Document:

Employment Agreement by and Betweem Enphase Energy, Inc. and Martin Fornage

 Exhibit 10.7 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement (the
“Agreement”) is entered into as of March 21, 2006 (the “Effective Date”) between PVI Solutions, Inc., a Delaware corporation with its principal offices located at 25 Halsey Avenue, Petaluma,
California 94952 (the “Company”), and Martin Fornage, a resident of California (the “Employee”). 
 In consideration of the promises and the terms and conditions set forth in this Agreement, the parties agree as follows: 
 1. Position. During the term of this Agreement, Company will employ Employee, and Employee will serve Company in the capacity of Chief Technical Officer and Chief Financial Officer and will
be appointed as a member of Company’s Board of Directors. Employee will report directly to the Company’s Chief Executive Officer. 
 2. Duties. Employee will perform duties that are executive in nature, consistent with his title; provided, however, that the Company shall not, without Employee’s express written
consent, require Employee to be based anywhere other than in Sonoma County or Marin County, except for required travel on the Company’s business to an extent substantially consistent with travel required of persons who hold similar positions or
have similar duties with the Company. 
 3. Exclusive Service. Employee will devote substantially all his working
time and efforts to the business and affairs of the Company. The foregoing shall not, however, preclude Employee (a) from engaging in appropriate civic, charitable or religious activities, (b) from devoting a reasonable amount of time to
private investments and business interests, (c) from serving on the boards of directors or advisors of, or as a consultant to, other entities, or (d) from providing incidental assistance to family members on matters of family business, so
long as the foregoing activities and service do not conflict with Employee’s responsibilities to the Company. 
 4.
Term of Employment. 
 4.1 Initial Term. The Company agrees to continue Employee’s employment, and
Employee agrees to remain in the employ of the Company, for a period of five (5) years after the Effective Date unless Employee’s employment is earlier terminated pursuant to the provisions of this Agreement. 

4.2 Renewal. The term of Employee’s employment shall be extended automatically, without further action of either
party, as of five (5) years after the Effective Date and on each succeeding anniversary of that date, for terms of one (1) year, unless on or before ninety (90) days prior to the last day of the term of Employee’s employment or
any extension thereof, the Company or Employee shall notify the other in writing of its intention not to renew Employee’s employment, in which case Employee’s employment shall terminate at the end of the original term or any extension
thereof. If either party notifies the other of its intention not to renew Employee’s employment less than ninety (90) days prior to the end of the term of this Agreement or any extension thereof, then such termination shall be effective
ninety (90) days from such notice. No notice of non-renewal may be given by either party after a renewal term has commenced. Any such renewal shall be upon such terms and conditions set forth herein,

  
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unless otherwise agreed between the Company and Employee. The notice of non-renewal by either party shall in no way constitute a breach of this Agreement. 

4.3 Termination of Agreement. This Agreement shall terminate on the date on which all obligations of the parties hereto
have been satisfied. 
 5. Compensation and Benefits. 

5.1 Base Salary. The Company agrees to pay Employee a minimum annual salary of sixty thousand dollars ($60,000), or in the
event of any portion of a year, a pro rata amount of such annual salary. Employee’s base salary shall be reviewed by the Board of Directors for possible increases prior to the start of each fiscal year, effective at the beginning of such fiscal
year. Employee’s salary will be payable as earned in accordance with Company’s customary payroll practice. 
 5.2
Cash Bonus. Employee will be eligible to receive an annual cash bonus in the discretion of the Board of Directors. 

5.3 Additional Benefits. Employee will be eligible to participate in Company’s employee benefit plans of general
application, including without limitation pension and profit-sharing plans, deferred compensation, supplemental retirement or excess-benefit plans, stock option, incentive or other bonus plans, life, health, disability, accident and dental insurance
programs, 401(k) plan, paid vacations and sabbatical leave plans, and similar plans or programs, in accordance with the rules established for individual participation in any such plan. Employee shall be entitled each year to four (4) weeks
leave for vacation at full pay, provided, that at the end of each year, Employee may accrue and carry over to the next succeeding year a maximum of two (2) weeks of unused vacation. Employee shall also be entitled to reasonable holidays
and illness days with full pay in accordance with the Company’s policy from time to time in effect. 
 5.4 Stock
Options. Employee will be eligible to receive stock grants and stock option awards in the discretion of the Board of Directors. 
 5.5 Expenses. The Company will reimburse Employee for all reasonable and necessary expenses incurred by Employee in connection with the Company’s business, provided that such expenses
are in accordance with applicable policy set by the Board from time to time and are properly documented and accounted for in accordance with the policy of the Company and with the requirements of the Internal Revenue Service. 

6. Proprietary Rights. Employee hereby agrees to execute an Employee Invention Assignment and Confidentiality Agreement
with the Company in substantially the form attached hereto as Exhibit A. 
 7. Termination. 

7.1 Events of Termination. Employee’s employment with the Company shall terminate upon any one of the following:

 (a) sixty (60) days after the effective date of a written notice sent to Employee stating the Company’s
determination made in good faith that it is terminating 

  
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Employee for “Cause” as defined under Section 7.2 below (“Termination for Cause”), provided, that if the “Cause” for termination is a
curable failure by Employee to properly perform his assigned duties, then the Company will give Employee written notice of such failure (a “Cause Notice”), and if Employee failure to cure such failure to the reasonable
satisfaction of the Board of Directors within sixty (60) days after the Company gives the Cause Notice, then the Company may immediately terminate Employee’s employment, and such termination will be conclusively deemed to be for
“cause” hereunder; or 
 (b) thirty (30) days after the effective date of a written notice sent to Employee
stating the Company’s determination made in good faith that, due to a mental or physical incapacity, Employee has been unable to perform his duties under this Agreement for a period of not less than six (6) consecutive months or 180 days
in the aggregate in any 12-month period unless Employee has been on a leave approved by the Company’s Board of Directors (“Termination for Disability”); or 

(c) Employee’s death (“Termination Upon Death”); or 

(d) the effective date of a written notice sent to the Company stating Employee’s determination made in good faith of
“Constructive Termination” by the Company, as defined under Section 7.3 below (“Constructive Termination”); or 
 (e) thirty (30) days after the effective date of a notice sent to Employee stating that the Company is terminating his employment, without cause, which notice can be given by the Company at any time
after the Effective Date at the Company’s sole discretion, for any reason or for no reason (“Termination Without Cause”); or 
 (f) the effective date of a notice sent to the Company from Employee stating that Employee is electing to terminate his employment with the Company (“Voluntary Termination”),

 7.2 “Cause” Defined. For purposes of this Agreement, “cause” for Employee’s
termination means Employee’s conviction of a felony involving moral turpitude/will exist at any time after the happening of one or more of the following events: 
 (a) any willful act or acts of dishonesty undertaken by Employee and intended to result in substantial gain or personal enrichment of Employee at the expense of the Company; or 

(b) any willful act of gross misconduct which is materially and demonstrably injurious to the Company. 

No act, or failure to act, by Employee shall be considered “willful” if done, or omitted to be done, by him in good faith and
in the reasonable belief that his act or omission was in the best interest of the Company and/or required by applicable law. 

7.3 “Constructive Termination” Defined. “Constructive Termination” shall mean: 

  
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 (a) a material reduction in Employee’s salary or benefits not agreed to by Employee;
or 
 (b) a material change in Employee’s responsibilities not agreed to by Employee; or 

(c) the Company’s failure to comply in any material respect with any material term of this Agreement; or 

(d) a requirement that Employee relocate to an office that would increase Employee’s one-way commute distance by more than forty
(40) miles; or 
 (e) a “Change in Control” of the Company, as defined herein. A “Change in
Control” means the occurrence of any of the following events: (i) any sale or exchange of the capital stock by the shareholders of the Company in one transaction or series of related transactions where more than 50% of the outstanding
voting power of the Company is acquired by a person or entity or group of related persons or entities; or (ii) any reorganization, consolidation or merger of the Company where the outstanding voting securities of the Company immediately before
the transaction represent or are converted into less than fifty percent 50% of the outstanding voting power of the surviving entity (or its parent corporation) immediately after the transaction; or (iii) the consummation of any transaction or
series of related transactions that results in the sale of all or substantially all of the assets of the Company; or (iv) any “person” or “group” (as defined in the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)) becoming the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) directly or indirectly of securities representing more than fifty percent (50%) of the voting power of the Company
then outstanding; or (v) less than a majority of the Board of Directors are persons who were either nominated for election by the Board of Directors or were elected by the Board of Directors. 

