Document:

Loan and Security Agreement

 Exhibit 10.12 
 LOAN AND SECURITY AGREEMENT 
 THIS LOAN AND SECURITY AGREEMENT is made and
dated as of June 13, 2011 and is entered into by and between ENPHASE ENERGY, INC., a Delaware corporation (“Parent”), and each of Parent’s other subsidiaries joined hereto (“Joined Subsidiaries”, together with Parent
hereinafter collectively referred to as the “Borrower”), and HERCULES TECHNOLOGY GROWTH CAPITAL, INC., a Maryland corporation (“Lender”). 
 RECITALS 
 A. Borrower has requested Lender to make available to Borrower
an equipment loan in an aggregate principal amount of up to Five Million ($5,000,000) (the “Loan”); 
 B. Lender is
willing to make the Loan on the terms and conditions set forth in this Agreement. 
 AGREEMENT 

NOW, THEREFORE, Borrower and Lender agree as follows: 
 SECTION 1. DEFINITIONS AND RULES OF CONSTRUCTION 

1.1 Unless otherwise defined herein, the following capitalized terms shall have the following meanings: 

“ACH Authorization” means the ACH Debit Authorization Agreement in substantially the form of Exhibit F. 

“Advance(s)” means any Equipment Advance and/or Secondary Equipment Advance. 

“Advance Date” means the funding date of any Advance. 
 “Advance Request” means a request for an Advance submitted by Borrower to Lender in substantially the form of Exhibit A. 

“Agreement” means this Loan and Security Agreement, as amended from time to time. 

“Assignee” has the meaning given to it in Section 11.13. 

“Bailee Agreement” means a bailee agreement or warehouse agreement in form and substance reasonably acceptable to Lender.

 “Borrower Products” means all products, software, service offerings, technical data or technology currently being
designed, manufactured or sold by Borrower or which Borrower intends to sell, license, or distribute in the future including any products or service offerings under development, collectively, together with all products, software, service offerings,

 
technical data or technology that have been sold, licensed or distributed by Borrower since its incorporation. 
 “Cash” means all cash and liquid funds. 
 “Change in Control”
means any (i) reorganization, recapitalization, consolidation or merger (or similar transaction or series of related transactions) of Borrower or any Subsidiary, sale or exchange of outstanding shares (or similar transaction or series of
related transactions) of Borrower or any Subsidiary in which the holders of Borrower or Subsidiary’s outstanding shares immediately before consummation of such transaction or series of related transactions do not, immediately after consummation
of such transaction or series of related transactions, retain shares representing more than fifty percent (50%) of the voting power of the surviving entity of such transaction or series of related transactions (or the parent of such surviving
entity if such surviving entity is wholly owned by such parent), in each case without regard to whether Borrower or Subsidiary is the surviving entity, or (ii) sale or issuance by Borrower of new shares of Preferred Stock of Borrower to
investors, none of whom are current investors in Borrower, and such new shares of Preferred Stock are senior to all existing Preferred Stock and Common Stock with respect to liquidation preferences, and the aggregate liquidation preference of the
new shares of Preferred Stock is more than fifty percent (50%) of the aggregate liquidation preference of all shares of Preferred Stock of the Company; provided, however, an Initial Public Offering shall not constitute a Change in Control.

 “Claims” has the meaning given to it in Section 11.10. 

“Closing Date” means the date of this Agreement. 
 “Collateral” means the property described in Section 3. 

“Confidential Information” has the meaning given to it in Section 11.12. 

“Consent Letters” means letters from each of the Incumbent Lenders pursuant to which such Incumbent Lender agrees to deliver to
Lender a Release Letter with respect to any Eligible Equipment prior to Lender making an Advance for such Eligible Equipment, in each case, in form and substance acceptable to Lender. 

“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, including any such obligation directly or indirectly guaranteed, endorsed, co-made or discounted or sold with recourse by that
Person, or in respect of which that Person is otherwise directly or indirectly liable; (ii) any obligations with respect to undrawn letters of credit, corporate credit cards or merchant services issued for the account of that Person; and
(iii) all obligations arising under any interest rate, currency or commodity swap agreement, interest rate cap agreement, interest rate collar agreement, or other agreement or arrangement designated to protect a 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 

  
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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 such Person 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. 

“Copyrights” means all copyrights, whether registered or unregistered, held pursuant to the laws of the United States, any
State thereof, or of any other country. 
 “Copyright License” means any written agreement granting any right to use
any Copyright or Copyright registration, now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 
 “Effective Date” has the meaning given to it in Section 4.1. 

“Eligible Equipment” is (a) Equipment used by Borrower in the ordinary course of business and (b) Secondary
Equipment. 
 “Equipment Advance” means any Loan funds advanced under this Agreement that are not Secondary Equipment
Advances. 
 “ERISA” is the Employee Retirement Income Security Act of 1974, and its regulations. 

“Event of Default” has the meaning given to it in Section 9. 

“Facility Charge” means $50,000. 
 “Financed Equipment” means Eligible Equipment purchased by Borrower with Advances pursuant to Section 2.1. 
 “Financial Statements” has the meaning given to it in Section 7.1. 

“GAAP” means generally accepted accounting principles in the United States of America, as in effect from time to time.

 “Incumbent Lenders” means Atel Ventures, Inc., Compass Horizon Funding Company Inc. and Bridge Bank, National
Association. 
 “Indebtedness” means indebtedness of any kind, including (a) all indebtedness for borrowed money
or the deferred purchase price of property or services, including 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. 
 “Initial Public Offering” means
the initial underwritten offering of Borrower’s common stock pursuant to a registration statement under the Securities Act of 1933 filed with and declared effective by the Securities and Exchange Commission. 

  
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 “Insolvency Proceeding” is any proceeding by or against any Person under the
United States Bankruptcy Code, or any other bankruptcy or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief.

 “Intellectual Property” means all of Borrower’s Copyrights; Trademarks; Patents; Licenses; trade secrets and
inventions; mask works; Borrower’s applications therefor and reissues, extensions, or renewals thereof; and Borrower’s goodwill associated with any of the foregoing, together with Borrower’s rights to sue for past, present and future
infringement of Intellectual Property and the goodwill associated therewith. 
 “Interest Rate” means the higher of
(i) the Prime Rate plus 5.75% and (ii) 9.0%. 
 “International Based Financed Equipment” means Financed
Equipment to be located, upon completion of transit, at (i) Flextronics International Ltd.’s (or its affiliates’) locations in (a) Canada and (b) China, or (ii) such other location outside of the United States approved
in writing by Lender, in each case of subsection (i) and (ii), so long as such Financed Equipment is subject to a Bailee Agreement or a Landlord Consent, as applicable. 
 “Investment” means any beneficial ownership (including stock, partnership or limited liability company interests) of or in any Person, or any loan, advance or capital contribution to any Person.

 “Investors” means existing investors in Borrower and certain affiliates of such investors. 

“Investors’ Indebtedness” means subordinated convertible Indebtedness of Borrower in favor of Investors in an aggregate
principal amount not to exceed $50,000,000; provided, that the same is subject to the Investors Subordination Agreement. 

“Investors Subordination Agreement” means that certain subordination agreement between the Investors and Lender, with respect
to the Investors’ Indebtedness, in form and content acceptable to Lender in its sole discretion; provided, that without limiting the foregoing, the Investors Subordination Agreement shall provide, among other things, that (i) the
Investors’ Indebtedness cannot be repaid before the Secured Obligations are indefeasibly repaid in full, in cash, and the Lender’s commitments to lend hereunder have been terminated, (ii) interest payable on account of the
Investors’ Indebtedness may not be paid currently, or in cash, but must be accrued, if at all, as PIK (payment in kind; non-cash) interest, and (iii) no Investor or any agent or any representative of Investors may declare a default of the
Investors’ Indebtedness or otherwise attempt to accelerate payment of the Investors’ Indebtedness (or otherwise pursue any rights or remedies with respect thereto, including with respect to any liens on any collateral) unless and until the
Secured Obligations are indefeasibly repaid in full, in cash, and the Lender’s commitments to lend hereunder have been terminated. 
 “Joined Subsidiaries” has the meaning given to it in the preamble to this Agreement. 

  
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 “Joinder Agreements” means for each Subsidiary, a completed and executed Joinder
Agreement in substantially the form attached hereto as Exhibit E. 
 “Landlord Consent” means a landlord or mortgagee
letter acceptable in form and substance acceptable to Lender. 
 “Lender” has the meaning given to it in the preamble
to this Agreement. 
 “License” means any Copyright License, Patent License, Trademark License or other license of
rights or interests. 
 “Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment for security,
security interest, encumbrance, levy, lien or charge of any kind, whether voluntarily incurred or arising by operation of law or otherwise, against any property, any conditional sale or other title retention agreement, and any lease in the nature of
a security interest. 
 “Loan” means the Advances made under this Agreement. 

“Loan Documents” means this Agreement, the Notes, the ACH Authorization, the Joinder Agreements, all UCC Financing Statements,
Landlord Consents, Bailee Agreements, Consent Letters, Release Letters, the Warrant and any other documents executed in connection with the Secured Obligations or the transactions contemplated hereby, as the same may from time to time be amended,
modified, supplemented or restated. 
 “Material Adverse Effect” means a material adverse effect upon: (i) the
business, operations, properties, assets, or condition (financial or otherwise) of Borrower and its Subsidiaries taken as a whole; or (ii) the ability of Borrower to perform the Secured Obligations in accordance with the terms of the Loan
Documents, or the ability of Lender to enforce any of its rights or remedies with respect to the Secured Obligations; or (iii) the Collateral, or Lender’s Liens on the Collateral or the priority of such Liens. 

“Maturity Date” means July 1, 2014. 
 “Maximum Loan Amount” means Five Million and No/100 Dollars ($5,000,000). 
 “Maximum Rate” shall have the meaning assigned to such term in Section 2.3. 
 “Note(s)” means a Promissory Note in substantially the form of Exhibit B. 
 “Patent License” means any written agreement granting any right with respect to any invention on which a Patent is in existence or a Patent application is pending, in which agreement Borrower
now holds or hereafter acquires any interest. 
 “Patents” means all letters patent of, or rights corresponding
thereto, in the United States or in any other country, all registrations and recordings thereof, and all applications for letters patent of, or rights corresponding thereto, in the United States or any other country. 

  
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 “Permitted Indebtedness” means: (i) Indebtedness of Borrower in favor of
Lender arising under this Agreement or any other Loan Document; (ii) Indebtedness existing on the Closing Date which is disclosed in Schedule 1A; (iii) Indebtedness to trade creditors incurred in the ordinary course of business, including
Indebtedness incurred in the ordinary course of business with corporate credit cards; (iv) Indebtedness that also constitutes a Permitted Investment; (v) Subordinated Indebtedness; (vi) reimbursement obligations in connection with
letters of credit that are secured by cash or cash equivalents and issued on behalf of the Borrower or a Subsidiary thereof in an amount not to exceed $200,000 at any time outstanding, (vii) other Indebtedness in an amount not to exceed
$150,000 in the aggregate at any time outstanding, (viii) the Investors’ Indebtedness, and (ix) extensions, refinancings and renewals of any items of Permitted Indebtedness, provided that the principal amount is not increased or the
terms modified to impose materially more burdensome terms upon Borrower or its Subsidiary, as the case may be. 

“Permitted Investment” means: (i) Investments existing on the Closing Date which are disclosed in Schedule 1B;
(ii) (a) marketable direct obligations issued or unconditionally guaranteed by the United States of America or any agency or any State thereof maturing within one year from the date of acquisition thereof, (b) commercial paper
maturing no more than one year from the date of creation thereof and currently having a rating of at least A-2 or P-2 from either Standard & Poor’s Corporation or Moody’s Investors Service, (c) certificates of deposit issued
by any bank with assets of at least $500,000,000 maturing no more than one year from the date of investment therein, (d) money market accounts, and (e) Investments made in accordance with Borrower’s short-term investment policy as
approved by Borrower’s Board of Directors, as submitted to Lender prior to the Closing Date; (iii) Investments consisting of the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course
of business; (iv) repurchases of stock from former employees, directors, or consultants of Borrower under the terms of applicable repurchase agreements at the original issuance price of such securities in an aggregate amount not to exceed
$250,000 in any fiscal year, provided that no Event of Default has occurred, is continuing or would exist after giving effect to the repurchases; (v) Investments accepted in connection with Permitted Transfers; (vi) 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
Borrower’s business; (vii) 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 clause
(vii) shall not apply to Investments of Borrower in any Subsidiary; (viii) Investments consisting of loans not involving the net transfer on a substantially contemporaneous basis of cash proceeds to employees, officers or directors
relating to the purchase of capital stock of Borrower pursuant to employee stock purchase plans or other similar agreements approved by Borrower’s Board of Directors; (ix) Investments consisting of travel advances and employee relocation
loans and other employee loans which are made in the ordinary course of business and which do not exceed $250,000 in the aggregate in any fiscal year; (x) Investments in newly-formed Subsidiaries organized in the United States, provided that
such Subsidiaries enter into a Joinder Agreement promptly after their formation by Borrower and execute such other documents as shall be reasonably requested by Lender; (xi) Investments in Subsidiaries organized outside of the United States in
an amount not to exceed $4,500,000 in the aggregate in any fiscal year; (xii)

  
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(A) 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 pursuant to this clause (xii)(A) do not exceed $250,000 in the aggregate in any fiscal year, and (B) strategic alliances with particular customers in which such customers
will share in the research and development expenses of Borrower associated with the incorporation by such customers of microconverters purchased from Borrower into solar panels produced by such customers; (xiii) Investments in connection with
mergers or acquisitions permitted by Section 7.10; (xiv) Investments made pursuant to the conversion or settlement of any convertible securities or Indebtedness of Borrower permitted by Section 7.5; (xv) deposits and deposit
accounts maintained with commercial banks organized under the laws of the United States or a state thereof to the extent (A) such deposits and deposit accounts are insured by the Federal Deposit Insurance Corporation up to the legal limit and
(B) each such commercial bank has an aggregate capital and surplus of not less than $100,000,000; and (xvi) additional Investments that do not exceed $150,000 in the aggregate at any time outstanding. 

“Permitted Liens” means any and all of the following: (i) Liens in favor of Lender; (ii) Liens for taxes, fees,
assessments or other governmental charges or levies, either not delinquent or being contested in good faith by appropriate proceedings; provided, that Borrower maintains adequate reserves therefor in accordance with, and to the extent required by,
GAAP; and (iii) Liens securing claims or demands of carriers, warehousemen, landlords and other like Persons arising in the ordinary course of Borrower’s business and imposed without action of such parties; provided, that (a) the
payment of the obligation secured by such Lien is not overdue and (b) such Collateral is subject to a Landlord Consent or a Bailee Agreement, as applicable; 
 “Permitted Transfers” means (i) sales of Inventory in the normal course of business, (ii) non-exclusive licenses and similar arrangements for the use of Intellectual Property in the
ordinary course of business and other licenses that could not result in a legal transfer of title of the licensed property but that may be exclusive in respects other than territory and that may be exclusive as to territory only as to discrete
geographical areas outside of the United States, (iii) dispositions of worn-out, obsolete or surplus Equipment (other than Financed Equipment) at fair market value (as determined by Borrower in its reasonable discretion) in the ordinary course
of business, (iv) dispositions expressly permitted under Section 7.7, 7.8 or 7.10, and (v) other Transfers of assets having a fair market value of not more than $250,000 in the aggregate in any fiscal year. 

“Person” means any individual, sole proprietorship, partnership, joint venture, trust, unincorporated organization,
association, corporation, limited liability company, institution, other entity or government. 
 “Preferred Stock”
means at any given time any equity security issued by Borrower that has any rights, preferences or privileges senior to Borrower’s common stock. 
 “Prime Rate” means for any day the prime rate as reported in The Wall Street Journal. 

  
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 “Receivables” means (i) all of Borrower’s Accounts, Instruments,
Documents, Chattel Paper, Supporting Obligations, letters of credit, proceeds of any letter of credit, and Letter of Credit Rights, and (ii) all customer lists, software, and business records related thereto. 

“Release Letters” means letters from each of the Incumbent Lenders pursuant to which such Incumbent Lender agrees to release
any interest in the Financed Equipment, in each case, in form and substance acceptable to Lender. 
 “Secondary
Equipment” is leasehold improvements, intangible property including computer software and software licenses, equipment specifically designed or manufactured for Borrower, limited use property and other similar property (it being understood
that, for purposes of this definition, equipment that is not specifically designed or manufactured for Borrower, but which is utilized by Borrower to assemble equipment that is specific to its business, shall not be deemed to be Secondary
Equipment). 
 “Secondary Equipment Advance” means any Loan funds advanced under this Agreement to finance Secondary
Equipment. 
 “Secured Obligations” means Borrower’s obligations under this Agreement and any Loan Document,
including any obligation to pay any amount now owing or later arising; provided, however, that Borrower’s obligations under the Warrant shall not constitute Secured Obligations. 

“Subordinated Indebtedness” means Indebtedness subordinated to the Secured Obligations in amounts and on terms and conditions
satisfactory to Lender in its sole discretion. 
 “Subsidiary” means an entity, whether corporate, partnership,
limited liability company, joint venture or otherwise, in which Borrower owns or controls 50% or more of the outstanding voting securities, including each entity listed on Schedule 1 hereto. 

“Trademark License” means any written agreement granting any right to use any Trademark or Trademark registration, now owned or
hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 
 “Trademarks”
means all trademarks (registered, common law or otherwise) and any applications in connection therewith, including registrations, recordings and applications in the United States Patent and Trademark Office or in any similar office or agency of the
United States, any State thereof or any other country or any political subdivision thereof. 
 “UCC” means the Uniform
Commercial Code as the same is, from time to time, in effect in the State of California; provided, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of, or remedies with respect
to, Lender’s Lien on any Collateral is governed by the Uniform Commercial Code as the same is, from time to time, in effect in a jurisdiction other than the State of California, then the term “UCC” shall mean the Uniform Commercial
Code as in effect, from time to time, in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority or remedies and for purposes of definitions related to such provisions. 

  
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 “Warrant” means the warrant entered into in connection with the Loan. 

Unless otherwise specified, all references in this Agreement or any Annex or Schedule hereto to a “Section,”
“subsection,” “Exhibit,” “Annex,” or “Schedule” shall refer to the corresponding Section, subsection, Exhibit, Annex, or Schedule in or to this Agreement. Unless otherwise specifically provided herein, any
accounting term used in this Agreement or the other Loan Documents shall have the meaning customarily given such term in accordance with GAAP, and all financial computations hereunder shall be computed in accordance with GAAP, consistently applied.
Unless otherwise defined herein or in the other Loan Documents, terms that are used herein or in the other Loan Documents and defined in the UCC shall have the meanings given to them in the UCC. 

SECTION 2. THE LOAN 
 2.1 Loan. 
 (a) Advances. Subject to the terms and conditions of
this Agreement, commencing on the Effective Date and continuing until December 13, 2011, Borrower may request Advances in the aggregate principal amount of the Maximum Loan Amount; provided, however, that the minimum amount of
each Advance shall be $100,000. If the aggregate amount of the Advances outstanding exceeds the Maximum Loan Amount at any time, Borrower must immediately pay Lender the excess. When repaid, the Advances may not be re-borrowed. The proceeds of each
Advance may only be used to finance new Eligible Equipment or Eligible Equipment purchased within the immediately preceding 90 days (determined based upon the applicable invoice date of such Eligible Equipment); provided, however, that
on the Effective Date, Borrower may draw an Advance of up to $5,000,000 for Eligible Equipment purchased within the immediately preceding one eighty (180) days. No Advance may exceed one hundred percent (100%) of the invoice(s) for the
applicable Eligible Equipment; provided, that the Advance made on the Effective Date will not exceed fifty percent (50%) of the invoice(s) for any Eligible Equipment with invoices in excess of one hundred twenty (120) days.
Notwithstanding the foregoing, unless otherwise agreed to by Lender, (i) not more than 10% of each Advance shall be Secondary Equipment Advances, (ii) Secondary Equipment Advances shall not exceed $500,000, in the aggregate, and
(iii) Advances for International Based Financed Equipment shall not exceed $3,750,000, in the aggregate. 

(b) Advance Request. To obtain an Advance, Borrower shall complete, sign and deliver an Advance Request, Note, copies of
invoices for the Financed Equipment, and such additional information as Lender may reasonably request at least five (5) business days prior to the requested Advance Date. Lender shall fund an Advance in the manner requested by the Advance
Request provided that each of the conditions precedent to such Advance is satisfied as of the requested Advance Date. 
 (c) Interest. The principal balance of each Advance shall bear interest thereon from such Advance Date at the Interest Rate based on a year consisting of 360 days, with interest computed daily based on
the actual number of days elapsed. The Interest Rate will float and change on the day the Prime Rate changes from time to time. 

  
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 (d) Payment. Borrower will pay interest on each Advance on the first day of
each month, beginning the month after the Advance Date of such Advance. Borrower shall repay the aggregate principal balance of all Advances that are outstanding on June 13, 2012 in 25 equal monthly installments of principal and interest
beginning on July 1, 2012 and continuing on the first business day of each month thereafter through the Maturity Date. The entire Loan principal balance and all accrued but unpaid interest hereunder, shall be due and payable on the Maturity
Date. Borrower shall make all payments under this Agreement without setoff, recoupment or deduction and regardless of any counterclaim or defense. Lender will initiate debit entries to the Borrower’s account as authorized on the ACH
Authorization on each payment date of all periodic obligations payable to Lender under each Note or Advance. 

