 

  
 5 








 10. Escrow. As security for Purchaser’s faithful performance of this
Agreement, Purchaser agrees, immediately upon receipt of the stock certificate(s) evidencing the Shares, to deliver such certificate(s), together with the Stock Powers executed by Purchaser and by Purchaser’s spouse, if any (with the date,
transferee, certificate number and number of Shares left blank), to the Secretary of the Company or other designee of the Company (“Escrow Holder”), who is hereby appointed to hold such certificate(s) and Stock Powers in
escrow and to take all such actions and to effectuate all such transfers and/or releases of such Shares as are in accordance with the terms of this Agreement. Purchaser and the Company agree that Escrow Holder will not be liable to any party to this
Exercise Agreement (or to any other party) for any actions or omissions unless Escrow Holder is grossly negligent or intentionally fraudulent in carrying out the duties of Escrow Holder under this Exercise Agreement. Escrow Holder may rely upon any
letter, notice or other document executed by any signature purported to be genuine and may rely on the advice of counsel and obey any order of any court with respect to the transactions contemplated by this Agreement. The Shares will be released
from escrow upon termination of the Right of First Refusal. 
 11.
Restrictive Legends and Stop-Transfer Orders. 
 11.1 Legends. Purchaser
understands and agrees that the Company will place the legends set forth below or similar legends on any stock certificate(s) evidencing the Shares, together with any other legends that may be required by state or federal securities laws, the
Company’s Articles of Incorporation or Bylaws, any other agreement between Purchaser and the Company or any agreement between Purchaser and any third party: 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE
SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS
SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE
EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 
 THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON PUBLIC RESALE AND TRANSFER, RIGHT OF FIRST REFUSAL OPTION HELD BY THE ISSUER AND/OR ITS ASSIGNEE(S), AS SET FORTH IN A STOCK OPTION EXERCISE AGREEMENT BETWEEN THE ISSUER
AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH PUBLIC SALE AND TRANSFER RESTRICTIONS, AND THE RIGHT OF FIRST REFUSAL ARE BINDING ON TRANSFEREES OF THESE SHARES. 

11.2 Stop-Transfer Instructions. Purchaser agrees that, to ensure compliance with the restrictions imposed by
this Agreement, the Company may issue appropriate “stop-transfer” instructions to its transfer agent, if any, and if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records. The
Company will not be required (a) to transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (b) to treat as owner of such Shares, or to accord the right to
vote or pay dividends to any purchaser or other transferee to whom such Shares have been so transferred. 
 12.
Tax Consequences. PURCHASER UNDERSTANDS THAT PURCHASER MAY SUFFER ADVERSE TAX CONSEQUENCES AS A RESULT OF PURCHASER’S PURCHASE OR DISPOSITION OF THE SHARES. PURCHASER REPRESENTS THAT PURCHASER HAS CONSULTED WITH ANY TAX
ADVISER PURCHASER DEEMS ADVISABLE IN CONNECTION WITH THE PURCHASE OR DISPOSITION OF THE SHARES AND THAT PURCHASER IS NOT RELYING ON THE COMPANY FOR ANY TAX ADVICE. Set forth below is a brief summary as of the date the Plan was adopted by the
Board of some of the federal and California tax consequences of exercise of the Option and disposition of the Shares. THIS SUMMARY IS NECESSARILY INCOMPLETE, AND THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE. PURCHASER SHOULD CONSULT A TAX
ADVISER BEFORE EXECUTING THIS OPTION OR DISPOSING OF THE SHARES. 

  
 6 








 12.1 Exercise of Incentive Stock Option. If the
Option qualifies as an incentive stock option, there will be no regular federal income tax liability or California income tax liability upon the exercise of the Option, although the excess, if any, of the Fair Market Value of the Shares on the date
of exercise over the Exercise Price will be added to income for federal alternative income tax purposes and may subject Purchaser to the alternative minimum tax in the year of exercise. 