8. Effect of Termination. 
 8.1 Termination for Cause or Voluntary Termination. In the event of any termination of Employee’s employment pursuant to Section 7.1(a) or Section 7.1(f), the Company shall
immediately pay to Employee the compensation and benefits otherwise payable to Employee under Section 5 through the date of termination. Employee’s rights under the Company’s benefit plans of general application shall be determined
under the provisions of those plans. 
 8.2 Termination for Disability. In the event of termination of employment
pursuant to Section 7.1(b): 
 (a) the Company shall immediately pay to Employee the compensation and benefits otherwise
payable to Employee under Section 5 through the date of termination, 
 (b) for six (6) months after the termination
of Employee’s employment, the Company shall continue to pay Employee (A) his salary under Section 5.1 above at Employee’s then-current salary, less applicable withholding taxes, payable on the Company’s normal payroll dates
during that period, (B) his annual cash bonus, if any, under Section 5.2 above, and (C) shall continue his benefits under Section 5.3 above, and 

  
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 (c) Employee shall receive other severance and disability payments as provided in the
Company’s standard benefit plans. 
 If Employee’s employment is terminated pursuant to Section 7.1(b) and
Employee resumes the performance of substantially all of his duties hereunder before five (5) years after the Effective Date, Employee may notify the Company that Employee is choosing to reinstate this Agreement as though it had never been
terminated. Within thirty (30) days of the Effective Date, the Company will procure disability insurance sufficient to fund its obligations to Employee hereunder, naming the Employee as payee. The Company shall maintain such insurance in force
at all times that Employee is employed pursuant to this Agreement. 
 8.3 Termination Upon Death. In the event of
termination of employment pursuant to Section 7.1(c), all obligations of the Company and Employee shall cease, except the Company shall immediately pay to Employee (or to Employee’s estate) the compensation and benefits otherwise payable
to Employee under Section 5 through the date of termination. 
 8.4 Constructive Termination or Termination Without
Cause. In the event of any termination of this Agreement pursuant to Section 7.1(d) or Section 7.1(e), 
 (a)
the Company shall immediately pay to Employee the compensation and benefits otherwise payable to Employee under Section 5 through the date of termination, and 
 (b) for the longer of (i) six (6) months after the termination of Employee’s employment, or (ii) five (5) years after the Effective Date, the Company shall continue to pay
Employee (A) his salary under Section 5.1 above at Employee’s then-current salary, less applicable withholding taxes, payable on the Company’s normal payroll dates during that period, (B) his annual cash bonus, if any, under
Section 5.2 above, and (C) shall continue his benefits under Section 5.3 above, and 
 (c) all of
Employee’s options to purchase the Company’s Common Stock shall, as of the date of employment termination, be immediately exercisable in full and shall remain exercisable for the periods specified in such options or the plans governing
such options, and all shares of the Company’s Common Stock owned by Employee shall immediately be released from any and all vesting restrictions; provided, that if the total amount of the benefits available to Employee under this
Section 8.4, either alone or together with other payments which Employee has the right to receive from the Company, would constitute a “parachute payment” as defined in Section 280G of the Internal Revenue Code of 1986, as
amended (the “Code”), then Employee may elect to either (i) receive such payments in full; or (ii) reduce the total amount of such benefits to the largest amount that would result in no portion of such benefits being
subject to the excise tax imposed by Section 4999 of the Code. The determination of any reduction in the benefits available under this Section 8.4 pursuant to the foregoing shall be made by the Company in good faith and any such reduction
shall reduce first the cash payable under this Section 8.4, then the acceleration of options, then the vesting of stock. 

  
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 9. Miscellaneous. 

9.1 Arbitration. Employee and Company shall submit to mandatory and exclusive binding arbitration of any controversy or
claim arising out of, or relating to, this Agreement or any breach hereof, provided, however, that the parties retain their right to, and shall not be prohibited, limited or in any other way restricted from, seeking or obtaining
equitable relief from a court having jurisdiction over the parties. Such arbitration shall be governed by the Federal Arbitration Act and conducted through the American Arbitration Association in the State of California, San Francisco County, before
a single neutral arbitrator, in accordance with the National Rules for the Resolution of Employment Disputes of the American Arbitration Association in effect at that time. The parties may conduct only essential discovery prior to the hearing, as
defined by the AAA arbitrator. The arbitrator shall issue a written decision which contains the essential findings and conclusions on which the decision is based. The Employee shall bear only those costs of arbitration he or she would otherwise bear
had he or she brought a claim covered by this Agreement in court. Judgment upon the determination or award rendered by the arbitrator may be entered in any court having jurisdiction thereof. 

9.2 Severability. If any provision of this Agreement shall be found by any arbitrator or court of competent jurisdiction to
be invalid or unenforceable, then the parties hereby waive such provision to the extent that it is found to be invalid or unenforceable and to the extent that to do so would not deprive one of the parties of the substantial benefit of its bargain.
Such provision shall, to the extent allowable by law and the preceding sentence, be modified by such arbitrator or court so that it becomes enforceable and, as modified, shall be enforced as any other provision hereof, all the other provisions
continuing in full force and effect. 
 9.3 No Waiver. The failure by either party at any time to require
performance or compliance by the other of any of its obligations or agreements shall in no way affect the right to require such performance or compliance at any time thereafter. The waiver by either party of a breach of any provision hereof shall
not be taken or held to be a waiver of any preceding or succeeding breach of such provision or as a waiver of the provision itself. No waiver of any kind shall be effective or binding, unless it is in writing and is signed by the party against whom
such waiver is sought to be enforced. 
 9.4 Assignment. This Agreement and all rights hereunder are personal to
Employee and may not be transferred or assigned by Employee at any time. The Company may assign its rights, together with its obligations hereunder, to any parent, subsidiary, affiliate or successor, or in connection with any sale, transfer or other
disposition of all or substantially all of its business and assets, provided, however, that any such assignee assumes the Company’s obligations hereunder. 
 9.5 Withholding. All sums payable to Employee hereunder shall be reduced by all federal, state, local and other withholding and similar taxes and payments required by applicable law.

 9.6 Entire Agreement. This Agreement (and the exhibit(s) hereto) constitutes the entire and only agreement and
understanding between the parties relating to employment of Employee with Company and this Agreement supersedes and cancels any and all previous contracts, arrangements or understandings with respect to Employee’s employment;

  
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except that the Employee Invention Assignment and Confidentiality Agreement shall remain as an independent contract and shall remain in full force and effect according to its
terms. 
 9.7 Amendment. This Agreement may be amended, modified, superseded, cancelled, renewed or extended only
by an agreement in writing executed by both parties hereto. 
 9.8 Notices. All notices and other communications
required or permitted under this Agreement shall be in writing and hand delivered, sent by telecopier, sent by registered first class mail, postage pre-paid, or sent by nationally recognized express courier service. Such notices and other
communications shall be effective upon receipt if hand delivered or sent by telecopier, five (5) days after mailing if sent by mail, and one (1) day after dispatch if sent by express courier, to the following addresses, or such other
addresses as any party shall notify the other parties: 
  

					
	If to the Company:	  	 PVI Solutions, Inc.
	 	
		  	 25 Halsey Avenue
	 	
		  	 Petaluma, CA 94952
	 	
			
	 Telecopier:
	  	 —
	 	
			
	 Attention:
	  	 President
	 	
			
	If to Employee:	  	 Martin Fornage
	 	
		  	 25 Halsey Avenue
	 	
		  	 Petaluma, CA 94952
	 	
			
	 Telecopier:
	  	 —
	 	
			
	 Attention:
	  	 —
	 	

 9.9 Binding Nature. This Agreement shall be binding upon, and inure to the benefit of,
the successors and personal representatives of the respective parties hereto. 
 9.10 Headings. The headings
contained in this Agreement are for reference purposes only and shall in no way affect the meaning or interpretation of this Agreement. In this Agreement, the singular includes the plural, the plural included the singular, the masculine gender
includes both male and female referents, and the word “or” is used in the inclusive sense. 
 9.11
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original but all of which, taken together, constitute one and the same agreement. 

9.12 Governing Law. This Agreement and the rights and obligations of the parties hereto shall be construed in accordance
with the laws of the State of Delaware, without giving effect to the principles of conflict of laws. 
 9.13
Attorneys’ Fees. In the event of any claim, demand or suit arising out of or with respect to this Agreement, the prevailing party shall be entitled to reasonable costs and attorneys’ fees, including any such costs and fees upon
appeal. 

  
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 IN WITNESS WHEREOF, the Company and Employee have executed this Agreement as of the date
first above written. 
  