2.2 Maximum Interest. Notwithstanding any provision in this Agreement, the Notes, or any other Loan Document, it is the
parties’ intent not to contract for, charge or receive interest at a rate that is greater than the maximum rate permissible by law that a court of competent jurisdiction shall deem applicable hereto (which under the laws of the State of
California shall be deemed to be the laws relating to permissible rates of interest on commercial loans) (the “Maximum Rate”). If a court of competent jurisdiction shall finally determine that Borrower has actually paid to Lender an amount
of interest in excess of the amount that would have been payable if all of the Secured Obligations had at all times borne interest at the Maximum Rate, then such excess interest actually paid by Borrower shall be deemed retroactively applied as of
the date of receipt of such payment as follows: first, to the payment of principal outstanding on the Notes; second, after all principal is repaid, to the payment of Lender’s accrued interest, costs, expenses, professional fees and any other
Secured Obligations; and third, after all Secured Obligations are repaid, the excess (if any) shall be refunded to Borrower. 
 2.3 Default Interest. In the event any payment is not paid on the scheduled payment date, an amount equal to five percent (5%) of the past due amount shall be payable on demand. In addition, upon the
occurrence and during the continuation of an Event of Default hereunder, all Secured Obligations, including principal, interest, compounded interest, and Lender’s fees and expenses set forth in Section 11.11, shall bear interest at a rate
per annum equal to the rate set forth in Section 2.1(c) plus five percent (5%) per annum. In the event any interest is not paid when due hereunder, delinquent interest shall be added to principal and shall bear interest on interest,
compounded at the rate set forth in Section 2.1(c) or Section 2.4, as applicable. 
 2.4 Prepayment. At
its option upon at least 7 business days prior notice to Lender, Borrower may prepay all, but not less than all, of the outstanding Advances by paying the entire principal balance and all accrued and unpaid interest. Borrower shall prepay the
outstanding amount of all principal and accrued and unpaid interest upon the earlier to occur of a Change in Control or within 90 days of the completion of an Initial Public Offering which results in aggregate gross proceeds to Parent of less than
$30,000,000. 
 2.5 End of Term Charge. On the earliest to occur of (i) the Loan Maturity Date,
(ii) the date that Borrower prepays the outstanding Secured Obligations, or (iii) the date 

  
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that the Secured Obligations become due and payable, Borrower shall pay Lender a charge of $50,000. Notwithstanding the required payment date of such charge, it shall be deemed earned by Lender
as of the Closing Date. 
 SECTION 3. SECURITY INTEREST 

3.1 As security for the prompt, complete and indefeasible payment when due (whether on the payment dates or otherwise) of
all the Secured Obligations, Borrower grants to Lender a security interest in all Financed Equipment and all of Borrower’s books and records relating to the Financed Equipment, and any and all claims, rights and interests in any of the Financed
Equipment and all substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, Proceeds and insurance proceeds of any or all of the foregoing (collectively, the “Collateral”).

 SECTION 4. CONDITIONS PRECEDENT TO LOAN 
 The obligations of Lender to make the Loan hereunder are subject to the satisfaction by Borrower of the following conditions: 

4.1 Initial Advance. Borrower shall have delivered to Lender each of the following, in form and substance satisfactory to
Lender (the date on which each of the following shall have been so delivered is referred to herein as the “Effective Date”): 
 (a) executed originals of the Loan Documents and all other documents and instruments reasonably required by Lender to effectuate the transactions contemplated hereby or to create and perfect the Liens of
Lender with respect to all Collateral, in all cases in form and substance reasonably acceptable to Lender; 
 (b)
certified copy of resolutions of Borrower’s board of directors evidencing approval of (i) the Loan and other transactions evidenced by the Loan Documents; and (ii) the Warrant and transactions evidenced thereby; 

(c) certified copies of the Certificate of Incorporation and the Bylaws, as amended through the Closing Date, of Borrower;

 (d) a certificate of good standing for Borrower from its state of incorporation and similar certificates from
all other jurisdictions in which it does business and where the failure to be qualified would have a Material Adverse Effect; 
 (e) a certificate of incumbency as to each officer of Borrower who is authorized to execute the Loan Documents, the Warrant, and all other documents and instruments to be delivered pursuant to the Loan
Documents and the Warrant on behalf of Borrower, including, without limitation, the chief financial officer of Borrower; 
 (f) payment of the Facility Charge and reimbursement of Lender’s current expenses reimbursable pursuant to this Agreement, which amounts may be deducted from the initial Advance; 

  
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 (g) Landlord Consents or Bailee Agreements, as applicable, for the premises
where the Financed Equipment will, upon completion of transit, be located; provided, that up to $3,750,000 of the initial Advance may be used for the purchase of International Based Financed Equipment without delivering to Lender, prior to
the disbursement of such Advance, any Landlord Consents in respect of the premises in the continental United States where such International Based Financed Equipment may be located temporarily, so long as (i) prior to the disbursement of such
Advance, one or more Bailee Agreements, as applicable, are delivered in respect of the foreign premises where such International Based Financed Equipment will be located upon completion of transit, and (ii) within 90 days of the Effective Date
(or any subsequent Advance Date with respect to any International Based Financed Equipment not financed on the Effective Date), such International Based Financed Equipment is relocated to such foreign premises; 

(h) a Consent Letter from each Incumbent Lender; 

(i) a Release Letter from each Incumbent Lender with respect to the Financed Equipment purchased with the proceeds of the
initial Advance; and 
 (j) such other documents as Lender may reasonably request. 

4.2 All Advances. On each Advance Date: 

(a) Lender shall have received (i) an Advance Request and a Note for the relevant Advance as required by
Section 2.1(b) each duly executed by Borrower’s Chief Executive Officer or Chief Financial Officer, (ii) invoices for the Eligible Equipment and related other documentation as required by Section 2.1(b), (iii) to the extent
not previously delivered but subject to Section 4.1(g) above, Landlord Consents or Bailee Agreements, as applicable, for the premises where the Financed Equipment will, upon completion of transit, be located, and (iv) a Release
Letter from each Incumbent Lender with respect to the Financed Equipment purchased with the proceeds of such Advance. 
 (b) The representations and warranties set forth in this Agreement and in Section 5 and in the Warrant shall be true and correct in all material respects on and as of the Advance Date with the same
effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date. 
 (c) Each Advance Request shall be deemed to constitute a representation and warranty by Borrower on the relevant Advance Date as to the matters specified in paragraph (b) of this Section 4.2 and
Section 4.3 and as to the matters set forth in the Advance Request. 
 4.3 No Default. As of the Closing
Date and each Advance Date, (i) no fact or condition exists that would (or would, with the passage of time, the giving of notice, or both) constitute an Event of Default and (ii) no event that has had or could reasonably be expected to
have a Material Adverse Effect has occurred and is continuing. 
 SECTION 5. REPRESENTATIONS AND WARRANTIES OF BORROWER

  
 12 

 Borrower represents and warrants that: 

5.1 Corporate Status. Borrower is a corporation duly organized, legally existing and in good standing under the laws of
the State of Delaware, and is duly qualified as a foreign corporation in all jurisdictions in which the nature of its business or location of its properties require such qualifications and where the failure to be qualified could reasonably be
expected to have a Material Adverse Effect. Borrower’s present name, former names (if any), locations, place of formation, tax identification number, organizational identification number and other information are correctly set forth in Exhibit
C, as may be updated by Borrower in a written notice (including any Compliance Certificate) provided to Lender after the Closing Date. 
 5.2 Collateral. Borrower owns the Collateral, free of all Liens, except for Permitted Liens. Borrower has the power and authority to grant to Lender a Lien in the Collateral as security for the Secured
Obligations. 
 5.3 Consents. Borrower’s execution, delivery and performance of the Notes, this Agreement
and all other Loan Documents, and Borrower’s execution of the Warrant, (i) have been duly authorized by all necessary corporate action of Borrower, (ii) will not result in the creation or imposition of any Lien upon the Collateral,
other than Permitted Liens and the Liens created by this Agreement and the other Loan Documents, (iii) do not violate any provisions of Borrower’s Certificate or Articles of Incorporation (as applicable), bylaws, or any, law, regulation,
order, injunction, judgment, decree or writ to which Borrower is subject and (iv) except as described on Schedule 5.3, do not violate any contract or agreement or require the consent or approval of any other Person. The individual or
individuals executing the Loan Documents and the Warrant are duly authorized to do so. 
 5.4 Material Adverse
Effect. Since December 31, 2010, no event that has had or could reasonably be expected to have a Material Adverse Effect has occurred and is continuing. 
 5.5 Actions Before Governmental Authorities. Except as described on Schedule 5.5, there are no actions, suits or proceedings at law or in equity or by or before any governmental authority (a) as of
the Closing Date, pending or, to the knowledge of Borrower, threatened against or affecting Borrower or its property, and (b) following the Closing Date, which could reasonably be expected to have a Material Adverse Effect. 

5.6 Laws. Borrower is not in violation of any law, rule or regulation, or in default with respect to any judgment, writ,
injunction or decree of any governmental authority, where such violation or default is reasonably expected to result in a Material Adverse Effect. Borrower is not in default in any manner under any provision of any agreement or instrument evidencing
indebtedness, or any other material agreement to which it is a party or by which it is bound. 
 5.7 Information
Correct and Current. No information, report, Advance Request, financial statement, exhibit or schedule furnished, by or on behalf of Borrower to Lender in 

  
 13 

 
connection with any Loan Document or included therein or delivered pursuant thereto contained, contains or will contain any material misstatement of fact or omitted, omits or will omit to state
any material fact necessary to make the statements therein, in the light of the circumstances under which they were, are or will be made, not misleading at the time such statement was made or deemed made. Additionally, any and all financial or
business projections provided by Borrower to Lender shall be (i) provided in good faith and based on the most current data and information available to Borrower, and (ii) the most current of such projections approved by Borrower’s
Board of Directors. 
 5.8 Tax Matters. Except as described on Schedule 5.8, (a) Borrower has filed all
federal and material state and local tax returns that it is required to file and all such tax returns are true and correct in all material respects, (b) Borrower has duly paid or fully reserved for all taxes or installments thereof (including
any interest or penalties) as and when due, which have or may become due pursuant to such returns, and (c) Borrower has paid or fully reserved for any tax assessment received by Borrower for the three (3) years preceding the Closing Date,
if any (including any taxes being contested in good faith and by appropriate proceedings). 
 5.9 Intellectual
Property Claims. Borrower is the sole owner of, or otherwise has the right to use, the Intellectual Property. Except as described on Schedule 5.9, (i) each of the material Copyrights, Trademarks and Patents is valid and enforceable,
(ii) no material part of the Intellectual Property has been judged invalid or unenforceable, in whole or in part, and (iii) no claim has been made to Borrower that any material part of the Intellectual Property violates the rights of any
third party. 
 5.10 Intellectual Property. Except as described on Schedule 5.10, Borrower has all material
rights with respect to Intellectual Property necessary in the operation or other utilization of the Collateral. Without limiting the generality of the foregoing, and in the case of Licenses, except for restrictions that are unenforceable under
Division 9 of the UCC, Borrower has the right, to the extent required to grant a security interest in and operate or otherwise utilize the Collateral, to freely transfer, license or assign the related Intellectual Property without condition,
restriction or payment of any kind (other than license payments in the ordinary course of business) to any third party. 
 5.11 [Reserved.] 
 5.12 [Reserved.] 

5.13 Employee Loans. (i) Except as expressly permitted by Sections 7.7 and 7.8, Borrower has no outstanding loans to
any employee, officer or director of the Borrower, and (ii) Borrower has not guaranteed the payment of any loan made to an employee, officer or director of the Borrower by a third party. 

5.14 Capitalization and Subsidiaries. Borrower’s capitalization as of the Closing Date is set forth on Schedule 5.14
annexed hereto. Borrower does not own any stock, partnership interest or other securities of any Person, except for Permitted Investments. 
  

  
 14 

 
Attached as Schedule 5.14, as may be updated by Borrower in a written notice provided after the Closing Date, is a true, correct and complete list of each Subsidiary. 

SECTION 6. INSURANCE; INDEMNIFICATION 
 6.1 Coverage. Borrower shall cause to be carried and maintained commercial general liability insurance, on an occurrence form, against risks customarily insured against in Borrower’s line of
business. Such risks shall include the risks of bodily injury, including death, property damage, personal injury, advertising injury, and contractual liability per the terms of the indemnification agreement found in Section 6.3. Borrower must
maintain a minimum of $1,000,000 of commercial general liability insurance for each occurrence. So long as there are any Secured Obligations outstanding, Borrower shall also cause to be carried and maintained insurance upon the Collateral, insuring
against all risks of physical loss or damage howsoever caused, in an amount not less than the full replacement cost of the Collateral, provided that such insurance may be subject to standard exceptions and deductibles. Borrower shall also carry and
maintain a fidelity insurance policy in an amount not less than $100,000. 
 6.2 Certificates. Borrower shall
deliver to Lender certificates of insurance that evidence Borrower’s compliance with its insurance obligations in Section 6.1 and the obligations contained in this Section 6.2. Borrower’s insurance certificate shall state Lender
is an additional insured for commercial general liability, an additional insured and a loss payee for all risk property damage insurance, subject to the insurer’s approval, a loss payee for property insurance. Attached to the certificates of
insurance will be additional insured endorsements, or copies of policy forms evidencing Lender is an additional insured, for liability and lender’s loss payable endorsements for all risk property damage insurance. All certificates of insurance
will provide for advance written notice to Lender of cancellation. Promptly upon Lender’s request, Borrower shall provide evidence of current payment of insurance premiums in form and substance reasonably satisfactory to Lender. Any failure of
Lender to scrutinize such insurance certificates or such evidence of payment of premiums for compliance is not a waiver of any of Lender’s rights, all of which are reserved. 

6.3 Indemnity. Borrower agrees to indemnify and hold Lender and its officers, directors, employees, agents, in-house
attorneys, representatives and shareholders harmless from and against any and all claims, costs, expenses, damages and liabilities (including such claims, costs, expenses, damages and liabilities based on liability in tort, including strict
liability in tort), including reasonable attorneys’ fees and disbursements and other costs of investigation or defense (including those incurred upon any appeal), that may be instituted or asserted against or incurred by Lender or any such
Person as the result of credit having been extended, suspended or terminated under this Agreement and the other Loan Documents or the administration of such credit, or in connection with or arising out of the transactions contemplated hereunder and
thereunder, or any actions or failures to act in connection therewith, or arising out of the disposition or utilization of the Collateral, excluding in all cases claims resulting solely from Lender’s gross negligence or willful misconduct.
Borrower agrees to pay, and to save Lender harmless from, any and all 

  
 15 

 
liabilities with respect to, or resulting from any delay in paying, any and all excise, sales or other similar taxes (excluding taxes imposed on or measured by the net income of Lender) that may
be payable or determined to be payable with respect to any of the Collateral or this Agreement. 
 SECTION 7. COVENANTS OF BORROWER

 Borrower agrees as follows: 
 7.1 Financial Reports. Borrower shall furnish to Lender the Compliance Certificate in the form of Exhibit D monthly within 30 days after the end of each month and the financial statements listed
hereinafter (the “Financial Statements”): 
 (a) as soon as practicable (and in any event, within 30
days after the end of each of the first two months of each fiscal quarter, and within 45 days after the end of the last month of each fiscal quarter), unaudited interim and year-to-date financial statements as of the end of such month (prepared on a
consolidated basis), including balance sheet and related statements of income and cash flows accompanied by a report detailing any material contingencies (including the commencement of any material litigation by or against Borrower) or any other
occurrence that would reasonably be expected to have a Material Adverse Effect, all certified by Borrower’s Chief Executive Officer or Chief Financial Officer to the effect that they have been prepared in accordance with GAAP, except
(i) for the absence of footnotes, (ii) that they are subject to normal year end adjustments, and (iii) they do not contain certain non-cash items that are customarily included in quarterly and annual financial statements; 

(b) as soon as practicable (and in any event within 45 days) after the end of each calendar quarter, unaudited interim and
year-to-date financial statements as of the end of such calendar quarter (prepared on a consolidated and consolidating basis, if applicable), including balance sheet and related statements of income and cash flows accompanied by a report detailing
any material contingencies (including the commencement of any material litigation by or against Borrower) or any other occurrence that would reasonably be expected to have a Material Adverse Effect, certified by Borrower’s Chief Executive
Officer or Chief Financial Officer to the effect that they have been prepared in accordance with GAAP, except (i) for the absence of footnotes, and (ii) that they are subject to normal year end adjustments; as well as the most recent
capitalization table for Borrower, including the weighted average exercise price of employee stock options; 

(c) as soon as practicable (and in any event within 180 days) after the end of each fiscal year (beginning with the 2011
fiscal year of Parent), unqualified audited financial statements as of the end of such year (prepared on a consolidated and consolidating basis, if applicable), including balance sheet and related statements of income and cash flows, and setting
forth in comparative form the corresponding figures for the preceding fiscal year, certified by a firm of independent certified public accountants selected by Borrower and reasonably acceptable to Lender (it being

  
 16 

 
understood that Deloitte & Touch LLP is acceptable to Lender), accompanied by any management report from such accountants; 

(d) promptly after the sending or filing thereof, as the case may be, copies of any proxy statements, financial statements
or reports that Borrower has made available to holders of its stock and copies of any regular, periodic and special reports or registration statements that Borrower files with the Securities and Exchange Commission or any governmental authority that
may be substituted therefor, or any national securities exchange; 
 (e) [Reserved]; and 

(f) financial and business projections promptly following their approval by Borrower’s Board of Directors, as well as
operating plans and other financial information reasonably requested by Lender; provided, that annual budget projections approved by the Borrower’s Board of Directors with respect to any fiscal year shall be delivered to Lender no later
than 30 days after the end of the immediately preceding fiscal year of Borrower. 
 The executed Compliance Certificate may be
sent via facsimile to Lender at (650) 473-9194 or via e-mail to tfissori@herculestech.com. All Financial Statements required to be delivered pursuant to clauses (a), (b) and (c) shall be sent via e-mail to
financialstatements@herculestech.com with a copy to tfissori@herculestech.com provided, that if e-mail is not available or sending such Financial Statements via e-mail is not possible, they shall be sent via facsimile to Lender at:
(866) 468-8916, attention Chief Credit Officer. 
 7.2 Collateral Audits; Management Rights. Borrower shall
permit any representative that Lender authorizes, including its attorneys and accountants, to inspect the Collateral and examine and make copies and abstracts of the books of account and records of Borrower relating to the Collateral at reasonable
times and upon reasonable notice during normal business hours; provided, that such inspections will be conducted no more than once every 6 months unless an Event of Default has occurred and is continuing. In addition, any such representative shall
have the right to meet with management and officers of Borrower to discuss Borrower’s books of account and records. In addition, Lender shall be entitled at reasonable times and intervals to consult with and advise the management and officers
of Borrower concerning significant business issues affecting Borrower. Such consultations shall not unreasonably interfere with Borrower’s business operations. The parties intend that the rights granted Lender shall constitute “management
rights” within the meaning of 29 C.F.R Section 2510.3-101(d)(3)(ii), but that any advice, recommendations or participation by Lender with respect to any business issues shall not be deemed to give Lender, nor be deemed an exercise by
Lender of, control over Borrower’s management or policies. 
 7.3 Further Assurances. Borrower shall from
time to time execute, deliver and file, alone or with Lender, any financing statements, security agreements, collateral assignments, notices, control agreements, or other documents to perfect or give the highest priority to Lender’s Lien on the
Collateral. Borrower shall from time to time procure any 

  
 17 

 
instruments or documents as may be requested by Lender, and take all further action that may be necessary or desirable, or that Lender may reasonably request, to perfect and protect the Liens
granted hereby and thereby. In addition, and for such purposes only, Borrower hereby authorizes Lender to execute and deliver on behalf of Borrower and to file such financing statements, collateral assignments, notices, security agreements and other
documents without the signature of Borrower either in Lender’s name or in the name of Lender as agent and attorney-in-fact for Borrower. Borrower shall protect and defend Borrower’s title to the Collateral and Lender’s Lien thereon
against all Persons claiming any interest adverse to Borrower or Lender other than Permitted Liens. Borrower shall specify in writing the location where each item of Collateral is located promptly upon the request of Lender. 

7.4 [Reserved.] 
 7.5 Indebtedness. Borrower shall not create, incur, assume, guarantee or be or remain liable with respect to any Indebtedness, or permit any Subsidiary so to do, other than Permitted Indebtedness, or
prepay any Indebtedness or take any actions which impose on Borrower an obligation to prepay any Indebtedness (other than Indebtedness described in clause (ii) or, subject to the Investors Subordination Agreement, (viii) of the definition
of Permitted Indebtedness, in each case as modified by clause (ix) of such definition), except for the conversion of Indebtedness into equity securities and the payment of cash in lieu of fractional shares in connection with such conversion.

