Document:

Employment Agreement by and Betweem Enphase Energy, Inc. and Raghuveer R. Belur

 Exhibit 10.9 
 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 Raghuveer R. Belur, 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 President and Chief Executive Officer and will
be appointed as a member of Company’s Board of Directors. Employee will report directly to the Company’s Board of Directors. 
 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 Hasley Avenue
	  	
		  	 Petaluma, CA 94952
	  	
			
	 Telecopier:
	  	 —
	  	
			
	 Attention:
	  	 President
	  	
			
	If to Employee:	  	 Raghuveer R. Belur
	  	
		  	  
	  	
		  	  
	  	
			
	 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/ Martin Fornage
	 		 	 /s/ Raghu Belur

	By:	 	 Martin Fornage
	 		 	By:	 	 Raghu Belur

		 	Secretary	 		 		 	

 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
or 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 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. 
 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/ Martin Fornage
	  		  	 /s/ Raghuveer Belur

		 		  		  	Signature
				
	Name:	 	 Martin Fornage
	  		  	 Raghuveer Belur

		 		  		  	Name (Please Print)
				
	Title:	 	 Secretary
	  		  	

 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 Raghuveer R. Belur, 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 President and Chief Executive Officer. 
 WHEREAS, in connection
with the Series B Preferred Stock financing of the Company, Employee has agreed to serve on the Company’s Board of Directors and as Vice President Marketing and to cease serving as the Company’s President and Chief Executive Officer.

 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 Vice President Marketing. 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/ Raghuveer R. Belur

					
	By:	 	 Paul Nahi
	 		 	By:	 	 Raghuveer R. Belur

 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 Raghuveer R. Belur, 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.	 		 	RAGHUVEER R. BELUR
					
	By:	 	 /s/ Paul Nahi
	 		 	By:	 	 /s/ Raghuveer R. Belur

				
	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 Raghuveer R. Belur, 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 material 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.	 		 	RAGHUVEER R. BELUR
					
	By:	 	 /s/ Paul Nahi
	 		 	By:	 	 /s/ Raghuveer R. Belur

					
	Name	 	 Paul Nahi
	 		 		 	
					
	Title:	 	 CEOAmended and Restated Venture Loan and Security Agreement

 Exhibit 10.10 
 AMENDED AND RESTATED 
 VENTURE LOAN AND SECURITY AGREEMENT 

Originally Dated March 11, 2010 

Amended and Restated as of March 25, 2011 
 by and between 
 HORIZON TECHNOLOGY FINANCE CORPORATION, 

a Delaware corporation 
 76 Batterson Park Road 
 Farmington, CT 06032 

as Lender 

HORIZON CREDIT I LLC 
 a Delaware limited liability company 
 76 Batterson Park Road 

Farmington, CT 06032 
 as Assignee and Holder of Advance (Loan A) 
 And 

ENPHASE ENERGY, INC., 
 a Delaware corporation 
 201 1st Street, Suite 300 

Petaluma, CA 94952 

as Borrower 

Commitment Amount (Loan A): $7,000,000 
 Commitment Amount (Loan B): $2,000,000 
 Commitment Amount (Loan C): $3,000,000

 Commitment Termination Date (Loan A): March 19, 2010 

Commitment Termination Date (Loan B): March 31, 2011 
 Commitment Termination Date (Loan C): July 31, 2011 

 The Lender and Borrower hereby agree as follows: 

AGREEMENT 

1. Definitions and Construction. 
 1.1 Definitions. As used in this Agreement, the following capitalized terms shall have the following meanings: 
 “Account Control Agreement” means an agreement acceptable to Lender which perfects via control Lender’s security interest in Borrower’s deposit accounts and/or accounts holding
securities. 
 “Advance” means any advance of credit by Lender to the Borrower under this Agreement, and
“Advances” means, collectively, all such Advances. 
 “Advance (Loan A)” means the single
Advance under the Loan Facility (Loan A) to the Borrower under this Agreement. 
 “Advance (Loan B)” means the
single Advance under the Loan Facility (Loan B) to the Borrower under this Agreement. 
 “Advance (Loan C)”
means the single Advance under the Loan Facility (Loan C) to the Borrower under this Agreement. 
 “Advance (Loan A)
Scheduled Payments” has the meaning given such term in Section 2.2(a) of this Agreement. 

“Advance (Loan B) Scheduled Payments” has the meaning given such term in Section 2.2(b) of this Agreement.

 “Advance (Loan C) Scheduled Payments” has the meaning given such term in Section 2.2(c) of this
Agreement. 
 “Affiliate” means any Person that owns or controls directly or indirectly ten percent
(10%) or more of the stock of another entity, any Person that controls or is controlled by or is under common control with such Persons or any Affiliate of such Persons and each of such Person’s officers, directors, joint venturers or
partners. 
 “Agreement” means this certain Amended and Restated Venture Loan and Security Agreement by and
between Borrower and Lender dated as of the date on the cover page hereto (as it may from time to time be amended or supplemented in writing signed by the Borrower and Lender). 

“Account” has the meaning given such term in Section 7.13 of this Agreement. 

  
 - 2 -

 “Borrower” means the Borrower as set forth on the cover page of this
Agreement. 
 “Business Day” means any day that is not a Saturday, Sunday, or other day on which banking
institutions are authorized or required to close in Connecticut or California. 
 “Claim” has the meaning given
such term in Section 10.3 of this Agreement 
 “Code” means the Uniform Commercial Code as adopted
and in effect in the State of Connecticut, as amended from time to time; provided that if by reason of mandatory provisions of law, the creation and/or perfection or the effect of perfection or non-perfection of the security interest
in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than Connecticut, the term “Code” shall also mean the Uniform Commercial Code as in effect from time to time in such jurisdiction for
purposes of the provisions hereof relating to such creation, perfection or effect of perfection or non-perfection. 

“Collateral” has the meaning given such term in Section 4.1 of this Agreement. 

“Commitment Amount” means, collectively, Commitment Amount (Loan A), Commitment Amount (Loan B) and Commitment Amount
(Loan C). 
 “Commitment Amount (Loan A)” has the meaning as set forth on the cover page of this Agreement.

 “Commitment Amount (Loan B)” has the meaning as set forth on the cover page of this Agreement. 

“Commitment Amount (Loan C)” has the meaning set forth on the cover page of this Agreement. 

“Commitment Fee” has the meaning given such term in Section 2.6(c) of this Agreement. 

“Commitment Termination Date” means, as applicable, the Commitment Termination Date (Loan A), the Commitment Termination
Date (Loan B) or the Commitment Termination Date (Loan C). 
 “Commitment Termination Date (Loan A)” has the
meaning set forth on the cover page of this Agreement. 
 “Commitment Termination Date (Loan B)” has the
meaning set forth on the cover page of this Agreement. 
 “Commitment Termination Date (Loan C)” has the
meaning set forth on the cover page of this Agreement 
 “Contingent Obligation” means, as applied to any
Person, any direct or indirect liability, contingent or otherwise, of that Person with respect to (i) any indebtedness, lease, dividend, letter of credit or other obligation of another; (ii) any obligations with respect to undrawn letters
of credit, corporate credit cards, or merchant services issued or provided for the account of that 

  
 - 3 -

 
Person; and (iii) all obligations arising under any agreement or arrangement designed to protect such Person against fluctuation in interest rates, currency exchange rates or commodity
prices; provided, however, that the term “Contingent Obligation” shall not include endorsements for collection or deposit in the ordinary course of business. The amount of any Contingent Obligation shall be deemed to be an amount equal to
the stated or determined amount of the primary obligation in respect of which such Contingent Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by Lender in good
faith; provided, however, that such amount shall not in any event exceed the maximum amount of the obligations under the guarantee or other support arrangement. 
 “Default” means any event which with the passing of time or the giving of notice or both would become an Event of Default hereunder. 

“Default Rate” means the per annum rate of interest equal to five percent (5%) over the applicable Loan Rate, but
such rate shall in no event be more than the highest rate permitted by applicable law to be charged on commercial loans in a default situation. 
 “Disclosure Schedule” means the Disclosure Letter provided by Borrower to Lender on or about the date hereof. 
 “Environmental Laws” means all foreign, federal, state or local laws, statutes, common law duties, rules, regulations, ordinances and codes, together with all administrative orders,
directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authorities, in each case relating to environmental, health, safety and land use matters, including the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, the Clean Air Act, the Federal Water Pollution Control Act of 1972, the Solid Waste Disposal Act, the Federal Resource Conservation and Recovery Act, the Toxic Substances Control Act and the Emergency Planning
and Community Right-to-Know Act. 
 “Equipment” means all present and future machinery, equipment, tenant
improvements, furniture, fixtures, vehicles, tools, parts and attachments in which Borrower has any interest. 
 “Equity
Securities” of any Person means (a) all common stock, preferred stock, participations, shares, partnership interests, membership interests or other equity interests in and of such Person (regardless of how designated and whether or not
voting or non-voting) and (b) all warrants, options and other rights to acquire any of the foregoing. 

“ERISA” has the meaning given to such term in Section 7.12 of this Agreement. 

“Event of Default” has the meaning given to such term in Section 8 of this Agreement. 

“Foreign Accounts” has the meaning given such term in Section 7.13 of this Agreement. 

“French Account” has the meaning given such term in Section 7.13 of this Agreement. 

“Funding Certificate” means a certificate executed by a Responsible Officer of Borrower substantially in the form of
Exhibit B or such other form as Lender may agree to accept. 

  
 - 4 -

 “Funding Date” means any date on which an Advance is made to or on account
of Borrower under this Agreement. 
 “GAAP” means generally accepted accounting principles as in effect in the
United States of America from time to time, consistently applied. 
 “Good Faith Deposit” has the meaning given
such term in Section 2.6(a) of this Agreement. 
 “Governmental Authority” means (a) any
federal, state, county, municipal or foreign government, or political subdivision thereof, (b) any governmental or quasi-governmental agency, authority, board, bureau, commission, department, instrumentality or public body, (c) any court
or administrative tribunal, or (d) with respect to any Person, any arbitration tribunal or other non-governmental authority to whose jurisdiction that Person has consented. 

“Hazardous Materials” means all those substances which are regulated by, or which may form the basis of liability under,
any Environmental Law, including all substances identified under any Environmental Law as a pollutant, contaminant, hazardous waste, hazardous constituent, special waste, hazardous substance, hazardous material, or toxic substance, or petroleum or
petroleum derived substance or waste. 
 “Indebtedness” means (a) all indebtedness for borrowed money or
the deferred purchase price of property or services (excluding trade payables aged less than one hundred eighty (180) days), including without limitation reimbursement and other obligations with respect to surety bonds and letters of credit,
(b) all obligations evidenced by notes, bonds, debentures or similar instruments, (c) all capital lease obligations and (d) all Contingent Obligations. 
 “Indemnified Person” has the meaning given such term in Section 10.3 of this Agreement. 
 “Intellectual Property” means all of Borrower’s right, title and interest in and to patents, patent rights (and applications and registrations therefor and divisions, continuations,
renewals, reissues, extensions and continuations-in-part of the same), trademarks and service marks (and applications and registrations therefor and the goodwill associated therewith), inventions, copyrights (including applications and registrations
therefor and like protections in each work or authorship and derivative work thereof), mask works (and applications and registrations therefor), trade names, trade styles, software and computer programs, source code, object code, trade secrets,
methods, processes, know how, drawings, specifications, descriptions, and all memoranda, notes, and records with respect to any research and development, all whether now owned or subsequently acquired or developed by Borrower and all licenses to use
the foregoing, whether in tangible or intangible form or contained on magnetic media readable by machine together with all such magnetic media (but not including embedded computer programs and supporting information included within the definition of
“goods” under the Code). 
 “Inventory” means all inventory in which Borrower has or acquires any
interest, including work in process and finished products intended for sale or lease or to be furnished under a contract of service, of every kind and description now or at any time hereafter owned by or in the custody or possession, actual or
constructive, of Borrower, including such inventory as 

  
 - 5 -

 is temporarily out of its custody or possession or in transit and including any returns upon any accounts or
other proceeds, including insurance proceeds, resulting from the sale or disposition of any of the foregoing and any documents of title representing any of the above, and Borrower’s books relating to any of the foregoing. 

“Investment” means the purchase or acquisition of any capital stock, equity interest, or any obligations or other
securities of, or any interest in, any Person, or the extension of any advance, loan, extension of credit (excluding inter-company trade payables aged less than one hundred eighty (180) days) or capital contribution to, or any other investment
in, or deposit with, any Person. 
 “Italian Account” has the meaning given such term in
Section 7.13 of this Agreement. 
 “Landlord Agreement” means an agreement substantially in the
form provided by Lender to Borrower or such other form as Lender may agree to accept. 
 “Lender” means the
Lender as set forth on the cover page of this Agreement. 
 “Lender’s Expenses” means all reasonable costs
or expenses (including reasonable attorneys’ fees and expenses) incurred in connection with the preparation, negotiation, documentation, administration and funding of the Loan Documents; and Lender’s reasonable attorneys’ fees, costs
and expenses incurred in amending, modifying, enforcing or defending the Loan Documents (including fees and expenses of appeal or review), including the exercise of any rights or remedies afforded hereunder or under applicable law, whether or not
suit is brought, whether before or after bankruptcy or insolvency, including without limitation all fees and costs incurred by Lender in connection with Lender’s enforcement of its rights in a bankruptcy or insolvency proceeding filed by or
against Borrower or its Property. 
 “Lien” means any voluntary or involuntary security interest, pledge,
bailment, lease, mortgage, hypothecation, conditional sales and title retention agreement, encumbrance or other lien with respect to any Property in favor of any Person. 
 “Loan” means the advance of credit by Lender to Borrower pursuant to the Advance (Loan A), the Advance (Loan B) and the Advance (Loan C) under this Agreement, and “Loans”
means collectively all such Advances. 
 “Loan Documents” means, collectively, this Agreement, each Note, each
Warrant, any Landlord Agreement, any Account Control Agreement and all other documents, instruments and agreements entered into in connection with this Agreement, all as amended or extended from time to time. 

“Loan Facility (Loan A)” means Lender’s obligation to fund the Advance (Loan A) hereunder in an aggregate
outstanding principal amount not to exceed the Commitment Amount (Loan A). 
 “Loan Facility (Loan B)” means
Lender’s obligation to fund the Advance (Loan B) hereunder in an aggregate outstanding principal amount not to exceed the Commitment Amount (Loan B). 