									
	“COMPANY”	 		 	“EMPLOYEE”
			
	         /s/ Raghu Belur
	 		 	         /s/ Martin Fornage

	By:	 	 Raghu Belur
	 		 	By:	 	 Martin Fornage

		 	President / CEO	 		 		 	

 Signature Page to Employment Agreement 

  
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 EMPLOYEE INVENTION ASSIGNMENT AND 

CONFIDENTIALITY AGREEMENT 
 In consideration of, and as a condition of my employment with PVI Solutions, Inc., a Delaware corporation (the “Company”), I hereby represent to, and agree with the Company as
follows: 
 1. Purpose of Agreement. I understand that the Company is engaged in a continuous program of
research, development, production and marketing in connection with its business and that it is critical for the Company to preserve and protect its “Proprietary Information” (as defined in Section 7 below), its rights in
“Inventions” (as defined in Section 2 below) and in all related intellectual property rights. Accordingly, I am entering into this Employee Invention Assignment and Confidentiality Agreement (this
“Agreement”) as a condition of my employment with the Company, whether or not I am expected to create inventions of value for the Company. 
 2. Disclosure of Inventions. I will promptly disclose in confidence to the Company all inventions, improvements, designs, original works of authorship, formulas, processes, compositions of
matter, computer software programs, databases mask works, designs and trade secrets that I make or conceive or first reduce to practice or create either alone or Jointly with others, during the period of my employment, whether or not in the course
of my employment, and whether or not patentable, copyrightable or protectable as trade secrets (the “Inventions”). 
 3. Work for Hire; Assignment of Inventions. I acknowledge and agree that any copyrightable works prepared by me within the scope of my employment are “works for hire” under the
Copyright Act and that the Company will be considered the author and owner of such copyrightable works. I agree that all Inventions that (i) are developed using equipment, supplies, facilities or trade secrets of the Company, (ii) result from work
performed by me for the Company, or (iii) relate to the Company’s business or current or anticipated research and development (the “Assigned Inventions”), will be the sole and exclusive property of the Company and are
hereby irrevocably assigned by me to the Company. 
 4. Labor Code Section 2870 Notice. I have been notified and
understand that the provisions of Sections 3 and 5 of this Agreement do not apply to any Assigned Invention that qualifies fully under the provisions of Section 2870 of the California Labor Code, which states as follows: 

ANY PROVISION IN AN EMPLOYMENT AGREEMENT WHICH PROVIDES THAT AN EMPLOYEE SHALL ASSIGN, OR OFFER TO ASSIGN, ANY OF HIS OR HER RIGHTS
IN AN INVENTION TO HIS OR HER EMPLOYER SHALL NOT APPLY TO AN INVENTION THAT THE EMPLOYEE DEVELOPED ENTIRELY ON HIS OR HER OWN TIME WITHOUT USING THE EMPLOYER’S EQUIPMENT, SUPPLIES, FACILITIES, OR TRADE SECRET INFORMATION EXCEPT FOR THOSE
INVENTIONS THAT 

  
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 EITHER: (1) RELATE AT THE TIME OF CONCEPTION OR REDUCTION TO PRACTICE OF THE INVENTION
TO THE EMPLOYER’S BUSINESS, OR ACTUAL OR DEMONSTRABLY ANTICIPATED RESEARCH OR DEVELOPMENT OF THE EMPLOYER; OR (2) RESULT FROM ANY WORK PERFORMED BY THE EMPLOYEE FOR THE EMPLOYER. TO THE EXTENT A PROVISION IN AN EMPLOYMENT AGREEMENT PURPORTS TO
REQUIRE AN EMPLOYEE TO ASSIGN AN INVENTION OTHERWISE EXCLUDED FROM BEING REQUIRED TO BE ASSIGNED UNDER CALIFORNIA LABOR CODE SECTION 2870(a), THE PROVISION IS AGAINST THE PUBLIC POLICY OF THIS STATE AND IS UNENFORCEABLE. 

5. Assignment of Other Rights. In addition to the foregoing assignment of Assigned Inventions to the Company, I hereby
irrevocably transfer and assign to the Company: (i) all worldwide patents, patent applications, copyrights, mask works; trade secrets and other intellectual property rights, including but not limited to rights in databases, in any Assigned
Inventions, along with any registrations of or applications to register such rights; and (ii) any and all “Moral Rights” (as defined below) that I may have in or with respect to any Assigned Inventions. I also hereby forever waive and
agree never to assert any and all Moral Rights I may have in or with respect to any Assigned Inventions, even after termination of my work on behalf of the Company. “Moral Rights” mean any rights to claim authorship of or
credit on an Assigned Inventions, to object to or prevent the modification or destruction of any Assigned Inventions, or to withdraw from, circulation or control the publication or distribution of any Assigned Inventions, and any similar right,
existing under judicial or statutory law of any country of subdivision thereof in the world, or under any treaty, regardless of whether or not such right is denominated or generally referred to as a “moral right.” 

6. Assistance. I agree to assist the Company in every proper way to obtain for the Company and enforce patents, copyrights,
mask work rights, trade secret rights and other legal protections for the Company’s Assigned Inventions in any and all countries. I will execute any documents that the Company may reasonably request for use in obtaining or enforcing such
patents, copyrights, mask work rights, trade secrets and other legal protections. My obligations under this paragraph will continue beyond the termination of my employment with the Company, provided that the Company will compensate me at a
reasonable rate after such termination for time or expenses actually spent by me at the Company’s request on such assistance. I appoint the Secretary of the Company as my attorney-in-fact to execute documents on my behalf for this purpose.

 7. Proprietary Information. I understand that my employment by the Company creates a relationship of confidence
and trust with respect to any information of a confidential or secret nature that may be disclosed to me by the Company or a third party that relates to the business of the Company or to the business of any parent, subsidiary, affiliate, customer or
supplier of the Company or any other party with whom the Company agrees to hold information of such party in confidence (the “Proprietary Information”). Such Proprietary Information includes, but is not limited to, Assigned
Inventions, marketing plans, product plans, business 

  
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strategies, financial information, forecasts, personnel information, customer lists and data, and domain names. 
 8. Confidentiality. At all times, both during my employment and after its termination, I will keep and hold all such Proprietary Information in strict confidence and trust. I will not use or
disclose any Proprietary Information without the prior written consent of the Company, except as may be necessary to perform my duties as an employee of the Company for the benefit of the Company. Upon termination of my employment with the Company,
I will promptly deliver to the Company all documents and materials of any nature pertaining to my work with the Company and, upon Company request, will execute a document confirming my agreement to honor my responsibilities contained in this
Agreement. I will not take with me or retain any documents or materials or copies thereof containing any Proprietary Information. 
 9. No Breach of Prior Agreement. I represent that my performance of all the terms of this Agreement and my duties as an employee of the Company will not breach any Invention assignment,
proprietary information, confidentiality or similar agreement with any former employer or other party. I represent that I will not bring with me to the Company or use in the performance of my duties for the Company any documents or materials or
intangibles of a former employer or third party that are not generally available to the public or have not been legally transferred to the Company. 
 10. Efforts; Duty Not to Compete. I understand that my employment with the Company requires my undivided attention and effort during normal business hours. While I am employed by the
Company, I will not, without the Company’s express prior written consent, provide services to, or assist in any manner, any business or third party if such services or assistance would be in direct conflict with the Company’s business
interests. 
 11. Notification. I hereby authorize the Company to notify third parties, including, without
limitation, customers and actual or potential employers, of the terms of this Agreement and my responsibilities hereunder. 

12. Non-Solicitation of Employees/Consultants. During my employment with the Company and for a period of one (1) year
thereafter, I will not directly or indirectly solicit away employees or consultants of the Company for my own benefit or for the benefit of any other person or entity. 
 13. Non-Solicitation of Suppliers/Customers. During my employment with the Company and after termination of my employment, I will not directly or indirectly solicit or take away suppliers or
customers of the Company if the identity of the supplier or customer or information about the supplier or customer relationship is a trade secret or is otherwise deemed confidential information within the meaning of California law. 

14. Name and Likeness Rights. I hereby authorize the Company to use, reuse, and to grant others the right to use and reuse,
my name, photograph, likeness (including caricature), voice, and biographical information, and any reproduction or simulation thereof, in any form of media or technology now known or hereafter developed (including, but not limited to, film, video
and digital or other electronic media), both during and after my employment, for any 

  
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purposes related to the Company’s business, such as marketing, advertising, credits, and presentations. 
 15. Injunctive Relief. I understand that in the event of a breach or threatened breach of this Agreement by me the Company may suffer irreparable harm and will therefore be entitled to
injunctive relief to enforce this Agreement. 
 16. Governing Law; Severability. This Agreement will be governed
by and construed in accordance with the laws of the State of California, without giving effect to its laws pertaining to conflict of laws. If any provision of this Agreement is determined by any court or arbitrator of competent jurisdiction to be
invalid, illegal or unenforceable in any respect such provision will be enforced to the maximum extent possible given the intent of the parties hereto. If such clause or provision cannot be so enforced, such provision shall be stricken from this
Agreement and the remainder of this Agreement shall be enforced as if such invalid, illegal or unenforceable clause or provision had (to the extent not enforceable) never been contained in this Agreement. 

17. Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and
delivered will be deemed an original, and all of which together shall constitute one and the same agreement. 
 18. Entire
Agreement. This Agreement and the documents referred to herein 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 or among the parties hereto with respect to the specific subject matter hereof. 
 19.
Amendment and Waivers. This Agreement may be amended only by a written agreement executed by each of the parties hereto. No amendment of or waiver of, or modification of any obligation under this Agreement will be enforceable unless set
forth in a writing signed by the party against which enforcement is sought. Any amendment effected in accordance with this section will be binding upon all parties hereto and each of their respective successors and assigns. No delay or failure to
require performance of any provision of this Agreement shall constitute a waiver of that provision as to that or any other instance. No waiver of such provision or of any other provision herein, nor shall it constitute the waiver of any performance
other than the actual performance specifically waived. 
 20. Successors and Assigns; Assignment. Except as
otherwise provided in this Agreement, this Agreement, and the rights and obligations of the parties hereunder, will be binding upon and inure to the benefit of their respective successors, assigns, heirs, executors, administrators and legal
representatives. The Company may assign any of its rights and obligations under this Agreement. No other party to this Agreement may assign, whether voluntarily or by operation of law, any of its rights and obligations under this Agreement, except
with the prior written consent of the Company. 

  
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 21. Further Assurances. The parties agree to execute such further documents
and instruments and to take such further actions as may be reasonably necessary to carry out the purposes and intent of this Agreement. 
 22. “At Will” Employment. I understand that this Agreement does not constitute a contract of employment or obligate the Company to employ me for any stated period of time. I
understand that I am an “at will” employee of the Company and that my employment can be terminated at any time, with or without notice and with or without cause, for any reason or for no reason, by either the Company or myself. I
acknowledge that any statements or representations to the contrary are ineffective, unless put into a writing signed by the Company. I further acknowledge that my participation in any stock option or benefit program is not to be construed as any
assurance of continuing employment for any particular period of time. This Agreement shall be effective as of the first day of my employment by the Company, which is March 21, 2006. 

* * * * * * 

  
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 In Witness Whereof, the parties have executed this Agreement as of the
21st day of March, 2006. 

 

							
	 PVI Solutions, Inc.: 
	  		 	Employee:
				
	 By:
	 	 /s/ Raghuveer Belur
	  		 	 /s/ Martin Fornage

		 		  		 	Signature
				
	 Name:
	 	 Raghuveer Belur
	  		 	 Martin Fornage

		 		  		 	Name (Please Print)
				
	 Title:
	 	 President and CEO
	  		 	

 Signature Page to Employee Invention Assignment and Confidentiality Agreement 

  

 AMENDMENT TO EMPLOYMENT AGREEMENT 

This Amendment (this “Amendment”) to that certain Employment Agreement dated as of March 21,2006 (the
“Agreement”) between PVI Solutions, Inc., a Delaware corporation with its principal offices located at 101 2nd Street, Suite 110, Petaluma, CA 94952 (the “Company”), and Martin Fornage, a resident of
California (the “Employee”) is entered into as of January 23, 2007. 
 WHEREAS, pursuant to the
Agreement, Employee has served the Company in the capacity of Chief Technical Officer and Chief Financial Officer and a member of the Company’s Board of Directors. 
 WHEREAS, in connection with the Series B Preferred Stock financing of the Company, Employee has agreed to serve as the Company’s Chief Technical Officer and to cease serving as the Company’s
Chief Financial Officer and as a member of the Company’s Board of Directors. 
 WHEREAS, the Company has determined that it
is in the best interests of the Company to change Employee’s base salary, effective upon the receipt of minimum aggregate gross proceeds to the Company of Four Million Dollars ($4,000,000) in connection with a Series B Preferred Stock offering
(the “Series B Date”). 
 NOW, THEREFORE, the parties agree as follows: 

1. Section 1 of the Agreement is hereby amended and restated as follows: 

“Position. During the term of this Agreement, Company will employ Employee, and Employee will serve
Company in the capacity of Chief Technical Officer. Employee will report directly to the Company’s Chief Executive Officer.” 
 The parties acknowledge and agree that the change in Employee’s position effected by this Amendment shall not constitute a Constructive Termination or Termination without Cause under the Agreement

 2. Section 5.1 of the Agreement is hereby amended and restated as follows as of the Series B Date: 

“Base Salary. The Company agrees to pay Employee a minimum annual salary of one hundred and forty
thousand dollars ($140,000), or in the event of any portion of a year, a pro rata amount of such annual salary. Employee’s base salary shall be reviewed by the Board of Directors for possible increases prior to the start of each fiscal year,
effective at the beginning of such fiscal year. Employee’s salary will be payable as earned in accordance with Company’s customary payroll practice.” 

 3. Capitalized terms not defined herein have the meanings set forth in the Agreement. Except
as set forth herein, the Agreement, as amended hereby, remains in full force and effect. 
 IN WITNESS WHEREOF, the Company and
Employee have executed this Amendment as of the date first above written. 
  

									
	“COMPANY”	 		 	“EMPLOYEE”
			
	 /s/ Paul Nahi
	 		 	 /s/ Martin Fornage

					
	By:	 	 Paul Nahi
	 		 	By:	 	 Martin Fornage

 Signature Page to Employment Agreement 

 ENPHASE ENERGY, INC. 

AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT 
 This Amendment No. 2 (this “Amendment”) to that certain Employment Agreement dated as of March 21, 2006, as amended on January 23, 2007 (as amended, the
“Agreement”) between Enphase Energy, Inc., formerly known as PVI Solutions, Inc., a Delaware corporation with its principal offices located at 201 1st Street, Suite 111, Petaluma, California 94952 (the “Company”),
and Martin Fornage, a resident of California (the “Employee”) is entered into as of April 16, 2008. 

WHEREAS, in connection with the Series C Preferred Stock financing of the Company, Employee has agreed to a change in the terms of his
severance compensation. 
 NOW, THEREFORE, the parties agree as follows: 

1. Section 8.4(b) of the Agreement is hereby amended and restated as follows: 

“(b) for six (6) months after the termination of Employee’s employment the Company shall continue to pay
Employee (A) his salary under Section 5.1 at Employee’s then-current salary, less applicable withholding taxes, payable on the Company’s normal payroll dates during that period, (B) his annual cash bonus, if any, under
Section 5.2 above, and (C) shall continue his benefits under Section 5.3 above, and” 
 2. Capitalized terms
not defined herein have the meanings set forth in the Agreement. Except as set forth herein, the Agreement, as amended hereby, remains in full force and effect. 
 [Signature Page Follows] 

 IN WITNESS WHEREOF, the Company and Employee have executed this Amendment as of the date
first above written. 
  

									
	“COMPANY”	 		 	“EMPLOYEE”
			
	ENPHASE ENERGY, INC.	 		 	MARTIN FORNAGE
					
	By:	 	 /s/ Paul Nahi
	 		 	By:	 	 /s/ Martin Fornage

					
	Name	 	Paul Nahi	 		 		 	
	Title:	 	President & CEO	 		 		 	

 SIGNATURE PAGE TO AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT 

 ENPHASE ENERGY, INC. 

AMENDMENT NO. 3 TO EMPLOYMENT AGREEMENT 

This Amendment No. 3 (this “Amendment”) to that certain Employment Agreement dated as of
March 21, 2006, as amended on January 23. 2007 and April 16. 2008 (as amended, the “Agreement”) between Enphase Energy. Inc. formerly know as PVI Solutions, Inc. a Delaware corporation with its principal offices
located at 201 1st Street, Suite 111, Petaluma. California
94952 (the “Company”), and Martin Fomage, a resident of California (the “Employee”) is entered into as of December 21, 2008. 
 WHEREAS, the Company and the Employee have agreed to amend the Agreement to clarify certain existing provisions in light of final regulations issued under Section 409A of the Internal Revenue Code of
1986, as amended. 
 NOW, THEREFORE, the parties agree as follows: 

1. Section 5.2 of the Agreement is hereby amended and restated as follows: 

“5.2 Cash Bonus. Employee will be eligible to receive an annual cash bonus in the discretion of the
Board of Directors. A bonus will not be earned unless and until the Board of Directors makes such determination. If the Board of Directors determines that Employee will receive an annual bonus, the bonus will be paid to Employee within 60 days
following the date of the Board of Directors’ determination.” 
 2. Section 5.5 of the Agreement is hereby
amended and restated as follows: 
 “5.5. Expenses. The Company will reimburse Employee for
all reasonable and necessary expenses incurred by Employee in connection with the Company’s business, provided that such expenses are in accordance with applicable policy set by the Board from time to time and are properly documented and
accounted for in accordance with the policy of the Company and with the requirements of the Internal Revenue Service. To the extent that any expense reimbursements are subject to the provisions of Section 409A of the Internal Revenue Code of
1986, as amended (the “Code”), such reimbursements will be paid no later than December 31 of the year following the year in which the reimbursable expenses are incurred, the amount of expenses reimbursed in one year will
not affect the amount eligible for reimbursement in any subsequent year, and the right to reimbursement will not be subject to liquidation or exchange for another benefit.” 