 7.6 Collateral. Borrower shall at all times keep the Collateral free and clear from any legal process or Liens
whatsoever (except for Permitted Liens), and shall give Lender prompt written notice of any legal process affecting the Collateral or any Liens thereon. Borrower shall not affix, or allow the affixing of, any of the Financed Equipment to any real
property in such a manner, or with such intent, as to become a fixture. 
 7.7 Investments. Borrower shall not
directly or indirectly acquire or own, or make any Investment in or to any Person, or permit any of its Subsidiaries so to do, other than Permitted Investments. 
 7.8 Distributions. Borrower shall not, and shall not allow any Subsidiary to, (a) repurchase or redeem any class of stock or other equity interest other than (i) pursuant to employee, director
or consultant stock purchase or repurchase plans or other similar agreements, and (ii) in connection with conversions of its convertible securities (including warrants) into other securities pursuant to the terms of such convertible securities,
or (b) declare or pay any cash dividend or make a cash distribution on any class of stock or other equity interest, except that a Subsidiary may pay dividends or make distributions to Parent, or (c) lend money to any employees, officers or
directors except as expressly permitted by clause (viii), (ix) or (xvi) of the definition of Permitted Investments, or (d) waive, release or forgive any indebtedness owed by any employees, officers or directors in excess of $500,000
in the aggregate. 

  
 18 

 7.9 Transfers. Except for Permitted Transfers, Borrower shall not
voluntarily or involuntarily transfer, sell, lease, license, lend or in any other manner convey any equitable, beneficial or legal interest in any material portion of their assets. 

7.10 Mergers or Acquisitions. Borrower shall not merge or consolidate, or permit any of its Subsidiaries to merge or
consolidate, with or into any other business organization (other than mergers or consolidations of a Subsidiary into another Subsidiary or into Borrower), or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the
capital stock, assets or property of another Person without the prior written consent of Lender. 
 7.11 Taxes.
Borrower and its Subsidiaries shall pay when due all material taxes, fees or other charges of any nature whatsoever (together with any related interest or penalties) now or hereafter imposed or assessed by applicable law against Borrower, Lender
(assessed in connection with the making of the Loan hereunder but excluding any taxes on Lender’s net income), or the Collateral or upon Borrower’s ownership, possession, use, operation or disposition thereof or upon Borrower’s rents,
receipts or earnings arising therefrom. Borrower shall file on or before the due date therefor all personal property tax returns in respect of the Collateral, if necessary or appropriate. Notwithstanding the foregoing, Borrower may contest, in good
faith and by appropriate proceedings, taxes for which Borrower maintains adequate reserves therefor in accordance with GAAP. 
 7.12 Corporate Changes; Changes in Location of Collateral. Neither Borrower nor any Subsidiary shall change its corporate name, legal form or jurisdiction of formation without twenty (20) days’
prior written notice to Lender. Neither Borrower nor any Subsidiary shall relocate its chief executive office or its principal place of business unless: (i) it has provided prior written notice to Lender; and (ii) such relocation shall be
within the continental United States. Neither Borrower nor any Subsidiary shall relocate any item of Collateral unless (y) in the case of Equipment other than International Based Financed Equipment, such relocation is within the continental
United States, and (z) such Collateral at all times remains subject to a Landlord Consent or a Bailee Agreement, as applicable, which is valid and enforceable against the Person in possession of such Collateral or the premises where such
Collateral is located. 
 7.13 [Reserved.] 

7.14 Subsidiaries. Borrower shall notify Lender of each Subsidiary formed subsequent to the Closing Date and, within 30
days of formation, shall cause any such domestic Subsidiary so formed to execute and deliver to Lender a Joinder Agreement. 
 7.15 Post-Closing Matters. If any International Based Financed Equipment is not located at a permitted foreign location, or is not in transit thereto, within 90 days following the Advance Date applicable
to such International Based Financed Equipment, then Borrower shall deliver, or cause to be delivered, promptly to Lender fully-executed Landlord Consents for any premises where such International Based Financed Equipment is located. 

  
 19 

 SECTION 8. [RESERVED.] 
 SECTION 9. EVENTS OF DEFAULT 
 The occurrence of any one or more of
the following events shall be an Event of Default: 
 9.1 Payments. Borrower fails to pay any amount due under
this Agreement, the Notes or any of the other Loan Documents on the due date; or 
 9.2 Covenants. Borrower
breaches or defaults in the performance of any covenant or Secured Obligation under this Agreement, the Notes, or any of the other Loan Documents, and (a) with respect to a default under any covenant under this Agreement (other than under
Sections 6, 7.5, 7.6, 7.7, 7.8 or 7.9) which is capable of being cured by Borrower, such default continues for more than twenty (20) days after the earlier of the date on which (i) Lender has given notice of such default to Borrower and
(ii) Borrower has actual knowledge of such default, or (b) with respect to a default under any of Sections 6, 7.5, 7.6, 7.7, 7.8 or 7.8 or 7.9, the occurrence of such default; or 

9.3 Material Adverse Effect. A circumstance has occurred that would reasonably be expected to have a Material Adverse
Effect; or 
 9.4 Other Loan Documents. The occurrence of any default under any Loan Document not otherwise
specifically referenced in this Section 9 or any other agreement between Borrower and Lender, and if such default is capable of being cured by Borrower, such default continues for more than twenty (20) days after the earlier of the date on
which (a) Lender has given notice of such default to Borrower, or (b) Borrower has actual knowledge of such default; or 
 9.5 Representations. Any representation or warranty made by Borrower in any Loan Document or in the Warrant shall have been false or misleading in any material respect; or 

9.6 Insolvency. Borrower (A) (i) shall make an assignment for the benefit of creditors; or (ii) shall be
unable to pay its debts as they become due, or be unable to pay or perform under the Loan Documents, or shall otherwise become insolvent; or (iii) shall file a voluntary petition in bankruptcy; or (iv) shall file any petition, answer, or
document seeking for itself any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation pertinent to such circumstances; or (v) shall seek or
consent to or acquiesce in the appointment of any trustee, receiver, or liquidator of Borrower or of all or any substantial part (i.e., 33-1/3% or more) of the assets or property of Borrower; or (vi) shall cease operations of its business as
its business has normally been conducted, or terminate substantially all of its employees; or (vii) Borrower or its directors or majority shareholders shall take any action initiating any of the foregoing actions described in clauses (i)
through (vi); or (B) either (i) forty-five (45) days shall have expired after the commencement of an involuntary action against Borrower seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or
similar relief under any present or future statute, law or 

  
 20 

 
regulation, without such action being dismissed or all orders or proceedings thereunder affecting the operations or the business of Borrower being stayed; or (ii) a stay of any such order or
proceedings shall thereafter be set aside and the action setting it aside shall not be timely appealed; or (iii) Borrower shall file any answer admitting or not contesting the material allegations of a petition filed against Borrower in any
such proceedings; or (iv) the court in which such proceedings are pending shall enter a decree or order granting the relief sought in any such proceedings; or (v) forty-five (45) days shall have expired after the appointment, without
the consent or acquiescence of Borrower, of any trustee, receiver or liquidator of Borrower or of all or any substantial part of the properties of Borrower without such appointment being vacated; or 

9.7 Attachments; Judgments. Any portion of Borrower’s assets is attached or seized, or a levy is filed against any
such assets, or a judgment or judgments is/are entered for the payment of money, individually or in the aggregate, of at least $250,000 and such judgment remains unstayed for a period of ten (10) days, or Borrower is enjoined or in any way
prevented by court order from conducting any part of its business; or 
 9.8 Other Obligations. The occurrence of
any default under any agreement or obligation of Borrower involving any Indebtedness which results in a right by a third party or parties, whether or not exercised, to accelerate the maturity of such Indebtedness in excess of $250,000, or the
occurrence of any default under any agreement or obligation of Borrower that could reasonably be expected to have a Material Adverse Effect. 

SECTION 10. REMEDIES 
 10.1 General. Upon and during the continuance of any one or more Events of Default, (i) Lender may, at its option, accelerate and demand payment of all or any part of the Secured Obligations and
declare them to be immediately due and payable (provided, that upon the occurrence of an Event of Default of the type described in Section 9.6, the Notes and all of the Secured Obligations shall automatically be accelerated and made due and
payable, in each case without any further notice or act), and (ii) Lender may notify any of Borrower’s account debtors to make payment directly to Lender, compromise the amount of any such account on Borrower’s behalf and endorse
Lender’s name without recourse on any such payment for deposit directly to Lender’s account. Lender may exercise all rights and remedies with respect to the Collateral under the Loan Documents or otherwise available to it under the UCC and
other applicable law, including the right to release, hold, sell, lease, liquidate, collect, realize upon, or otherwise dispose of all or any part of the Collateral and the right to occupy, utilize, process and commingle the Collateral. All
Lender’s rights and remedies shall be cumulative and not exclusive. 
 10.2 Collection; Foreclosure. Upon
the occurrence and during the continuance of any Event of Default, Lender may, at any time or from time to time, apply, collect, liquidate, sell in one or more sales, lease or otherwise dispose of, any or all of the Collateral, in its then condition
or following any commercially reasonable preparation or processing, in such order as Lender may elect. Any such sale may be made either at public or private sale at its place of business or elsewhere. Borrower agrees that any such public or private
sale may occur upon ten (10) calendar days’ prior written notice to Borrower. 

  
 21 

 
Lender may require Borrower to assemble the Collateral and make it available to Lender at a place designated by Lender that is reasonably convenient to Lender and Borrower. The proceeds of any
sale, disposition or other realization upon all or any part of the Collateral shall be applied by Lender in the following order of priorities: 
 First, to Lender in an amount sufficient to pay in full Lender’s costs and professionals’ and advisors’ fees and expenses as described in Section 11.11; 

Second, to Lender in an amount equal to the then unpaid amount of the Secured Obligations (including principal, interest, and the Default
Rate interest), in such order and priority as Lender may choose in its sole discretion; and 
 Finally, after the full, final,
and indefeasible payment in Cash of all of the Secured Obligations, to any creditor holding a junior Lien on the Collateral, or to Borrower or its representatives or as a court of competent jurisdiction may direct. 

Lender shall be deemed to have acted reasonably in the custody, preservation and disposition of any of the Collateral if it complies with the obligations
of a secured party under the UCC. 
 10.3 No Waiver. Lender shall be under no obligation to marshal any of the
Collateral for the benefit of Borrower or any other Person, and Borrower expressly waives all rights, if any, to require Lender to marshal any Collateral. 
 10.4 Cumulative Remedies. The rights, powers and remedies of Lender hereunder shall be in addition to all rights, powers and remedies given by statute or rule of law and are cumulative. The exercise of
any one or more of the rights, powers and remedies provided herein shall not be construed as a waiver of or election of remedies with respect to any other rights, powers and remedies of Lender. 

SECTION 11. MISCELLANEOUS 
 11.1 Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall
be prohibited by or invalid under such law, such provision shall be ineffective only to the extent and duration of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement.

 11.2 Notice. Except as otherwise provided herein, any notice, demand, request, consent, approval, declaration,
service of process or other communication (including the delivery of Financial Statements) that is required, contemplated, or permitted under the Loan Documents or with respect to the subject matter hereof shall be in writing, and shall be deemed to
have been validly served, given, delivered, and received upon the earlier of: (i) the day of transmission by facsimile or hand delivery or delivery by an overnight express service or overnight mail delivery service; or (ii) the third
calendar day after deposit in the United States mails, with proper first class postage prepaid, in each case addressed to the party to be notified as follows: 

  
 22 

	 	(a)	If to Lender: 

 HERCULES
TECHNOLOGY GROWTH CAPITAL, INC. 
 Legal Department 
 Attention: Chief Legal Officer and Todd Jaquez-Fissori 
 400 Hamilton Avenue,
Suite 310 
 Palo Alto, CA 94301 
  

	 	(b)	If to Borrower: 

 ENPHASE
ENERGY, INC. 
 Attention: Chief Financial Officer 
 201 First Street, Suite 300 
 Petaluma, CA 94952 

or to such other address as each party may designate for itself by like notice. 

11.3 Entire Agreement; Amendments. This Agreement, the Notes, and the other Loan Documents constitute the entire agreement
and understanding of the parties hereto in respect of the subject matter hereof and thereof, and supersede and replace in their entirety any prior proposals, term sheets, letters, negotiations or other documents or agreements, whether written or
oral, with respect to the subject matter hereof or thereof (including Lender’s revised proposal letter dated March 30, 2011). None of the terms of this Agreement, the Notes or any of the other Loan Documents may be amended except by an
instrument executed by each of the parties hereto. 
 11.4 No Strict Construction. The parties hereto have
participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or
burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement. 
 11.5 No Waiver. The powers conferred upon Lender by this Agreement are solely to protect its rights hereunder and under the other Loan Documents and its interest in the Collateral and shall not impose any
duty upon Lender to exercise any such powers. No omission or delay by Lender at any time to enforce any right or remedy reserved to it, or to require performance of any of the terms, covenants or provisions hereof by Borrower at any time designated,
shall be a waiver of any such right or remedy to which Lender is entitled, nor shall it in any way affect the right of Lender to enforce such provisions thereafter. 

11.6 Survival. All agreements, representations and warranties contained in this Agreement, the Notes and the other Loan
Documents or in any document delivered pursuant hereto or thereto shall be for the benefit of Lender and shall survive the execution and delivery of this Agreement and the expiration or other termination of this Agreement. 

  
 23 

 11.7 Successors and Assigns. The provisions of this Agreement and the other
Loan Documents shall inure to the benefit of and be binding on Borrower and its permitted assigns (if any). Borrower shall not assign its obligations under this Agreement, the Notes or any of the other Loan Documents without Lender’s express
prior written consent, and any such attempted assignment shall be void and of no effect. Lender may assign, transfer, or endorse its rights hereunder and under the other Loan Documents without prior notice to Borrower, and all of such rights shall
inure to the benefit of Lender’s successors and assigns. 
 11.8 Governing Law. This Agreement, the Notes
and the other Loan Documents have been negotiated and delivered to Lender in the State of California, and shall have been accepted by Lender in the State of California. Payment to Lender by Borrower of the Secured Obligations is due in the State of
California. This Agreement, the Notes and the other Loan Documents shall be governed by, and construed and enforced in accordance with, the laws of the State of California, excluding conflict of laws principles that would cause the application of
laws of any other jurisdiction. 
 11.9 Consent to Jurisdiction and Venue. All judicial proceedings (to the
extent that the reference requirement of Section 11.10 is not applicable) arising in or under or related to this Agreement, the Notes or any of the other Loan Documents may be brought in any state or federal court located in the State of
California. By execution and delivery of this Agreement, each party hereto generally and unconditionally: (a) consents to nonexclusive personal jurisdiction in Santa Clara County, State of California; (b) waives any objection as to
jurisdiction or venue in Santa Clara County, State of California; (c) agrees not to assert any defense based on lack of jurisdiction or venue in the aforesaid courts; and (d) irrevocably agrees to be bound by any judgment rendered thereby
in connection with this Agreement, the Notes or the other Loan Documents. Service of process on any party hereto in any action arising out of or relating to this Agreement shall be effective if given in accordance with the requirements for notice
set forth in Section 11.2, and shall be deemed effective and received as set forth in Section 11.2. Nothing herein shall affect the right to serve process in any other manner permitted by law or shall limit the right of either party to
bring proceedings in the courts of any other jurisdiction. 
 11.10 Mutual Waiver of Jury Trial / Judicial
Reference. 
 (a) Because disputes arising in connection with complex financial transactions are most quickly and
economically resolved by an experienced and expert person and the parties wish applicable state and federal laws to apply (rather than arbitration rules), the parties desire that their disputes be resolved by a judge applying such applicable laws.
EACH OF BORROWER AND LENDER SPECIFICALLY WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY OF ANY CAUSE OF ACTION, CLAIM, CROSS-CLAIM, COUNTERCLAIM, THIRD PARTY CLAIM OR ANY OTHER CLAIM (COLLECTIVELY, “CLAIMS”) ASSERTED BY BORROWER AGAINST
LENDER OR ITS ASSIGNEE OR BY LENDER OR ITS ASSIGNEE AGAINST BORROWER. This waiver extends to all such Claims, including Claims that involve Persons other than 

  
 24 

 
Borrower and Lender; Claims that arise out of or are in any way connected to the relationship between Borrower and Lender; and any Claims for damages, breach of contract, tort, specific
performance, or any equitable or legal relief of any kind, arising out of this Agreement, any other Loan Document. 
 (b) If the waiver of jury trial set forth in Section 11.10(a) is ineffective or unenforceable, the parties agree that all Claims shall be resolved by reference to a private judge sitting without a
jury, pursuant to Code of Civil Procedure Section 638, before a mutually acceptable referee or, if the parties cannot agree, a referee selected by the Presiding Judge of the Santa Clara County, California. Such proceeding shall be conducted in
Santa Clara County, California, with California rules of evidence and discovery applicable to such proceeding. 

(c) In the event Claims are to be resolved by judicial reference, either party may seek from a court identified in
Section 11.9, any prejudgment order, writ or other relief and have such prejudgment order, writ or other relief enforced to the fullest extent permitted by law notwithstanding that all Claims are otherwise subject to resolution by judicial
reference. 
 11.11 Professional Fees. Borrower promises to pay Lender’s fees and expenses necessary to
finalize the loan documentation, including but not limited to reasonable attorneys fees, UCC searches, filing costs, and other miscellaneous expenses. In addition, Borrower promises to pay any and all reasonable attorneys’ and other
professionals’ fees and expenses (including fees and expenses of in-house counsel) incurred by Lender after the Closing Date in connection with or related to: (a) the Loan; (b) the administration, collection, or enforcement of the
Loan; (c) the amendment or modification of the Loan Documents; (d) any waiver, consent, release, or termination under the Loan Documents; (e) the protection, preservation, sale, lease, liquidation, or disposition of Collateral or the
exercise of remedies with respect to the Collateral; (f) any legal, litigation, administrative, arbitration, or out of court proceeding in connection with or related to Borrower or the Collateral, and any appeal or review thereof; and
(g) any bankruptcy, restructuring, reorganization, assignment for the benefit of creditors, workout, foreclosure, or other action related to Borrower, the Collateral, the Loan Documents, including representing Lender in any adversary proceeding
or contested matter commenced or continued by or on behalf of Borrower’s estate, and any appeal or review thereof. 
 11.12 Confidentiality. Lender acknowledges that certain items of Collateral and information provided to Lender by Borrower are confidential and proprietary information of Borrower, if and to the extent
such information either (x) is marked as confidential by Borrower at the time of disclosure, or (y) should reasonably be understood to be confidential (the “Confidential Information”). Accordingly, Lender agrees that any
Confidential Information it may obtain in the course of acquiring, administering, or perfecting Lender’s security interest in the Collateral shall not be disclosed to any other person or entity in any manner whatsoever, in whole or in part,
without the prior written consent of Borrower, except that Lender may disclose any such information: (a) to its own directors, officers, employees, accountants, counsel and other professional advisors and to

  
 25 

 
its affiliates if Lender in its sole discretion determines that any such party should have access to such information in connection with such party’s responsibilities in connection with the
Loan or this Agreement and, provided that such recipient of such Confidential Information either (i) agrees to be bound by the confidentiality provisions of this paragraph or (ii) is otherwise subject to confidentiality restrictions that
reasonably protect against the disclosure of Confidential Information; (b) if such information is otherwise generally available to the public through no fault of Lender; (c) if required or appropriate in any report, statement or testimony
submitted to any governmental authority having or claiming to have jurisdiction over Lender; (d) if required or appropriate in response to any summons or subpoena or in connection with any litigation, to the extent permitted or deemed advisable
by Lender’s counsel; (e) to comply with any legal requirement or law applicable to Lender; (f) to the extent reasonably necessary in connection with the exercise of any right or remedy under any Loan Document, including Lender’s
sale, lease, or other disposition of Collateral after default; (g) to any participant or assignee of Lender or any prospective participant or assignee; provided, that such participant or assignee or prospective participant or assignee agrees in
writing to be bound by this Section prior to disclosure; or (h) otherwise with the prior consent of Borrower; provided, that any disclosure made in violation of this Agreement shall not affect the obligations of Borrower or any of its
affiliates or any guarantor under this Agreement or the other Loan Documents. 
 11.13 Assignment of Rights.
Borrower acknowledges and understands that Lender may sell and assign all or part of its interest hereunder and under the Note(s) and Loan Documents to any person or entity (an “Assignee”). After such assignment the term “Lender”
as used in the Loan Documents shall mean and include such Assignee, and such Assignee shall be vested with all rights, powers and remedies of Lender hereunder with respect to the interest so assigned; but with respect to any such interest not so
transferred, Lender shall retain all rights, powers and remedies hereby given. No such assignment by Lender shall relieve Borrower of any of its obligations hereunder. Lender agrees that in the event of any transfer by it of the Note(s), it will
endorse thereon a notation as to the portion of the principal of the Note(s), which shall have been paid at the time of such transfer and as to the date to which interest shall have been last paid thereon. 