  
 - 6 -

 “Loan Facility (Loan C)” means Lender’s obligation to fund the Advance
(Loan C) hereunder in an aggregate outstanding principal amount not to exceed the Commitment Amount (Loan C). 
 “Loan
Rate” shall mean, as applicable, Loan Rate (Loan A), Loan Rate (Loan B) or Loan Rate (Loan C) as applicable. 

“Loan Rate (Loan A)” means the fixed per annum rate of interest (based on a year of twelve 30-day months) equal to
12.60%. 
 “Loan Rate (Loan B)” means the fixed per annum rate of interest (based on a year of twelve 30-day
months) equal to the greater of (a) 10.75% or (b) 10.75% plus the difference between (i) the one month LIBOR Rate (rounded to the nearest one hundredth percent), as reported in the Wall Street Journal, on the date which is five
(5) Business Days before the Funding Date for Advance (Loan B) (or, if the Wall Street Journal is not published on such date, the next earlier date on which it is published) and (ii) 0.30%. 

“Loan Rate (Loan C)” means the fixed per annum rate of interest (based on a year of twelve 30-day months) equal to the
greater of (a) 10.75% or (b) 10.75% plus the difference between (i) the one month LIBOR Rate (rounded to the nearest one hundredth percent), as reported in the Wall Street Journal, on the date which is five (5) Business
Days before the Funding Date for Advance (Loan C) (or, if the Wall Street Journal is not published on such date, the next earlier date on which it is published) and (ii) 0.30%. 

“Maturity Date (Loan A)” means October 1, 2013, or if earlier, the date of acceleration of Advance (Loan A)
following an Event of Default or the date of prepayment, whichever is applicable. 
 “Maturity Date (Loan B)”
means October 1, 2014, or if earlier, the date of acceleration of Advance (Loan B) following an Event of Default or the date of prepayment, whichever is applicable. 
 “Maturity Date (Loan C)” means the first calendar day of the month that follows the Forty-Two (42) month anniversary of the Funding Date of Advance (Loan C), or if earlier, the date
of acceleration of Advance (Loan C) following an Event of Default or the date of prepayment, whichever is applicable. 

“Note” means each promissory note executed in connection with the Loans in substantially the form of Exhibit C
attached hereto, and collectively, “Notes” means all such promissory notes. 
 “Obligations”
means all debt, principal, interest, fees, charges, expenses and attorneys’ fees and costs and other amounts, obligations, covenants, and duties owing by Borrower to Lender of any kind and description (whether pursuant to or evidenced by the
Loan Documents (other than the Warrant), or by any other agreement between Lender and Borrower, and whether or not for the payment of money), whether direct or indirect, absolute or contingent, due or to become due, now existing or hereafter
arising, including all Lender’s Expenses. 

  
 - 7 -

 “Officer’s Certificate” means a certificate executed by a Responsible
Officer substantially in the form of Exhibit E or such other form as Lender may agree to accept. 
 “Payment
Date” has the meaning given such term in Section 2.2(a) of this Agreement. 
 “Permitted
Indebtedness” means and includes: 
 (a) Indebtedness of Borrower to Lender; 

(b) Indebtedness arising from the endorsement of instruments in the ordinary course of business; 

(c) Indebtedness existing on the date hereof and set forth on the Disclosure Schedule; 

(d) Indebtedness in an aggregate principal amount not exceeding Thirty Million Dollars ($30,000,000), consisting of a revolving credit
facility from Bridge Bank, N.A. and Comerica Bank and in which the loans are limited to not more than Eighty Percent (80%) of Borrower’s outstanding accounts receivable and Fifty Percent (50%) of Borrower’s eligible inventory;

 (e) Indebtedness secured by a lien described in clause (g) of the defined term “Permitted Liens,” provided
(i) such Indebtedness does not exceed the lesser of the cost or fair market value of the equipment financed with such Indebtedness and (ii) such Indebtedness does not exceed Five Million Dollars ($5,000,000) in the aggregate at any given
time; and 
 (f) Indebtedness to Oracle America, Inc. or one of its affiliates, including Oracle Credit Corporation in an
aggregate amount not to exceed $500,000; 
 (g) Inter-company Indebtedness incurred in the ordinary course of business;

 (h) Other Indebtedness in an aggregate amount not exceeding Seven Hundred Fifty Thousand Dollars ($750,000) at any time;

 (i) Subordinated Debt; and 
 (j) extensions, refinancings, modifications, amendments and restatements of any items of Permitted Indebtedness (a) through (i) above, provided that the principal amount thereof is not increased
or the terms thereof are not modified to impose more burdensome terms upon Borrower or its Subsidiary, as the case may be. 

“Permitted Investments” means and includes any of the following Investments as to which Lender has a perfected security
interest: 
 (a) Deposits and deposit accounts with commercial banks organized under the laws of the United States or a state
thereof to the extent: (i) the deposit accounts of each such institution are insured by the Federal Deposit Insurance Corporation up to the legal limit; and (ii) 

  
 - 8 -

 
each such institution has an aggregate capital and surplus of not less than One Hundred Million Dollars ($100,000,000); 
 (b) Investments made in accordance with Borrower’s board approved short term investment policy; 
 (c) Investments in marketable obligations issued or fully guaranteed by the United States and maturing not more than one (1) year from the date of issuance; 

(d) Investments in open market commercial paper rated at least “A1” or “P1” or higher by a national credit rating
agency and maturing not more than one (1) year from the creation thereof; 
 (e) Investments pursuant to or arising under
currency agreements or interest rate agreements entered into in the ordinary course of business; 
 (f) Investments consisting
of (i) travel advances and employee relocation loans and other employee loans and advances in the ordinary course of business, and (ii) loans to employees, officers or directors relating to the purchase of equity securities of Borrower or
its Subsidiaries pursuant to employee stock purchase plans or agreements approved by Borrower’s Board of Directors; not to exceed Two Hundred Fifty Thousand Dollars ($250,000) in the aggregate in any fiscal year; 

(g) Investments (including debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers and
in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of business; 
 (h) Investments consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and suppliers who are not Affiliates, in the ordinary course of business; provided that
this paragraph (g) shall not apply to Investments of Borrower in any Subsidiary; 
 (i) Investments in Subsidiaries made
in the ordinary course of business, not to exceed Four Million Five Hundred Thousand and 00/100 Dollars ($4,500,000) in the aggregate in any fiscal year; 
 (j) (x) joint ventures or strategic alliances in the ordinary course of Borrower’s business consisting of the nonexclusive licensing of technology, the development of technology or the providing
of technical support, provided that any cash investments by Borrower do not exceed Five Hundred Thousand Dollars ($500,000) in the aggregate in any fiscal year; and (y) strategic alliances with particular customers in which such customers will
share in the research and development expense of Borrower associated with the incorporation by such customers of microconverters purchased from Borrower into solar panels produced by such customers; and 

(k) Other Investments aggregating not in excess of Two Hundred Fifty Thousand Dollars ($250,000) at any time. 

  
 - 9 -

 “Permitted Liens” means and includes: 

(a) the Lien created by this Agreement; 
 (b) Liens for fees, taxes, levies, imposts, duties or other governmental charges of any kind which are not yet delinquent or which are being contested in good faith by appropriate proceedings which
suspend the collection thereof (provided that such appropriate proceedings do not involve any substantial danger of the sale, forfeiture or loss of any material item of Collateral which in the aggregate is material to Borrower and that
Borrower has adequately bonded such Lien or reserves sufficient to discharge such Lien have been provided on the books of Borrower); 
 (c) Liens identified on the Disclosure Schedule; 
 (d) carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s or other similar Liens arising in the ordinary course of business and which are not delinquent or remain payable without penalty or which are being contested in good faith
and by appropriate proceedings (“provided that such appropriate proceedings do not involve any substantial danger of the sale, forfeiture or loss of any material item of Collateral or Collateral which in the aggregate is material
to Borrower and that Borrower has adequately bonded such Lien or reserves sufficient to discharge such Lien have been provided on the books of Borrower); 
 (e) Liens granted in connection with Indebtedness permitted under subsection (d) of the definition of Permitted Indebtedness; provided that such liens shall be subject to an intercreditor agreement
between Bridge Bank, N.A., Comerica Bank and Lender; 
 (f) non-exclusive licenses of Intellectual Property entered into in the
ordinary course of business, and licenses of Intellectual Property that could not result in a legal transfer of title of the licensed property that may be exclusive in respects other than territory and that may be exclusive as to territory only as
to discreet geographical areas outside of the United States. 
 (g) Liens (i) upon or in any equipment which was not
financed by Lender acquired or held by Borrower or any of its Subsidiaries to secure the purchase price of such equipment or indebtedness incurred solely for the purpose of financing the acquisition of such equipment, or (ii) existing on such
equipment at the time of its acquisition, provided that the Lien is confined solely to the property so acquired and improvements thereon, and the proceeds of such equipment; 
 (h) Liens to secure payment of workers’ compensation, employment insurance, old-age pensions, social security and other like obligations incurred in the ordinary course of business (other than Liens
imposed by ERISA); 
 (i) Liens arising from attachments or judgments, orders, or decrees in circumstances not constituting an
Event of Default under Sections 8.5 and 8.8; 

  
 - 10 -

 (j) Liens in favor of customs and revenue authorities incurred in the ordinary course of
business to secure payment of custom duties in connection with the importation of goods; 
 (k) leases or subleases of real
property granted in the ordinary course of Borrower’s business (or, if referring to another Person, in the ordinary course of such Person’s business), and leases, subleases, non-exclusive licenses or sublicenses of personal property (other
than Intellectual Property) granted in the ordinary course of Borrower’s business (or, if referring to another Person, in the ordinary course of such Person’s business), if the leases, subleases, licenses and sublicenses do not prohibit
granting a security interest therein; and 
 (1) Liens incurred in connection with the extension, renewal or refinancing of the
indebtedness secured by Liens of the type described in clauses (a) through (k) above, provided that any extension, renewal or replacement Lien shall be limited to the property encumbered by the existing Lien and the principal amount of the
indebtedness being extended, renewed or refinanced does not increase; 
 “Person” means and includes any
individual, any partnership, any corporation, any business trust, any joint stock company, any limited liability company, any unincorporated association or any other entity and any domestic or foreign national, state or local government, any
political subdivision thereof, and any department, agency, authority or bureau of any of the foregoing. 

.“Property” means any interest in any kind of property or asset, whether real, personal or mixed, whether tangible or
intangible. 
 “Responsible Officer” has the meaning given such term in Section 6.3 of this
Agreement. 
 “Scheduled Payments” shall mean collectively, the Advance (Loan A) Scheduled Payments, the
Advance (Loan B) Scheduled Payments and the Advance (Loan C) Scheduled Payments. 
 “Solvent” has the meaning
given such term in Section 5.11 of this Agreement. 
 “Subordinated Debt” means any debt incurred
by Borrower that is subordinated to the debt owing by Borrower to Lender hereunder or under any of the Loan Documents on terms acceptable to Lender (and identified as being such by Borrower and Lender). 

“Subsidiary” means any corporation or other entity of which a majority of the outstanding Equity Securities entitled to
vote for the election of directors or other governing body (otherwise than as the result of a default) is owned by Borrower directly or indirectly through Subsidiaries, including without limitation Enphase Energy SAS and Enphase Energy SRL.

 “Third Party Equipment” has the meaning given such term in Section 4.8 of this Agreement.

 “Transfer” has the meaning given such term in Section 7.4 of this Agreement. 

  
 - 11 -

 “Warrant A” means the warrant to purchase Equity Securities of Borrower
granted to Lender on or about the date of the Advance (Loan A), and any replacement warrants issued in connection therewith. 

“Warrant B” means the warrant to purchase Equity Securities of Borrower granted to Lender on or about the date hereof,
and any replacement warrants issued in connection therewith. 
 “Warrants” means collectively, Warrant A and
Warrant B. 
 1.2 Construction. This Agreement amends and restates that certain Venture Loan and Security Agreement dated
as of March 11, 2010 by and between Lender and Borrower. References in this Agreement to “Articles,” “Sections,” “Exhibits,” “Schedules” and “Annexes” are to recitals, articles, sections,
exhibits, schedules and annexes herein and hereto unless otherwise indicated. References in this Agreement and each of the other Loan Documents to any document, instrument or agreement shall include (a) all exhibits, schedules, annexes and
other attachments thereto, (b) all documents, instruments or agreements issued or executed in replacement thereof, and (c) such document, instrument or agreement, or replacement or predecessor thereto, as amended, modified and supplemented
from time to time and in effect at any given time. The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement or any other Loan Document shall refer to this Agreement or such
other Loan Document, as the case may be, as a whole and not to any particular provision of this Agreement or such other Loan Document, as the case may be. The words “include” and “including” and words of similar import when used
in this Agreement or any other Loan Document shall not be construed to be limiting or exclusive. Unless otherwise indicated in this Agreement or any other Loan Document, all accounting terms used in this Agreement or any other Loan Document shall be
construed, and all accounting and financial computations hereunder or thereunder shall be computed, in accordance with GAAP, and all terms describing Collateral shall be construed in accordance with the Code. The terms and information set forth on
the cover page of this Agreement are incorporated into this Agreement. 
 2. Loans; Repayment. 

2.1 Commitment. 
 (a) The Commitment Amount (Loan A). Subject to the terms and conditions of this Agreement and relying upon the representations and warranties herein set forth as and when made or deemed to be made,
Lender agrees to lend to Borrower prior to the Commitment Termination Date (Loan A), one Advance in an aggregate amount not to exceed the Commitment Amount (Loan A). 
 (b) The Commitment Amount (Loan B). Subject to the terms and conditions of this Agreement and relying upon the representations and warranties herein set forth as and when made or deemed to be made,
Lender agrees to lend to Borrower prior to the Commitment Termination Date (Loan B), one Advance in an aggregate amount not to exceed the Commitment Amount (Loan B). 
 (c) The Commitment Amount (Loan C). Subject to the terms and conditions of this Agreement and relying upon the representations and warranties herein set forth

  
 - 12 -

 
as and when made or deemed to be made, Lender agrees to lend to Borrower prior to the Commitment Termination Date (Loan C), one Advance in an aggregate amount not to exceed the Commitment Amount
(Loan C). 
 (d) The Loans and the Notes. The obligation of Borrower to repay the unpaid principal amount of and
interest on the Loans shall be evidenced by one or more Notes issued to Lender. 
 (e) Use of Proceeds. The proceeds of
the Loans shall be used solely for working capital or general corporate purposes of Borrower. 
 (f) Termination of
Commitment to Lend. Notwithstanding anything in the Loan Documents, Lender’s obligation to lend the undisbursed portion of the Commitment Amount to Borrower hereunder shall terminate on the earlier of (i) at Lender’s sole
election, the occurrence of any Default or Event of Default hereunder, and (ii) the applicable Commitment Termination Date. Notwithstanding the foregoing, Lender’s obligation to lend the undisbursed portion of the Commitment Amount to
Borrower shall terminate if, in Lender’s sole judgment, there has been a material adverse change in the general affairs, management, results of operations, condition (financial or otherwise) or prospects of Borrower, whether or not arising from
transactions in the ordinary course of business, or there has been any material adverse deviation by Borrower from the business plan of Borrower presented to Lender on or before the date of this Agreement. 