3. Section 7.1 (d) of the Agreement is hereby amended and restated as follows: 

“(d) thirty (30) days following the date of a written notice sent to the Company by Employee stating the
circumstances giving rise to a “Constructive Termination,” as defined under Section 7.3 below (“Constructive Termination”): provided that such notice is delivered to the Company within ninety (90) days of
the initial existence of the circumstances giving rise to a Constructive Termination and the Company is provided 

 
with an opportunity to cure the circumstances giving rise to a Constructive Termination within the thirty (30) day notice period and fails to do so.” 

4. Section 7.3(a) of the Agreement is hereby amended and restated as follows: 

“(a) a material reduction in Employee’s salary not agreed to by Employee; or” 

5. Section 7.3(c) of the Agreement is hereby amended and restated as follows: 

“(c) the Company’s failure to comply in any material respect with any material term of this Agreement, which
shall include a materia) reduction in the type or level of benefits set forth in Section 5.3, not agreed to by Employee; or” 
 6. The first sentence of Section 8.2 of the Agreement is hereby amended and restated as follows: 
 “8.2 Termination for Disability. In the event of termination of employment pursuant to Section 7.1(b) and provided that such termination constitutes a “separation from
service” (as such term is defined in Section 409A of the Code):” 
 7. Section 8.2(b) of the Agreement is
hereby amended and restated as follows: 
 “(b) for six (6) months after the termination of
Employee’s employment, the Company shall continue to pay (A) Employee’s salary under Section 5.1 above at Employee’s then current salary, less applicable withholding taxes, payable on the Company’s normal payroll dates
during that period, (B) Employee’s annual cash bonus, under Section 5.2 above, and (C) the premiums for Employee’s continued medical and any other applicable health insurance coverage under COBRA subject to Employee’s
timely election of COBRA coverage. Employee’s continued eligibility for participation and subject to COBRA’s terms, conditions and restrictions; and” 
 8. The first sentence of Section 8.4 of the Agreement is hereby amended and restated as follows: 
 “8.4 Constructive Termination or Termination Without Cause. In the event of any termination of this Agreement pursuant to Section 7.1(d) or Section 7.1(e) and provided that
such termination constitutes a “separation from service” (as defined in Section 409A of the Code),” 
 9.
Section 8.4(b) of the Agreement is hereby amended and restated as follows: 
 “(b) for six
(6) months after the termination of Employee’s employment, the Company shall continue to pay (A) Employee’s salary under Section 5.1 above at Employee’s then current salary, less applicable withholding taxes, payable on
the Company’s normal payroll dates during that period, (B) Employee’s annual cash bonus, under Section 5.2 above, and (C) the premiums for Employee’s continued medical and

 
any other applicable health insurance coverage under COBRA subject to Employee’s timely election of COBRA coverage. Employee’s continued eligibility for participation and subject to
COBRA’s terms, conditions and restrictions; and” 
 10. A new Section 9.14 of the Agreement is hereby added as
follows: 
 “9.14 Compliance with Section 409A. All severance payments to be made upon a
termination of employment under this Agreement may be made only upon a “separation of service” within the meaning of Section 409A of the Code and the Department of Treasury regulations and other guidance promulgated thereunder.
Notwithstanding any provision to the contrary in this Agreement, if Employee is deemed by the Company at the time of Employee’s separation from service to be a “specified employee” for purposes of Code Section 409A(a)(2)(B)(i),
to the extent delayed commencement of any portion of the benefits to which Employee is entitled under this Agreement is required in order to avoid a prohibited distribution under Code Section 409A(a)(2)(B)(i). such portion of Employee’s
benefits shall not be provided to Employee prior to the earlier of (i) the expiration of the six-month period measured from the date of Employee’s “separation from service” with the Company or (ii) the date of
Employee’s death. Upon the first business day following the expiration of the applicable Code Section 409A(a)(2){B)(i) period, all payments deferred pursuant to this Section 9.14 shall be paid in a lump sum to Employee, and any
remaining payments due under the Agreement shall be paid as otherwise provided herein. For purposes of Code Section 409A (including, without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), Employee’s
right to receive installment payments under this Agreement shall be treated as a right to receive a series of separate payments and. accordingly, each installment payment hereunder shall at all times be considered a separate and distinct payment. It
is intended that all of the severance payments satisfy, to the greatest extent possible, the exemptions from the application of Code Section 409A provided under of Treasury Regulation 1.409A- 1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9), and this
Agreement will be construed to the greatest extent possible as consistent with those provisions.” 
 11. Capitalized terms
not defined herein have the meanings set forth in the Agreement. Except as set forth herein, the Agreement, as amended hereby, remains in full force and effect. 
 [Signature Page Follows] 

 IN WITNESS WHEREOF, the Company and Employee have executed this Amendment as of the date
first above written. 
  

									
	“COMPANY”	 		 	“EMPLOYEE”
			
	ENPHASE ENERGY, INC.	 		 	MARTIN FORNAGE
					
	By:	 	 /s/ Paul Nahi
	 		 	By:	 	 /s/ Martin Fornage

					
	Name:	 	 Paul Nahi - CEO
	 		 		 	
					
	Title:	 	 CEOOffer Letter by and Betweem Enphase Energy, Inc. and Jeff Loebbaka

 Exhibit 10.8 
 

 
 April 19, 2010 
 Jeff Loebbaka 
 Los Gatos, California 
 Dear Jeff: 
 Enphase Energy, Inc. (the
“Company-”) is pleased to offer you employment on the following terms: 
 1. Position.
Your title will be Vice President, Worldwide Sales, and you will report to Paul Nahi, President and CEO. This is a full-time position. While you render services to the Company, you will not engage in any other employment, consulting or other
business activity (whether full-time or part-time) that would create a conflict of interest with your duties to the Company. By signing this letter agreement, you confirm to the Company that you have no contractual commitments or other legal
obligations that would prohibit you from performing your duties for the Company. 
 In connection with your joining the Company,
our mutual understanding and agreement is that you will relocate to Northern California by November 2010. 
 2. Cash Compensation. The
Company will pay you a starting salary at the rate of Two Hundred Twenty-Five Thousand Dollars ($225,000) per year, payable in accordance with the Company’s standard payroll schedule. Your salary will be subject to adjustment pursuant to the
Company’s employee compensation policies in effect from time to time. In addition, during your first twelve months of employment, and subject to your continued employment with the Company, you will be eligible to earn incentive compensation of
up to One Hundred Forty Five Thousand Dollars ($145,000) (the “First Year Incentive Payment”), based upon achievement of sales targets to be determined by the Company’s Chief Executive Officer after consulting with you
within thirty (30) days of your first day of employment (the “First Year Sales Targets”). Incentive compensation in future periods, subject to your continued employment with the Company, are to be determined by the
Company’s Chief Executive Officer after consulting with you. Incentive compensation payment(s) will be paid to you within 60 days following the date that the Company determines that the applicable incentive bonus has been

  

 

 
  
 
earned, if any. You must be an employee in good standing on the date that an incentive compensation payment is to be paid in order to earn such payment. 

3. Relocation Expenses. You will be eligible for reimbursement of up to Fifty Thousand Dollars ($50,000) in qualified relocation expenses for your
move to Northern California in accordance with the Company’s expense reimbursement policies provided that you complete your relocation by May 2011 and that you are an employee in good standing on the date on which you submit the qualified
expenses for reimbursement. You will be responsible for all state and federal income and employment taxes associated with these expense payments. 
 4. Employee Benefits. As a regular employee of the Company, you will be eligible to participate in regular health insurance, profit sharing, bonus, and other employee benefit plans if and as
established by the Company for its employees from time to time. In addition to your gross salary, the Company will make an annual contribution on your behalf to the Company’s 401(k) Plan of three percent (3%) of your
“compensation”, as set forth in the Company’s 401(k) Plan, for the preceding 12-month period, subject to the provisions of the Company’s 401(k) Plan. The Company may change or cease to make these contributions in future
calendar years by providing notice in advance of the beginning of the next plan year. In addition, you will be entitled to paid vacation in accordance with the Company’s vacation policy, as in effect from time to time. 