11.14 Revival of Secured Obligations. This Agreement and the Loan Documents shall remain in full force and effect and
continue to be effective if any petition is filed by or against Borrower for liquidation or reorganization, if Borrower becomes insolvent or makes an assignment for the benefit of creditors, if a receiver or trustee is appointed for all or any
significant part of Borrower’s assets, or if any payment or transfer of Collateral is recovered from Lender. The Loan Documents and the Secured Obligations and Collateral security shall continue to be effective, or shall be revived or
reinstated, as the case may be, if at any time payment and performance of the Secured Obligations or any transfer of Collateral to Lender, or any part thereof is rescinded, avoided or avoidable, reduced in amount, or must otherwise be restored or
returned by, or is recovered from, Lender or by any obligee of the Secured Obligations, whether as a “voidable preference,” “fraudulent conveyance,” or otherwise, all as though such payment, performance, or transfer of Collateral
had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, avoided, avoidable, restored, returned, or recovered, the Loan 

  
 26 

 
Documents and the Secured Obligations shall be deemed, without any further action or documentation, to have been revived and reinstated except to the extent of the full, final, and indefeasible
payment to Lender in Cash. 
 11.15 Counterparts. This Agreement and any amendments, waivers, consents or
supplements hereto may be executed in any number of counterparts, and by different parties hereto in separate counterparts, each of which when so delivered shall be deemed an original, but all of which counterparts shall constitute but one and the
same instrument. 
 11.16 No Third Party Beneficiaries. No provisions of the Loan Documents are intended, nor
will be interpreted, to provide or create any third-party beneficiary rights or any other rights of any kind in any person other than Lender and Borrower unless specifically provided otherwise herein, and, except as otherwise so provided, all
provisions of the Loan Documents will be personal and solely between the Lender and the Borrower. 
 11.17
Publicity. Lender may use Borrower’s name and logo, and include a brief description of the relationship between Borrower and Lender, in Lender’s marketing materials. 

11.18 Joint and Several Liability. Each of Parent and the Joined Subsidiaries is accepting joint and several liability
hereunder and under the other Loan Documents in consideration of the financial accommodations to be provided by Lender under this Agreement, for the mutual benefit, directly and indirectly, of each of Parent and the Joined Subsidiaries and in
consideration of their undertakings to accept joint and several liability for the Secured Obligations. Each of Parent and the Joined Subsidiaries, jointly and severally, hereby irrevocably, absolutely and unconditionally accepts, not merely as a
surety but also as a co-debtor, joint and several liability with respect to the payment and performance of all of the Secured Obligations (including, without limitation, any Secured Obligations arising under this Section 11.18), it being
the intention of Parent and the Joined Subsidiaries that all the Secured Obligations shall be the joint and several obligations of Parent and the Joined Subsidiaries without preferences or distinction among them. If and to the extent that any of
Parent or the Joined Subsidiaries shall fail to make any payment with respect to any of the Secured Obligations as and when due or to perform any of the Secured Obligations in accordance with the terms thereof, then in each such event, the other
Persons composing Borrower will make such payment with respect to, or perform, such Secured Obligation. Each of Parent and the Joined Subsidiaries hereby agrees that it will not enforce any of its rights of contribution or subrogation against any
other Persons composing Borrower with respect to any liability incurred by it hereunder or under any of the other Loan Documents, any payments made by it to Lender with respect to any of the Secured Obligations or any collateral security therefor
until such time as all of the Secured Obligations have been paid in full in cash. Any claim which any of Parent or the Joined Subsidiaries may have against any other Persons composing Borrower with respect to any payments to Lender hereunder or
under any other Loan Documents are hereby expressly made subordinate and junior in right of payment, without limitation as to any increases in the Secured Obligations arising hereunder or thereunder, to the prior payment in full in cash of the
Secured Obligations and, in the event of any insolvency, bankruptcy, 

  
 27 

 
receivership, liquidation, reorganization or other similar proceeding under the laws of any jurisdiction relating to any of Parent or the Joined Subsidiaries, their respective debt or assets,
whether voluntary or involuntary, all such Secured Obligations shall be paid in full in cash before any payment or distribution of any character, whether in cash, securities or other property, shall be made to any other Persons composing Borrower
therefor. 
 11.19 Administrative Borrower. Each of the Joined Subsidiaries irrevocably appoints Parent as the
borrowing agent and attorney-in-fact for all Persons composing Borrower which appointment shall remain in full force and effect unless and until Lender shall have received prior written notice signed by each of the Joined Subsidiaries that such
appointment has been revoked and that another Person has been so appointed. 
 (SIGNATURES TO FOLLOW) 

  
 28 

 IN WITNESS WHEREOF, Borrower and Lender have duly executed and delivered this Loan and
Security Agreement as of the day and year first above written. 
  

			
	BORROWER:
	
	 ENPHASE ENERGY, INC.,
 a Delaware corporation

		
	By:	 	 /s/ Sanjeev Kumar

	Name:	 	Sanjeev Kumar
	Title:	 	Chief Financial Officer

 Accepted in Palo Alto, California: 

 

			
	LENDER:
	
	 HERCULES TECHNOLOGY
 GROWTH CAPITAL, INC.,
 a Maryland corporation

		
	By:	 	 /s/ K. Nicholas Martitsch

	Name:	 	K. Nicholas Martitsch
	Its:	 	Associate General Counsel

 Table of Exhibits and Schedules 

 

			
	Exhibit A:	  	Advance Request
		  	Attachment to Advance Request
		
	Exhibit B:	  	Term Note
		
	Exhibit C:	  	Name, Locations, and Other Information for Borrower
		
	Exhibit D:	  	Compliance Certificate
		
	Exhibit E:	  	Joinder Agreement
		
	Exhibit F:	  	ACH Debit Authorization Agreement
		
	Schedule 1	  	Subsidiaries
	Schedule 1A	  	Existing Permitted Indebtedness
	Schedule 1B	  	Existing Permitted Investments
	Schedule 5.3	  	Consents, Etc.
	Schedule 5.5	  	Actions Before Governmental Authorities
	Schedule 5.8	  	Tax Matters
	Schedule 5.9	  	Intellectual Property Claims
	Schedule 5.10	  	Intellectual Property
	Schedule 5.14	  	Capitalization

 EXHIBIT A 
 ADVANCE REQUEST 
  

									
	To:	  	Lender:	  		 	Date:	  	[    ] [    ], 2011
				
		  	 Hercules Technology Growth Capital, Inc.
 400 Hamilton Avenue, Suite 310
 Palo Alto, CA 94301

Facsimile: 
 Attn:
	 		  	

 Enphase Energy, Inc. (“Borrower”) hereby requests from Hercules Technology Growth Capital, Inc.
(“Lender”) an Advance in the amount of [    ] Dollars ($[    ],000,000) on [    ] [    ], 2011 (the “Advance Date”) pursuant to the Loan and Security
Agreement between Borrower and Lender (the “Agreement”). Capitalized words and other terms used but not otherwise defined herein are used with the same meanings as defined in the Agreement. 

Please: 
  

			
	(a)	  	Issue a check payable to
Borrower                                       
     
		
		  	 or

		
	(b)	  	Wire Funds to Borrower’s
account                                        
    

  

					
	Bank:	  	  
	  	
	Address:	  	  
	  	
		  	  
	  	
	ABA Number:	  	  
	  	
	Account Number:	  	  
	  	
	Account Name:	  	  
	  	

 Borrower represents that the conditions precedent to the Advance set forth in the Agreement are satisfied
and shall be satisfied upon the making of such Advance, including but not limited to: (i) that no event that has had or could reasonably be expected to have a Material Adverse Effect has occurred and is continuing; (ii) that the
representations and warranties set forth in the Agreement and in the Warrant are and shall be true and correct in all material respects on and as of the Advance Date with the same effect as though made on and as of such date, except to the extent
such representations and warranties expressly relate to an earlier date; (iii) that Borrower is in compliance with all the terms and provisions set forth in each Loan Document on its part to be observed or performed; and (iv) that as of
the Advance Date, no fact or condition exists that would (or would, with the passage of time, the giving of notice, or both) constitute an Event of Default under the Loan Documents. Borrower understands and acknowledges that Lender has the right to
review the financial information supporting this representation and, based upon such review in its sole discretion, Lender may decline to fund the requested Advance. 

 Borrower hereby represents that Borrower’s corporate status and locations have not
changed since the date of the Agreement or, if the Attachment to this Advance Request is completed, are as set forth in the Attachment to this Advance Request. 
 To secure the prompt payment by Borrower of all amounts from time to time outstanding under the Agreement, and the performance by Borrower of all the terms contained in the Agreement, Borrower grants
Lender, a first priority security interest in each item of equipment and other property described in Annex A hereto, which equipment and other property shall be deemed to be additional Financed Equipment and Collateral. The Agreement is
hereby incorporated by reference herein and is hereby ratified, approved and confirmed. 
 Borrower agrees to notify Lender
promptly before the funding of the Loan if any of the matters which have been represented above shall not be true and correct on the Borrowing Date and if Lender has received no such notice before the Advance Date then the statements set forth above
shall be deemed to have been made and shall be deemed to be true and correct as of the Advance Date. 
 [Remainder of page
intentionally left blank; signature page follows] 

 Executed as of
                    , 201[  ]. 
  

			
	BORROWER:
	
	ENPHASE ENERGY, INC.

 
			
		
	SIGNATURE:	 	  

 

			
	TITLE:	 	  

 

			
	PRINT NAME:	 	  

 ATTACHMENT TO ADVANCE REQUEST 

Dated:                     

 Borrower hereby represents and warrants to Lender that Borrower’s current name and organizational status is as follows: 

 

			
	Name:	  	Enphase Energy, Inc.
		
	Type of organization:	  	Corporation
		
	State of organization:	  	Delaware
		
	Organization file number:	  	4118583

 Borrower hereby represents and warrants to Lender that the street addresses, cities, states and postal codes of its
current locations are as follows: 

 Annex A to Advance Request 

The Financed Equipment being financed with the Advance which this Advance Request is being executed is listed below (such list may be
re-formatted as a spreadsheet). Upon the funding of such Advance, this schedule and the property described below automatically shall be deemed to be a part of the Collateral. 
 FINANCED EQUIPMENT 
 Description of Equipment 

Make 
 Serial # (if applicable) 

Quantity 
 PO # 

Invoice Date 
 Invoice # 

Cost 
 Location 

Title holder 
 TOTAL COST: 

 EXHIBIT B 
 SECURED TERM PROMISSORY NOTE 
  

					
	$[    ],000,000	  		  	Advance Date: [    ] [    ], 20[    ]
			
		  		  	Maturity Date: July 1, 2014

 FOR VALUE RECEIVED, ENPHASE ENERGY, INC., a Delaware corporation (“Parent”) and each of
Parent’s other subsidiaries joined to the Loan Agreement (“Joined Subsidiaries”, together with Parent hereinafter collectively referred to as the “Borrower”) hereby promise to pay to the order of Hercules Technology Growth
Capital, Inc., a Maryland corporation or the holder of this Note (the “Lender”) at 400 Hamilton Avenue, Suite 310, Palo Alto, CA 94301 or such other place of payment as the holder of this Secured Term Promissory Note (this “Promissory
Note”) may specify from time to time in writing, in lawful money of the United States of America, the principal amount of [    ] Million Dollars ($[    ],000,000) or such other principal amount as Lender
has advanced to Borrower, together with interest at a floating rate equal to the Interest Rate (as defined in the Credit Agreement (as defined below)) per annum based upon a year consisting of 360 days, with interest computed daily based on the
actual number of days in each month. 
 This Promissory Note is the Note referred to in, and is executed and delivered in
connection with, that certain Loan and Security Agreement dated June 13, 2011, by and between Borrower and Lender (as the same may from time to time be amended, modified or supplemented in accordance with its terms, the “Loan
Agreement”), and is entitled to the benefit and security of the Loan Agreement and the other Loan Documents (as defined in the Loan Agreement), to which reference is made for a statement of all of the terms and conditions thereof. All payments
shall be made in accordance with the Loan Agreement. All terms defined in the Loan Agreement shall have the same definitions when used herein, unless otherwise defined herein. An Event of Default under the Loan Agreement shall constitute a default
under this Promissory Note. 
 Borrower waives presentment and demand for payment, notice of dishonor, protest and notice of
protest under the UCC or any applicable law. Borrower agrees to make all payments under this Promissory Note without setoff, recoupment or deduction and regardless of any counterclaim or defense. This Promissory Note has been negotiated and
delivered to Lender and is payable in the State of California. This Promissory Note shall be governed by and construed and enforced in accordance with, the laws of the State of California, excluding any conflicts of law rules or principles that
would cause the application of the laws of any other jurisdiction. 
 [Remainder of page intentionally left blank; signature page
follows] 

			
	BORROWER FOR ITSELF AND	 	
	ON BEHALF OF ITS SUBSIDIARIES:	 	ENPHASE ENERGY, INC.

  

			
	Signature:	 	  

	Print Name:	 	  

	Title:	 	  

 EXHIBIT C 
 NAME, LOCATIONS, AND OTHER INFORMATION FOR BORROWER 
 1. Borrower
represents and warrants to Lender that Borrower’s current name and organizational status as of the Closing Date is as follows: 
  

			
	Name:	  	Enphase Energy, Inc.
		
	Type of organization:	  	Corporation
		
	State of organization:	  	Delaware
		
	Organization file number:	  	4118583
	
	Borrower’s fiscal year ends on December 31
	
	Borrower’s federal employer tax identification number is: 20-4645388

 2. Borrower represents and warrants to Lender that for five (5) years prior to the Closing Date,
Borrower did not do business under any other name or organization or form except the following: 
 Name: PVI Solutions, Inc.

 Used during dates of:  March 2006 - July 2007 

Type of organization:  Corporation 
 State of organization:   Delaware 
 Organization file
number:        4118583 
 3. Borrower represents and warrants to Lender that its chief
executive office is located at 201 First Street, Suite 100, Petaluma, CA 94952. 

 EXHIBIT D 
 COMPLIANCE CERTIFICATE 
 Hercules Technology Growth Capital, Inc. 

400 Hamilton Avenue, Suite 310 
 Palo Alto, CA
94301 
 Reference is made to that certain Loan and Security Agreement dated June 13, 2011 and all ancillary documents
entered into in connection with such Loan and Security Agreement all as may be amended from time to time, (hereinafter referred to collectively as the “Loan Agreement”) between Hercules Technology Growth Capital, Inc.
(“Hercules”) as Lender and Enphase Energy, Inc. (with each of the Joined Subsidiaries, the “Company”) as Borrower. All capitalized terms not defined herein shall have the same meaning as defined in the Loan Agreement. 

The undersigned is an Officer of the Company, knowledgeable of all Company financial matters, and is authorized to provide certification
of information regarding the Company; hereby certifies that in accordance with the terms and conditions of the Loan Agreement, the Company is in compliance for the period ending
             of all covenants, conditions and terms and hereby reaffirms that all representations and warranties contained therein are true and correct on and as of the date of this
Compliance Certificate with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, after giving effect in all cases to any standard(s) of materiality
contained in the Loan Agreement as to such representations and warranties. Attached are the required documents supporting the above certification. The undersigned further certifies that these are prepared in accordance with GAAP (except for the
absence of footnotes with respect to unaudited financial statement and subject to normal year end adjustments) and are consistent from one period to the next except as explained below. 

 

					
	REPORTING REQUIREMENT	  	REQUIRED	  	CHECK IF ATTACHED
			
	Interim Financial Statements	  	Monthly within 30 days (45 days for the last month in any fiscal quarter)	  	
			
	Interim Financial Statements	  	Quarterly within 45 days	  	
			
	Audited Financial Statements	  	FYE within 180 days	  	

  

					
	Very Truly Yours,
		
		 	 ENPHASE ENERGY, INC.,

as Borrower

 
					
			
		 	 Signature:
	 	  

		 	 Print Name:
	 	  

		 	 Title:
	 	  

 EXHIBIT E 
 FORM OF JOINDER AGREEMENT 
 This Joinder Agreement (the “Joinder
Agreement”) is made and dated as of [            ], 20[    ], and is entered into by and
between                    ., a              corporation
(“Subsidiary”), and HERCULES TECHNOLOGY GROWTH CAPITAL, INC., a Maryland corporation, as a Lender. 
 RECITALS

 A. Subsidiary’s affiliate, Enphase Energy, Inc. (“Company”) has entered into that certain Loan and
Security Agreement dated June 13, 2011, with Lender, as such agreement may be amended (the “Loan Agreement”), together with the other agreements executed and delivered in connection therewith; 

B. Subsidiary acknowledges and agrees that it will benefit both directly and indirectly from Company’s execution of the Loan
Agreement and the other agreements executed and delivered in connection therewith; 
 AGREEMENT 

NOW THEREFORE, Subsidiary and Lender agree as follows: 
  

	1.	The recitals set forth above are incorporated into and made part of this Joinder Agreement. Capitalized terms not defined herein shall have the meaning provided in the
Loan Agreement. 

  

	2.	By signing this Joinder Agreement, Subsidiary shall be bound by the terms and conditions of the Loan Agreement the same as if it were the Borrower (as defined in the
Loan Agreement) under the Loan Agreement, mutatis mutandis, provided however, that Lender shall have no duties, responsibilities or obligations to Subsidiary arising under or related to the Loan Agreement or the other agreements executed and
delivered in connection therewith. Rather, to the extent that Lender has any duties, responsibilities or obligations arising under or related to the Loan Agreement or the other agreements executed and delivered in connection therewith, those duties,
responsibilities or obligations shall flow only to Company and not to Subsidiary or any other person or entity. By way of example (and not an exclusive list): (a) Lender’s providing notice to Company in accordance with the Loan Agreement
or as otherwise agreed between Company and Lender shall be deemed provided to Subsidiary; (b) a Lender’s providing an Advance to Company shall be deemed an Advance to Subsidiary; and (c) Subsidiary shall have no right to request an
Advance or make any other demand on Lender. 

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 [SIGNATURE PAGE TO JOINDER AGREEMENT] 

 

					
	SUBSIDIARY:
		
	  
	 	.

  

					
	     By:	 		 	
	     Name:	 		 	
	     Title:	 		 	
			
	     Address:	 		 	
		
	     Telephone:	 	  

	     Facsimile:	 	  

  

					
	 HERCULES TECHNOLOGY GROWTH
 CAPITAL, INC.,
 a Maryland corporation
	 	
			
	By:	 	  
	 	
	Name:	 	K. Nicholas Martitsch	 	
	Its:	 	Associate General Counsel	 	
		
	Address:	 	
	400 Hamilton Ave., Suite 310	 	
	Palo Alto, CA 94301	 	
	Facsimile: 	 	
	Telephone: 	 	

 EXHIBIT F 
 ACH DEBIT AUTHORIZATION AGREEMENT 
 Hercules Technology Growth Capital, Inc. 

400 Hamilton Avenue, Suite 310 
 Palo Alto, CA
94301 
 Re: Loan and Security Agreement dated June 13, 2011 between Enphase Energy, Inc. 

(the “Borrower”) and Hercules Technology Growth Capital, Inc. (“Company”) (the “Agreement”) 

In connection with the above referenced Agreement, the Borrower hereby authorizes the Company to initiate debit entries for the periodic payments due
under the Agreement to the Borrower’s account indicated below. The Borrower authorizes the depository institution named below to debit to such account. 
  

			
	DEPOSITORY NAME	  	BRANCH
		
	CITY	  	STATE AND ZIP CODE
		
	TRANSIT/ABA NUMBER	  	ACCOUNT NUMBER

 This authority will remain in full force and effect so long as any amounts are due under the Agreement. 

 

	
	  

	(Borrower)(Please Print)

  

			
	By:	 	  

		
	Date:	 	  

 [Signature Page to ACH Debit Authorization Agreement] 

 Schedule 1 
 Subsidiaries 
 Enphase Energy SAS (organized under the laws of France) 

Enphase Energy SRL (organized under the laws of Italy) 
 Enphase Energy New Zealand Limited (organized under the laws of New Zealand) 

 Schedule 1A 
 Permitted Indebtedness 
 Indebtedness to Atel Ventures, Inc. in an aggregate principal
amount outstanding on the Closing Date of approximately $120,000 pursuant to that certain Master Loan and Security Agreement No. ENPHX, dated as of December 15, 2008, and any and all Loan Schedules, exhibits, riders and supplements thereto, and
which is secured by the equipment financed with the proceeds thereof. 
 Indebtedness under the AEL Financial Lease Agreement, dated as of
September 2008, in an aggregate principal amount outstanding on the Closing Date of approximately $21,000, and which is secured by the equipment financed with the proceeds thereof. 
 Indebtedness under two leases with GE Capital, dated as of August 2008, totaling approximately $3,000 on the Closing Date. 
 Indebtedness under three leases with Wells Fargo, dated between April 2008 and February 2010, totaling approximately $5,000 on the Closing Date. 
 Indebtedness not to exceed $25.0 million (none of which is outstanding on the Closing Date) under that certain Amended and Restated Loan and Security Agreement, dated as of March 24, 2011, by and
among Enphase Energy, Inc., Bridge Bank, National Association, and Comerica Bank, and which is secured by a blanket lien on Borrower’s assets. 
 Indebtedness not to exceed $12.0 million (approximately $8.4 million of which is outstanding as of the Closing Date) under that certain Amended and Restated Venture Loan and Security Agreement, dated as
of March 25, 2011, by and between Horizon Technology Finance Corporation, Horizon Credit LLC and Enphase Energy, Inc., and which is secured by a blanket lien on Borrower’s assets. 
 Indebtedness to Oracle Credit Corporation and its affiliates in an aggregate principal amount of approximately $275,000 outstanding as of the Closing Date under that certain Term License Lease Schedule
No. 42667, dated February 28, 2011, Payment Plan Agreement, dated February 28, 2011, and any other related documents entered into in connection with the foregoing. 