12.2 Exercise of Nonqualified Stock Option. If the Option does not qualify as an incentive
stock option, there may be a regular federal income tax liability and State income tax liability upon the exercise of the Option. Purchaser will be treated as having received compensation income (taxable at ordinary income tax rates) equal to the
excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price. If Purchaser is or was an employee of the Company, the Company will be required to withhold from Purchaser’s compensation or collect from
Purchaser and pay to the applicable taxing authorities an amount equal to a percentage of this compensation income at the time of exercise. 
 12.3 Disposition of Shares. If the Shares are held for more than 12 months after the date of the acquisition of the Shares and, in the case of an ISO, are disposed of more than two years
after the Date of Grant, any gain realized on disposition of the Shares will be treated as long term capital gain for federal and California income tax purposes. If Shares purchased under an ISO are disposed of within the applicable one year or two
year period, any gain realized on such disposition will be treated as compensation income (taxable at ordinary income rates) to the extent of the excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price.
The Company may be required to withhold from Purchaser’s compensation or collect from Purchaser and pay to the applicable taxing authorities an amount equal to a percentage of this compensation income at the time of exercise. 

13. General Provisions. 
 13.1. Compliance with Laws and Regulations. The issuance and transfer of the Shares will be subject to and conditioned upon compliance by the Company and Purchaser with all
applicable state and federal laws and regulations and with all applicable requirements of any stock exchange or automated quotation system on which the Company’s Common Stock may be listed or quoted at the time of such issuance or transfer.

 13.2 Successors and Assigns. The Company may assign any of its rights under this
Agreement, including its rights to repurchase Shares under the Right of First Refusal. This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set
forth, this Agreement will be binding upon Purchaser and Purchaser’s heirs, executors, administrators, legal representatives, successors and assigns. 
 13.3. Governing Law; Severability. This Agreement shall be governed by and construed in accordance with the internal laws of the State of California as such laws are applied to agreements
between California residents entered into and to be performed entirely within California. If any provision of this Agreement is determined by a court of law to be illegal or unenforceable, then such provision will be enforced to the maximum extent
possible and the other provisions will remain fully effective and enforceable. 
 13.4 Notices. Any notice
required to be given or delivered to the Company shall be in writing and addressed to the Corporate Secretary of the Company at its principal corporate offices. Any notice required to be given or delivered to Purchaser shall be in writing and
addressed to Purchaser at the address indicated above or to such other address as Purchaser may designate in writing from time to time to the Company. All notices shall be deemed effectively given upon personal delivery, three days after deposit in
the United States mail by certified or registered mail (return receipt requested), one business day after its deposit with any return receipt express courier (prepaid). 

13.5 Further Instruments. The parties agree to execute such further instruments and to take such further
action as may be reasonably necessary to carry out the purposes and intent of this Agreement. 

  
 7 








 13.6 Headings. The captions and headings of this Agreement are
included for ease of reference only and will be disregarded in interpreting or construing this Agreement. Unless otherwise specifically indicated, all references herein to Sections will refer to Sections of this Agreement. 

13.7 Entire Agreement. The Plan, the Stock Option Agreement and this Exercise Agreement, together with all its
Exhibits, constitute the entire agreement and understanding of the parties with respect to the subject matter of this Agreement, and supersede all prior understandings and agreements, whether oral or written, between the parties hereto with respect
to the specific subject matter hereof. 
 In Witness Whereof, the Company has caused this Stock Option Exercise Agreement
to be executed in duplicate by its duly authorized representative and Purchaser has executed this Stock Option Exercise Agreement in duplicate as of the Effective Date. 

 

									
	ENPHASE ENERGY, INC.	 		 	PURCHASER
				
	By:	 	 	 		 	 
		 		 	(Signature)
	 	 		 		 	
	(Please print Name) 	 		 	 
	 	 		 	(Please print name)
	(Please print title)	 		 		 	

 LIST OF EXHIBITS 

 

			
		
	Exhibit 1:	  	Stock Power and Assignment Separate from Stock Certificate
		
	Exhibit 2:	  	Spouse Consent


  
 8 








 EXHIBIT 1 

STOCK POWER AND ASSIGNMENT 
 SEPARATE FROM STOCK CERTIFICATE 







 Stock Power and Assignment 

Separate from Stock Certificate 
 FOR VALUE RECEIVED and pursuant to that certain Stock Option Exercise Agreement No.              dated as of
            , 2            , (the “Agreement”), the undersigned hereby sells, assigns and
transfers unto             ,             , shares of the Common Stock of Enphase Energy, Inc., a Delaware
corporation (the “Company”), standing in the undersigned’s name on the books of the Company represented by Certificate No(s).              delivered
herewith, and does hereby irrevocably constitute and appoint the Secretary of the Company as the undersigned’s attorney-in-fact, with full power of substitution, to transfer said stock on the books of the Company. THIS ASSIGNMENT MAY ONLY BE
USED AS AUTHORIZED BY THE AGREEMENT AND ANY EXHIBITS THERETO. 
 Dated:
              ,               