5. Expenses. You will be reimbursed for reasonable legitimate business expenses incurred in the performance of your duties in accordance with the
Company’s expense reimbursement policies, as in effect from time to time. In addition, the Company will reimburse you for the cost of renting an apartment in Northern California for up to three (3) months prior to the completion of your
relocation. 
 6. Stock Option Grant. Following execution of this letter agreement, we will recommend to the Board of Directors of the
Company that you be granted a stock option (the “Option”) to purchase up to .75% of the Company’s fully diluted outstanding capitalization (to be determined following the final closing of the Company’s current
Series E financing transaction) under the Company’s 2006 Equity Incentive Plan (the “Plan”). The exercise price per share will be equal to the fair market value per share on the date the Board approves such Option grant
or on your first day of employment, whichever is later. The Option will be subject to the terms and conditions applicable to options 

  

 

 
  
 
granted under the Plan, as described in and subject to the Plan and the applicable stock option agreement. Subject to your continued employment and the terms and conditions of the Plan and
applicable agreement and except as otherwise described in Section 7 below, twenty-five percent (25%) of the Option shares will vest and become exercisable twelve (12) months following your first day of employment, and the balance will
vest and become exercisable in equal monthly installments over the next thirty-six (36) months of continuous service, as described in the applicable stock option agreement. 
 With respect to the foregoing, the grant of the opportunity to purchase such shares by the Company is subject to the Board’s approval and this promise to recommend such approval is not a promise
of compensation and is not intended to create any obligation on the part of the Company. 
 7. Stock Option Vesting Acceleration Upon
Termination of Employment Following a Change of Control. In the event of a Change of Control and, following such Change of Control, your employment is terminated by the Company or the surviving entity as a result of an involuntary
termination other than for Cause at any time within 24 months of your first day of employment with the Company, then the Option referenced in Section 6 shall become immediately vested as to 50% of the total number of Option shares (including
shares previously vested). No benefits under this Section 7 will apply after 24 months of your first day of employment with the Company, and the foregoing option vesting arrangement will only apply to the Option (your initial option grant
referenced in Section 6), unless otherwise approved by the Board. 
 8. Parachute Payments. In the event that the acceleration and
severance benefits provided for in this letter agreement and otherwise (A) constitute “parachute payments” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”) and
(B) but for this paragraph, would be subject to the excise tax imposed by Section 4999 of the Code, then your benefits hereunder shall be payable either: (X) in full, or (Y) as to such lesser amount which would result in no
portion of such severance benefits being subject to excise tax under Section 4999 of the Code, whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the excise tax imposed by
Section 4999, results in the receipt by you on an after-tax basis, of the greatest amount of benefits hereunder, notwithstanding that all or some portion of such benefits may be taxable under Section 4999 of the Code. Unless the Company
and you otherwise agree in 

  

 

 
  
 
writing, any determination required under this paragraph shall be made in writing by the public accountants designated by the Company (the “Accountants”), whose determination
shall be conclusive and binding upon you and the Company for all purposes. For purposes of making the calculations required by this paragraph, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may
rely on reasonable, good faith interpretations concerning the application of Section 280G and 4999 of the Code. The Company and you shall furnish to the Accountants such information and documents as the Accountants may reasonably request in
order to make a determination under this paragraph. The Company shall bear all costs the Accountants may reasonably incur in connection with any calculations contemplated by this paragraph. In the event that a reduction in payments and/or benefits
is required under this paragraph, such reduction shall occur in the following order: (1) reduction of cash payments; (2) reduction of acceleration of vesting of options and shares; and (3) reduction of other benefits paid to you. If
the acceleration of vesting of options and shares is to be reduced, such acceleration of vesting shall be cancelled in the reverse order of the highest price option grant or highest purchase price per share down to the lowest priced option grant or
lowest purchase price per share. 
 9. Employment Relationship. Employment with the Company is for no specific period of time. Your
employment with the Company will be “at will,” meaning that either you or the Company may terminate your employment at any time and for any reason, with or without cause. Any contrary representations that may have been made to you are
superseded by this letter agreement. This is the full and complete agreement between you and the Company on this term. Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures, may
change from time to time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and a duly authorized officer of the Company (other than you). 

Notwithstanding the foregoing, if your employment is terminated by the Company as a result of an involuntary termination other than for
Cause at any time within 12 months of your first day of employment with the Company, then, subject to the terms set forth in this letter agreement, you will be entitled to receive severance benefits as follows: (i) severance payments for a
period of three (3) months following the date of your termination (the “Severance Period”) equal to your then current base salary, which payments shall be paid during the Severance Period in accordance with the
Company’s standard payroll practices, 

  

 

 
  
 
and (ii) continuation of the health insurance benefits provided to you for you and your eligible dependents at Company expense pursuant to the terms of the Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended (“COBRA”) or other applicable law through the earlier of the end of the Severance Period or the date upon which you are no longer eligible for such COBRA or other benefits under
applicable law. For the avoidance of doubt, no benefits under this paragraph will apply after 12 months of your first day of employment with the Company. 
 10. Limitations and Conditions on Benefits. 
 (a) Income and
Employment Taxes. You agree that you shall be responsible for any applicable taxes of any nature (including any penalties or interest that may apply to such taxes) that the Company reasonably determines apply to any payment made under this
letter agreement, that your receipt of any benefit hereunder is conditioned on your satisfaction of any applicable withholding or similar obligations that apply to such benefit, and that any cash payment owed hereunder will be reduced to satisfy any
such withholding or similar obligations that may apply. 
 (b) Code Section 409A. All payments to be made
upon a termination of employment under this Agreement may be made only upon a “separation from service” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the
Department of Treasury regulations and other guidance promulgated thereunder (a “Separation from Service”). Notwithstanding any provision of this Agreement to the contrary, if, at the time of your termination of employment
with the Company, you are a “specified employee” (as defined in Section 409A of the Code) and the deferral of the commencement of any severance payments or benefits otherwise payable pursuant to this letter agreement as a result of
such termination of employment is necessary in order to prevent any accelerated or additional tax under Section 409A of the Code, then the Company will defer the commencement of the payment of any such severance payments or benefits hereunder
(without any reduction in such payments or benefits ultimately paid or provided to you) that will not and could not under any circumstances, regardless of when such termination occurs, be paid in full by March 15 of the year following your
termination and are in excess of the lesser of (i) two (2) times your then annual compensation or (ii) two (2) times the limit on compensation then set forth in Section 401 (a)(17) of the Code and will not be paid by the end
of the second 

  

 

 
  
 
calendar year following the year in which the termination occurs, until the first payroll date that occurs after the date that is six (6) months following your Separation from Service with
the Company (as defined under Code Section 409A). If any payments are deferred due to such requirements, such amounts will be paid in a lump sum to you on the earliest of (a) your death following the date of your termination of employment
with the Company or (ii) the first payroll date that occurs after the date that is six (6) months following your Separation from Service with the Company. For these purposes, each severance payment or benefit is hereby designated as a
separate payment or benefit and will not collectively be treated as a single payment or benefit. This paragraph is intended to comply with the requirements of Section 409A of the Code so that none of the severance payments and benefits to be
provided hereunder will be subject to the additional tax imposed under Section 409A of the Code and any ambiguities herein will be interpreted to so comply. You and the Company agree to work together in good faith to consider amendments to this
Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to you under Section 409A of the Code. 

To the extent that any reimbursements or expense payments payable to you are subject to the provisions of Section 409A of the Code,
any such reimbursements or payments shall be paid no later than December 31 of the year following the year in which the expense was incurred, the amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement
in any subsequent year, and the right to reimbursement will not be subject to liquidation or exchange for another benefit. 