 Schedule 1B 
 Permitted Investments 
 Investments consisting of capital stock of the subsidiaries
disclosed on Schedule 1 and Schedule 5.14. 

 Schedule 5.3 
 Consents 
 The Consent Letters (as defined in Section 1.1) . 

 Schedule 5.5 
 Actions, Suits or Proceedings 
 None 

 Schedule 5.8 
 Tax Matters 
 None. 

 Schedule 5.9 
 Intellectual Property Claims 
 None. 

 Schedule 5.10 
 Intellectual Property 
 None. 

 Schedule 5.14 
 Capitalization 

			
	Enphase Energy, Inc.	  	See Attached.
		
	Enphase Energy SAS	  	Authorized: 3,500 shares of Common
		  	Issued and Outstanding: 3,500 shares of Common
		
	Enphase Energy SRL	  	Authorized: 35,000 Euro Nominal Shares
		  	Issued and Outstanding: 35,000 Euro Nominal Shares
	
	Enphase Energy New Zealand Limited
		  	Authorized: 100 shares of Common
		  	Issued and Outstanding: 100 shares of Common

 Enphase Energy, Inc. 

Fully Diluted Capitalization Table - Summary 
 As of 05/18/2011 
  

									
	 	  	CSE
Shares*	 	 	Total
Fully
Diluted
Shares	 
	 COMMON STOCK (Authorized: 308,000,000)
	  				 			
	 Issued and Outstanding
	  	 	8,344,784	  	 	 	8,344,784	  
			
	 PREFERRED STOCK (Authorized: 213,912,542)
	  				 			
	 SERIES A Preferred Stock (Authorized: 1,875,000)
	  	 	2,298,753	  	 			
	 SERIES B Preferred Stock (Authorized: 9,672,442)
	  	 	18,358,296	  	 			
	 SERIES C Preferred Stock (Authorized: 12,065,100)
	  	 	29,353,159	  	 			
	 SERIES D Preferred Stock (Authorized: 115,300,000)
	  	 	111,071,231	  	 			
	 SERIES E Preferred Stock (Authorized: 75,000,000)
	  	 	67,471,300	  	 	 	228,552,739	  
		  	  
	  
	 	 			
			
	 WARRANTS
	  				 			
	 COMMON Stock
	  	 	100,000	  	 			
	 SERIES C Stock
	  	 	251,400	  	 			
	 SERIES E Stock
	  	 	1,470,588	  	 	 	1,821,988	  
		  	  
	  
	 	 			
			
	 2006 Plan (Reserved: 68,400,797)
	  				 			
	 Shares Issuable Under Plan:
	  				 			
	 Options and SPRs Issued and Outstanding
	  	 	56,551,700	  	 			
	 Options and SPRs Committed for Issuance
	  	 	0	  	 			
	 Shares Remaining for Issuance Under Plan
	  	 	8,794,313	  	 	 	65,346,013	  
		  	  
	  
	 	 			
			
	 Reserved in Plan
	  	 	68,400,797	  	 			
	 less: Options Exercised
	  	 	(2,102,784	) 	 			
	 less: SPRs Exercised
	  	 	(952,000	) 	 			
		  	  
	  
	 	 			
		  	 	65,346,013	  	 			
		  	  
	  
	 	 			
	 NON PLAN SPRS
	  				 			
	 Common Stock
	  	 	0	  	 	 	0	  
		  				 	  
	  
	 
			
	 Total shares issued & outstanding, including shares committed for issuance and employee reserves, assuming conversion
of all convertible securities and exercise of all outstanding options
	  				 	 	304,065,524	  
		  				 	  
	  
	 

 Footnote(s): 
  

			
	CSE Shares*	  	Common Stock Equivalent (CSE) shares reflects the Common Stock issuable for the security type (option, stock, warrant, CPN) after the appropriate conversion ratio is applied to
each individual outstanding security for the applicable security type, using standard rounding.

 

 

  
 Page 1 of 2

 Enphase Energy, Inc. 

Fully Diluted Capitalization Table - Summary 
 As of 05/18/2011 
 Fully-Diluted Ownership 

 

									
	 	  	Number of Shares	 	  	Percent (%)	 
	 Common Stock
	  	 	8,344,784	  	  	 	2.74	  
	 SERIES A Preferred Stock
	  	 	2,298,753	  	  	 	0.76	  
	 SERIES B Preferred Stock
	  	 	18,358,296	  	  	 	6.04	  
	 SERIES C Preferred Stock
	  	 	29,353,159	  	  	 	9.65	  
	 SERIES D Preferred Stock
	  	 	111,071,231	  	  	 	36.53	  
	 SERIES E Preferred Stock
	  	 	67,471,300	  	  	 	22.19	  
	 COMMON Warrants
	  	 	100,000	  	  	 	0.03	  
	 SERIES C Warrants
	  	 	251,400	  	  	 	0.08	  
	 SERIES E Warrants
	  	 	1,470,588	  	  	 	0.48	  
	 Options and SPRs issued and outstanding under plan - 2006 Plan
	  	 	56,551,700	  	  	 	18.60	  
	 Committed for Issuance - 2006 Plan
	  	 	0	  	  	 	0.00	  
	 Unissued Reserve - 2006 Plan
	  	 	8,794,313	  	  	 	2.89	  
	 Non Plan Common SPR
	  	 	0	  	  	 	0.00	  
		  	  
	  
	 	  	  
	  
	 
	 TOTAL
	  	 	304,065,524	  	  	 	100.00	  

 

 

  
 Page 2 of 2

 EXECUTION VERSION 

AMENDMENT NO. 1 
 TO 
 LOAN AND SECURITY AGREEMENT 

THIS AMENDMENT NO. 1 TO LOAN AND
SECURITY AGREEMENT (this “Amendment”) is entered into this 20th day of June, 2011 by and between ENPHASE ENERGY,
INC., a Delaware corporation (“Parent”), and each of Parent’s subsidiaries joined thereto (the “Joined Subsidiaries”; the Joined
Subsidiaries and Parent are hereinafter referred to collectively as the “Borrower”), and HERCULES TECHNOLOGY GROWTH CAPITAL,
INC., a Maryland corporation (the “Lender”). Capitalized terms used herein without definition shall have the same meanings given them in the Loan Agreement (as defined below). 

RECITALS 
 A. The Borrower and the Lender have entered into that certain Loan and Security Agreement dated as of June 13, 2011 (as amended, restated, supplemented or otherwise modified from time to
time, the “Loan Agreement”), pursuant to which the Lender has agreed to extend and make available to the Borrower certain extensions of credit. 
 B. The Borrower and the Lender have agreed to amend the Loan Agreement upon the terms and conditions more fully set forth herein. 

AGREEMENT 
 NOW, THEREFORE, in consideration of the foregoing Recitals and intending to be legally bound, the parties hereto agree as follows: 
 1. AMENDMENTS. 
 1.1 Section 1.1 (Definitions).
Section 1.1 of the Loan Agreement is hereby amended in the following respects: 
 (a) Section 1.1 of the
Loan Agreement is hereby amended by deleting the definition of “Investors’ Subordination Agreement” in its entirety therefrom. 
 (b) Section 1.1 of the Loan Agreement is hereby amended by inserting the following new definition therein in alphabetical order: 

“Convertible Lenders” has the meaning given to it in the definition of “Investors’ Indebtedness”.

 “First Amendment Effective Date” means the “Effective Date” as defined in Amendment No. 1
to Loan and Security Agreement, dated as of June 20, 2011, by and between Borrower and Lender. 

“KPCB” has the meaning given to it in the definition of “Investors’ Indebtedness”. 

 “Subordinated Loan Agreement” has the meaning given to it in the
definition of “Investors’ Indebtedness”. 
 (c)     Section 1.1 of the Loan
Agreement is hereby amended by amending and restating the following definitions in their entirety as follows: 

“Investors’ Indebtedness” means the Indebtedness of Borrower in favor of the Investors in an original
aggregate principal amount not to exceed $50,000,000 pursuant to that certain Subordinated Convertible Loan Facility and Security Agreement, dated as of June 14, 2011 (together, with the other ancillary and collateral security documents entered into
by Borrower in connection therewith, the “Subordinated Loan Agreement”), by and among Borrower, the lenders from time to time parties thereto or other Persons who from time to time may become parties thereto (collectively, the
“Convertible Lenders”), and KPCB Holdings, Inc., as nominee, in its capacity as agent for itself as a Convertible Lender and the other Convertible Lenders (in such capacity, “KPCB”), as the same may be amended, restated,
supplemented or otherwise modified from time to time; provided, that, prior to the indefeasible payment in full of all Secured Obligations (in an aggregate principal amount not to exceed $5,000,000), any amendment, restatement, refinancing,
supplement or other modification of the Subordinated Loan Agreement that (i) shortens the fixed date component of the Maturity Date definition in the Subordinated Loan Agreement from three (3) years after the effective date of the Subordinated Loan
Agreement, or (ii) creates or provides for the scheduling of regular cash payments of principal or interest or requires any prepayment of the obligations of Borrower under the Subordinated Loan Agreement, other than payment in full upon the Maturity
Date (as such term is defined in the Subordinated Loan Agreement) (for the avoidance of doubt, the foregoing shall not affect KPCB’s ability to effect remedies, in each case, as provided for in the Subordinated Loan Agreement as in effect on
the First Amendment Effective Date), in each case, shall be approved in advance in writing by Lender in its sole discretion. 
 “Maturity Date” means June 1, 2014. 
 “Release
Letters” means letters from each of the Incumbent Lenders and KPCB, in its capacity as agent for the Convertible Lenders, pursuant to which each of the Incumbent Lenders and KPCB, on behalf of the Convertible Lenders, agrees to release any
interest in the Financed Equipment, in each case, in form and substance acceptable to Lender. 
 1.2    
Section 2.1 (Loan). Section 2.1(d) of the Loan Agreement is hereby amended by replacing the number “25” with the number “24” in the fourth line of such section. 

1.3     Section 7.5 (Indebtedness). Section 7.5 of the Loan Agreement is hereby amended by replacing
the phrase “subject to the Investors Subordination Agreement” with the following phrase: “so long as any such prepayment of the Investors’ Indebtedness is expressly required by the terms and provisions of the Subordinated Loan
Agreement as in effect on the First Amendment Effective Date or as such agreement is amended in accordance with this Agreement”. 

  
 2 

 1.4     Exhibit B (Form of Secured Term Promissory Note). Exhibit
B attached to the Loan Agreement is hereby amended by replacing the date of “July 1, 2014”, which appears immediately following the phrase “Maturity Date:” in the upper right-hand corner of such Exhibit, with the date of
“June 1, 2014”. 
 2.     BORROWER’S
REPRESENTATIONS AND WARRANTIES. The Borrower represents and warrants that: 

(a) immediately upon giving effect to this Amendment (i) the representations and warranties contained in the Loan Documents are
true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (ii) no Event of Default
has occurred and is continuing; 
 (b) The Borrower has the corporate power and authority to execute and deliver this
Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment; 
 (c) the certificate
or articles of incorporation, bylaws and other organizational documents of the Borrower delivered to the Lender on the Closing Date remain true, accurate and complete and have not been amended, restated, supplemented or otherwise modified and
continue to be in full force and effect; 
 (d) the execution and delivery by the Borrower of this Amendment and the
performance by the Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized by all necessary corporate action on the part of the Borrower; 

(e) this Amendment has been duly executed and delivered by the Borrower and is the binding obligation of the Borrower, enforceable
against it in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting
creditors’ rights generally; and 
 (f) as of the date hereof, the Borrower has no defenses against the obligations
to pay any amounts under the Obligations. The Borrower acknowledges that the Lender has acted in good faith and has conducted in a commercially reasonable manner its relationships with the Borrower in connection with this Amendment and in connection
with the Loan Documents. 
 The Borrower understands and acknowledges that the Lender is entering into this Amendment in
reliance upon, and in partial consideration for, the above representations and warranties, and agrees that such reliance is reasonable and appropriate. 
 3.     LIMITATION. The amendments set forth in this Amendment shall be limited precisely as written and shall not be deemed (a) to be a waiver or modification of
any other term or condition of the Loan Agreement or of any other instrument or agreement referred to therein or to prejudice any right or remedy which the Lender may now have or may have in the future under or in connection with the Loan Agreement
or any instrument or agreement referred to 

  
 3 

 
therein; or (b) to be a consent to any future amendment or modification or waiver to any instrument or agreement the execution and delivery of which is consented to hereby, or to any waiver of
any of the provisions thereof. Except as expressly amended hereby, the Loan Agreement shall continue in full force and effect. 

4. EFFECTIVENESS. This Amendment shall become effective upon the satisfaction of all of the
following conditions precedent in form and substance satisfactory to the Lender (the “Effective Date”): 

4.1 Amendment. The Lender shall have received duly executed counterparts of this Amendment signed by the parties hereto.

 4.2 Release Letter. The Lender shall have received a duly executed Release Letter from KPCB signed by the parties
thereto. 
 5. EXPENSES. The Borrower agrees to pay the Lender’s costs
and expenses (including the fees and expenses of the Lender’s counsel, advisors and consultants) accrued and incurred in connection with the transactions contemplated by this Amendment in an amount not to exceed $7,500 without Borrower’s
consent, and all other Lender expenses (including the fees and expenses of Lender’s counsel, advisors and consultants) payable in accordance with Section 11.11 of the Loan Agreement. 

6. COUNTERPARTS. This Amendment may be signed originally or by facsimile or other means of
electronic transmission in any number of counterparts, and by different parties hereto in separate counterparts, with the same effect as if the signatures to each such counterpart were upon a single instrument. All counterparts shall be deemed an
original of this Amendment. 
 7. INTEGRATION. This Amendment and any documents
executed in connection herewith or pursuant hereto contain the entire agreement between the parties with respect to the subject matter hereof and supersede all prior agreements, understandings, offers and negotiations, oral or written, with respect
thereto and no extrinsic evidence whatsoever may be introduced in any judicial or arbitration proceeding, if any, involving this Amendment; except that any financing statements or other agreements or instruments filed by the Lender with respect to
the Borrower shall remain in full force and effect. 
 8. GOVERNING LAW;
VENUE. THIS AMENDMENT SHALL BE GOVERNED BY AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA. The Borrower and the Lender each submit to the exclusive jurisdiction of the State and Federal
courts in Santa Clara County, California. 
 [Remainder of page intentionally left blank; signature page follows] 

  
 4 

 IN WITNESS WHEREOF, the
parties have duly authorized and caused this Amendment to be executed as of the date first written above. 
 BORROWER: 

 

			
	ENPHASE ENERGY, INC.
		
	By:	 	/s/ Sanjeev Kumar
	Name:	 	Sanjeev Kumar
	Title:	 	CFO

 LENDER: 
  

			
	 HERCULES TECHNOLOGY GROWTH
 CAPITAL, INC.

		
	By:	 	 
	Name:	 	K. Nicholas Martitsch
	Title:	 	Associate General Counsel

 [Signature Page to Amendment No. 1 to Loan and Security Agreement] 

 IN WITNESS WHEREOF, the
parties have duly authorized and caused this Amendment to be executed as of the date first written above. 
 BORROWER: 

 

			
	ENPHASE ENERGY, INC.
		
	By:	 	 
	Name:	 	  

	Title:	 	  

 LENDER: 
  

			
	 HERCULES TECHNOLOGY GROWTH
 CAPITAL, INC.

		
	By:	 	/s/ K. Nicholas Martitsch
	Name:	 	K. Nicholas Martitsch
	Title:	 	Associate General Counsel

 [Signature Page to Amendment No. 1 to Loan and Security Agreement] 

 AMENDMENT NO. 2 

TO 
 LOAN
AND SECURITY AGREEMENT 
 THIS AMENDMENT NO. 2 TO
LOAN AND SECURITY AGREEMENT (this “Amendment”) is entered into this 14th day of November, 2011 (the “Second Amendment Effective Date”) by and between
ENPHASE ENERGY, INC., a Delaware corporation (“Parent”), and each of Parent’s subsidiaries joined thereto (the “Joined Subsidiaries”; the Joined Subsidiaries
and Parent are hereinafter referred to collectively as the “Borrower”), and HERCULES TECHNOLOGY GROWTH CAPITAL, INC., a Maryland corporation (the
“Lender”). Capitalized terms used herein without definition shall have the same meanings given them in the Loan Agreement (as defined below). 
 RECITALS 
 A. The Borrower and the Lender have
entered into that certain Loan and Security Agreement dated as of June 13, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”), pursuant to which the Lender has agreed to
extend and make available to the Borrower certain extensions of credit. 
 B. The Borrower and the Investors (as defined
in the Loan Agreement) intend to enter into an Amended and Restated Subordinated Convertible Loan Facility and Security Agreement (the “Amended Subordinated Loan Agreement”) pursuant to which the size of the loan facility pursuant
to such agreement will be increased and in connection therewith the Borrower and the Lender have agreed to amend the Loan Agreement upon the terms and conditions more fully set forth herein. 

AGREEMENT 
 NOW, THEREFORE, in consideration of the foregoing Recitals and intending to be legally bound, the parties hereto agree as follows: 
 1. AMENDMENTS. 
 1.1
Section 1.1 (Definitions). Section 1.1 of the Loan Agreement is hereby amended by amending and restating the following definitions in their entirety as follows: 

“Investors’ Indebtedness” means the Indebtedness of Borrower in favor of the Investors in an original
aggregate principal amount not to exceed $80,000,000 pursuant to that certain Amended and Restated Subordinated Convertible Loan Facility and Security Agreement, dated as of November 16, 2011 (together, with the other ancillary and collateral
security documents entered into by Borrower in connection therewith, the “Subordinated Loan Agreement”), by and among Borrower, the lenders from time to time parties thereto or other Persons who from time to time may become parties thereto
(collectively, the “Convertible Lenders”), and KPCB Holdings, Inc., as nominee, in its capacity as agent for itself as a Convertible Lender and the other Convertible Lenders (in such capacity, “KPCB”), as the same may be amended,
restated, supplemented or otherwise modified from time to time; provided, that, prior to the indefeasible payment in full of all Secured Obligations (in an aggregate principal amount not to exceed $5,000,000), any amendment, restatement,
refinancing, supplement or other modification of the Subordinated Loan Agreement that (i) shortens the fixed date component of the Maturity Date definition in the Subordinated Loan Agreement from June 14, 2014, or (ii) creates or
provides for the scheduling of regular cash payments of principal or interest or requires 

 
any prepayment of the obligations of Borrower under the Subordinated Loan Agreement, other than payment in full upon the Maturity Date (as such term is defined in the Subordinated Loan Agreement)
(for the avoidance of doubt, the foregoing shall not affect KPCB’s ability to effect remedies, in each case, as provided for in the Subordinated Loan Agreement as in effect on the Second Amendment Effective Date), in each case, shall be
approved in advance in writing by Lender in its sole discretion.” 
 2.
BORROWER’S REPRESENTATIONS AND WARRANTIES. The Borrower represents and warrants that: 

(a) immediately upon giving effect to this Amendment (i) the representations and warranties contained in the
Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and
(ii) no Event of Default has occurred and is continuing; 
 (b) the Borrower has the corporate power
and authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment; 
 (c) the certificate or articles of incorporation, bylaws and other organizational documents of the Borrower previously delivered to the Lender remain true, accurate and complete and have not been
amended, restated, supplemented or otherwise modified and continue to be in full force and effect; 
 (d)
the execution and delivery by the Borrower of this Amendment and the performance by the Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized by all necessary corporate action on the part
of the Borrower; 
 (e) this Amendment has been duly executed and delivered by the Borrower and is the
binding obligation of the Borrower, enforceable against it in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and
equitable principles relating to or affecting creditors’ rights generally; and 
 (f) as of the date
hereof, the Borrower has no defenses against the obligations to pay any amounts under the Obligations. The Borrower acknowledges that the Lender has acted in good faith and has conducted in a commercially reasonable manner its relationships with the
Borrower in connection with this Amendment and in connection with the Loan Documents. 
 The Borrower understands
and acknowledges that the Lender is entering into this Amendment in reliance upon, and in partial consideration for, the above representations and warranties, and agrees that such reliance is reasonable and appropriate. 

3. LIMITATION. The amendments set forth in this Amendment shall be limited precisely as
written and shall not be deemed (a) to be a waiver or modification of any other term or condition of the Loan Agreement or of any other instrument or agreement referred to therein or to prejudice any right or remedy which the Lender may now
have or may have in the future under or in connection with the Loan Agreement or any instrument or agreement referred to therein; or (b) to be a consent to any future amendment or modification or waiver to any instrument or agreement the
execution and delivery of which is consented to hereby, or to any waiver of any of the provisions thereof. Except as expressly amended hereby, the Loan Agreement shall continue in full force and effect. 

  
 2 

 4. EFFECTIVENESS. This Amendment shall become
effective upon the satisfaction of all of the following conditions precedent in form and substance satisfactory to the Lender (the “Effective Date”): 

4.1 Amendment. The Lender shall have received duly executed counterparts of this Amendment signed by the parties
hereto. 
 4.2 Amended Subordinated Loan Agreement. The Borrower and the Investors shall have entered into
the Amended Subordinated Loan Agreement. 
 5. EXPENSES. The Borrower agrees to pay
the Lender’s costs and expenses (including the fees and expenses of the Lender’s counsel, advisors and consultants) accrued and incurred in connection with the transactions contemplated by this Amendment in an amount not to exceed [$2,000]
without Borrower’s consent, and all other Lender expenses (including the fees and expenses of Lender’s counsel, advisors and consultants) payable in accordance with Section 11.11 of the Loan Agreement. 