2.2 Payments. 
 (a) Scheduled Payments for Advance (Loan A). Borrower shall make a payment of accrued interest only on the outstanding principal amount of the Advance (Loan A) on the first twelve (12) Payment
Dates specified in the Note applicable to such Advance (Loan A) and an equal payment of principal plus accrued interest on the outstanding principal amount of the Advance (Loan A) on the next thirty (30) Payment Dates as set forth in the Note
applicable to such Advance (Loan A) (collectively, the “Advance (Loan A) Scheduled Payments”). Borrower shall make such Scheduled Payments commencing on the date set forth in the Note applicable to such Advance (Loan A) and
continuing thereafter on the first Business Day of each calendar month (each a “Payment Date”) through the Maturity Date (Loan A). In any event, all unpaid principal and accrued interest shall be due and payable in full on the
Maturity Date (Loan A). 
 (b) Scheduled Payments for Advance (Loan B). Borrower shall make a payment of accrued
interest only on the outstanding principal amount of the Advance (Loan B) on the first twelve (12) Payment Dates specified in the Note applicable to such Advance (Loan B) and an equal payment of principal plus accrued interest on the
outstanding principal amount of the Advance (Loan B) on the next thirty (30) Payment Dates as set forth in the Note applicable to such Advance (Loan B) (collectively, the “Advance (Loan B) Scheduled Payments”). Borrower shall
make such Advance (Loan B) Scheduled Payments commencing on the date set forth in the Note applicable to such Advance (Loan B) and continuing thereafter on each Payment Date through the Maturity Date (Loan B). In any event, all unpaid principal and

  
 - 13 -

 
accrued interest on Advance (Loan B) shall be due and payable in full on the Maturity Date (Loan B). 
 (c) Scheduled Payments for Advance (Loan C). Borrower shall make a payment of accrued interest only on the outstanding principal amount of the Advance (Loan C) on the first twelve (12) Payment
Dates specified in the Note applicable to such Advance (Loan C) and an equal payment of principal plus accrued interest on the outstanding principal amount of the Advance (Loan C) on the next thirty (30) Payment Dates as set forth in the Note
applicable to such Advance (Loan C) (collectively, the “Advance (Loan C) Scheduled Payments”). Borrower shall make such Advance (Loan C) Scheduled Payments commencing on the date set forth in the Note applicable to such Advance
(Loan C) and continuing thereafter on each Payment Date through the Maturity Date (Loan C). In any event, all unpaid principal and accrued interest on Advance (Loan C) shall be due and payable in full on the Maturity Date (Loan C). 

(d) Interim Payment. Unless the Funding Date for a Loan is the first day of a calendar month, Borrower shall pay the per diem
interest (accruing at the applicable Loan Rate from the Funding Date through the last day of that month) payable with respect to such Loan on the first Business Day of the next calendar month. 

(e) Payment of Interest. Borrower shall pay interest on each Loan at a fixed per annum rate of interest equal to the applicable
Loan Rate. All computations of interest (including interest at the Default Rate, if applicable) shall be based on a year of twelve 30-day months. Notwithstanding any other provision hereof, the amount of interest payable hereunder shall not in any
event exceed the maximum amount permitted by the law applicable to interest charged on commercial loans. 
 (f) Application
of Payments. All payments received by Lender prior to an Event of Default shall be applied as follows: (1) first, to Lender’s Expenses then due and owing; and (2) second to all Scheduled Payments then due and owing
(provided, however, if such payments are not sufficient to pay the whole amount then due, such payments shall be applied first to unpaid interest at the applicable Loan Rate, then to the remaining amount then due). After an Event of
Default, all payments and application of proceeds shall be made as set forth in Section 9.7. 
 (g) Late Payment
Fee. Borrower shall pay to Lender a late payment fee equal to six percent (6%) of any Scheduled Payment not paid when due. 
 (h) Default Rate. Borrower shall pay interest at a per annum rate equal to the Default Rate on any amounts required to be paid by Borrower under this Agreement or the other Loan Documents
(including Scheduled Payments), payable with respect to each Loan, accrued and unpaid interest, and any fees or other amounts which remain unpaid after such amounts are due. If an Event of Default has occurred and the Obligations have been
accelerated (whether automatically or by Lender’s election), Borrower shall pay interest on the aggregate, outstanding accelerated balance hereunder from the date of the Event of Default until all Events of Default are cured, at a per annum
rate equal to the Default Rate. 

  
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 2.3 Prepayments. 

(a) Mandatory Prepayment Upon an Acceleration. If a Loan is accelerated following the occurrence of an Event of Default pursuant
to Section 9.1(a) hereof, then Borrower, in addition to any other amounts which may be due and owing hereunder, shall immediately pay to Lender the amount set forth in Section 2.3(b) below, as if the Borrower had opted to prepay on the
date of such acceleration. 
 (b) Upon ten (10) Business Days’ prior written notice to Lender, Borrower may, at its
option, at any time, prepay all of the Loans by paying to Lender an amount equal to (i) any accrued and unpaid interest on the outstanding principal balance of each Loan; (ii) an amount equal to (A) if the Loan is prepaid within
twelve (12) months from the applicable Funding Date thereof, three percent (3%) of the then outstanding principal balance of such Loan, (B) if the Loan is prepaid more than twelve (12) months from the applicable Funding Date
thereof but less than twenty-four (24) months from the applicable Funding Date thereof, two (2%) percent of the then outstanding principal balance of such Loan, or (C) if the Loan is prepaid more than twenty-four (24) months from
the applicable Funding Date thereof, one percent (1%) of the then outstanding principal balance of such Loan; (iii) the outstanding principal balance of each Loan and (iv) all other sums, if any, that shall have become due and payable
hereunder. 
 2.4 Other Payment Terms. 
 (a) Place and Manner. Borrower shall make all payments due to Lender in lawful money of the United States. All payments of principal, interest, fees and other amounts payable by Borrower hereunder
shall be made, in immediately available funds, not later than 10:00 a.m. Connecticut time, on the date on which such payment is due. Borrower shall make such payments to Lender via wire transfer or ACH as follows: 

 

					
	Payment via wire transfer or ACH	  		  	
	to Lender:	  		  	
	Credit:	  	Horizon Technology Finance Corporation	  	
	Bank Name:	  		  	
	Bank Address:	  		  	
	Account No.:	  		  	
	ABA Routing No.:	  		  	
	Reference:	  	Enphase Invoice #	  	

 (b) Date. Whenever any payment is due hereunder on a day other than a Business Day, such
payment shall be made on the next succeeding Business Day, and such extension of time shall be included in the computation of interest or fees, as the case may be. 
 2.5 Procedure for Making the Loans. 
 (a) Notice. Borrower shall
notify Lender of the date on which Borrower desires Lender to make an Advance at least five (5) Business Days in advance of the desired Funding Date, unless Lender elects at its sole discretion to allow the Funding Date to be within five
(5) Business Days of Borrower’s notice. Borrower’s execution and delivery to Lender of a 

  
 - 15 -

 
Note shall be Borrower’s agreement to the terms and calculations thereunder with respect to the Advance made by Lender. Lender’s obligation to make any Advance shall be expressly
subject to the satisfaction of the conditions set forth in Section 3. 
 (b) Loan Rate Calculation. Prior to
the Funding Date, Lender shall establish the Loan Rate with respect to the applicable Advance, which shall be set forth in the Note to be executed by Borrower with respect to such Advance and shall be conclusive in the absence of a manifest error.

 (c) Disbursement. Lender shall disburse the proceeds of each Loan by wire transfer to Borrower at the account
specified in the Funding Certificate for such Loan. 
 2.6 Good Faith Deposit; Legal and Closing Expenses: and Commitment
Fee. 
 (a) Good Faith Deposit. Borrower has delivered to Lender a good faith deposit in the amount of Fifty
Thousand Dollars ($50,000) (the “Good Faith Deposit”). Twenty-Five Thousand Dollars ($25,000) of the Good Faith Deposit was paid by Lender in connection with the making of Advance (Loan A), and Twenty-Five Thousand Dollars ($25,000)
of the Good Faith Deposit will be tendered by Borrower to Lender in connection with the making of Advance (Loan B). The Good Faith Deposit will be credited to the amounts due Lender under Section 2.6(b) below. If the Funding Date does not
occur, Lender shall retain the Good Faith Deposit as compensation for its time, expenses and opportunity cost. 
 (b) Legal,
Due Diligence and Documentation Expenses. Lender and Borrower-acknowledge that Borrower has previously paid to Lender Twenty Thousand Dollars ($20,000) in connection with Lender’s legal, due diligence and documentation expenses incurred in
connection with the making of Advance (Loan A). Concurrently with its execution and delivery of this Agreement, Borrower shall pay to Lender Lender’s legal, due diligence and documentation expenses incurred in connection with the making of the
Advance (Loan B) and the Advance (Loan C) in an additional amount not to exceed Twenty Thousand Dollars ($20,000) without Borrower’s prior written consent. 
 (c) Commitment Fee. Borrower and Lender acknowledge that Borrower has previously paid to Lender a commitment fee of Seventy Thousand Dollars ($70,000) in connection with the making of Advance (Loan
A). In addition to the previously tendered commitment fee, Borrower shall pay Lender concurrently with its execution and delivery of this Agreement an additional commitment fee in the amount of Fifty Thousand Dollars ($50,000) (the
“Commitment Fee”). The Commitment Fee shall be retained by Lender and be deemed fully earned upon receipt. 

3. Conditions of Loans. 
 3.1 Conditions Precedent to Closing. At the time of the execution and delivery of this Agreement, Lender shall have received, in form and substance reasonably satisfactory to Lender, all of the
following (unless Lender has agreed to waive such condition or document, in which case such condition or document shall be a condition precedent to the making of the applicable Advance by Lender and shall be deemed added to Section 3.2
or Section 3.3 as applicable): 

  
 - 16 -

 (a) Loan Agreement. This Agreement duly executed by Borrower and Lender. 

(b) Secretary’s Certificate. A certificate of the secretary or assistant secretary of Borrower with copies of the following
documents attached: (i) the certificate of incorporation and bylaws of Borrower certified by Borrower as being complete and in full force and effect on the date thereof, (ii) incumbency and representative signatures, and
(iii) resolutions authorizing the execution and delivery of this Agreement and each of the other Loan Documents. 
 (c)
Good Standing Certificates. A good standing certificate from Borrower’s state of incorporation and the state in which Borrower’s principal place of business is located, each dated as of a recent date. 

(d) Certificate of Insurance. Evidence of the insurance coverage required by Section 6.8 of this Agreement.

 (e) Consents. All necessary consents of shareholders and other third parties with respect to the execution, delivery
and performance of this Agreement, the Warrants and the other Loan Documents. 
 (f) Legal Opinion. A legal opinion of
Borrower’s counsel in form satisfactory to Lender, in substantially the form attached as Exhibit D hereto. 
 (g)
Account Control Agreements. Account Control Agreements for all of Borrower’s deposit accounts and accounts holding securities, except for the Italian Account, the French Account and the Bank of the West Account, duly executed by all of
the parties thereto, in the forms provided by or reasonably acceptable to Lender. 
 (h) Other Documents. Such other
documents and completion of such other matters, as Lender may reasonably deem necessary or appropriate. 
 3.2 Conditions
Precedent to Making the Advance (Loan A). The obligation of Lender to make Advance (Loan A) is further subject to the following conditions: 
 (a) No Default. No Default or Event of Default shall have occurred and be continuing. 
 (b) Landlord Agreements. Borrower shall have provided Lender with a Landlord Agreement for each location where Borrower’s books and records and the Collateral are located (unless Borrower is
the fee owner thereof). 
 (c) Note. Borrower shall have duly executed and delivered to Lender a Note in the amount of
Advance (Loan A). 
 (d) UCC Financing Statements. Lender shall have received such documents, instruments and
agreements, including UCC financing statements or amendments to UCC financing statements, as Lender shall reasonably request to evidence the perfection and priority of the security interests granted to Lender pursuant to Section 4.
Borrower authorizes 

  
 - 17 -

 
Lender to file any UCC financing statements, continuations of or amendments to UCC financing statements it deems necessary to perfect its security interest in the Collateral. 

(e) Funding Certificate. Borrower shall have duly executed and delivered to Lender a Funding Certificate for Advance (Loan A).

 (f) Intercreditor Agreement. An Intercreditor Agreement with respect to the Indebtedness constituting Permitted
Indebtedness under subsection (d) of the definition of Permitted Indebtedness, executed by the lender providing such Indebtedness. 
 (g) Warrant. Borrower shall have executed and delivered to Lender the Loan A Warrant. 
 (h) Other Documents. Such other documents and completion of such other matters, as Lender may reasonably deem necessary or appropriate. 

3.3 Condition to the Advance (Loan B). In addition to the conditions set forth in Sections 3.1 and 3.2 above, Borrower agrees that
it shall not request, and Lender shall have no obligation to make, Advance (Loan B) until: 
 (a) Loan A. Lender has
made Advance (Loan A). 
 (b) Loan B Warrant. Borrower shall have executed and delivered to Lender the Loan B Warrant.

 (c) Other Documents. Borrower shall have executed and delivered to Lender such other documents, and completed such
other matters, as Lender may reasonably deem necessary or appropriate. 
 3.4 Condition to the Advance (Loan C). In
addition to the conditions set forth in Sections 3.1, 3.2 and 3.3 above, Borrower agrees that it shall not request, and Lender shall have no obligation to make, Advance (Loan C) until: 

(a) Loan A. Lender has made Advance (Loan A). 
 (b) Loan B. Lender has made Advance (Loan B). 
 (c) Other
Documents. Borrower shall have executed and delivered to Lender such other documents, and completed such other matters, as Lender may reasonably deem necessary or appropriate. 