 

	
	PURCHASER
	
	  
	(Signature)
	
	  
	(Please Print Name)
	
	  
	(Spouse’s Signature, if any)
	
	  
	(Please Print Spouse’s Name)



Instructions: Please do not fill in any blanks other than the signature line. The purpose of this Stock Power and Assignment is to enable
the Company to acquire the shares upon an exercise of its “Right of First Refusal” set forth in the Agreement, without requiring additional signatures on the part of the Purchaser or Purchaser’s Spouse.








 EXHIBIT 2 

SPOUSE CONSENT 







 Spouse Consent 

The undersigned spouse of              (the
“Purchaser”) has read, understands, and hereby approves the Stock Option Exercise Agreement (the “Agreement”) between Purchaser and Enphase Energy, Inc. (the “Company”). In
consideration of the Company’s granting my spouse the right to purchase the Shares as set forth in the Agreement, the undersigned hereby agrees to be irrevocably bound by the Agreement and further agrees that any community property interest
shall similarly be bound by the Agreement. The undersigned hereby appoints Purchaser as my attorney-in-fact with respect to any amendment or exercise of any rights under the Agreement. 

 

									
	Date:	 	____________	 		 	 
		 		 		 	Signature of Purchaser’s Spouse
					
		 		 		 	Address:	 	 
				
		 		 		 	 
				
		 		 		 	I certify that I have no spouse
(initial):                    
		 		 		 		 	









					
		 	ENPHASE ENERGY, INC.	 	No.    

 2006 EQUITY INCENTIVE PLAN 
 STOCK OPTION AGREEMENT 

This Stock Option Agreement (“Agreement”) is made and entered into as of the date of grant set forth below (the
“Date of Grant”) by and between Enphase Energy, Inc., a Delaware corporation (the “Company”), and the participant named below (“Participant”). Capitalized terms not
defined herein shall have the meanings ascribed to them in the Company’s 2006 Equity Incentive Plan (the “Plan”). 
  

			
	 Participant:
	  	 
		
	 Total Option Shares:
	  	 
		
	 Exercise Price Per Share:
	  	 
		
	 Effective Date of Grant:
	  	 
		
	 First Vesting Date:
	  	 
		
	 Expiration Date:
	  	 
		
		  	 (unless earlier terminated under Section 4 below)

		
	 Type of Stock Option (Check one):
	  	  ̈ Incentive Stock
Option              ̈ Nonqualified Stock Option

		
	 Securities Law Exemptions to Apply:
	  	Federal Rule 701 and California 25102(o) with the reservation to designate another exemption as permitted by law.


1. Grant of Option. The Company hereby grants to Participant an option (the “Option”) to
purchase the total number of shares of Common Stock of the Company set forth above (the “Shares”) at the Exercise Price Per Share set forth above (the “Exercise Price”), subject to all of the
terms and conditions of this Agreement and the Plan. If designated as an Incentive Stock Option above, the Option is intended to qualify as an “incentive stock option” (“ISO”) within the meaning of Section 422
of the Internal Revenue Code of 1986, as amended (the “Code”). 
 2. Exercise Period.
Provided Participant continues to provide services to the Company or any Subsidiary or Parent of the Company, the Option will become vested and exercisable as to portions of the Shares as follows: (a) This Option shall not vest nor be
exercisable with respect to any of the Shares until the First Vesting Date set forth above, which is no later than the last day of the twelfth month after the Date of Grant; (b) on the First Vesting Date the Option will become vested and
exercisable as to 25% of the Shares; and (c) thereafter on the first day of each succeeding calendar month the Option will become vested and exercisable as to an additional 2.0833% of the Shares until the Option is 100% vested or vesting
earlier terminates in accordance with this Agreement. If application of the vesting percentage causes a fractional share, all fractional shares shall be aggregated, then rounded down to the nearest whole share. [Notwithstanding the foregoing, the
Option shall expire on the Expiration Date set forth above or earlier as provided in Section 4 below.] [Notwithstanding the foregoing, (i) the Option shall be subject to potential vesting acceleration under certain events, as set forth in
Participant’s Employment Agreement with the Company (as amended), and (ii) the Option shall expire on the Expiration Date set forth above or earlier as provided in Section 4 below.] 