6. COUNTERPARTS. This Amendment may be signed originally or by facsimile or other means of
electronic transmission in any number of counterparts, and by different parties hereto in separate counterparts, with the same effect as if the signatures to each such counterpart were upon a single instrument. All counterparts shall be deemed an
original of this Amendment. 
 7. INTEGRATION. This Amendment and any documents
executed in connection herewith or pursuant hereto contain the entire agreement between the parties with respect to the subject matter hereof and supersede all prior agreements, understandings, offers and negotiations, oral or written, with respect
thereto and no extrinsic evidence whatsoever may be introduced in any judicial or arbitration proceeding, if any, involving this Amendment; except that any financing statements or other agreements or instruments filed by the Lender with respect to
the Borrower shall remain in full force and effect. 
 8. GOVERNING LAW;
VENUE. THIS AMENDMENT SHALL BE GOVERNED BY AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA. The Borrower and the Lender each submit to the exclusive jurisdiction of the
State and Federal courts in Santa Clara County, California. 
 [Remainder of page intentionally left blank; signature page
follows] 

  
 3 

 IN WITNESS WHEREOF, the
parties have duly authorized and caused this Amendment to be executed as of the date first written above. 
  

			
	BORROWER:
	
	ENPHASE ENERGY, INC.
		
	By:	 	/s/ Sanjeev Kumar
	Name:	 	 
	Title:	 	 
	
	LENDER:
	
	HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
		
	By:	 	/s/ K. Nicholas Martitsch
	Name:	 	K. Nicholas Martitsch
	Title:	 	Associate General Counsel

  
 [Signature
Page to Amendment No. 2 to Loan and Security Agreement] 

 Execution Version 

AMENDMENT NO. 3 
 TO 
 LOAN AND SECURITY AGREEMENT 

THIS AMENDMENT NO. 3 TO LOAN AND
SECURITY AGREEMENT (this “Amendment”) is entered into this 30th day of December, 2011 by and between ENPHASE ENERGY,
INC., a Delaware corporation (“Borrower”), and HERCULES TECHNOLOGY GROWTH CAPITAL, INC., a
Maryland corporation (the “Lender”). Capitalized terms used herein without definition shall have the same meanings given them in the Loan Agreement (as defined below). 

RECITALS 
 A. The Borrower and the Lender have entered into that certain Loan and Security Agreement dated as of June 13, 2011, as amended by that certain Amendment No. 1, dated as of June 20,
2011, and that certain Amendment No. 2, dated as of November 14, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”), pursuant to which the Lender has agreed to extend
and make available to the Borrower certain extensions of credit. 
 B. The Borrower and the Lender have agreed to amend
the Loan Agreement upon the terms and conditions more fully set forth herein. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing Recitals and intending to be legally bound, the parties hereto agree as follows:

 1. AMENDMENTS. 
 1.1 Section 1.1 (Definitions). Section 1.1 of the Loan Agreement is hereby amended by amending and restating clause (ii) of the definition of Permitted Indebtedness in its
entirety as follows: 
 “(ii) Indebtedness existing on December 30, 2011 which is disclosed in Schedule
1A;” 
 1.2 Schedule 1A (Permitted Indebtedness). Schedule 1A attached to the Loan Agreement is
hereby replaced with Schedule 1A attached hereto. 
 2. BORROWER’S
REPRESENTATIONS AND WARRANTIES. The Borrower represents and warrants that: 
 (a) immediately upon giving effect to this Amendment (i) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the
date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (ii) no Event of Default has occurred and is continuing; 

 (b) The Borrower has the corporate power and authority to execute and
deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment; 

(c) the certificate or articles of incorporation, bylaws and other organizational documents of the Borrower
delivered to the Lender on the Closing Date remain true, accurate and complete and have not been amended, restated, supplemented or otherwise modified and continue to be in full force and effect; 

(d) the execution and delivery by the Borrower of this Amendment and the performance by the Borrower of its
obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized by all necessary corporate action on the part of the Borrower; 
 (e) this Amendment has been duly executed and delivered by the Borrower and is the binding obligation of the Borrower, enforceable against it in accordance with its terms, except as such
enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights generally; and 

(f) as of the date hereof, the Borrower has no defenses against the obligations to pay any amounts under the
Obligations. 
 The Borrower understands and acknowledges that the Lender is entering into this Amendment in
reliance upon, and in partial consideration for, the above representations and warranties, and agrees that such reliance is reasonable and appropriate. 
 3. LIMITATION. The amendments set forth in this Amendment shall be limited precisely as written and shall not be deemed (a) to be a waiver or modification of any other term or
condition of the Loan Agreement or of any other instrument or agreement referred to therein or to prejudice any right or remedy which the Lender may now have or may have in the future under or in connection with the Loan Agreement or any instrument
or agreement referred to therein; or (b) to be a consent to any future amendment or modification or waiver to any instrument or agreement the execution and delivery of which is consented to hereby, or to any waiver of any of the provisions
thereof. Except as expressly amended hereby, the Loan Agreement shall continue in full force and effect. 
 4.
EFFECTIVENESS. This Amendment shall become effective upon the satisfaction of all of the following conditions precedent in form and substance satisfactory to the Lender (the “Effective Date”): 

4.1 Amendment. The Lender shall have received duly executed counterparts of this Amendment signed by the parties
hereto. 
 5. EXPENSES. The Borrower agrees to pay the Lender’s costs and expenses (including the
fees and expenses of the Lender’s counsel, advisors and consultants) accrued and incurred in connection with the transactions contemplated by this Amendment, and all other 

  
 2 

 
Lender expenses (including the fees and expenses of Lender’s counsel, advisors and consultants) payable in accordance with Section 11.11 of the Loan Agreement. 

6. COUNTERPARTS. This Amendment may be signed originally or by facsimile or other means of electronic transmission
in any number of counterparts, and by different parties hereto in separate counterparts, with the same effect as if the signatures to each such counterpart were upon a single instrument. All counterparts shall be deemed an original of this
Amendment. 
 7. INTEGRATION. This Amendment and any documents executed in connection herewith or pursuant
hereto contain the entire agreement between the parties with respect to the subject matter hereof and supersede all prior agreements, understandings, offers and negotiations, oral or written, with respect thereto and no extrinsic evidence whatsoever
may be introduced in any judicial or arbitration proceeding, if any, involving this Amendment; except that any financing statements or other agreements or instruments filed by the Lender with respect to the Borrower shall remain in full force and
effect. 
 8. GOVERNING LAW; VENUE. THIS AMENDMENT SHALL BE GOVERNED BY AND
SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA. The Borrower and the Lender each submit to the exclusive jurisdiction of the State and Federal courts in Santa Clara County, California. 

[Remainder of page intentionally left blank; signature page follows] 

  
 3 

 IN WITNESS WHEREOF, the
parties have duly authorized and caused this Amendment to be executed as of the date first written above. 
  

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

			
	Name:	 	 

			
	Title:	 	 

  

			
	LENDER:
	
	HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
		
	By:	 	 
	Name:	 	K. Nicholas Martitsch
	Title:	 	Associate General Counsel

 [Signature Page to Amendment No. 3 to Loan and Security Agreement] 

 IN WITNESS WHEREOF, the
parties have duly authorized and caused this Amendment to be executed as of the date first written above. 
  

			
	BORROWER:
	
	ENPHASE ENERGY, INC.
		
	By:	 	 

			
	Name:	 	 

			
	Title:	 	 

  

			
	LENDER:
	
	HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
		
	By:	 	/s/ K. Nicholas Martitsch
	Name:	 	K. Nicholas Martitsch
	Title:	 	Associate General Counsel

 [Signature Page to Amendment No. 3 to Loan and Security Agreement] 

 Schedule 1A 
 Permitted Indebtedness 
 Indebtedness to Atel Ventures, Inc. in an aggregate principal
amount outstanding on the Effective Date of approximately $30,000 pursuant to that certain Master Loan and Security Agreement No. ENPHX, dated as of December 15, 2008, as amended from time to time, and any and all Loan Schedules, exhibits,
riders and supplements thereto, and which is secured by the equipment financed with the proceeds thereof. 
 Indebtedness under the AEL
Financial Lease Agreement, dated as of September 2008, in an aggregate principal amount outstanding on the Effective Date of approximately $8,000, and which is secured by the equipment financed with the proceeds thereof. 

Indebtedness not to exceed $33.0 million (none of which is outstanding on the Effective Date) under that certain Amended and Restated Loan and Security
Agreement, dated as of March 24, 2011, by and among Enphase Energy, Inc., Bridge Bank, National Association, and Comerica Bank, as amended from time to time, and which is secured by a blanket lien on Borrower’s assets. 

Indebtedness not to exceed $12.0 million (approximately $10.4 million of which is outstanding as of the Effective Date) under that certain Amended and
Restated Venture Loan and Security Agreement, dated as of March 25, 2011, by and between Horizon Technology Finance Corporation, Horizon Credit LLC and Enphase Energy, Inc., as amended from time to time, and which is secured by a blanket lien
on Borrower’s assets. 
 Indebtedness to Oracle Credit Corporation and its affiliates in an aggregate principal amount of approximately
$205,000 outstanding as of the Effective Date under that certain Term License Lease Schedule No. 42667, dated February 28, 2011, Payment Plan Agreement, dated February 28, 2011, in each case as amended from time to time, and any other
related documents entered into in connection with the foregoing.<![CDATA[Redwood Business Park NNN Lease, Enphase Energy, Inc. &  Sequoia Center LLC]]>

 Exhibit 10.14 
 REDWOOD BUSINESS PARK 
 NNN LEASE 

BASIC LEASE INFORMATION 
  

			
	DATE:	  	June 3, 2011
		
	LANDLORD:	  	 SEQUOIA CENTER LLC,
 a
California limited liability company

		
	LANDLORD’S ADDRESS:	  	 c/o Basin Street Properties

1383 N. McDowell Blvd. Suite 200
 Petaluma, CA
94954
 Attn: Property Management

		
	TENANT:	  	ENPHASE ENERGY, INC., a Delaware corporation
		
	TENANT’S ADDRESS:	  	
		
	 a.      Before Commencement Date:
	  	 201 First Street, Suite 213

Petaluma, CA 94952
 Attn: Paul
Nahi

		
	 b.      After Commencement Date:
	  	 1420 N. McDowell Blvd.

Petaluma, CA 94954
 Attn: Sanjeev Kumar,
CFO
  
 with a copy to:

 
 1420 N. McDowell Blvd.
 Petaluma, CA 94954
 Attn: Taylor Browning, General Counsel

		
	PREMISES:	  	The first floor of the Building, containing approximately 24,000 rentable square feet of space and excluding the common area lobby/stairwell providing access to the 2nd and 3rd floors of the Building.
		
	BUILDING:	  	The building commonly known as 1400 North McDowell Boulevard containing approximately 72,000 rentable square feet of space.
		
	PROJECT:	  	That certain three-building office complex located in Petaluma, California, including the Building and the neighboring buildings located at 1420 N. McDowell Boulevard and 5341 Old
Redwood Highway.
		
	TERM:	  	10 Years
		
	 a.      Commencement Date
	  	See Section 3.1.

  
 i 

			
		
	 b.      Estimated Commencement Date
	  	November 1, 2011
		
	BASE RENT:	  	
		
	 a.      Initial Monthly Base Rent
	  	$26,400.00
		
	 b.      Advanced Base Rent
(Paid Upon Lease Execution)
	  	$26,400.00
		
	 c.      Adjustment Date of Monthly Base Rent
	  	See Addendum
		
	INITIAL ESTIMATED MONTHLY ALLOCATION OF TAXES & OPERATING
EXPENSES FOR 2011:	  	$6,720.00 ($.28 per r.s.f. of the Premises).
		
	TENANT’S BUILDING PERCENTAGE SHARE:	  	Thirty three and one third percent (33 and 1/3%) (i.e., the rentable square footage of the Premises/the rentable square footage of the Building)
		
	SECURITY DEPOSIT:	  	None.
		
	PERMITTED USE:	  	For use as office and administrative space and research and development (including laboratory work and assembly of test equipment but excluding manufacturing), and for no other use
or purpose.
		
	PARKING SPACES:	  	Tenant shall have the right to use a minimum of 3.8 parking spaces per 1,000 rentable square feet of the Premises on a non-exclusive basis in the parking areas shown on Exhibit
A-2.
		
	REAL ESTATE BROKERS:	  	
		
	 a.      Landlord’s Broker:
	  	None.
		
	 b.      Tenant’s Broker:
	  	None.

 EXHIBITS AND ADDENDUM 
  

					
		 	 Exhibit A-1:
	  	Diagram of Premises
		 	 Exhibit A-2:
	  	Diagram of Project
		 	 Exhibit B:
	  	Work Letter Agreement
		 	 Exhibit C:
	  	 Commencement Date

Memorandum

		 	 Exhibit D:
	  	Rules and Regulations
		 	 Exhibit E:
	  	 Form Lease

Termination

  
 ii 

 REDWOOD BUSINESS PARK 

NNN LEASE 

THIS REDWOOD BUSINESS PARK NNN LEASE (this “Lease”) dated as of June 3, 2011, is entered into by and between
SEQUOIA CENTER LLC, a California limited liability company (“Landlord”), and ENPHASE ENERGY, INC., a Delaware corporation (“Tenant”). 
 1. Definitions. The following terms shall have the meanings set forth below: 
 1.1. Building. The term “Building” shall have the meaning set forth in the Basic Lease Information. 

1.2. Building Common Areas. The term “Building Common Areas” shall mean the areas and facilities within
the Building provided and designated by Landlord for the general use, convenience or benefit of Tenant and other tenants and occupants of the Building (e.g., common stairwells, stairways, hallways, shafts, elevators, restrooms, janitorial telephone
and electrical closets, pipes, ducts, conduits, wires and appurtenant fixtures servicing the Building). So long as Tenant is leasing the entire Building, the Building Common Areas shall be deemed part of the Premises. 

1.3. Commencement Date. The term “Commencement Date” shall have the meaning set forth in
Section 3.1, below. 
 1.4. Common Areas. The term “Common Areas” shall mean the Building
Common Areas and the Project Common Areas. 
 1.5. Premises. The term “Premises” shall have the
meaning set forth in the Basic Lease Information. 
 1.6. Project. The term “Project” shall have
the meaning set forth in the Basic Lease Information. 
 1.7. Project Common Areas. The term “Project
Common Areas” shall mean the areas and facilities within the Project provided and designated by Landlord for the general use, convenience or benefit of Tenant and other tenants and occupants of the Project (e.g., walkways, traffic aisles,
accessways, utilities and communications conduits and facilities). 
 1.8. Rentable Area. The term
“Rentable Area” shall mean the rentable area of the Premises, Building and Project as reasonably determined by Landlord. The parties agree that for all purposes under this Lease, the Rentable Area of the Premises, Building and Project
shall be deemed to be the number of rentable square feet identified in the Basic Lease Information. 
 1.9.
Tenant’s Building Percentage Share. The term “Tenant’s Building Percentage Share” shall mean the percentage specified in the Basic Lease Information. If the Rentable Area of the Premises or the Rentable Area of the
Building is changed, then Tenant’s Building Percentage Share shall be adjusted to a percentage equal to the Rentable Area of the Premises divided by the Rentable Area of the Building. 

1.10. Term. The term “Term” shall have the meaning set forth in the Basic Lease Information. 

2. Premises. 
 2.1. Demise. Landlord hereby leases to Tenant, and Tenant hereby leases from Landlord, for the Term, at the rent and upon the conditions set forth below, the Premises, together with the right in
common to use the Common Areas. 
 2.2. Condition Upon Delivery. Tenant acknowledges that it has had an
opportunity to thoroughly inspect the Premises and, subject to Landlord’s obligations under Section 9.2 and the Work Letter Agreement, Tenant accepts the Premises in its existing “as is” condition, with all faults and defects and
without any representation or warranty of any kind, express or implied; provided that Landlord hereby agrees to deliver the Premises to Tenant with 

  
 3 

 
all Building systems in good operating condition and repair, and in compliance with applicable laws, including, without limitation, the Americans With Disabilities Act. 

2.3. Reserved Rights. Landlord reserves the right to do the following from time to time: 

(a) Changes. Provided Landlord uses commercially reasonable efforts to minimize interference with Tenant’s
use, to install, use, maintain, repair, replace and relocate pipes, ducts, shafts, conduits, wires, appurtenant meters and mechanical, electrical and plumbing equipment and appurtenant facilities for service to other parts of the Building or Project
above the ceiling surfaces, below the floor surfaces and within the walls of the Premises and in the central core areas of the Building and in the Building Common Areas, and to install, use, maintain, repair, replace and relocate any pipes, ducts,
shafts, conduits, wires, appurtenant meters and mechanical, electrical and plumbing equipment and appurtenant facilities servicing the Premises, which are located either in the Premises or elsewhere outside of the Premises; 

(b) Boundary Changes. To change the boundary lines of the Project; 

(c) Facility Changes. Provided Landlord uses commercially reasonable efforts to minimize interference with
Tenant’s use, to alter or relocate the Common Areas or any facility within the Project; 
 (d)
Parking. To designate and/or redesignate specific parking spaces in the Project for the exclusive or non-exclusive use of specific tenants in the Project, provided the number of Tenant’s parking spaces is not diminished and Tenant
receives parking space locations at least as favorable as other tenants of the Project; 
 (e) Services.
To install, use maintain, repair, replace, restore or relocate public or private facilities for communications and utilities on or under the Building and/or Project, so long as such work does not require the relocation of and/or unreasonably
interfere with Tenant’s solar panels installed in accordance with this Lease. 
 (f) Other. Provided
Landlord uses commercially reasonable efforts to minimize interference with Tenant’s use, to perform such other acts and make such other changes in, to or with respect to the Common Areas, Building and/or Project as Landlord may reasonably deem
appropriate. 
 2.4. Work Letter Agreement. Landlord and Tenant shall each perform the work required to be
performed by it as described in the Work Letter Agreement attached hereto as Exhibit B. Landlord and Tenant shall each perform such work in accordance with the terms and conditions contained therein. 

3. Term. 
 3.1. Commencement Date. The Term shall be for the period of time specified in the Basic Lease Information unless sooner terminated as hereinafter provided. The Term shall commence on the date that
(i) a fully executed lease termination agreement, in the form attached hereto as Exhibit E, is delivered to Tenant for its lease of the space located at 201 First Street, Petaluma, CA, and (ii) the Premises are delivered to the Tenant in
“Substantially Completed” condition (as defined in the Work Letter Agreement), subject to adjustment for “Tenant Delays” as provided in the Work Letter Agreement (as so adjusted, the “Commencement Date”) and shall
continue thereafter in full force and effect for the period specified as the Term or until this Lease is terminated as otherwise provided herein. For purposes of this Lease, the first “Lease Year” shall mean the period commencing on the
Commencement Date and ending twelve (12) months thereafter, except that if the Commencement Date is other than the first day of a calendar month, the first “Lease Year” shall mean the period commencing on the Commencement Date and
ending on the last day of the twelfth (12th) full
calendar month after the Commencement Date. Thereafter, the term “Lease Year” shall mean a period equal to twelve (12) full calendar months. Delay in Delivery. If for any reason Landlord has not delivered to Tenant possession of the
Premises by the Estimated Commencement Date, this Lease shall remain in effect and Landlord shall not be liable to Tenant for any loss or damage resulting therefrom. Notwithstanding anything to the contrary contained in this Lease, if Landlord has
not delivered the Premises Substantially Completed to Tenant on or before the 120th day following the Estimated 

  
 4 

 
Commencement Date for any reason other than a Tenant Delay, then Tenant shall have the right to terminate this Lease at any time prior to the delivery of the Premises to Tenant in substantially
completed condition by written notice to Landlord, and upon such termination, Landlord shall return all sums theretofore deposited by Tenant with Landlord, and neither party shall have any further liability to the other. 

3.2. Commencement Date Memorandum. Following the Commencement Date, Landlord may prepare and deliver to Tenant a
commencement date memorandum (the “Commencement Date Memorandum”) in the form of Exhibit C, attached hereto, subject to such changes in the form as may be required to insure the accuracy thereof. The Commencement Date Memorandum shall
certify the date on which Landlord delivered possession of the Premises in the condition required by the Work Letter to Tenant and the dates upon which the Term commences and expires. Tenant’s failure to execute and deliver to Landlord the
Commencement Date Memorandum within five (5) business days after Tenant’s receipt of Landlord’s second request for the Commencement Date Memorandum shall be conclusive upon Tenant as to the matters set forth in the Commencement Date
Memorandum. 
 4. Rent. 
 4.1. Base Rent. For purposes of this Lease, the term “Rent” shall mean the Base Rent, Advanced Base Rent, all additional rent, and all of the other monetary obligations of Tenant under
this Lease. Upon execution of this Lease, Tenant shall pay to Landlord the Advanced Base Rent set forth in the Basic Lease Information. Tenant shall pay to Landlord the Base Rent specified in the Basic Lease Information, in advance, on or before the
first day of each and every successive calendar month following the Commencement Date. If the Term commences on a day other than the first day of a calendar month, the first payment of Base Rent shall be appropriately prorated on the basis of the
number of days in such calendar month. Tenant’s payment of any Advanced Base Rent shall be credited against Tenant’s obligation to pay Base Rent beginning as of the Commencement Date. If the Term expires on other than the last day of a
calendar month, the last payment of Base Rent shall be appropriately prorated based on the number of days in such calendar month. 
 4.2. Adjustments to Base Rent. The Base Rent shall be adjusted as provided in the Addendum attached hereto. 
 4.3. Additional Rent. Tenant shall pay, as additional rent, all amounts of money that Tenant is required to pay to Landlord under this Lease in addition to monthly Base Rent whether or not the same
is designated “additional rent.” Tenant shall pay to Landlord all additional rent upon Landlord’s written request or otherwise as provided in this Lease. 