3.5 Covenant to Deliver. Borrower agrees (not as a condition but as a covenant) to deliver to Lender each item required to be
delivered to Lender as a condition to each Advance, if such Advance is advanced. Borrower expressly agrees that the extension of such Advance prior to the receipt by Lender of any such item shall not constitute a waiver by Lender of Borrower’s
obligation to deliver such item, and any such extension in the absence of a required item shall be in Lender’s sole discretion. 

  
 - 18 -

 4. Creation of Security Interest. 

4.1 Grant of Security Interest. Borrower grants to Lender a valid and continuing security interest in all presently existing and
hereafter acquired or arising Collateral in order to secure prompt, full and complete payment of any and all Obligations (other than the Warrant and inchoate indemnity obligations) and in order to secure prompt, full and complete performance by
Borrower of each of its covenants and duties under each of the Loan Documents (other than the Warrant). The “Collateral” shall mean and include all right, title, interest, claims and demands of Borrower in and to all personal
property of Borrower, including without limitation, all of the following: 
 (a) All goods (and embedded computer programs and
supporting information included within the definition of “goods” under the Code) and equipment now owned or hereafter acquired, including, without limitation, all laboratory equipment, computer equipment, office equipment, machinery,
fixtures, vehicles (including motor vehicles and trailers), and any interest in any of the foregoing, and all attachments, accessories, accessions, replacements, substitutions, additions, and improvements to any of the foregoing, wherever located;

 (b) All inventory now owned or hereafter acquired, including, without limitation, all merchandise, raw materials, parts,
supplies, packing and shipping materials, work in process and finished products including such inventory as is temporarily out of Borrower’s custody or possession or in transit and including any returns upon any accounts or other proceeds,
including insurance proceeds, resulting from the sale or disposition of any of the foregoing and any documents of title representing any of the above, and Borrower’s books relating to any of the foregoing; 

(c) All contract rights and general intangibles (except to the extent included within the definition of Intellectual Property), now
owned or hereafter acquired, including, without limitation, goodwill, license agreements, franchise agreements, blueprints, drawings, purchase orders, customer lists, route lists, infringements, claims, software, computer programs, computer disks,
computer tapes, literature, reports, catalogs, design rights, income tax refunds, payment intangibles, commercial tort claims, payments of insurance and rights to payment of any kind; 

(d) All now existing and hereafter arising accounts, contract rights, royalties, license rights, license fees and all other forms of
obligations owing to Borrower arising out of the sale or lease of goods, the licensing of technology or the rendering of services by Borrower (subject, in each case, to the contractual rights of third parties to require funds received by Borrower to
be expended in a particular manner), whether or not earned by performance, and any and all credit insurance, guaranties, and other security therefor, as well as all merchandise returned to or reclaimed by Borrower and Borrower’s books relating
to any of the foregoing; 
 (e) All documents, cash, deposit accounts, letters of credit (whether or not the letter of credit
is evidenced by a writing), certificates of deposit, instruments, promissory notes, chattel paper (whether tangible or electronic) and investment property, including, without limitation, all securities, whether certificated or uncertificated,
security entitlements, securities 

  
 - 19 -

 
accounts, commodity contracts and commodity accounts, and all financial assets held in any securities account or otherwise, wherever located, now owned or hereafter acquired and Borrower’s
books relating to the foregoing; 
 (f) Any and all claims, rights and interests in any of the above and all substitutions for,
additions and accessions to and proceeds thereof, including, without limitation, insurance, condemnation, requisition or similar payments and proceeds of the sale or licensing of Intellectual Property to the extent such proceeds no longer constitute
Intellectual Property; and 
 (g) Notwithstanding the foregoing, the Collateral shall not include any Intellectual Property;
provided, however, that the Collateral shall include all accounts receivables, accounts, and general intangibles that consist of rights to payment and proceeds from the sale, licensing or disposition of all or any part, or rights in,
the foregoing (the “Rights to Payment”). Notwithstanding the foregoing, if a judicial authority (including a U.S. Bankruptcy Court) holds that a security interest in the underlying Intellectual Property is necessary to have a
security interest in the Rights to Payment, then the Collateral shall automatically, and effective as of the date hereof, include the Intellectual Property to the extent necessary to permit perfection of Lender’s security interest in the Rights
to Payment. 
 Notwithstanding the foregoing, the term “Collateral” shall not include (A) equipment identified on
Annex I hereto, or (B) or rights of Borrower as a licensee; in each case of (A) and (B) to the extent the granting of a security interest therein (i) would be contrary to applicable law or (ii) is prohibited by or would
constitute a default under any agreement or document governing such property (but only to the extent such prohibition is enforceable under applicable law); provided that upon the termination or lapsing of any such prohibition, such property shall
automatically be part of the Collateral; and provided further that the provisions of this paragraph shall in no case exclude from the definition of “Collateral” any Accounts, proceeds of the disposition of any property, or general
intangibles consisting of rights to payment, all of which shall at all times constitute “Collateral”; and provided further that any Equipment financed by Lender will at all times constitute “Collateral”. 

4.2 After-Acquired Property. If Borrower shall at any time acquire a commercial tort claim, as defined in the Code, Borrower shall
immediately notify Lender in writing signed by Borrower of the brief details thereof and grant to Lender in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form
and substance satisfactory to Lender. 
 4.3 Duration of Security Interest. Lender’s security interest in the
Collateral shall continue until the payment in full and the satisfaction of all Obligations (other than inchoate indemnity obligations) and termination of Lender’s commitment to fund the Loans, whereupon such security interest shall terminate.
Lender shall, at Borrower’s sole cost and expense, execute such further documents and take such further actions as may be reasonably necessary to make effective the release contemplated by this Section 4.3, including duly
authorizing and delivering termination statements for filing in all relevant jurisdictions under the Code. 

  
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 4.4 Location and Possession of Collateral. Other than for Borrower’s personal
property located at Flextronics and for Transfers permitted under Section 7.4, the Collateral is and shall remain in the possession of Borrower at its location listed on the cover page hereof or as set forth in the Disclosure Schedule. Borrower
shall remain in full possession, enjoyment and control of the Collateral (except only as may be otherwise required by Lender for perfection of its security interest therein) and so long as no Event of Default has occurred, shall be entitled to
manage, operate and use the same and each part thereof with the rights and franchises appertaining thereto; provided that the possession, enjoyment, control and use of the Collateral shall at all time be subject to the observance and
performance of the terms of this Agreement. 
 4.5 Delivery of Additional Documentation Required. Borrower shall from
time to time execute and deliver to Lender, at the request of Lender, all financing statements and other documents Lender may reasonably request, in form satisfactory to Lender, to perfect and continue Lender’s perfected security interests in
the Collateral and in order to consummate fully all of the transactions contemplated under the Loan Documents. 
 4.6 Right
to Inspect. Lender (through any of its officers, employees, or agents) shall have the right, upon reasonable prior notice, from time to time during Borrower’s usual business hours, to inspect Borrower’s books and records and to make
copies thereof and to inspect, test, and appraise the Collateral in order to verify Borrower’s financial condition or the amount, condition of, or any other matter relating to, the Collateral. 

4.7 Protection of Intellectual Property. Borrower shall (i) protect, defend and maintain the validity and enforceability of
its Intellectual Property to the extent Borrower deems it appropriate to do so in its reasonable business judgment and promptly advises Lender in writing of material infringements, and (ii) not allow any Intellectual Property material to
Borrower’s business to be abandoned, forfeited or dedicated to the public without Lender’s written consent. 
 4.8
Lien Subordination. Lender agrees that the Liens granted to it hereunder shall be subordinate to the Liens to secure the Indebtedness permitted under clause (d) of the definition of Permitted Indebtedness. So long as no Event of Default
has occurred, Lender agrees to execute and deliver such agreements and documents as may be reasonably requested by Borrower from time to time which set forth the lien subordination described in this Section 4.8 and are reasonably
acceptable to Lender. 
 5. Representations and Warranties. Except as set forth in the Disclosure Schedule, Borrower
represents and warrants as follows: 
 5.1 Organization and Qualification. Borrower is a corporation duly organized and
validly existing under the laws of its state of incorporation and qualified and licensed to do business in, and is in good standing in, any state in which the conduct of its business or its ownership of Property requires that it be so qualified or
in which the Collateral is located, except for such states as to which any failure to so qualify would not have a material adverse effect on Borrower. 

  
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 5.2 Authority. Borrower has all necessary power and authority to execute, deliver,
and perform in accordance with the terms thereof, the Loan Documents to which it is a party. Borrower has all requisite power and authority to own and operate its Property and to carry on its businesses as now conducted. Borrower has obtained all
licenses, permits, approvals and other authorizations necessary for the operation of its business. 
 5.3 Conflict with Other
Instruments, etc. Neither the execution and delivery of any Loan Document to which Borrower is a party nor the consummation of the transactions therein contemplated nor compliance with the terms, conditions and provisions thereof will conflict
with or result in a breach of any of the terms, conditions or provisions of the certificate of incorporation, the by-laws, or any other organizational documents of Borrower or any law or any regulation, order, writ, injunction or decree of any court
or governmental instrumentality or any material agreement or instrument to which Borrower is a party or by which it or any of its Property is bound or to which it or any of its Property is subject, or constitute a default thereunder or result in the
creation or imposition of any Lien, other than Permitted Liens. 
 5.4 Authorization; Enforceability. The execution and
delivery of this Agreement, the granting of the security interest in the Collateral, the incurring of the Loans, the execution and delivery of the other Loan Documents to which Borrower is a party and the consummation of the transactions herein and
therein contemplated have each been duly authorized by all necessary action on the part of Borrower. No authorization, consent, approval, license or exemption of, and no registration, qualification, designation, declaration or filing with, or notice
to, any Person is, was or will be necessary to (i) the valid execution and delivery of any Loan Document to which Borrower is a party, (ii) the performance of Borrower’s obligations under any Loan Document, or (iii) the granting
of the security interest in the Collateral, except for filings in connection with the perfection of the security interest in any of the Collateral or the issuance of the Warrant. The Loan Documents have been duly executed and delivered and
constitute legal, valid and binding obligations of Borrower, enforceable in accordance with their respective terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or other similar laws of general application relating
to or affecting the enforcement of creditors’ rights or by general principles of equity. 
 5.5 No Prior
Encumbrances. Borrower has good and marketable title to the Collateral, free and clear of Liens except for Permitted Liens. Borrower has good title and ownership of, or is licensed under, all of Borrower’s current Intellectual Property.
Borrower has not received any communications alleging that Borrower has violated, or by conducting its business as proposed, would violate any proprietary rights of any other Person. Borrower has no knowledge of any infringement or violation by it
of the intellectual property rights of any third party and has no knowledge of any violation or infringement by a third party of any of its Intellectual Property. The Collateral and the Intellectual Property constitute substantially all of the
assets and property of Borrower. 
 5.6 Name; Location of Chief Executive Office, Principal Place of Business and
Collateral. Except as set forth on the Disclosure Schedule, Borrower has not done business under any name other than that specified on the signature page hereof. Borrower’s jurisdiction of incorporation, chief executive office, principal
place of business, and the place where Borrower maintains its records concerning the Collateral are presently located in the state and at 

  
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the address set forth on the cover page of this Agreement. The Collateral is presently located at the address set forth on the cover page hereof or as set forth in the Disclosure Schedule.

 5.7 Litigation. There are no actions or proceedings pending by or against Borrower before any court or administrative
agency in which an adverse decision could have a material adverse effect on Borrower or the aggregate value of the Collateral. Borrower does not have knowledge of any such pending or threatened actions or proceedings. 

5.8 Financial Statements. All financial statements relating to Borrower or any Affiliate that have been or may hereafter be
delivered by Borrower to Lender present fairly in all material respects Borrower’s financial condition as of the date thereof and Borrower’s results of operations for the period then ended. 

5.9 No Material Adverse Effect. No event has occurred and no condition exists which could reasonably be expected to have a
material adverse effect on the financial condition, business or operations of Borrower since December 31, 2009. 
 5.10
Full Disclosure. No representation, warranty or other statement made by Borrower in any Loan Document (including the Disclosure Schedule), certificate or written statement furnished to Lender contains any untrue statement of a material fact
or omits to state a material fact necessary in order to make the statements contained in such certificates or statements not misleading. There is no fact known to Borrower which materially adversely affects, or which could in the future be
reasonably expected to materially adversely affect, its ability to perform its obligations under this Agreement. 
 5.11
Solvency, Etc. Borrower is Solvent (as defined below) and, after the execution and delivery of the Loan Documents and the consummation of the transactions contemplated thereby, Borrower will be Solvent. “Solvent” means, with
respect to any Person on any date, that on such date such Person is able to pay its debts (including trade debts) as they mature. 
 5.12 Subsidiaries. Borrower has no Subsidiaries as of the date hereof and shall have no subsidiaries after the date hereof, except subsidiaries for which Borrower obtained Lender’s prior
written consent (which consent shall not be unreasonably withheld, conditioned or delayed). 
 5.13 Catastrophic Events:
Labor Disputes. Neither Borrower nor its properties is or has been affected by any fire, explosion, accident, strike, lockout or other labor dispute, drought, storm, hail, earthquake, embargo, act of God or other casualty that could reasonably
be expected to have a material adverse effect on the financial condition, business or operations of Borrower. There are no disputes presently subject to grievance procedure, arbitration or litigation under any of the collective bargaining
agreements, employment contracts or employee welfare or incentive plans to which Borrower is a party, and there are no strikes, lockouts, work stoppages or slowdowns, or, to the knowledge of Borrower, jurisdictional disputes or organizing activity
occurring or threatened which could reasonably be expected to have a material adverse effect on the financial condition, business or operations of Borrower. 

  
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 5.14 Certain Agreements of Officers. Employees and Consultants. 

(a) No Violation. To the knowledge of Borrower, no officer, employee or consultant of Borrower is, or is now expected to be, in
violation of any term of any employment contract, proprietary information agreement, nondisclosure agreement, noncompetition agreement or any other material contract or agreement or any restrictive covenant relating to the right of any such officer,
employee or consultant to be employed by Borrower because of the nature of the business conducted or to be conducted by Borrower or relating to the use of trade secrets or proprietary information of others, and to Borrower’s knowledge, the
continued employment of Borrower’s officers, employees and consultants does not subject Borrower to any material liability for any claim or claims arising out of or in connection with any such contract, agreement, or covenant. 