3. Manner of Exercise. To exercise this Option, Participant (or in the case of exercise after Participant’s
death or incapacity, Participant’s executor, administrator, heir or legatee, as the case may be) must deliver to the Company an executed stock option exercise agreement in the form attached hereto as Exhibit A, or in such other form
as may be approved by the Committee (the “Exercise Agreement”), which shall set forth, inter alia, Participant’s election to exercise the Option, the number of Shares being purchased, the purchaser price
and manner of payment, any restrictions imposed on the Shares and any representations, warranties and agreements regarding Participant’s investment intent and access to information as may be required by the Company to comply with applicable
securities laws. If someone other than Participant exercises the Option, then such person must submit documentation reasonably acceptable to the Company that such person has the right to exercise the Option. The Option may not be exercised unless
such exercise is in compliance with all applicable federal and state securities laws, as they are in effect on the date of exercise. The Option may not be exercised as to fewer than 100 Shares unless it is exercised as to all Shares as to which the
Option is then exercisable. 







 4. Termination. 

4.1 Termination for Any Reason Except Death, Disability or Cause. If Participant is
Terminated for any reason, except death, Disability or Cause, the Option, to the extent (and only to the extent) that it would have been exercisable by Participant on the Termination Date, may be exercised by Participant no later than three months
after the Termination Date, but in any event no later than the Expiration Date. 
 4.2
Termination Because of Death or Disability. If Participant is Terminated because of death or Disability of Participant (or Participant dies within three months after Termination other than for Cause or because of
Participant’s Disability), the Option, to the extent that it is exercisable by Participant on the Termination Date, may be exercised by Participant (or Participant’s legal representative) no later than twelve months after the Termination
Date, but in any event no later than the Expiration Date. 
 4.3 Termination for Cause. If Participant is
Terminated for Cause, then the Option will expire on Participant’s Termination Date, or at such later time and on such conditions as determined by the Committee. 
 5. Transferability of Option. The Company may assign any of its rights under this Agreement and the Exercise Agreement. This Agreement shall be binding upon and inure to the
benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein and in the Exercise Agreement, this Agreement shall be binding upon Participant and Participant’s heirs, executors, administrators,
legal representatives, successors and assigns. 
 6. Interpretation. Any dispute regarding the interpretation of
this Agreement shall be submitted by Participant or the Company to the Committee for review. The resolution of such a dispute by the Committee shall be final and binding on the Company and Participant. 

7. Entire Agreement. The Plan is incorporated herein by reference. This Agreement, the Exercise Agreement and the Plan
constitute the entire agreement of the parties and supersede all prior undertakings and agreements with respect to the subject matter hereof. 
 8. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California as such laws are applied to agreements between California
residents entered into and to be performed entirely within California. If any provision of this Agreement is determined by a court of law to be illegal or unenforceable, then such provision will be enforced to the maximum extent possible and the
other provisions will remain fully effective and enforceable. 
 9. Acceptance. Participant hereby acknowledges
receipt of a copy of the Plan, this Agreement and the Exercise Agreement. Participant has read and understands the terms and provisions thereof, and accepts the Option subject to all the terms and conditions of the Plan and this Agreement. The
Exercise Price has been determined by the Committee based upon the best evidence available to the Committee and is intended to equal the Fair Market Value of the Shares as of the date of grant, or in some cases 110% of Fair Market Value, as required
by the Code. However, the tax treatment of of this Option is not warranted or guaranteed. Neither the Company, the Committee nor any of their designees shall be liable for any taxes, penalties or other monetary amounts owed by any Participant,
employee, beneficiary or other person as a result of the grant, amendment, modification, exercise and/or payment of, or under, any Award, notwithstanding any challenge made to the determination of Fair Market Value by any taxing authority, and by
accepting this Option, Participant acknowledges and agrees to the foregoing. Participant acknowledges that there may be adverse tax consequences upon exercise of the Option or disposition of the Shares and that Participant should consult a tax
adviser prior to such exercise or disposition. 
 In Witness Whereof, the Company and Participant have caused this Stock
Option Agreement to be executed in duplicate as of the Date of Grant. 
  

									
	COMPANY: ENPHASE ENERGY, INC.	 		 		 	PARTICIPANT
					
	By:	 	 	 		 		 	 
		 	Paul Nahi,	 		 		 	[Optionee]
		 	President and Chief Executive Officer