4.4. Late Payment. Tenant acknowledges that late payment of Rent to Landlord will cause Landlord to incur costs not
contemplated by this Lease, the exact amount of which is extremely difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges, and late charges which may be imposed on Landlord by the terms of any trust
deed covering the Premises. Accordingly, if any installment of Rent or any other sums due from Tenant shall not be received by Landlord when due, Tenant shall pay to Landlord a late charge in an amount equal to five percent (5%) of such overdue
amount. The parties agree that such late charge represents a fair and reasonable estimate of the costs Landlord will incur by reason of late payment by Tenant. Acceptance of such late charge by Landlord shall not constitute a waiver of Tenant’s
default with respect to such overdue amount, nor prevent Landlord from exercising any of the other rights and remedies granted hereunder. Notwithstanding anything to the contrary contained in this Lease, once in any twelve month period , Landlord
shall waive such late payment fee if the required payment is made within five (5) days of Landlord’s notice. 
 4.5. Interest. In addition to the imposition of a late payment charge pursuant to Section 4.4 above, any Rent that is not paid when due shall bear interest from the date of Landlord’s
notice until paid at the rate that is the lesser of six percent (6%) per annum (the “Interest Rate”) or the maximum rate permitted by law. Payment of interest shall not excuse or cure any default hereunder by Tenant. 

4.6. Payment. All payments due from Tenant to Landlord hereunder shall be made to Landlord without deduction or
offset, in lawful money of the United States of America 

  
 5 

 
at Landlord’s address for notices hereunder, or to such other person or at such other place as Landlord may from time to time designate in writing to Tenant. 

5. Taxes. 
 5.1. Tenant’s Obligations. Commencing on the Commencement Date and on the first day of each calendar month thereafter during the term, Tenant shall pay to Landlord, as additional rent, one
twelfth (1/12) of Landlord’s estimate (subject to adjustment from time to time) of Tenant’s Building Percentage Share of Taxes during each year of the Term (prorated for any partial year during the Term). Landlord shall have the right
to allocate certain Taxes on the Project to one or more buildings in the Project to the extent Landlord determines that it is reasonable to do so. 
 5.2. Definition of Taxes; Proposition 13 Protection. The term “Taxes” shall include all transit charges, housing fund assessments, real estate taxes and all other taxes relating to the
Premises, Building and Project of every kind and nature whatsoever, including any supplemental real estate taxes attributable to any period during the Term; all taxes which may be levied in lieu of real estate taxes; and all assessments, assessment
bonds, levies, fees, penalties (if a result of Tenant’s delinquency) and other governmental charges (including, but not limited to, charges for parking, traffic and any storm drainage/flood control facilities, studies and improvements, water
and sewer service studies and improvements, and fire services studies and improvements); and all amounts necessary to be expended because of governmental orders, whether general or special, ordinary or extraordinary, unforeseen as well as foreseen,
of any kind and nature for public improvements, services, benefits or any other purpose, which are assessed, based upon the use or occupancy of the Premises, Building and/or Project, or levied, confirmed, imposed or become a lien upon the Premises,
Building and/or Project, or become payable during the Term, and which are attributable to any period within the Term. Notwithstanding anything to the contrary contained in this Lease, for the first three (3) years of the Term, fifty percent
(50%) of all increases in Taxes resulting from the sale of the Building shall be paid by Landlord and shall not be passed through to Tenant. Thereafter, Tenant shall be responsible for Tenant’s Building Percentage Share of all Taxes in
accordance with this Section 5. 
 5.3. Limitation. Nothing contained in this Lease shall require
Tenant to pay any franchise, estate, inheritance, succession or transfer tax of Landlord, or any income, profits or revenue tax or charge upon the net income of Landlord from all sources; provided, however, that if at any time during the Term under
the laws of the United States Government or the State of California, or any political subdivision thereof, a tax or excise on rent, or any other tax however described, is levied or assessed by any such political body against Landlord on account of
Rent, or any portion thereof, one hundred percent (100%) of any said tax or excise shall be included in the definition of Taxes and Tenant shall pay its proportionate share as additional rent. 

5.4. Installment Election. In the case of any Taxes which may be evidenced by improvement or other bonds or which
may be paid in annual or other periodic installments, Landlord shall elect to cause such bonds to be issued or such assessment to be paid in installments over the maximum period permitted by law. 

5.5. Estimate of Tenant’s Share of Taxes. Prior to the commencement of each calendar year during the Term, or
as soon thereafter as reasonably practicable, Landlord shall notify Tenant in writing of Landlord’s estimate of the amount of Taxes which will be payable by Tenant for the ensuing calendar year. On or before the first day of each month during
the ensuing calendar year, Tenant shall pay to Landlord in advance, together with Base Rent, one-twelfth (1/12th) of the estimated amount; provided, however, if Landlord fails to notify Tenant of the estimated amount of Tenant’s share of
Taxes for the ensuing calendar year prior to the end of the current calendar year, Tenant shall be required to continue to pay to Landlord each month in advance Tenant’s estimated share of Taxes on the basis of the amount due for the
immediately prior month until ten (10) days after Landlord notifies Tenant of the estimated amount of Tenant’s share of Taxes for the ensuing calendar year. If at any time it appears to Landlord that Tenant’s share of Taxes payable
for the current calendar year will vary from Landlord’s estimate, Landlord may give notice to Tenant of Landlord’s revised estimate for the year, and subsequent payments by Tenant for the year shall be based on the revised estimate.

 5.6. Annual Adjustment. Within one hundred twenty (120) days after the close of each calendar year
during the Term, or as soon after the one hundred twenty (120) day period 

  
 6 

 
as reasonably practicable, Landlord shall deliver to Tenant a statement of the adjustment to the Taxes for the prior calendar year. If, on the basis of the statement, Tenant owes an amount that
is less than the estimated payments for the prior calendar year previously made by Tenant, Landlord shall apply the excess to the next payment of Taxes due, or, if the Lease has ended, shall pay the excess to Tenant within thirty (30) days
after such determination, which shall not be unreasonably delayed. If, on the basis of the statement, Tenant owes an amount that is more than the amount of the estimated payments made by Tenant for the prior calendar year, Tenant shall pay the
deficiency to Landlord within thirty (30) days after delivery of the statement. The year-end statement shall be binding upon Tenant unless Tenant notifies Landlord in writing of any objection thereto within thirty (30) days after
Tenant’s receipt of the year end statement. In addition, if, after the end of any calendar year or any annual adjustment of Taxes for a calendar year, any Taxes are assessed or levied against the Premises, Building or Project that are
attributable to any period within the Term (e.g., supplemental taxes or escaped taxes), Landlord shall notify Tenant of its share of such additional Taxes and Tenant shall pay such amount to Landlord within thirty (30) days after
Landlord’s written request therefor. 
 5.7. Personal Property Taxes. Tenant shall pay or cause to be
paid, not less than ten (10) days prior to delinquency, any and all taxes and assessments levied upon all of Tenant’s trade fixtures, inventories and other personal property in, on or about the Premises. When possible, Tenant shall cause
Tenant’s personal property to be assessed and billed separately from the real or personal property of Landlord. On request by Landlord, Tenant shall furnish Landlord with satisfactory evidence of payment of Tenant’s business personal
property taxes and deliver copies of such business personal property tax bills to Landlord. 
 5.8. Taxes on
Tenant Improvements. Notwithstanding any other provision hereof, Tenant shall pay to Landlord the full amount of any increase in Taxes during the Term resulting from any and all alterations and tenant improvements of any kind whatsoever placed
in, on or about or made to the Premises, Building or Project for the benefit of, at the request of, or by Tenant. 
 6.
Operating Expenses. 
 6.1. Obligation to Pay Operating Expenses. Commencing on the
Commencement Date and on the first day of each calendar month thereafter during the Term, Tenant shall pay to Landlord, as additional rent, one twelfth (1/12) of Landlord’s estimate (subject to adjustment from time to time) of
Tenant’s Building Percentage Share of Operating Expenses attributable to the ownership, operation, repair and/or maintenance of the Building. Although most Operating Expenses for the Project shall be allocated among all Buildings in the Project
on a pro rata basis, Landlord has the right to allocate certain Operating Expenses incurred in connection with the ownership, operation, repair and/or maintenance of the Project to one or more particular buildings within the Project to the extent
that it is reasonable to do so based upon the nature of the expense. 
 6.2. Definition of Operating
Expenses. The term “Operating Expenses” shall include all expenses and costs of every kind and nature which Landlord shall pay or become obligated to pay because of or in connection with the ownership, operation, repair and/or
maintenance of the Building, Common Areas and/or Project and the supporting facilities, including, without limitation: (A) all maintenance, janitorial and security costs, (B) costs for all materials, supplies and equipment; (C) all
costs of water, heat, gas power, electricity, refuse collection, parking lot sweeping, landscaping, and other utilities and services provided or allocated to the Building and the Common Areas; (D) all reasonable property management expenses not
in excess of 3.5% of gross rents, including, without limitation, all property management fees and all expense and cost reimbursements, (E) all costs of alterations or improvements to the Building or Common Areas made to achieve compliance with
federal, state and local law including, without limitation, the Americans with Disabilities Act (42 U.S.C. Section 12101 et seq.), or to reduce Operating Expenses or improve the operating efficiency of the Building or the Project, all of which
costs will be amortized over the useful life of such alteration or improvement as reasonably determined by Landlord, together with interest upon the unamortized balance at the Interest Rate or such other higher rate as may have been paid by Landlord
on funds borrowed for the purpose of making the alterations or improvements; (F) commercially reasonable premiums for insurance maintained by Landlord pursuant to this Lease or with respect to the Building and the Project; (G) costs for
repairs, replacements, uninsured damage or commercially reasonable insurance deductibles and general maintenance of the 

  
 7 

 
Building, Common Areas and Project, but excluding any repairs or replacements paid for out of insurance proceeds or by other parties; (H) all costs incurred by Landlord for making any
capital improvements or structural repairs to the Building or the Common Areas, which costs will be amortized over the useful life of such improvement, repair or modification as reasonably determined by Landlord, together with interest upon the
unamortized balance at the Interest Rate or such other higher rate as may have been paid by Landlord on funds borrowed for the purpose of constructing the improvements or making the improvements or repairs; (I) all costs of maintaining
machinery, equipment and directional signage or other markers; and (J) the share allocable to the Building of dues and assessments payable under any reciprocal easement or common area maintenance agreements or declarations or by any owners
associations affecting the Building or the Project. Notwithstanding anything to the contrary contained in this Lease, Operating Expenses shall not include Taxes, or any of the following: 

 

	 	•	 	 Any “tenant allowances”, “tenant concessions” and other costs or expenses incurred in fixturing, furnishing, renovating or
otherwise improving, decorating or redecorating space for tenants or other occupants of the Project, or vacant leasable space in the Project. 

  

	 	•	 	 Depreciation; principal payments of mortgage and other non-operating debts of Landlord. 

 

	 	•	 	 Loan principal payments or interest expenses on long-term borrowings. 

 

	 	•	 	 Real estate brokerage and leasing commissions. 

  

	 	•	 	 Attorney’s fees and other expenses incurred in connection with negotiations or disputes with prospective tenants or tenants or other occupants of
the Building. 

  

	 	•	 	 The cost or expense of any services or benefits provided generally to other tenants in the Building and not provided or available to Tenant.

  

	 	•	 	 Advertising and promotional expenditures. 

  

	 	•	 	 The cost of any new item (not replacement or upgrading of an existing item) which, by generally accepted accounting principles, should be capitalized
(except as expressly permitted above). 

  

	 	•	 	 All costs associated with the operation of the business of the entity which constitutes “Landlord” (as distinguished from the costs of
operating, maintaining, repairing and managing the Building) including, but not limited to, Landlord’s or Landlord’s managing agent’s general corporate overhead and general administrative expenses. 

 

	 	•	 	 Any cost or expense related to removal, cleaning, abatement or remediation of Hazardous Materials existing as of the date of this Lease in or about the
Building, Common Areas or Project except to the extent such removal, cleaning, abatement or remediation is related to the general repair and maintenance. 

 

	 	•	 	 Any expenses for which Landlord has received actual reimbursement (other than through Operating Expenses or Taxes). 

 

	 	•	 	 Brokerage commissions, origination fees, points, mortgage recording taxes, title charges and other costs or fees incurred in connection with the
origination or closing of any financing or refinancing or transfer of the Building or Project. 

  

	 	•	 	 Costs incurred by Landlord for the repair of damage to the Building or Project, to the extent that Landlord is reimbursed for such costs by insurance
proceeds, condemnation proceeds, contractor warranties, guarantees, judgments or other third party sources. 

  

	 	•	 	 Sums (other than management fees, it being agreed that the management fees included in Operating Expenses are as described in Section 6.2 above)
paid to subsidiaries or other affiliates of Landlord for services on or to the Building and/or Premises, but only to the extent that the costs of such services exceed the competitive

  
 8 

	 	 
cost for such services rendered by persons or entities of similar skill, competence and experience. 

 

	 	•	 	 Fines, costs or penalties incurred as a result and to the extent of a violation by Landlord of any applicable Regulations.

  

	 	•	 	 The cost of operating any commercial concession which is operated by Landlord at the Building or Project. 

6.3. Less Than Full Occupancy. If the Building or the Project are less than ninety-five percent (95%) occupied
during any year of the Term, Operating Expenses for each such calendar year shall be adjusted to equal Landlord’s reasonable estimate of Operating Expenses as though ninety-five percent (95%) of the total rentable area of the Building
and/or the Project as applicable had been occupied. 
 6.4. Estimates of Operating Expenses. Tenant shall
pay its share of Operating Expenses based on Landlord’s estimate for the then-current calendar year. If at any time (but not more than twice in any given calendar year) it appears to Landlord that Tenant’s share of Operating Expenses
payable for the current calendar year will vary from Landlord’s estimate, Landlord may give notice to Tenant of Landlord’s revised estimate for the calendar year, and subsequent payments by Tenant for the calendar year shall be based on
the revised estimate. Within one hundred twenty (120) days after the close of each calendar year, or as soon after such 120-day period as practicable, Landlord shall deliver to Tenant a statement in reasonable detail of the actual amount of
Operating Expenses payable by Tenant for such calendar year. Landlord’s failure to provide such statement to Tenant within the 120-day period shall not act as a waiver and shall not excuse Tenant or Landlord from making the adjustments to
reflect actual costs as provided herein. If on the basis of such statement Tenant owes an amount that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit such excess against the next payment of
Operating Expenses due, or refund such excess in cash within thirty (30) days of such determination, if the Lease has terminated. If on the basis of such statement Tenant owes an amount that is more than the estimated payments for such calendar
year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of the statement. In addition, if, after the end of any calendar year or any annual adjustment of Operating Expenses for a
calendar year, Operating Expenses are incurred or billed to Landlord that are attributable to any period within the Term (e.g., sewer district flow fees), Landlord shall notify Tenant of its share of such additional Operating Expenses and Tenant
shall pay such amount to Landlord within thirty (30) days after Landlord’s written request therefor. The obligations of Landlord and Tenant under this Section 6.4 with respect to the reconciliation between the estimated and actual
amounts of Operating Expenses payable by Tenant for the last year of the Term shall survive the termination of this Lease. 
 6.5. Payment at End of Term. Any amount payable by Tenant which would not otherwise be due until after the termination of this Lease, shall, if the exact amount is uncertain at the time that this
Lease terminates, be paid by Tenant to Landlord upon such termination in an amount to be estimated by Landlord with an adjustment to be made once the exact amount is known. 

6.6. Right to Audit. Within 90 days after receipt of Landlord’s statement, Tenant shall have the right to
audit at Landlord’s local offices, at Tenant’s expense, Landlord’s accounts and records relating to Taxes and Operating Expenses. Such audit shall be conducted by a certified public accountant paid on a non-contingent basis and
approved by Landlord, which approval shall not be unreasonably withheld. If such audit reveals that Landlord has overcharged Tenant, the amount overcharged shall be paid to Tenant within thirty (30) days after the audit is concluded, together
with interest thereon at the Interest Rate, from the date the statement was delivered to Tenant until payment of the overcharge is made to Tenant. In addition, if Tenant was overcharged by more than 5%, the cost of the audit shall be paid by
Landlord. 
 7. Permitted Use. 

  
 9 

 7.1. Use and Compliance with Laws. The Premises shall be used and
occupied by Tenant solely for the Permitted Use set forth in the Basic Lease Information. Tenant shall, at Tenant’s expense, comply promptly with all applicable federal, state and local laws, regulations, ordinances, rules, orders, and
requirements (“Laws”) in effect during the Term relating to the condition, use or occupancy of the Premises; provided that nothing contained herein shall require Tenant, with respect to the Common Areas or the Premises, to comply
with Laws which require structural alterations, capital improvements or the installation of new or additional mechanical, electrical, plumbing or life safety systems on a Building-wide basis without reference to the specific use of the Premises or
Tenant’s Alterations. Tenant shall not use or permit the use of the Premises in any manner that will tend to create waste or a nuisance, or that unreasonably disturbs other tenants of the Building or Project, nor shall Tenant place or maintain
any signs, antennas, awnings, lighting or plumbing fixtures, loudspeakers, exterior decoration or similar devises on the Building or the Project or visible from the exterior of the Premises without Landlord’s prior written consent, which
consent may be withheld in Landlord’s sole discretion. Tenant shall not use any corridors, sidewalks, stairs, elevators or other areas outside of the Premises for storage or any purpose other than access to the Premises. Tenant shall not use,
keep or permit to be used or kept on the Premises any foul or noxious gas or substance, nor shall Tenant do or permit to be done anything in and about the Premises, either in connection with activities hereunder expressly permitted or otherwise,
which would cause an increase in premiums for or a cancellation of any policy of insurance (including fire insurance) maintained by Landlord in connection with the Premises, Building or Project or which would violate the terms of any covenants,
conditions or restrictions, the design guidelines, the sign guidelines affecting the Building or the land on which it is located, or the Rules (as the term is defined under Section 7.4.2 below). 

7.2. Signs. Tenant shall not attach or install any sign to or on any part of the outside of the Premises, the
Building or the Project, or in the halls, lobbies, windows or elevator banks of the Building without Landlord’s prior written consent, which consent shall not be unreasonably withheld. Any signage approved by Landlord shall be subject to prior
approval of and conformance with the requirements of the design review committee of the Project and the design review agency of the applicable city and/or county. Tenant, at its sole cost and expense, shall (i) maintain all permitted signage in
good condition and repair, and (ii) remove such signage upon expiration or earlier termination of this Lease and restore the Building and the Project to their condition existing immediately prior to the placement or erection of said sign or
signs in such a condition that no discoloration or other evidence of the prior sign appears on the Building where the sign previously was affixed. If Tenant fails to do so, Landlord may maintain, repair and/or remove such signage and restore the
Building and or Project to its original condition without notice to Tenant and at Tenant’s expense, the cost of which shall be payable by Tenant as additional rent. Landlord, at its sole cost and expense, shall install directory and monument
placards on the existing signage directory and monuments serving the Building, identifying Tenant as the occupant of the Building. Notwithstanding the foregoing, Tenant shall have the right to install, at its sole cost and expense, one
(1) exterior sign with its trade name on the façade of the Building. The design and specific location of the sign shall be subject to Landlord’s prior written consent, which shall not be unreasonably withheld. Tenant shall obtain
all required building permits and other authorizations from the City in which the Premises are located and all other agencies having jurisdiction over the Building. The sign shall comply with Landlord’s signage program for the Building and any
applicable codes, laws, ordinances, rules and regulations. Tenant shall maintain the sign in first class condition and repair, including repainting and replacing as reasonably necessary. Tenant shall remove the sign upon the expiration or earlier
termination of the Lease, shall repair any damage to the Building in connection therewith, and shall return the Building to its condition prior the installation of the sign. Without limiting the foregoing, Tenant shall repaint the Building as
necessary to eliminate any “ghosting” or visible outline of the sign’s former location following its removal. Landlord shall bear no cost or expense in connection with Tenant’s Façade sign, and Tenant shall indemnify,
defend (by counsel reasonably acceptable to Landlord) and hold harmless Landlord from any and all claims, demands, liability, damages, judgments, costs and expenses (including reasonable attorneys’ fees) that Landlord may suffer or incur as a
result or arising out of or related to the installation, use, operation, maintenance, replacement and/or removal of the sign. 
 7.3. Suitability. Tenant acknowledges that neither Landlord nor any agent of Landlord has made any representation or warranty with respect to the Premises or Building with respect to the
suitability or fitness of either for the conduct of Tenant’s business or for any other purpose. 