(b) No Present Intention to Terminate. To the knowledge of Borrower, no officer of Borrower, and no employee or consultant of
Borrower whose termination, either individually or in the aggregate, could reasonably be expected to have a material adverse effect on the financial condition, business or operations of Borrower, has any present intention of terminating his or her
employment or consulting relationship with Borrower. 
 6. Affirmative Covenants. Borrower, until the full and complete
payment of the Obligations (other than inchoate indemnity obligations), covenants and agrees that: 
 6.1 Good Standing.
Borrower shall maintain its corporate existence and its good standing in its jurisdiction of incorporation and maintain qualification in each jurisdiction in which the failure to so qualify could reasonably be expected to have a material adverse
effect on the financial condition, operations or business of Borrower. Borrower shall maintain in force all licenses, approvals and agreements, the loss of which could reasonably be expected to have a material adverse effect on its financial
condition, operations or business. 
 6.2 Government Compliance. Borrower shall comply with all statutes, laws,
ordinances and government rules and regulations to which it is subject, noncompliance with which could reasonably be expected to materially adversely affect the financial condition, operations or business of Borrower. 

6.3 Financial Statements. Reports, Certificates. Borrower shall deliver to Lender: (a) as soon as available, but in any event
within thirty (30) days after the end of each month, a company prepared balance sheet, income statement and cash flow statement covering Borrower’s operations during such period, certified by Borrower’s president, controller or chief
financial officer (each, a “Responsible Officer”); (b) as soon as available, but in any event within one hundred eighty (180) days after the end of Borrower’s fiscal year commencing with Borrowers’ fiscal year
2010, audited financial statements of Borrower prepared in accordance with GAAP, together with an unqualified opinion (other than a qualification for a going concern) on such financial statements of a nationally recognized or other independent
public accounting firm reasonably acceptable to Lender; (c) as soon as available, but in any event within ninety (90) days after the end of Borrower’s fiscal year or the date of Borrower’s board of directors’ adoption,
Borrower’s operating budget and plan for the next fiscal year and (d) such other financial information as Lender may reasonably request from time to time. From and 

  
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after such time as Borrower becomes a publicly reporting company, promptly as they are available and in any event: (x) at the time of filing of Borrower’s Form 10-K with the Securities
and Exchange Commission after the end of each fiscal year of Borrower, the financial statements of Borrower filed with such Form 10-K; and (y) at the time of filing of Borrower’s Form 10-Q with the Securities and Exchange Commission after
the end of each of the first three fiscal quarters of Borrower, the financial statements of Borrower filed with such Form 10-Q. In addition, Borrower shall deliver to Lender (i) promptly upon becoming available, copies of all statements,
reports and notices sent or made available generally by Borrower to its security holders; and (ii) immediately upon receipt of notice thereof, a report of any material legal actions pending or threatened against Borrower or the commencement of
any action, proceeding or governmental investigation involving Borrower is commenced that is reasonably expected to result in damages or costs to Borrower of Two Hundred Fifty Thousand Dollars ($250,000). 

6.4 Certificates of Compliance. Each time financial statements are furnished pursuant to Section 6.3 above, Borrower
shall deliver to Lender an Officer’s Certificate signed by a Responsible Officer in the form of, and certifying to the matters set forth in Exhibit E hereto. 
 6.5 Notice of Defaults. As soon as possible, and in any event within five (5) days after the discovery of an Event of Default, Borrower shall provide Lender with an Officer’s Certificate
setting forth the facts relating to or giving rise to such Event of Default and the action which Borrower proposes to take with respect thereto. 
 6.6 Taxes. Borrower shall make due and timely payment or deposit of all federal, state, and local taxes, assessments, or contributions required of it by law or imposed upon any Property belonging
to it, and will execute and deliver to Lender, on demand, appropriate certificates attesting to the payment or deposit thereof; and Borrower will make timely payment or deposit of all tax payments and withholding taxes required of it by applicable
laws, including those laws concerning F.I.C.A., F.U.T.A., state disability, and local, state, and federal income taxes, and will, upon request, furnish Lender with proof satisfactory to Lender indicating that Borrower has made such payments or
deposits; provided that Borrower need not make any payment if the amount or validity of such payment is contested in good faith by appropriate proceedings which suspend the collection thereof (provided that such
proceedings do not involve any substantial danger of the sale, forfeiture or loss of any material item of Collateral or Collateral which in the aggregate is material to Borrower and that Borrower has adequately bonded such amounts or reserves
sufficient to discharge such amounts have been provided on the books of Borrower). 
 6.7 Use; Maintenance. Borrower
shall keep and maintain all items of equipment and other similar types of personal property that form any significant portion or portions of the Collateral in good operating condition and repair and shall make all necessary replacements thereof and
renewals thereto so that the value and operating efficiency thereof shall at all times be maintained and preserved. Borrower shall not permit any such material item of Collateral to become a fixture to real estate or an accession to other personal
property, without the prior written consent of Lender. Borrower shall not permit any such material item of Collateral to be operated or maintained in violation of any applicable law, statute, rule or regulation. With respect to items of leased
equipment (to the extent Lender has any security interest in any 

  
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residual Borrower’s interest in such equipment under the lease), Borrower shall keep, maintain, repair, replace and operate such leased equipment in accordance with the terms of the
applicable lease. 
 6.8 Insurance. Borrower shall keep its business and the Collateral insured for risks and in amounts,
as Lender may reasonably request. Insurance policies shall be in a form, with companies, and in amounts that are satisfactory to Lender. All property policies shall have a lender’s loss payable endorsement showing Lender as an additional loss
payee and all liability policies shall show Lender as an additional insured. Borrower shall provide Lender at least twenty (20) days notice before cancellation of its insurance policies. At Lender’s request, Borrower shall deliver
certified copies of policies and evidence of all premium payments. Proceeds payable under any property policy shall, at Lender’s option, be payable to Lender on account of the Obligations. Notwithstanding the foregoing, so long as no Event of
Default has occurred and is continuing, Borrower shall have the option of applying the proceeds of any property policy, toward the replacement or repair of destroyed or damaged property; provided that (i) any such replaced or repaired property
(a) shall be of equal or like value as the replaced or repaired Collateral and (b) shall be deemed Collateral in which Lender has been granted a first priority security interest and (ii) after the occurrence and during the
continuation of an Event of Default all proceeds payable under such property policy shall, at the option of Lender, be payable to Lender, on account of the Obligations. If Borrower fails to obtain insurance as required under Section 6.8 or to
pay any amount or furnish any required proof of payment to third persons and Lender, Lender may make all or part of such payment or obtain such insurance policies required in Section 6.8, and take any action under the policies Lender deems
prudent. On or prior to the first Funding Date and prior to each policy renewal, Borrower shall furnish to Lender certificates of insurance or other evidence satisfactory to Lender that insurance complying with all of the above requirements is in
effect. 
 6.9 Security Interest. Assuming the proper filing of one or more financing statement(s) identifying the
Collateral with the proper state and/or local authorities, the security interests in the Collateral granted to Lender pursuant to this Agreement (i) constitute and will continue to constitute first priority security interests (except to the
extent any Permitted Liens may have a superior priority to Lender’s Lien under this Agreement) and (ii) are and will continue to be superior and prior to the rights of all other creditors of Borrower (except to the extent of such Permitted
Liens). 
 6.10 Further Assurances. At any time and from time to time Borrower shall execute and deliver such further
instruments and take such further action as may reasonably be requested by Lender to make effective the purposes of this Agreement, including without limitation, the continued perfection and priority of Lender’s security interest in the
Collateral. 
 6.11 Subsidiaries. Borrower, upon Lender’s reasonable request, shall cause any Subsidiary of Borrower
to provide Lender with a guaranty of the Obligations and a security interest in such Subsidiary’s assets to secure such guaranty. 
 7. Negative Covenants. Borrower, until the full and complete payment of the Obligations (other than inchoate indemnity obligations), covenants and agrees that Borrower shall not without
Lender’s prior written consent, which shall not be unreasonably withheld: 

  
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 7.1 Chief Executive Office. Change its name, jurisdiction of incorporation, chief
executive office, principal place of business or any of the items set forth in Section 1 of the Disclosure Schedule without thirty (30) days prior written notice to Lender. Lender acknowledges receipt of notice that as of the date of this
Agreement Borrower intends to relocate its principal place of business on or about August 15, 2011 to 18 South McDowell, Petaluma, California. 
 7.2 Collateral Control. Subject to its rights under Section 4.4 and other than for Transfers permitted under Section 7.4, remove any items of Collateral from Borrower’s
facility located at the address set forth on the cover page hereof or as set forth on the Disclosure Schedule. 
 7.3
Liens. Create, incur, assume or suffer to exist any Lien of any kind upon any of Borrower’s Property, whether now owned or hereafter acquired, except Permitted Liens. 

7.4 Other Dispositions of Collateral. Convey, sell, lease or otherwise dispose of all or any part of the Collateral to any Person
(collectively, a “Transfer”), except for: (i) Transfers of inventory in the ordinary course of business; (ii) Transfers of worn-out or obsolete equipment; (iii) Transfers permitted under subclause (f) of the
definition of Permitted Liens with respect to Collateral, (iv) Transfers in connection with Permitted Liens and Permitted Investments; or (v) Transfers that are not otherwise permitted under this Section 7.4 in an amount not to exceed
Two Hundred Fifty Thousand Dollars ($100,000) in the aggregate in any fiscal year. 
 7.5 Distributions. (i) Pay any
dividends or make any distributions on its Equity Securities; (ii) purchase, redeem, retire, defease or otherwise acquire for value any of its Equity Securities (other than repurchases pursuant to the terms of employee stock purchase plans,
employee restricted stock agreements or similar arrangements in an aggregate amount not to exceed Two Hundred Fifty Thousand Dollars ($250,000)); (iii) return any capital to any holder of its Equity Securities as such; (iv) make any
distribution of assets, Equity Securities, obligations or securities to any holder of its Equity Securities as such; or (v) set apart any sum for any such purpose; provided, however. Borrower may pay dividends payable solely in
Borrower’s common stock. 
 7.6 Mergers or Acquisitions. Merge or consolidate with or into any other Person (other
than mergers or consolidations of a Subsidiary into another Subsidiary or into Borrower) or acquire all or substantially all of the capital stock or assets of another. 
 7.7 Change in Ownership. Engage in or permit any of its Subsidiaries to engage in any business other than the businesses currently engaged in by Borrower or reasonably related thereto or have a
material change in its ownership of greater than forty nine percent (49%) (other than by the sale by Borrower of Borrower’s Equity Securities in a public offering or to venture capital investors so long as Borrower identifies to Lender the
venture capital investors prior to the closing of the investment). 
 7.8 Transactions With Affiliates/Subsidiaries.
(a) Enter into any contractual obligation with any Affiliate or engage in any other transaction with any Affiliate except (i) 

  
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upon terms at least as favorable to Borrower as an arms-length transaction with Persons who are not Affiliates of Borrower or are otherwise approved by the disinterested members of
Borrower’s board of directors, and (ii) Borrower’s sale of equity and debt securities (provided that such debt securities are Subordinated Debt) to venture capital or other strategic investors or (b) create a Subsidiary, unless,
at Lender’s election, such Subsidiary guarantees the Obligations and grants a security interest in its assets to secure such guaranty, provided that Lender further agrees not to unreasonably withhold, condition or delay its consent to the
creation of a Subsidiary. 
 7.9 Indebtedness Payments. (i) Prepay, redeem, purchase, defease or otherwise satisfy
in any manner prior to the scheduled repayment thereof any Indebtedness for borrowed money or lease obligations (other than (i) Indebtedness or lease obligations in an aggregate amount not to exceed $250,000 per fiscal year, (ii) amounts
due or permitted to be prepaid under this Agreement, or (iii) Permitted Indebtedness including without limitation under any revolving credit agreement constituting Permitted Indebtedness under clause (d) of the definition of Permitted
Indebtedness and Indebtedness owing to Atel Ventures, Inc. (collectively, the “Excluded Indebtedness”)), (ii) amend, modify or otherwise change the terms of any Indebtedness for borrowed money or lease obligations (other than Excluded
Indebtedness) so as to accelerate the scheduled repayment thereof or (iii) repay any notes to officers, directors or shareholders other than converting any such notes into equity securities of the company. 

7.10 Indebtedness. Create, incur, assume or permit to exist any Indebtedness except Permitted Indebtedness. 

7.11 Investments. Make any Investment except for Permitted Investments. 

7.12 Compliance. Become an “investment company” or a company controlled by an “investment company” under the
Investment Company Act of 1940 or undertake as one of its important activities extending credit to purchase or carry margin stock, or use the proceeds of any Loan for that purpose; fail to meet the minimum funding requirements of the Employment
Retirement Income Security Act of 1974, and its regulations, as amended from time to time (“ERISA”), permit a Reportable Event or Prohibited Transaction, as defined in ERISA, to occur; fail to comply with the Federal Fair Labor
Standards Act or violate any other law or regulation, if the violation could reasonably be expected to have a material adverse effect on Borrower’s business or operations or could reasonably be expected to cause a material adverse change, or
permit any of its Subsidiaries to do so. 
 7.13 Maintenance of Accounts. (i) Maintain any deposit account or
account holding securities owned by Borrower except (a) accounts with the lender providing Borrower with Indebtedness permitted under subsection (d) of the definition of Permitted Indebtedness or (b) accounts with respect to which
Lender is able to take such actions as it deems necessary to obtain a perfected security interest in such accounts through one or more Account Control Agreements; or (ii) grant or allow any other Person (other than Lender) to perfect a security
interest in, or enter into any agreements with any Persons (other than Lender) accomplishing perfection via control as to any of its deposit accounts or accounts holding securities other than in favor of the lender providing Borrower with
Indebtedness permitted under subsection (d) of 

  
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the definition of Permitted Indebtedness. Notwithstanding the foregoing, Borrower may maintain: (1) a deposit account at
            , account number (the “Italian Account”), (2) a deposit account with having account number (the “French Account” and collectively with the
Italian Account, the “Foreign Accounts”) and (3) a deposit account with             , having an account number of (the “Account”), provided that
(x) less than One Million Euros (€ 1,000,000) in the aggregate is maintained by the Borrower in the Foreign Accounts and (y) less than Five Thousand Dollars ($5,000) is maintained by the Borrower in the
             Account. 
 7.14 Negative Pledge Regarding
Intellectual Property. Create, incur, assume or suffer to exist any Lien of any kind upon any Intellectual Property or Transfer any Intellectual Property (other than for Transfers permitted under subclause (f) of the definition of Permitted
Liens), whether now owned or hereafter acquired. 
 7.15 Inventory and Equipment. Store Inventory or Equipment with an
aggregate value in excess of Fifty Thousand Dollars ($50,000) with a bailee, warehouseman, or other third party other than Flextronics (international or domestic locations) unless the third party has been notified of Lender’s security interest
and Lender (a) has received an acknowledgment from the third party that it is holding or will hold the Inventory or Equipment for Lender’s benefit or (b) is in pledge possession of the warehouse receipt, where negotiable, covering
such Inventory or Equipment. Store or maintain any Equipment or Inventory with an aggregate value in excess of Fifty Thousand Dollars ($50,000) at a location other than at Flextronics (international or domestic locations) or the location set forth
in Section 10 of this Agreement. Notwithstanding the foregoing, Borrower may maintain up to One Million Dollars ($1,000,000) in raw materials in transit (from Borrower’s supplier(s) to Flextronics’ manufacturing facility in China),
without complying with (a) or (b), above. 
 8. Events of Default. Any one or more of the following events shall
constitute an “Event of Default” by Borrower under this Agreement: 
 8.1 Failure to Pay. If Borrower
fails to pay when due and payable or when declared due and payable in accordance with the Loan Documents: (i) any Scheduled Payment on the relevant Payment Date or on the relevant Maturity Date, or (ii) any other portion of the Obligations
within five (5) days after receipt of written notice from Lender that such payment is due. 
 8.2 Certain Covenant
Defaults. If Borrower fails to perform any obligation under violates any of the covenants contained in Section 7 of this Agreement. 
 8.3 Other Covenant Defaults. If Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant, or agreement contained in this Agreement (other than
as set forth in Sections 8.1. 8.2 or 8.4 through 8.13). in any of the other Loan Documents and Borrower has failed to cure such default within fifteen (15) days of the occurrence of such default. During this fifteen (15) day period,
the failure to cure the default is not an Event of Default (but no Loan will be made during the cure period). 