(c) Release Prior to Receipt of Benefits. As a condition of receiving the termination benefits under this letter agreement,
you shall execute, and allow to become effective, a release of claims agreement (the “Release”) not later than fifty (50) days following your Separation from Service in the form provided by the Company. Such Release shall
specifically relate to all of your rights and claims in existence at the time of such execution and shall confirm your obligations under the Company’s standard Employee Invention Assignment and Confidentiality Agreement. Unless the Release is
timely executed by you, delivered to the Company, and becomes effective within the required period (the date on which the Release becomes effective, the “Release Date”), you will not receive any of the benefits provided for under
this letter agreement. In no event will benefits be provided to you until the Release becomes effective. Any lump 

  

 

 
  
 
sum payment owed to you shall be paid within ten (10) business days following the Release Date, but in no event later than March 15 of the year following the year in which the
applicable event occurs. 
 11. Confidentiality. As an employee of the Company, you will have access to certain confidential information
of the Company and you may, during the course of your employment, develop certain information or inventions that will be the property of the Company. To protect the interests of the Company, you will need to sign the Company’s standard
“Employee Invention Assignment and Confidentiality Agreement” attached hereto as Exhibit A as a condition of your employment. We wish to impress upon you that we do not want you to, and we hereby direct you not to, bring with you
any confidential or proprietary material of any former employer or to violate any other obligations you may have to any former employer. During the period that you render services to the Company, you agree to not engage in any employment, business
or activity that is in any way competitive with the business or proposed business of the Company. You will disclose to the Company in writing any other gainful employment, business or activity that you are currently associated with or participate in
that competes with the Company. You will not assist any other person or organization in competing with the Company or in preparing to engage in competition with the business or proposed business of the Company. You represent that your signing of
this offer letter, agreement(s) concerning stock options granted to you, if any, under the Plan and the Company’s Employee Invention Assignment and Confidentiality Agreement and your commencement of employment with the Company will not violate
any agreement currently in place between yourself and current or past employers. 
 12. Definition of Terms. The following terms referred
to in this letter agreement shall have the following meanings: 
 (a) Change of Control. “Change of
Control” shall mean a sale of all or substantially all of the Company’s assets, or any merger or consolidation of the Company with or into another corporation other than a merger or consolidation in which the holders of more than 50%
of the shares of capital stock of the Company outstanding immediately prior to such transaction continue to hold (either by voting securities remaining outstanding or by their being converted into voting securities of the surviving entity) more than
50% of the total voting power represented by the voting securities of the Company, or such surviving entity, outstanding immediately after such transaction. For 

  

 

 
  
 
purposes of clarification, neither an equity financing occurring prior to an IPO nor an IPO will be a Change of Control, even if equity securities representing greater than 50% of the total
voting power of the Company are sold in the transaction. 
 (b) Cause. “Cause” shall mean, as
determined by the Board of Directors of the Company acting in good faith and based on information then known to it: (A) gross negligence or willful misconduct in the performance of duties to the Company where such gross negligence or willful
misconduct has resulted or is likely to result in substantia] and material damage to the Company or its subsidiaries; (B) a material failure to comply with the Company’s written policies after having received from the Company notice of,
and a reasonable time to cure, such failure; (C) repeated unexplained or unjustified absence from the Company; (D) conviction of a felony or a crime involving moral turpitude causing material harm to the standing and reputation of the
Company; (E) unauthorized use or disclosure of any proprietary information or trade secrets of the Company or any other party to whom you owe an obligation of non-disclosure as a result of your relationship with the Company, which use or
disclosure causes or is likely to cause material harm to the Company; or (F) your death or Permanent Disability. 
 (c)
Permanent Disability. “Permanent Disability” shall mean your inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result
in death or which has lasted or can be expected to last for a continuous period of not less than six (6) months. 
 13. Interpretation,
Amendment and Enforcement. This letter agreement and Exhibit A constitute the complete agreement between you and the Company, contain all of the terms of your employment with the Company and supersede any prior agreements, representations
or understandings (whether written, oral or implied) between you and the Company. This letter agreement may not be amended or modified, except by an express written agreement signed by both you and a duly authorized officer of the Company. The terms
of this letter agreement and the resolution of any disputes as to the meaning, effect, performance or validity of this letter agreement or arising out of, related to, or in any way connected with, this letter agreement, your employment with the
Company or any other relationship between you and the Company (the “Disputes”) will be governed by California law, excluding laws relating to conflicts or choice of law. You and the Company submit to the exclusive personal

  

 

 
  
 
jurisdiction of the federal and state courts located in San Francisco and Sonoma County in connection with any Dispute or any claim related to any Dispute. 

***** 

  

 

 
  
 We hope that you will accept our offer to
join the Company on the terms of this letter agreement. You may indicate your agreement with these terms and accept this offer by signing and dating both the enclosed duplicate original of this letter agreement and the enclosed Proprietary
Information and Inventions Agreement and returning them to me. This offer, if not accepted, will expire at the close of business on April     , 2010. As required by law, your employment with the Company is contingent upon
your providing legal proof of your identity and authorization to work in the United States. Your employment is also contingent upon your starting work with the Company on or before May 3, 2010, 

 
  

			
	Very truly yours,
	
	ENPHASE ENERGY, INC.
		
	By:	 	 /s/ Paul Nahi

		 	Paul Nahi
		
	Title:	 	President and CEO

 I have read and accept this employment offer: 

 

			
	 /s/ Jeff Loebbaka

	Signature of [Employee Name]
		
	Dated:	 	 4-21-10

 

 
  
 EXHIBIT A

  

 

 
  
 EMPLOYEE INVENTION
ASSIGNMENT AND CONFIDENTIALITY 
 AGREEMENT 
 In consideration of, and as a condition of my employment with Enphase Energy, Inc., a Delaware corporation (the “Company”), I hereby represent to, and agree with the Company as
follows: 
 Purpose of Agreement. I understand that the Company is engaged in a continuous program of
research, development, production and marketing in connection with its business and that it is critical for the Company to preserve and protect its Proprietary Information (as defined in Section 7 below), its rights in Inventions (as defined in
Section 2 below) and in all related intellectual property rights. Accordingly, I am entering into this Employee Invention Assignment and Confidentiality Agreement (this “Agreement”) as a condition of my employment with the
Company, whether or not I am expected to create inventions of value for the Company. 
 Disclosure of
Inventions. I will promptly disclose in confidence to the Company all inventions, improvement designs, original works of authorship, formulas, processes, compositions of matter, computer software programs, databases, mask works,
designs and trade secrets that I make or conceive or first reduce to practice or create, either alone or jointly with others, during the period of my employment, whether or not in the course of my employment, and whether or not patentable,
copyrightable or protectable as trade secrets (the “Inventions”). 
 Inventions Retained and
Licensed. I have attached hereto, as Exhibit A, a list describing with particularity all inventions, original works of authorship, developments, improvements, and trade secrets which were made by me prior to the commencement of
my employment with the Company (collectively referred to as “Prior Inventions”), which belong solely to me or belong to me jointly with another, which relate in any way to any of the Company’s proposed businesses,
products or research and development, and which are not assigned to the Company hereunder; or, if no such list is attached, I represent that there are no such Prior Inventions. If, in the course of my employment with the Company, I incorporate into
a Company product, process or machine a Prior Invention owned by me or in which I have an interest, the Company is hereby granted and shall have a non-exclusive, royalty-free, irrevocable, perpetual, worldwide license (with the right to sublicense)
to make, have made, copy, modify, make derivative 

  

 

 
  
 
works of, use, sell and otherwise distribute such Prior Invention as part of or in connection with such product, process or machine. 

Work for Hire; Assignment of Inventions. I acknowledge and agree that any copyrightable works prepared by me within
the scope of my employment are “works for hire” under the Copyright Act and that the Company will be considered the author and owner of such copyrightable works. I agree that all Inventions that (i) are developed using equipment, supplies,
facilities or trade secrets of the Company, (ii) result from work performed by me for the Company, or (iii) relate to the Company’s business or current or anticipated research and development (the “Assigned Inventions”),
will be the sole and exclusive property of the Company and are hereby irrevocably assigned by me to the Company. 
 Labor
Code Section 2870 Notice. I have been notified and understand that the provisions of Sections 3 and 5 of this Agreement do not apply to any Assigned Invention that qualifies fully under the provisions of Section 2870 of the California Labor
code, which states as follows: 
 ANY PROVISION IN AN EMPLOYMENT AGREEMENT WHICH PROVIDES THAT AN EMPLOYEE SHALL ASSIGN, OR
OFFER TO ASSIGN, ANY OF HIS OR HER RIGHTS IN AN INVENTION TO HIS OF HER EMPLOYER SHALL NOT APPLY TO AN INVENTION THAT THE EMPLOYEE DEVELOPED ENTIRELY ON HIS OR HER OWN TIME WITHOUT USING THE EMPLOYER’S EQUIPMENT, SUPPLIES, FACILITIES, OR TRADE
SECRET INFORMATION EXCEPT FOR THOSE INVENTIONS THAT EITHER: (1) RELATE AT THE TIME OF CONCEPTION OR REDUCTION TO PRACTICE OF THE INVENTION TO THE EMPLOYER’S BUSINESS, OR ACTUAL OR DEMONSTRABLY ANTICIPATED RESEARCH OR DEVELOPMENT OF THE
EMPLOYER; OR (2) RESULT FROM ANY WORK PERFORMED BY THE EMPLOYEE FOR THE EMPLOYER. TO THE EXTENT A PROVISION IN AN 

  

 

 
  