  
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 8.4 Intentionally Omitted. 

8.5 Seizure of Assets, Etc. If any material portion of Borrower’s assets is attached, seized, subjected to a writ or distress
warrant, or is levied upon, or comes into the possession of any trustee, receiver or Person acting in a similar capacity and such attachment, seizure, writ or distress warrant or levy has not been removed, discharged or rescinded within ten
(10) days, or if Borrower is enjoined, restrained, or in any way prevented by court order from continuing to conduct all or any material part of its business affairs, or if a judgment or other claim becomes a lien or encumbrance upon any
material portion of Borrower’s assets, or if a notice of lien, levy, or assessment is filed of record with respect to any of Borrower’s assets by the United States Government, or any department, agency, or instrumentality thereof, or by
any state, county, municipal, or governmental agency, and the same is not paid within ten (10) days after Borrower receives notice thereof; provided that none of the foregoing shall constitute an Event of Default where such action
or event is stayed or an adequate bond has been posted pending a good faith contest by Borrower. 
 8.6 Service of
Process. The service of process upon Lender seeking to attach by a trustee or other process any funds of the Borrower on deposit or otherwise held by Lender, or the delivery upon Lender of a notice of foreclosure by any Person seeking to attach
or foreclose on any funds of the Borrower on deposit or otherwise held by Lender, or the delivery of a notice of foreclosure or exclusive control to any entity holding or maintaining Borrower’s deposit accounts or accounts holding securities by
any Person (other than Lender) seeking to foreclose or attach any such accounts or securities. 
 8.7 Default on
Indebtedness. One or more defaults shall exist under any agreement with any third party or parties which consists of the failure to pay any Indebtedness at maturity or which results in a right by such third party or parties, whether or not
exercised, to accelerate the maturity of Indebtedness in an aggregate amount in excess of Two Hundred Fifty Thousand Dollars ($250,000) provided, however, that the Event of Default under this Section 8.7 caused by the occurrence of a default
under such other agreement shall be cured or waived for purposes of this Agreement upon Lender receiving written notice from the party asserting such default of such cure or waiver of the default under such other agreement, if at the time of such
cure or waiver under such other agreement (x) Lender has not declared an Event of Default under this Agreement and/or exercised any rights with respect thereto; (y) any such cure or waiver does not result in an Event of Default under any
other provision of this Agreement or any Loan Document; and (z) in connection with any such cure or waiver under such other agreement, the terms of any agreement with such third party are not modified or amended in any manner which could in the
good faith judgment of Lender be materially less advantageous to Borrower or any Subsidiary 
 8.8 Judgments. If a
judgment or judgments for the payment of money in an amount, individually or in the aggregate, of at least Two Hundred Fifty Thousand Dollars ($250,000) shall be rendered against Borrower and shall remain unsatisfied and unstayed for a period of ten
(10) days or more. 

  
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 8.9 Misrepresentations. If any material misrepresentation or material misstatement
exists now or hereafter in any warranty, representation, statement, certification, or report made to Lender by Borrower or any officer, employee, agent, or director of Borrower. 

8.10 Intentionally Omitted. 
 8.11 Unenforceable Loan Document. If any Loan Document shall in any material respect cease to be, or Borrower shall assert that any Loan Document is not, a legal, valid and binding obligation of
Borrower enforceable in accordance with its terms. 
 8.12 Involuntary Insolvency Proceeding. If a proceeding shall have
been instituted in a court having jurisdiction in the premises seeking a decree or order for relief in respect of Borrower in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or for the
appointment of a receiver, liquidator, assignee, custodian, trustee (or similar official) of Borrower or for any substantial part of its Property, or for the winding-up or liquidation of its affairs, and such proceeding shall remain undismissed or
unstayed and in effect for a period of forty five (45) consecutive days or such court shall enter a decree or order granting the relief sought in such proceeding. 
 8.13 Voluntary Insolvency Proceeding. If Borrower shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, shall consent to the
entry of an order for relief in an involuntary case under any such law, or shall consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian (or other similar official) of Borrower or for any
substantial part of its Property, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due, or shall take any corporate action in furtherance of any of the foregoing. 

9. Lender’s Rights and Remedies. 
 9.1 Rights and Remedies. Upon the occurrence of any Default or Event of Default, Lender shall not have any further obligation to advance money or extend credit to or for the benefit of Borrower. In
addition, upon the occurrence of an Event of Default, Lender shall have the rights, options, duties and remedies of a secured party as permitted by law and, in addition to and without limitation of the foregoing, Lender may, at its election, without
notice of election and without demand, do any one or more of the following, all of which are authorized by Borrower: 
 (a)
Acceleration of Obligations. Declare all Obligations, whether evidenced by this Agreement, by any of the other Loan Documents, or otherwise, including (i) any accrued and unpaid interest, (ii) the amounts which would have otherwise
come due under Section 2.3(b)(ii) if the Loans had been voluntarily prepaid, (iii) the unpaid principal balance of the Loans and (iv) all other sums, if any, that shall have become due and payable hereunder, immediately due and
payable (provided that upon the occurrence of an Event of Default described in Section 8.12 or 8.13 all Obligations shall become immediately due and payable without any action by Lender); 

  
 - 31 -

 (b) Protection of Collateral. Make such payments and do such acts as Lender
considers necessary or reasonable to protect Lender’s security interest in the Collateral. Borrower agrees to assemble the Collateral if Lender so requires and to make the Collateral available to Lender as Lender may designate. Borrower
authorizes Lender and its designees and agents to enter the premises where the Collateral is located, to take and maintain possession of the Collateral, or any part of it, and to pay, purchase, contest, or compromise any Lien which in Lender’s
determination appears or is claimed to be prior or superior to its security interest and to pay all expenses incurred in connection therewith. With respect to any of Borrower’s owned premises, Borrower hereby grants Lender a license to enter
into possession of such premises and to occupy the same, without charge, for up to one hundred twenty (120) days in order to exercise any of Lender’s rights or remedies provided herein, at law, in equity, or otherwise; 

(c) Preparation of Collateral for Sale. Ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for
sale, and sell (in the manner provided for herein) the Collateral. Lender and its agents and any purchasers at or after foreclosure are hereby granted a non-exclusive, irrevocable, perpetual, fully paid, royalty-free license or other right, solely
pursuant to the provisions of this Section 9.1, to use, without charge, Borrower’s Intellectual Property, including without limitation, labels, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks,
service marks, and advertising matter, or any Property of a similar nature, now or at any time hereafter owned or acquired by Borrower or in which Borrower now or at any time hereafter has any rights; provided that such license shall
only be exercisable in connection with the disposition of Collateral upon Lender’s exercise of its remedies hereunder; 

(d) Sale of Collateral. Sell the Collateral at either a public or private sale, or both, by way of one or more contracts or
transactions, for cash or on terms, in such manner and at such places (including Borrower’s premises) as Lender determines are commercially reasonable; and 
 (e) Purchase of Collateral. Credit bid and purchase all or any portion of the Collateral at any public sale. 
 Any deficiency that exists after disposition of the Collateral as provided above will be paid immediately by Borrower. 
 9.2 Set Off Right. Lender may set off and apply to the Obligations any and all indebtedness at any time owing to or for the credit or the account of Borrower or any other assets of Borrower in
Lender’s possession or control. 
 9.3 Effect of Sale. Upon the occurrence of an Event of Default, to the extent
permitted by law, Borrower covenants that it will not at any time insist upon or plead, or in any manner whatsoever claim or take any benefit or advantage of, any stay or extension law now or at any time hereafter in force, nor claim, take nor
insist upon any benefit or advantage of or from any law now or hereafter in force providing for the valuation or appraisement of the Collateral or any part thereof prior to any sale or sales thereof to be made pursuant to any provision herein
contained, or to the decree, judgment or order of any court of competent jurisdiction; nor, after such sale or sales, claim or exercise any right under any statute now or 

  
 - 32 -

 
hereafter made or enacted by any state or otherwise to redeem the property so sold or any part thereof, and, to the full extent legally permitted, except as to rights expressly provided herein,
hereby expressly waives for itself and on behalf of each and every Person, except decree or judgment creditors of Borrower, acquiring any interest in or title to the Collateral or any part thereof subsequent to the date of this Agreement, all
benefit and advantage of any such law or laws, and covenants that it will not invoke or utilize any such law or laws or otherwise hinder, delay or impede the execution of any power herein granted and delegated to Lender, but will suffer and permit
the execution of every such power as though no such power, law or laws had been made or enacted. Any sale, whether under any power of sale hereby given or by virtue of judicial proceedings, shall operate to divest all right, title, interest, claim
and demand whatsoever, either at law or in equity, of Borrower in and to the Property sold, and shall be a perpetual bar, both at law and in equity, against Borrower, its successors and assigns, and against any and all Persons claiming the Property
sold or any part thereof under, by or through Borrower, its successors or assigns. 
 9.4 Power of Attorney in Respect of the
Collateral. Borrower does hereby irrevocably appoint Lender (which appointment is coupled with an interest), the true and lawful attorney in fact of Borrower with full power of substitution, for it and in its name to file any notices of security
interests, financing statements and continuations and amendments thereof pursuant to the Code or federal law, as may be necessary to perfect, or to continue the perfection of Lender’s security interests in the Collateral. Borrower does hereby
irrevocably appoint Lender (which appointment is coupled with an interest) on the occurrence of an Event of Default, the true and lawful attorney in fact of Borrower with full power of substitution, for it and in its name: (a) to ask, demand,
collect, receive, receipt for, sue for, compound and give acquittance for any and all rents, issues, profits, avails, distributions, income, payment draws and other sums in which a security interest is granted under Section 4 with full
power to settle, adjust or compromise any claim thereunder as fully as if Lender were Borrower itself; (b) to receive payment of and to endorse the name of Borrower to any items of Collateral (including checks, drafts and other orders for the
payment of money) that come into Lender’s possession or under Lender’s control; (c) to make all demands, consents and waivers, or take any other action with respect to, the Collateral; (d) in Lender’s discretion to file any
claim or take any other action or proceedings, either in its own name or in the name of Borrower or otherwise, which Lender may reasonably deem necessary or appropriate to protect and preserve the right, title and interest of Lender in and to the
Collateral; (e) endorse Borrower’s name on any checks or other forms of payment or security; (f) sign Borrower’s name on any invoice or bill of lading for any account or drafts against account debtors; (g) make, settle, and
adjust all claims under Borrower’s insurance policies; (h) settle and adjust disputes and claims about the accounts directly with account debtors, for amounts and on terms Lender determines reasonable; (i) transfer the Collateral into
the name of Lender or a third party as the Code permits; and (j) to otherwise act with respect thereto as though Lender were the outright owner of the Collateral. 
 9.5 Lender’s Expenses. If Borrower fails to pay any amounts or furnish any required proof of payment due to third persons or entities, as required under the terms of this Agreement, then
Lender may do any or all of the following: (a) make payment of the same or any part thereof; or (b) obtain and maintain insurance policies of the type discussed in Section 6.8 of this Agreement, and take any action with respect
to such policies as Lender deems prudent. Any amounts paid or deposited by Lender shall constitute Lender’s Expenses, 

  
 - 33 -

 
shall be immediately due and payable, shall bear interest at the Default Rate and shall be secured by the Collateral. Any payments made by Lender shall not constitute an agreement by Lender to
make similar payments in the future or a waiver by Lender of any Event of Default under this Agreement. Borrower shall pay all reasonable fees and expenses, including without limitation, Lender’s Expenses, incurred by Lender in the enforcement
or attempt to enforce any of the Obligations hereunder not performed when due. 
 9.6 Remedies Cumulative. Lender’s
rights and remedies under this Agreement, the Loan Documents, and all other agreements shall be cumulative. Lender shall have all other rights and remedies not inconsistent herewith as provided under the Code, by law, or in equity. No exercise by
Lender of one right or remedy shall be deemed an election, and no waiver by Lender of any Event of Default on Borrower’s part shall be deemed a continuing waiver. No delay by Lender shall constitute a waiver, election, or acquiescence by it.

 9.7 Application of Collateral Proceeds. The proceeds and/or avails of the Collateral, or any part thereof, and the
proceeds and the avails of any remedy hereunder (as well as any other amounts of any kind held by Lender, at the time of or received by Lender after the occurrence of an Event of Default hereunder) shall be paid to and applied as follows:

 (a) First, to the payment of out-of-pocket costs and expenses, including all amounts expended to preserve the value
of the Collateral, of foreclosure or suit, if any, and of such sale and the exercise of any other rights or remedies, and of all proper fees, expenses, liability and advances, including reasonable legal expenses and attorneys’ fees, incurred or
made hereunder by Lender, including, without limitation, Lender’s Expenses; 
 (b) Second, to the payment to Lender
of the amount then owing or unpaid on the Loans for any accrued and unpaid interest, the amounts which would have otherwise come due under Section 2.3(b)(ii), if the Loans had been voluntarily prepaid, the principal balance of the Loans, and
all other Obligations with respect to the Loans (provided, however, if such proceeds shall be insufficient to pay in full the whole amount so due, owing or unpaid upon the Loans, then to the unpaid interest thereon, then to the amounts
which would have otherwise come due under Section 2.3(b)(ii), if the Loans had been voluntarily prepaid, then to the principal balance of the Loans, and then to the payment of other amounts then payable to Lender under any of the Loan
Documents); and 
 (c) Third, to the payment of the surplus, if any, to Borrower, its successors and assigns, or to the
Person lawfully entitled to receive the same. 
 9.8 Reinstatement of Rights. If Lender shall have proceeded to enforce
any right under this Agreement or any other Loan Document by foreclosure, sale, entry or otherwise, and such proceedings shall have been discontinued or abandoned for any reason or shall have been determined adversely, then and in every such case
(unless otherwise ordered by a court of competent jurisdiction), Lender shall be restored to its former position and rights hereunder with respect to the Property subject to the security interest created under this Agreement. 

  
 - 34 -

 10. Waivers; Indemnification. 

10.1 Demand; Protest. Borrower waives demand, protest, notice of protest, notice of default or dishonor, notice of payment and
nonpayment, notice of any default, nonpayment at maturity, release, compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees at any time held by Lender on which Borrower may in any way be
liable. 
 10.2 Lender’s Liability for Collateral. So long as Lender complies with its obligations, if any, under
the Code, Lender shall not in any way or manner be liable or responsible for: (a) the safekeeping of the Collateral; (b) any loss or damage thereto occurring or arising in any manner or fashion from any cause other than Lender’s gross
negligence or willful misconduct; (c) any diminution in the value thereof; or (d) any act or default of any carrier, warehouseman, bailee, forwarding agency, or other Person whomsoever. All risk of loss, damage or destruction of the
Collateral shall be borne by Borrower. 
 10.3 Indemnification and Waiver. Whether or not the transactions contemplated
hereby shall be consummated: 
 (a) General Indemnity. Borrower agrees upon demand to pay or reimburse Lender for all
liabilities, obligations and out-of-pocket expenses, including Lender’s Expenses and reasonable fees and expenses of counsel for Lender from time to time arising in connection with the enforcement or collection of sums due under the Loan
Documents, and in connection with any amendment or modification of the Loan Documents or any “work-out” in connection with the Loan Documents. Borrower shall indemnify, reimburse and hold Lender, and each of its respective successors,
assigns, agents, attorneys, officers, directors, equity holders, servants, agents and employees (each an “Indemnified Person”) harmless from and against all liabilities, losses, damages, actions, suits, demands, claims of any kind
and nature (including claims relating to environmental discharge, cleanup or compliance), all costs and expenses whatsoever to the extent they may be incurred or suffered by such Indemnified Person in connection therewith (including reasonable
attorneys’ fees and expenses), fines, penalties (and other charges of any applicable Governmental Authority), licensing fees relating to any item of Collateral, damage to or loss of use of property (including consequential or special damages to
third parties or damages to Borrower’s property), or bodily injury to or death of any person (including any agent or employee of Borrower) (each, a “Claim”), directly or indirectly relating to or arising out of the use of the
proceeds of the Loans or otherwise, the falsity of any representation or warranty of Borrower or Borrower’s failure to comply with the terms of this Agreement or any other Loan Document. The foregoing indemnity shall cover, without limitation,
(i) any Claim in connection with a design or other defect (latent or patent) in any item of equipment or product included in the Collateral, (ii) any Claim for infringement of any patent, copyright, trademark or other intellectual property
right, (iii) any Claim resulting from the presence on or under or the escape, seepage, leakage, spillage, discharge, emission or release of any Hazardous Materials on the premises owned, occupied or leased by Borrower, including any Claims
asserted or arising under any Environmental Law, (iv) any Claim for negligence or strict or absolute liability in tort, or (v) any Claim asserted as to or arising under any Account Control Agreement or any Landlord Agreement;
provided, however. Borrower shall not indemnify Lender for any liability incurred by Lender as a direct and sole result of Lender’s gross negligence or willful misconduct. Such

  
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indemnities shall continue in full force and effect, notwithstanding the expiration or termination of this Agreement. Upon Lender’s written demand, Borrower shall assume and diligently
conduct, at its sole cost and expense, the entire defense of Lender, each of its members, partners, and each of their respective, agents, employees, directors, officers, equity holders, successors and assigns against any indemnified Claim described
in this Section 10.3(a). Borrower shall not settle or compromise any Claim against or involving Lender without first obtaining Lender’s written consent thereto, which consent shall not be unreasonably withheld. 

(b) Waiver. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS AGREEMENT OR ANYWHERE ELSE, BORROWER AGREES THAT IT SHALL
NOT SEEK FROM LENDER UNDER ANY THEORY OF LIABILITY (INCLUDING ANY THEORY IN TORTS), ANY SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES. 
 (c) Survival; Defense. The obligations in this Section 10.3 shall survive payment of all other Obligations pursuant to Section 12.8. At the election of any Indemnified
Person, Borrower shall defend such Indemnified Person using legal counsel satisfactory to such Indemnified Person in such Person’s reasonable discretion, at the sole cost and expense of Borrower. All amounts owing under this
Section 10.3 shall be paid within thirty (30) days after written demand. 
 11. Notices. Unless
otherwise provided in this Agreement, all notices or demands by any party relating to this Agreement or any other agreement entered into in connection herewith shall be in writing and (except for financial statements and other informational
documents which may be sent by first-class mail, postage prepaid) shall be personally delivered or sent by certified mail, postage prepaid, return receipt requested, by prepaid nationally recognized overnight courier, or by prepaid facsimile to
Borrower or to Lender, as the case may be, at their respective addresses set forth below: 
  

			
	If to Borrower:	    	Enphase Energy, Inc.
		    	201 1st Street, Suite 300
		    	Petaluma, CA 94952
		    	Attention: Chief Financial Officer
	If to Lender:	    	Horizon Technology Finance Corporation
		    	76 Batterson Park Road
		    	Farmington, CT 06032
		    	Attention: Legal Department

 The parties
hereto may change the address at which they are to receive notices hereunder, by notice in writing in the foregoing manner given to the other. 

  
 - 36 -

 12. General Provisions. 

12.1 Successors and Assigns. This Agreement and the Loan Documents shall bind and inure to the benefit of the respective
successors and permitted assigns of each of the parties; provided, however, neither this Agreement nor any rights hereunder may be assigned by Borrower without Lender’s prior written consent, which consent may be granted or
withheld in Lender’s sole discretion. Lender shall have the right without the consent of or notice to Borrower to sell, transfer, assign, negotiate, or grant participations in all or any part of, or any interest in Lender’s rights and
benefits hereunder. Lender may disclose the Loan Documents and any other financial or other information relating to Borrower or any Subsidiary to any potential participant or assignee of any of the Loans, provided that such participant
or assignee agrees to protect the confidentiality of such documents and information using the same measures that it uses to protect its own confidential information. Borrower hereby authorizes and directs Lender, for and on behalf of the Borrower,
to maintain a record of ownership of the Notes and any interest therein, which record, or “book-entry system”, shall identify the owner or owners of the Notes and any interests therein. Notwithstanding any other provision of this Agreement
or the Loan Documents, the right to the principal of, and stated interest on, the Notes may be transferred only through such book-entry system. 
 12.2 Time of Essence. Time is of the essence for the performance of all obligations set forth in this Agreement. 
 12.3 Severability of Provisions. Each provision of this Agreement shall be severable from every other provision of this Agreement for the purpose of determining the legal enforceability of any
specific provision. 
 12.4 Entire Agreement; Construction; Amendments and Waivers. 

(a) Entire Agreement. This Agreement and each of the other Loan Documents dated as of the date hereof, taken together, constitute
and contain the entire agreement between Borrower and Lender and supersede any and all prior agreements, negotiations, correspondence, understandings and communications between the parties, whether written or oral, respecting the subject matter
hereof. Borrower acknowledges that it is not relying on any representation or agreement made by Lender or any employee, attorney or agent thereof, other than the specific agreements set forth in this Agreement and the Loan Documents. 

(b) Construction. This Agreement is the result of negotiations between and has been reviewed by each of Borrower and Lender as of
the date hereof and their respective counsel; accordingly, this Agreement shall be deemed to be the product of the parties hereto, and no ambiguity shall be construed in favor of or against Borrower or Lender. Borrower and Lender agree that they
intend the literal words of this Agreement and the other Loan Documents and that no parol evidence shall be necessary or appropriate to establish Borrower’s or Lender’s actual intentions. 

(c) Amendments and Waivers. Any and all discharges or waivers of, or consents to any departures from any provision of this
Agreement or of any of the other Loan Documents shall not be effective without the written consent of Lender. Any and all amendments 

  
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and modifications of this Agreement or of any of the other Loan Documents shall not be effective without the written consent of Lender and Borrower. Any waiver or consent with respect to any
provision of the Loan Documents shall be effective only in the specific instance and for the specific purpose for which it was given. No notice to or demand on Borrower in any case shall entitle Borrower to any other or further notice or demand in
similar or other circumstances. Any amendment, modification, waiver or consent affected in accordance with this Section 12.4 shall be binding upon Lender and on Borrower. 

12.5 Reliance by Lender. All covenants, agreements, representations and warranties made herein by Borrower shall be deemed to be
material to and to have been relied upon by Lender, notwithstanding any investigation by Lender. 
 12.6 No Set-Offs by
Borrower. All sums payable by Borrower pursuant to this Agreement or any of the other Loan Documents shall be payable without notice or demand and shall be payable in United States Dollars without set-off or reduction of any manner whatsoever.

 12.7 Counterparts. This Agreement may be executed in any number of counterparts and by different parties on separate
counterparts (including signatures delivered by facsimile or other electronic means), each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same
Agreement. 
 12.8 Survival. All covenants, representations and warranties made in this Agreement shall continue in full
force and effect so long as any Obligations or commitment to fund remain outstanding. The obligations of Borrower to indemnify Lender with respect to the expenses, damages, losses, costs and liabilities described in Section 10.3 shall
survive until all applicable statute of limitations periods with respect to actions that may be brought against Lender have run. 
 13. Relationship of Parties. Borrower and Lender acknowledge, understand and agree that the relationship between Borrower, on the one hand, and Lender, on the other, is, and at all time shall
remain solely that of a borrower and lender. Lender shall not under any circumstances be construed to be a partner or a joint venturer of Borrower or any of its Affiliates; nor shall Lender under any circumstances be deemed to be in a relationship
of confidence or trust or a fiduciary relationship with Borrower or any of its Affiliates, or to owe any fiduciary duty to Borrower or any of its Affiliates. Lender does not undertake or assume any responsibility or duty to Borrower or any of its
Affiliates to select, review, inspect, supervise, pass judgment upon or otherwise inform Borrower or any of its Affiliates of any matter in connection with its or their Property, any Collateral held by Lender or the operations of Borrower or any of
its Affiliates. Borrower and each of its Affiliates shall rely entirely on their own judgment with respect to such matters, and any review, inspection, supervision, exercise of judgment or supply of information undertaken or assumed by Lender in
connection with such matters is solely for the protection of Lender and neither Borrower nor any Affiliate is entitled to rely thereon. 
 14. Confidentiality. In handling any information that Borrower notifies Lender is to be considered confidential, Lender agrees to use the same degree of care to safeguard and prevent

  
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disclosure of such confidential information as Lender uses with its own confidential information, but in any event no less than a reasonable degree of care. Lender shall not disclose such
information to any third party (other than to Lender’s members, partners, attorneys, governmental regulators, or auditors, or to Lender’s subsidiaries and affiliates and prospective transferees and purchasers of the Loan, all subject to
the same confidentiality obligation set forth herein or as required by law, regulation, subpoena or other order to be disclosed) and shall use such information only for purposes of evaluation of its investment in Borrower and the exercise of
Lender‘s rights and the enforcement of its remedies under this Agreement and the other Loan Documents. The obligations of confidentiality shall not apply to any information that (a) was known to the public prior to disclosure by Borrower
under this Agreement, (b) becomes known to the public through no fault of Lender, (c) is disclosed to Lender by a third party having a legal right to make such disclosure, or (d) is independently developed by Lender. Notwithstanding
the foregoing, Lender’s agreement of confidentiality shall not apply if Lender has acquired indefeasible title to any Collateral or in connection with any enforcement or exercise of Lender’s rights and remedies under this Agreement
following an Event of Default, including the enforcement of Lender’s security interest in the Collateral. 
 15. CHOICE
OF LAW AND VENUE; JURY TRIAL WAIVER. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF CONNECTICUT, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. EACH OF BORROWER AND
LENDER HEREBY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED IN THE STATE OF CONNECTICUT. BORROWER AND LENDER HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF ANY OF THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. 

[Remainder of page intentionally left blank.] 

  
 - 39 -

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the
date first above written. 
  

			
	BORROWER:
	ENPHASE ENERGY, INC.
		
	By:	 	 /s/ Paul
Nahi

			
	Name:	 	 Paul
Nahi

			
	Title:	 	 President and Chief Executive Officer

	
	LENDER:
	HORIZON TECHNOLOGY FINANCE CORPORATION

			
		
	By:	 	 /s/ Robert D. Pomeroy,
Jr.

			
	Robert D. Pomeroy, Jr.
	Chief Executive Officer
	
	ASSIGNEE AND HOLDER OF ADVANCE (LOAN A): HORIZON CREDIT I LLC
	
	By: Compass Horizon Funding Company LLC, it sole member
	By: Horizon Technology Finance Corporation, its sole member
		
	By:	 	 /s/ Robert D. Pomeroy,
Jr.