 
EMPLOYMENT AGREEMENT PURPORTS TO REQUIRE AN EMPLOYEE TO ASSIGN AN INVENTION OTHERWISE EXCLUDED FROM BEING REQUIRED TO BE ASSIGNED UNDER CALIFORNIA LABOR CODE SECTION 2870(a), THE PROVISION
IS AGAINST THE PUBLIC POLICY OF THIS STATE AND IS UNENFORCEABLE. 
 Assignment of Other Rights. In
addition to the foregoing assignment of Assigned Inventions to the Company, I hereby irrevocably transfer and assign to the Company: (i) all worldwide patents, patent applications, copyrights, mask works, trade secrets and other intellectual
property rights, including but not limited to rights in databases, in any Assigned Inventions, along with any registrations of or applications to register such rights and (ii) any and all “Moral Rights” (as defined below) that I may have
in or with respect to any Assigned Inventions. I also herby forever waive and agree never to assert any and all Moral Rights I may have in or with respect to any Assigned Inventions, even after termination of my work on behalf of the Company.
“Moral Rights” mean any rights to claim authorship of or credit on an Assigned Inventions, to object to or prevent the modification or destruction of any Assigned Inventions, or to withdraw from circulation or control the
publication or distribution of any Assigned Inventions, and any similar right, existing under judicial or statutory law of any country or subdivision thereof in the world, or under any treaty, regardless of whether or not such right is denominated
or generally referred to as “moral rights.” 
 Assistance. I agree to assist the Company in every
proper way to obtain for the Company and enforce patents, copyrights, mask work rights, trade secret rights and other legal protections for the Company’s Assigned Inventions in any and all countries. I will execute any documents that the
Company may reasonably request for use in obtaining or enforcing such patents, copyrights, mask work rights, trade secrets and other legal protections. My obligations under this paragraph will continue beyond the termination of my employment with
the Company, provided, that the Company will compensate me at a reasonable rate after such termination for time or expenses actually spent by me at the company’s request on such assistance. I appoint the Secretary of the Company as my
attorney-in-fact to execute documents on my behalf for this purpose. 

  

 

 
  
 Proprietary
Information. I understand that my employment by the Company creates a relationship of confidence and trust with respect to any information of a confidential or secret nature that may be disclosed to me by the Company or a third party
that relates to the business of the Company or to the business of any parent, subsidiary, affiliate, customer or supplier of the Company or any other party with whom the Company agrees to hold information of such party in confidence (the
“Proprietary Information”). Such Proprietary Information includes, but is not limited to, Assigned Inventions, marketing plans, product plans, business strategies, financial information, forecasts, personnel information,
customer lists and data, and domain names. 
 Confidentiality. At all times, both during my employment and
after its termination, I will keep and hold all such Proprietary Information in strict confidence and trust. I will not use or disclose any Proprietary Information without the prior written consent of the Company, except as may be necessary to
perform my duties as an employee of the Company for the benefit of the Company. Upon termination of my employment with the Company, I will promptly deliver to the Company all documents and materials of any nature pertaining to my work with the
Company and, upon Company request, will execute a document confirming my agreement to honor my responsibilities contained in this Agreement. I will not take with me or retain any documents or materials or copies thereof containing any Proprietary
Information. 
 No Breach of Prior Agreement. I represent that my performance of all the terms of this
Agreement and my duties as an employee of the Company will not breach any invention assignment, proprietary information, confidentiality or similar agreement with any former employer or other party. I represent that I will not bring with me to the
Company or use in the performance of my duties for the Company any documents or materials or intangibles of a former employer or third party that are not generally available to the public or have not been legally transferred to the Company.

 Efforts: Duty Not to Compete. I understand that my employment with the Company requires my undivided
attention and effort during normal business hours. While I am employed by the Company, I will not, without the Company’s express prior written consent, provide services to, or assist in any manner, any business or third party if such services
or assistance would be in direct conflict with the Company’s business interests. 

  

 

 
  

Notification. I hereby authorize the Company to notify third parties, including, without limitation, customers
and actual or potential employers, of the terms of this Agreement and my responsibilities hereunder. 
 Non-Solicitation
of Employees/Consultants. During my employment with the Company and for a period of one (1) year thereafter, I will not directly or indirectly solicit away employees or consultants of the Company for my own benefit or for the
benefit of any other person or entity. 
 Non-Solicitation of Suppliers/Customers. During my
employment with the Company and after termination of my employment, I will not directly or indirectly solicit or take away suppliers or customers of the Company if the identity of the supplier or customer or information about the supplier or
customer relationship is a trade secret or is otherwise deemed confidential information within the meaning of California law. 

Name and Likeness Rights. I hereby authorize the Company to use, reuse, and to grant others the right to use
and reuse, my name, photograph, likeness (including caricature), voice, and biographical information, and any reproduction or simulation thereof, in any form of media or technology now known or hereafter developed (including, but not limited to,
film, video and digital or other electronic media), both during and after my employment, for any purposes related to the Company’s business, such as marketing, advertising, credits, and presentations. 

Injunctive Relief. I understand that in the event of a breach or threatened breach of this Agreement by me
the Company may suffer irreparable harm and will therefore be entitled to injunctive relief to enforce this Agreement. 

Governing Law; Severability. This Agreement will be governed by and construed in accordance with the laws of
the State of California, without giving effect to its laws pertaining to conflict of laws. If any provision of this Agreement is determined by any court or arbitrator of competent jurisdiction to be invalid, illegal or unenforceable in any respect,
such provision will be enforced to the maximum extent possible given the intent of the parties hereto. If such clause or provision cannot be so enforced, such provision shall be stricken from this Agreement and the remainder of this Agreement shall
be enforced as if such invalid, illegal or unenforceable clause or provision had (to the extent not enforceable) never been contained in this Agreement. 

  

 

 
  

Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and
delivered will be deemed an original, and all of which together shall constitute one and the same agreement. 
 Entire
Agreement. This Agreement and the documents referred to herein 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 or among the parties hereto with respect to the specific subject matter hereof. 

Amendment and Waivers. This Agreement may be amended only by a written agreement executed by each of the
parties hereto. No amendment of or waiver of, or modification of any obligation under this Agreement will be enforceable unless set forth in a writing signed by the party against which enforcement is sought. Any amendment effected in accordance with
this section will be binding upon all parties hereto and each of their respective successors and assigns. No delay or failure to require performance of any provision of this Agreement shall constitute a waiver of that provision as to that or any
other instance. No waiver granted under this Agreement as to any one provision herein shall constitute a subsequent waiver of such provision or of any other provision herein, nor shall it constitute the waiver of any performance other than the
actual performance specifically waived. 
 Successors and Assigns; Assignment. Except as otherwise
provided in this Agreement, this Agreement, and the rights and obligations of the parties hereunder, will be binding upon and inure to the benefit of their respective successors, assigns, heirs, executors, administrators and legal representatives.
The Company may assign any of its rights and obligations under this Agreement. No other party to this Agreement may assign, whether voluntarily or by operation of law, any of its rights and obligations under this Agreement, except with the prior
written consent of the Company. 
 Further Assurances. The parties agree to execute such further documents and
instruments and to take such further actions as may be reasonably necessary to carry out the purposes and intent of this Agreement. 
 “At Will” Employment. I understand that this Agreement does not constitute a contract of employment or obligate the Company to employ me for any stated period of
time. I understand that I am an “at will” employee of the 

  

 

 
  
 
Company and that my employment can be terminated at any time, with or without notice and with or without cause, for any reason or for no reason, by either the Company or myself. I acknowledge
that any statements or representations to the contrary are ineffective, unless put into a writing signed by the Company. I further acknowledge that my participation in any stock option or benefit program is not to be construed as any assurance of
continuing employment for any particular period of time. This Agreement shall be effective as of the first day of my employment by the Company, which is May 3, 2010. 
 * * * * * * 

  

 

 
  
 In Witness Whereof, the
parties have executed this Agreement as of 3 May, 2010. 
  

							
			
	Enphase Energy, Inc.:	 		 	Employee:
				
	 By:
	 	 /s/ Paul Nahi
	 	  	 	 /s/ Jeff Loebbaka

		 		 		 	Signature
				
	 Name:
	 	 Paul Nahi
	 	  	 	 [Employee Name] Jeff Loebbaka

				
	 Title:
	 	 President and CEO
	 	  	 	

  

 

 
  
 Signature Page to Employee
Invention Assignment and Confidentiality Agreement 
 EXHIBIT A 

LIST OF PRIOR INVENTIONS 
 AND ORIGINAL WORKS OF AUTHORSHIP 
  

					
	 Title
	  	 Date
	  	 Identifying Number

or Brief Description

  

	þ	No inventions or improvements 

  

	 ̈	Additional Sheets Attached 

  

											
	Signature of Employee:	 	 /s/ Jeff Loebbaka

 

																	
	Print Name of Employee:	 	 Jeff Loebbaka

  

 

 
  
  

					
	Date:	 	         4-21-10

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