			
	Name: Robert D. Pomeroy, Jr.
	Title: Chief Executive Officer

 LIST OF EXHIBITS AND SCHEDULES 

 

			
	Exhibit A	  	Intentionally Omitted
	Exhibit B	  	Funding Certificate
	Exhibit C	  	Form of Note
	Exhibit D	  	Form of Legal Opinion
	Exhibit E	  	Form of Officer’s Certificate

 EXHIBIT A 
 Intentionally Omitted 

 EXHIBIT B 
 FUNDING CERTIFICATE 
 The undersigned, being the duly elected and acting
                                 of ENPHASE ENERGY, INC., a Delaware corporation
(“Borrower”), does hereby certify to HORIZON TECHNOLOGY FINANCE CORPORATION, (the “Lender”) in connection with that certain Venture Loan and Security Agreement dated on or about the date hereof by and between Borrower and Lender
(the “Loan Agreement”; with other capitalized terms used below having the meanings ascribed thereto in the Loan Agreement) that: 
 1. The representations and warranties made by Borrower in Section 5 of the Loan Agreement and in the other Loan Documents are true and correct as of the date hereof. 

2. No event or condition has occurred that would constitute a Default or an Event of Default under the Loan Agreement or any other Loan
Document. 
 3. Borrower is in compliance with the covenants and requirements contained in Sections 4, 6 and 7 of the
Loan Agreement. 
 4. All conditions referred to in Section 3 of the Loan Agreement to the making of the Loan to be
made on or about the date hereof have been satisfied. 
 5. No material adverse change in the general affairs, management,
results of operations, condition (financial or otherwise) or prospects of Borrower, whether or not arising from transactions in the ordinary course of business, has occurred. 
 6. The proceeds for the Advance shall be disbursed as follows: 
  

					
	 Disbursement from Lender:
	  			
	 Loan Amount
	  	$	2,000,000	  
	 Less:
	  			
	 Legal Fees
	  	$	 	  
	 Balance of Commitment Fee
	  	$	 	  
		
	 Net Proceeds due from Lender:
	  	$	 	  

 7. The aggregate net proceeds of the Advance in the amount of
$             shall be transferred to Borrower’s account as follows: 
 Account Name: 
 Bank Name: 

Bank Address: 

Account Number: 

ABA Number: 
 Dated:
                    , 2011 
  

			
	BORROWER:
	ENPHASE ENERGY, INC.
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 EXHIBIT C 
 SECURED PROMISSORY NOTE 
  

			
	 $2,000,000.00
	  	Dated: March     , 2011

 FOR VALUE RECEIVED, the undersigned, ENPHASE ENERGY, INC., a Delaware corporation
(“Borrower”), HEREBY PROMISES TO PAY to HORIZON TECHNOLOGY FINANCE CORPORATION, a Delaware corporation (“Lender”) the principal amount of Two Million Dollars ($2,000,000.00) or such lesser amount as shall equal the
outstanding principal balance of the applicable Advance (the “Loan”) made to Borrower by Lender pursuant to the Loan Agreement (as defined below), and to pay all other amounts due with respect to the Loan on the dates and in the
amounts set forth in the Loan Agreement. 
 Interest on the principal amount of this Note from the date of this Note shall
accrue at a fixed rate equal to the Loan Rate as set forth herein, or, if applicable, the Default Rate. The Loan Rate for this Note is     % per annum based on a year of twelve 30-day months. If the Funding Date is not the
first day of the month, interim interest accruing from Funding Date through the last day of that month shall be paid on the first calendar day of the next calendar month, Commencing
                , 200    , through and including
                , 200    , on the first day of each month (each an “Interest Payment Date”) Borrower shall make
payments of accrued interest only on the outstanding principal amount of the Loan in the amount of                  Dollars
($                 ), Commencing on                 ,
200    , and continuing on the first day of each month thereafter (each a “Principal and Interest Payment Date” and, collectively with each Interest Payment Date, each a “Payment Date”),
Borrower shall make to Lender          (    ) equal payments of principal plus accrued interest on the then outstanding principal amount due under each in the amount of
                 Dollars ($                ). If not sooner paid, all
outstanding amounts hereunder and under the Loan Agreement shall become due and payable on                     . 

Principal, interest and all other amount due with respect to the Loan, are payable in lawful money of the United States of America to
Lenders as set forth in the Loan Agreement. The principal amount of this Note and the interest rate applicable thereto, and all payments made with respect thereto, shall be recorded by Lender and, prior to any transfer hereof, endorsed on the grid
attached hereto which is part of this Note. 
 This Note is referred to in, and is entitled to the benefits of, the Amended and
Restated Venture Loan and Security Agreement on or about the date hereof by and between Borrower and Lender (the “Loan Agreement”). The Loan Agreement, among other things, (a) provides for the making of secured Loans to Borrower, and
(b) contains provisions for acceleration of the maturity hereof upon the happening of certain stated events. 
 This Note
may not bee prepaid, except as set forth in Section 2.3 of the Loan Agreement. 
 This Note and the obligation of
Borrower to repay the unpaid principal amount of the Loan, interest on the Loan and all other amounts due Lender under the Loan Agreement is secured under the Loan Agreement. 

 Presentment for payment, demand, notice of protest and all other demands and notices of any
kind in connection with the execution, delivery, performance and enforcement of this Note are hereby waived. 
 Borrower shall
pay all reasonable fees and expenses, including, without limitation, reasonable attorneys’ fees and costs, incurred by Lender in the enforcement or limitation, to enforce any of Borrower’s obligations hereunder not performed when due. This
Note shall be governed by, and construed and interpreted in accordance with, the laws of the State of Connecticut. 
 IN WITNESS
WHEREOF, Borrower has caused this Note to be duly executed by one of its officers thereunto duly authorized on the date hereof. 
  

			
	BORROWER:
	ENPHASE ENERGY, INC.
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 EXHIBIT D 
 TO BE MUTUALLY AGREED UPON BY LENDER’S AND BORROWER’S COUNSEL 

 EXHIBIT E 
 FORM OF OFFICER’S CERTIFICATE 
 TO: COMPASS HORIZON FUNDING COMPANY
LLC 
 Reference is made to the Amended and Restated Venture Loan and Security Agreement dated as of March
    , 2011 (as it may be amended from time to time, the “Loan Agreement”) and between ENPHASE ENERGY, INC. (“Borrower”) and COMPASS HORIZON FUNDING COMPANY LLC (“Lender”).
Unless otherwise defined herein, capitalized terms have the meanings given such terms in the Loan Agreement. 
 The undersigned
Responsible Officer of Borrower hereby certifies to Lender that: 
  

	1.	No Event of Default has occurred under the Loan Agreement. (If an Event of Default has occurred, specify the nature and extent thereof and the action Borrower proposes
to take with respect thereto.) 

  

	2.	The information provided in Section 1 of the Disclosure Schedule is currently true and accurate, except as noted below. 

 

	3.	Borrower is in compliance with the provision with provisions of Sections 4.6 and 7 of the Loan Agreement, except as noted below. 

 

	4.	Attached herewith are the [monthly financial statements pursuant to Section 6.3(a) of the Loan Agreement/annual audited financial statement pursuant to
Section 6.3(b) of the Loan Agreement]. These have been prepared in accordance with GAAP and are consistent from one period to the next except as noted below. 

 

	
	NOTES TO ABOVE CERTIFICATIONS:
	
	  

	
	  

  

			
	BORROWER:
	ENPHASE ENERGY, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 FIRST AMENDMENT OF AMENDED AND RESTATED VENTURE LOAN AND 

SECURITY AGREEMENT 
 This FIRST AMENDMENT OF AMENDED AND RESTATED VENTURE LOAN AND SECURITY AGREEMENT (this “Agreement”), dated as of June 30, 2011, is entered into by and between ENPHASE ENERGY, INC., a
Delaware corporation (“Borrower”), and HORIZON TECHNOLOGY FINANCE CORPORATION (“Lender”), a Delaware corporation. 
 RECITALS 
 A. Borrower and Lender are parties to a certain Amended and
Restated Venture Loan and Security Agreement dated as of March 25, 2011 (the “Loan Agreement”) pursuant to which Lender, among other things, has (i) provided certain loan to Borrower as evidenced by (a) certain Secured
Promissory Notes executed by Borrower in favor of Lender, in original principal amounts of Nine Million Dollars ($9,000,000.00) (the “Notes”), and (ii) been granted a security interest in all assets of Borrower, except for
Borrower’s Intellectual Property (as defined in the Loan Agreement). 
 B. Borrower has now requested that Lender permit
Borrower to create a certain Subsidiary (as defined in the Loan Agreement) in New Zealand, and open and maintain a certain deposit account in New Zealand in connection with the creation of such Subsidiary. 

C. Lender is willing to grant such request, but only to the extent, and in accordance with the terms, and subject to the conditions, set
forth herein. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the above recitals and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Borrower and Lender hereby agree as
follows: 
 1. Definitions; Interpretation. Unless otherwise defined herein, all capitalized terms used
herein and defined in the Loan Agreement shall have the respective meanings given to those terms in the Loan Agreement. Other rules of construction set forth in the Loan Agreement, to the extent not inconsistent with this Agreement, apply to this
Agreement and are hereby incorporated by reference. 
 2. Confirmation. Borrower hereby acknowledges and
agrees that: (i) the Loan Agreement sets forth the legal, valid, binding and continuing Obligations of Borrower to Lender, (ii) the Obligations to Lender under the Loan Agreement are secured by validly perfected security interests in all assets of
Borrower, except for Borrower’s Intellectual Property, and with respect to Third Party Equipment, consistent with the provisions of Section 4.8 of the Loan Agreement, and (iii) Borrower has no cause of action, claim, defense or set-off against
the Lender in any way regarding or relating to the Loan Agreement or Lender’s actions thereunder and to the extent any such cause of action, claim, defense or set-off ever existed, it is waived and Lender is released from any claims of
Borrower. Borrower represents and warrants that no Default or Event of Default has occurred under the Loan Agreement. 

 3. Amendments to Loan Agreement. 

(a) Borrower and Lender agree that the reference to “July 31, 2011” after the phrase “Commitment
Termination Date (Loan C) appearing on the cover page of the Loan Agreement is deleted in its entirety and is replaced by “September 30, 2011.” 
 (b) Borrower and Lender hereby agree that the definition of “Subsidiary” within Section 1.1 of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 

““Subsidiary” means any corporation or other entity of which a majority of the outstanding Equity Securities
entitled to vote for the election of directors or other governing body (otherwise than as the result of a default) is owned by Borrower directly or indirectly through Subsidiaries, including without limitation Enphase Energy SAS, Enphase Energy SRL
and Enphase Energy New Zealand Limited.” 
 (c) Borrower and Lender hereby agree that Section 7.13 of the
Loan Agreement is hereby deleted in its entirety and replaced with the following: 
 “7.13 Maintenance of Accounts.
(i) Maintain any deposit account or account holding securities owned by Borrower except (a) accounts with the lender providing Borrower with Indebtedness permitted under subsection (d) of the definition of Permitted Indebtedness or (b) accounts with
respect to which Lender is able to take such actions as it deems necessary to obtain a perfected security interest in such accounts through one or more Account Control Agreements; or (ii) grant or allow any other Person (other than Lender) to
perfect a security interest in, or enter into any agreements with any Persons (other than Lender) accomplishing perfection via control as to any of its deposit accounts or accounts holding securities other than in favor of the lender providing
Borrower with Indebtedness permitted under subsection (d) of the definition of Permitted Indebtedness. Notwithstanding the foregoing, Borrower may maintain: (1) a deposit account at Banca Popolare di Milano, BPM, subsidiary, having account number
             (the “Italian Account”), (2) a deposit account with BNP Paribas having account number             
(the “French Account”), (3) a deposit account with Bank of New Zealand having an account number              (the “New Zealand Account” and collectively
with the Italian Account and the French Account, the “Foreign Accounts”), and (4) a deposit account with Bank of the West, having an account number of
                 (the “Bank of the West Account”), provided that (x) less than One Million euro (€1,000,000) in the aggregate is maintained by the
Borrower in the Foreign Accounts and (y) less than Five Thousand Dollars ($5,000) is maintained by the Borrower in the Bank of the West Account.” 
 4. Conditions to Effectiveness. Lender’s consent and agreement herein is expressly conditioned on all of the following: 

 

	 	(a)	Borrower executing and delivering an executed copy of this Agreement; 

  
 - 2 -

	 	(b)	Borrower executing and delivering an executed copy of the letter agreement of even date herewith between Borrower and Lender pursuant to which Lender waived notice of,
and consented to, the creation of the Subsidiaries (as defined therein) and the opening and maintenance of the Foreign Accounts; and 

  

	 	(c)	Borrower’s payment of Lender’s in-house legal expenses in the amount of Five Thousand and 00/100 Dollars ($5,000.00) incurred in connection with the drafting,
negotiation and execution of this Agreement. 

 5. Effect of Agreement. On and after the
date hereof, each reference to the Loan Agreement in the Loan Agreement or in any other document shall mean the Loan Agreement as amended by this Agreement. Except as expressly provided hereunder, the execution, delivery and effectiveness of this
Agreement shall not operate as a waiver of any right, power, or remedy of Lender, nor constitute a waiver of any provision of the Loan Agreement Except to the limited extent expressly provided herein, nothing contained herein shall, or shall be
construed to (nor shall the Borrower ever argue to the contrary) (i) modify the Loan Agreement or any other Loan Document (ii) modify, waive, impair, or affect any of the covenants, agreements, terms, and conditions thereof, or (iii) waive the due
keeping, observance and/or performance thereof, each of which is hereby ratified and confirmed by the Borrower. Except as amended above, the Loan Agreement remains in full force and effect. 

6. Headings. Headings in this Agreement are for convenience of reference only and are not part of the substance
hereof. 
 7. Governing Law. This Agreement shall be governed by and construed in accordance with the laws
of the State of Connecticut without reference to conflicts of law rules. 
 8. Counterparts. This
Agreement may be executed in any number of counterparts, including by electronic or facsimile transmission, each of which when so delivered shall be deemed an original, but all such counterparts taken together shall constitute but one and the same
instrument. 
 9. Integration. This Agreement and the Loan Documents constitute and contain the entire
agreement of Borrower and Lender with respect to their respective subject matters, and supercede any and all prior agreements, correspondence and communications. 
 [Remainder of page intentionally left blank] 

  
 - 3 -

 IN WITNESS WHEREOF, Borrower and Lender have caused this Agreement to be executed as of the day and year
first above written. 

			
	 BORROWER:
 ENPHASE
ENERGY, INC.

		
	By:	 	/s/ Sanjeev Kumar
	Name:	 	Sanjeev
Kumar                                        
                  
	Title:	 	CFO                            
                                         
       
	
	 LENDER:
 HORIZON
TECHNOLOGY FINANCE
 CORPORATION

		
	By:	 	/s/ Robert D. Pomeroy, Jr.
	Name:	 	Robert D. Pomeroy, Jr.
	Title:	 	Chief Executive Officer

  
 - 4 -

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