  
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 7.4. Use of Common Areas. 

7.4.1. Right to Use Common Areas. Landlord gives Tenant and its authorized employees, agents, customers,
representatives and invitees the nonexclusive right to use the Common Areas with others who are entitled to use the Common Areas, subject to Landlord’s rights as set forth in this Section 7.4. 

7.4.2. Rules. All Common Areas shall be subject to the exclusive control and management of Landlord and Landlord
shall have the right to establish, modify, amend and enforce reasonable rules and regulations with respect to the Common Areas. Tenant acknowledges receipt of a copy of the current rules and regulations (the “Rules”) attached hereto as
Exhibit D, and agrees that they may, from time to time, be modified or amended by Landlord in a commercially reasonable manner. Tenant agrees to abide by and conform with the Rules; to cause its concessionaires and its and their employees and agents
to abide by the Rules; and to use its best efforts to cause its customers, invitees and licensees to abide by the Rules. Notwithstanding anything to the contrary contained in this Lease or the Rules, in the event of a conflict in the provisions of
this Lease and the Rules, the provisions of this Lease shall prevail. 
 7.4.3. Use. Provided that
Landlord uses commercially reasonable efforts to minimize interference with Tenant’s use, Landlord shall have the right to close temporarily any portion of the Common Areas for the purpose of discouraging use by parties who are not tenants or
customers of tenants; to use portions of the Common Areas while engaged in making additional improvements or repairs or alterations to the Building or the Project; to use or permit the use of the Common Areas by others to whom Landlord may grant or
have granted such rights; and to do and perform such acts in, to, and with respect to, the Common Areas as in the use of good business judgment Landlord shall determine to be appropriate for the Project. 

7.4.4. Change in Common Areas. Landlord shall have the right to increase or reduce the Common Areas, provided the
Project meets the parking requirement under Section 7.6 below. 
 7.4.5. Recycling. Tenant shall
cooperate with Landlord and other tenants in the Project in recycling waste paper, cardboard or such other materials identified under any trash recycling program that may be established in order to reduce trash collection costs. 

7.5. Environmental Matters. 

7.5.1. Hazardous Materials. The term “Hazardous Materials” as used herein means any petroleum products,
asbestos, polychlorinated biphenyls, P.C.B.’s, or chemicals, compounds, materials, mixtures or substances that are now or hereafter defined or listed in, or otherwise classified as a “hazardous substance”, “hazardous
material”, “hazardous waste”, “extremely hazardous waste”, “infectious waste”, “toxic substance”, “toxic pollutant” or any other formulation intended to define, list or classify substances by
reason of deleterious properties such as ignitability, corrosivity, reactivity, carcinogenicity or toxicity pursuant to any federal, state or local environmental law, regulation, ordinance, resolution, order or decree relating to industrial hygiene,
environmental protection or the use, analysis, generation, manufacture, storage, release, disposal or transportation of the same (“Hazardous Materials Laws”). 

7.5.2. Tenant’s Covenants. Except for ordinary office supplies and janitorial cleaning materials which in
common business practice are customarily and lawfully used, stored and disposed of in small quantities, Tenant shall not use, manufacture, store, release, dispose or transport any Hazardous Materials in, on, under or about the Premises, the Building
or the Project without giving prior written notice to Landlord and obtaining Landlord’s prior written consent, which consent Landlord may withhold in its sole discretion. Tenant shall at its own expense procure, maintain in effect, and comply
with all conditions of any and all permits, licenses, and other governmental and regulatory approvals required in connection with Tenant’s generation, use, storage, disposal and transportation of Hazardous Materials. Except as discharged into
the sanitary sewer in strict accordance and conformity with all applicable Hazardous Materials Laws, Tenant shall cause any and all Hazardous Materials removed from the Premises to be removed and transported solely by duly licensed haulers to duly
licensed facilities for final disposal of such materials and wastes. Tenant shall not maintain or install in, 

  
 11 

 
on, under or about the Premises, the Building or the Project any above or below ground storage tanks, clarifiers or sumps, nor any wells for the monitoring of ground water, soils or subsoils.

 7.5.3. Notice. Tenant shall immediately notify Landlord in writing of: (a) any enforcement,
cleanup, removal or other governmental or regulatory action instituted, completed or threatened pursuant to any Hazardous Materials Law; (b) any claim made or threatened by any person or entity against Tenant or the Premises relating to damage,
contribution, cost, recovery, compensation, loss or injury resulting from or claimed to result from any Hazardous Materials; and (c) any reports, information, inquiries or demands made, ordered, or received by or on behalf of Tenant which arise
out of or in connection with the existence or potential existence of any Hazardous Materials in, on, under or about the Premises, the Building or the Project, including, without limitation, any complaints, notices, warnings, asserted violations, or
mandatory or voluntary informational filings with any governmental agency in connection therewith, and immediately supply Landlord with copies thereof. 
 7.5.4. Indemnity. Tenant shall indemnify, defend (by counsel reasonably acceptable to Landlord), protect and hold harmless Landlord, and each of Landlord’s officers, directors, partners,
employees, affiliates, joint venturers, members, trustees, owners, shareholders, principals, agents, representatives, lenders, successors and assigns, from and against any and all claims, liabilities, damages, fines, penalties, forfeitures, losses,
cleanup and remediation costs or expenses (including attorneys’ fees) or death of or injury to any person or damage to any property whatsoever, arising from or caused in whole or in part, directly or indirectly, by (i) the use, analysis,
generation, manufacture, storage, release, disposal, or transportation of Hazardous Materials by Tenant and Tenant’s agents, employees, contractors, licensees or invitees to, in, on, under, about or from the Premises, the Building or the
Project, or (ii) Tenant’s failure to comply with any Hazardous Materials Law. Tenant’s obligations hereunder shall include, without limitation, and whether foreseeable or unforeseeable, all costs of any required or necessary repair,
cleanup, detoxification or decontamination of the Premises, the Building, or the Project and the preparation and implementation of any closure, remedial action or other required plans in connection therewith, and shall survive the expiration or
earlier termination of this Lease. 
 7.5.5. Landlord’s Rights. Landlord shall have the right to
enter the Premises at all times upon reasonable prior notice of not less than twenty four (24) hours for the purposes of ascertaining compliance by Tenant with all applicable Hazardous Materials Laws; provided, however, that in the instance of
an emergency no notice shall be required. If Tenant fails to comply with any of the provisions under this Section 7.5, Landlord shall have the right (but not the obligation) to remove or otherwise cleanup any Hazardous Materials from the
Premises, the Building or the Project. In such case, the costs of any Hazardous Materials investigation, removal or other cleanup (including, without limitation, transportation, storage, disposal and attorneys’ fees and costs) will be
additional rent due under this Lease, whether or not a court has ordered the cleanup, and will become due and payable on demand by Landlord. 
 7.6. Parking. Landlord grants to Tenant and Tenant’s customers, suppliers, employees and invitees during the Term the right to use in the parking areas designated on Exhibit A-2 the number of
parking spaces stated in the Basic Lease Information on a non-exclusive basis for the use of motor vehicles, subject to rights reserved to Landlord as specified in this Section 7.6. Landlord reserves the right to grant similar nonexclusive
rights to other tenants so long as Tenant’s minimum parking ratio is maintained; to promulgate rules and regulations relating to the use of the including parking area; to make changes in the parking layout from time to time; and to do and
perform any other acts in and to these areas and improvements as Landlord determines to be advisable, provided Landlord uses commercially reasonable efforts to minimize interference with Tenant’s use. Tenant agrees not to overburden the parking
facilities and to abide by and conform with the rules and regulations and to cause its employees and agents to abide by and conform to the rules and regulations. Upon request, Tenant shall use reasonable efforts (i) to provide Landlord with
license plate numbers of all vehicles driven by its employees and (ii) to cause Tenant’s employees to park only in spaces specifically designated for tenant parking. Landlord shall have the unqualified right to rearrange or reduce the
number of parking spaces; provided, however, the ratio of the number of parking spaces available to Tenant will be no less than 3.8 spaces per 1,000 rentable square feet of the Premises. 

8. Services. 

  
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 8.1. Utilities and Services. Landlord shall (i) furnish the
Premises with electricity for lighting fixtures and office machines, water, heat and air conditioning, and (ii) provide daily janitorial service to the Building Common Areas on normal business days (except that if Tenant becomes the sole
occupant of the entire Building, then Tenant shall contract directly with a janitorial provider at Tenant’s sole cost for janitorial service for the Building). Tenant shall be responsible at its sole cost and expense for contracting directly
for janitorial services in the Premises. If Landlord reasonably determines that Tenant is using materially more electricity or water than a typical office tenant, then Landlord shall have the right, at Tenant’s sole cost and expense, to install
separate metering for all electricity and water to the Premises or, in the alternative, for any equipment exclusively serving the Premises other than normal desk-top equipment (i.e., server rooms, lab equipment, etc.). In addition, Tenant shall
reimburse Landlord within ten (10) days after Landlord’s written request for the cost of providing heat and air conditioning to the Premises in excess of that required for normal office use or during other than usual business hours (7:00
am to 6:00 pm, Monday through Friday, holidays excepted) and the cost of providing power to the Premises for other than normal desk-top office equipment (i.e., server rooms, lab equipment, etc.). 

8.2. No Liability. Landlord shall not be in default hereunder or be liable for any damages or personal injuries to
any person directly or indirectly resulting from, nor shall there be any Rent abatement by reason of, any interruption or curtailment whatsoever in utility services, unless Tenant’s use or occupancy of the Premises is substantially impaired by
an interruption or curtailment caused by Landlord for a period of more than five (5) consecutive business days, in which event Rent shall abate until such substantial impairment ceases. 

9. Maintenance and Repairs. 
 9.1. Tenant’s Repairs and Maintenance. Tenant shall, at Tenant’s expense, maintain the Premises in good order, condition and repair, including without limitation, (i) all interior
surfaces, ceilings, walls, door frames, window frames, floors, carpets, draperies, window coverings and fixtures, (ii) all windows, doors, locks and closing devices, entrances, plate glass, and signs, (iii) all phone lines, the portion of
the electrical system exclusively serving the Premises including wiring, equipment, switches, outlets and light bulbs, (iv) all of Tenant’s personal property, improvements and alterations, and (v) all other fixtures and special items
installed by or for the benefit of, or at the expense of Tenant. Tenant, at its expense, shall maintain in good operating condition and repair, all heating, ventilating, and air conditioning equipment exclusively serving the Premises, and the
portion of the plumbing system exclusively serving the Premises. Tenant shall keep in force a preventive maintenance contract with a qualified maintenance company acceptable to Landlord covering all heating, ventilating and air conditioning
equipment exclusively serving the Premises and shall annually provide Landlord with a copy of this contract. Tenant shall not enter onto the roof area of the Building, except for the purpose of installing, and maintaining the heating, ventilating,
and air conditioning equipment and solar panels permitted under the terms of this Lease. Tenant shall repair any damage to the roof area caused by its entry. 
 9.2. Landlord’s Repairs and Maintenance. Landlord shall keep in good condition and repair the foundation, roof structure, exterior walls and other structural parts of the Building, the
Building Common Areas, and all Building systems, including electrical, mechanical, plumbing, fire/life safety and HVAC systems. Tenant expressly waives the benefits of any statute, including Civil Code Sections 1941 and 1942, which would afford
Tenant the right to make repairs at Landlord’s expense or to terminate this Lease due to Landlord’s failure to keep the Building in good order, condition and repair. Landlord shall have no liability to Tenant for any damage, inconvenience
or interference with the use of the Premises by Tenant as the result of Landlord performing any such maintenance and repair work, provided Landlord shall use commercially reasonable efforts to minimize interference with Tenant’s use.

 9.3. Failure to Repair or Maintain. In the event Tenant fails to perform Tenant’s obligations
under this Section 9, Landlord may, but shall not be required to, give Tenant notice to do such acts as are reasonably required to so maintain the Premises. If Tenant shall fail to commence such work and diligently prosecute it to completion,
then Landlord shall have the right (but not the obligation) to do such acts and expend such funds at the expense of Tenant as are reasonably required to perform such work. Any amounts so expended by Landlord will be additional rent due under this
Lease, and such amounts will become due and payable on demand 

  
 13 

 
by Landlord. Landlord shall have no liability to Tenant for any such damages, inconvenience or interference with the use of the Premises by Tenant as a result of performing such work. 

9.4. Surrender of Premises. Upon the expiration or earlier termination of this Lease, Tenant shall surrender the
Premises to Landlord in good condition and repair, ordinary wear and tear excepted. The term “ordinary wear and tear” as used herein shall mean wear and tear which manifests itself solely through normal intensity of use and passage of time
consistent with the employment of commercially prudent measures to protect finishes and components from damage and excessive wear, the application of regular and appropriate preventative maintenance practices and procedures, routine cleaning and
servicing, waxing, polishing, adjusting, repair, refurbishment and replacement at a standard of appearance and utility and as often as appropriate for Class A corporate and professional office occupancies in the Petaluma office market. The term
“ordinary wear and tear” would thus encompass the natural fading of painted surfaces, fabric and materials over time, and carpet wear caused by normal foot traffic. To the extent that such wear and tear exceeds the normal Class A
office occupancy standards of the Petaluma office market, such would be considered items of deferred maintenance indicative of a degradation of the improvements. The term “ordinary wear and tear” shall not include any damage or
deterioration that could have been prevented by Tenant’s employment of ordinary prudence, care and diligence in the occupancy and use of the Premises and the performance of all of its obligations under this Lease. Items not considered
reasonable wear and tear hereunder include the following for which Tenant shall bear the obligation for repair and restoration (except to the extent caused by the negligence or willful misconduct of Landlord or its employees or agents)
(i) excessively soiled, stained, worn or marked surfaces or finishes; (ii) damage, including holes in building surfaces (e.g., cabinets, doors, walls, ceilings and floors) caused by the installation or removal of Tenant’s trade
fixtures, furnishings, decorations, equipment, alterations, utility installations, security systems, communications systems (including cabling, wiring and conduits), displays and signs; and (iii) damage to any component, fixture, hardware,
system or component part thereof within the Premises, and any such damage to the Building or Project, caused by Tenant or its agents, contractors or employees, and not fully recovered by Landlord from insurance proceeds. Tenant, at its sole cost and
expense, agrees to repair any damages to the Premises caused by or in connection with the removal of any articles of personal property, business or trade fixtures, signs, machinery, equipment, cabinetwork, furniture, moveable partitions or permanent
improvements or additions, including without limitation thereto, repairing the floor and patching and painting the walls where required by Landlord to Landlord’s reasonable satisfaction. Tenant shall indemnify Landlord against any loss or
liability resulting from delay by Tenant in so surrendering the Premises, including without limitation, any claims made by any succeeding tenant resulting from such delay. 
 10. Alterations. 
 10.1. Consent Required.
Tenant shall not make any alterations, improvements or additions (each, an “Alteration”) in, on or about the Premises without Landlord’s prior written consent, which consent may be withheld by Landlord in its sole and absolute
discretion. Notwithstanding the foregoing, Tenant may make Alterations without Landlord’s prior written consent where (i) the reasonably estimated cost of the Alteration and together with the cost of any other Alteration made during the
immediately preceding twelve (12) months does not exceed $25,000, and (ii) such Alterations do not affect or involve the structural integrity, roof membrane, exterior areas, building systems or water-tight nature of the Premises, Building
or Project. In requesting Landlord’s consent, Tenant shall, at Tenant’s sole cost, submit to Landlord complete drawings and specifications describing the Alteration and the identity of the proposed contractor. 

10.2. Conditions. 
 10.2.1. Notice. Before commencing any work relating to Alterations, Tenant shall notify Landlord of the expected date of commencement thereof and of the anticipated cost thereof. Landlord shall
then have the right at any time and from time to time to post and maintain on the Premises such notices as Landlord reasonably deems necessary to protect the Premises and Landlord from mechanics’ liens or any other liens. 

10.2.2. Liens. Tenant shall pay when due all claims for labor or materials furnished to Tenant for use in the
Premises. Tenant shall not permit any mechanics’ liens or any other liens to be levied against the Premises for any labor or materials furnished to Tenant in 

  
 14 

 
connection with work performed on the Premises by or at the direction of Tenant. Tenant shall indemnify, hold harmless and defend Landlord (by counsel reasonably satisfactory to Landlord) from
any liens and encumbrances arising out of any work performed or materials furnished by or at the direction of Tenant. In the event that Tenant shall not, within twenty (20) days following the imposition of any such lien, cause such lien to be
released of record by payment or posting of a proper bond, Landlord shall have, in addition to all other remedies provided herein by law, the right, but not the obligation, to cause the same to be released by such means as it shall deem proper,
including payment of the claim giving rise to such lien. All such sums paid by Landlord and all expenses incurred by it in connection therewith, including attorneys’ fees and costs, shall be payable to Landlord by Tenant on demand with interest
at the Interest Rate. 
 10.2.3. Compliance with Laws. All Alterations in or about the Premises performed
by or on behalf of Tenant shall be done in a first-class, workmanlike manner, shall not unreasonably lessen the value of leasehold improvements in the Premises, and shall be completed in compliance with all applicable laws, ordinances, regulations
and orders of any governmental authority having jurisdiction thereover, as well as the requirements of insurers of the Premises and the Building. 
 10.2.4. Labor Disputes. Upon Landlord’s request, Tenant shall remove any contractor, subcontractor or material supplier from the Premises and the Building if the work or presence of such
person or entity results in labor disputes in or about the Building or Project or damage to the Premises, Building or Project. 
 10.2.5. Americans with Disabilities Act. Landlord, at Landlord’s sole discretion, may refuse to grant Tenant permission for Alterations that require, because of application of Americans with
Disabilities Act or other laws, substantial improvements or alterations to be made to the Common Areas, unless Tenant agrees to pay the cost thereof. 
 10.2.6. End of Term. Landlord, by written notice given concurrently with the grant of Landlord’s consent to installation, may require that Tenant, at Tenant’s expense, remove any
Alterations prior to or upon the expiration of this Lease, and restore the Premises to their condition prior to such Alterations. Unless Landlord requires their removal, as provided above, all Alterations made to the Premises shall become the
property of Landlord and remain upon and be surrendered with the Premises upon the expiration of this Lease; provided, however, that Tenant’s machinery, equipment and trade fixtures, other than any which may be affixed to the Premises so that
they cannot be removed without material damage to the Premises, shall remain the property of Tenant and may be removed by Tenant subject to the provisions of Section 9.4 above. 

11. Insurance and Indemnity. 
 11.1. Insurance. Tenant shall obtain and maintain during the Term the following insurance: 
 11.1.1. Commercial General Liability Insurance. Commercial general liability insurance (occurrence form) having a combined single limit of not less than $2,000,000 per occurrence and $2,000,000
aggregate, providing coverage for, among other things, blanket contractual liability, premises, product/completed operations and personal injury coverage (in a form, with a deductible amount, and with carriers reasonably acceptable to Landlord).

 11.1.2. Automobile Liability Insurance. Comprehensive automobile liability insurance having a combined
single limit of not less than Two Million Dollars ($2,000,000) per occurrence, and insuring Tenant against liability for claims arising out of ownership, maintenance or use of any owned, hired, borrowed or non-owned automobiles; 

11.1.3. Workers’ Compensation and Employer’s Liability Insurance. Workers’ compensation insurance
having limits not less than those required by state statute and federal statute, if applicable, and covering all persons employed by Tenant in the conduct of its operations on the Premises (including the all states endorsement and, if applicable,
the volunteers endorsement), together with employer’s liability insurance coverage in the amount of at least Two Million Dollars ($2,000,000); 

  
 15 

 11.1.4. Property Insurance. “Special Form” property
insurance (or its equivalent if “Special Form” property insurance is not available), including vandalism and malicious mischief, boiler and machinery comprehensive form, if applicable, and endorsement for earthquake sprinkler damage, each
covering damage to or loss of Tenant’s personal property, fixtures and equipment, including electronic data processing equipment (“EDP Equipment”), media and extra expense, and all alterations, additions and improvements made by or at
the request of Tenant to the Premises other than those tenant improvements owned by Landlord (and coverage for the full replacement cost thereof). EDP Equipment, media and extra expense shall be covered for perils insured against in the so-called
“EDP Form”. If the property of Tenant’s invitees is to be kept in the Premises, warehouser’s legal liability or bailee customers insurance for the full replacement cost of such property; and 

11.1.5. Additional Insurance. Any such other insurance as Landlord or Landlord’s lender may reasonably
require. 
 11.2. General. The insurance carrier shall be authorized to do business in the State of
California, with a policyholders and financial rating of at least A:IX Class status as rated in the most recent edition of Best’s Key-Rating guide. Tenant’s commercial general liability insurance policy shall be endorsed to provide that
(i) Landlord is designated as an additional insured, and (ii) such insurance is primary with respect to Landlord and that any other insurance maintained by Landlord is excess and noncontributing with such insurance. If, in the opinion of
Landlord’s lender or in the commercially reasonable opinion of Landlord’s insurance adviser, the specified amounts of coverage are no longer adequate, such coverage shall, within thirty (30) days’ written notice to Tenant (but in
no event sooner than the next policy renewal), be appropriately increased. Prior to the commencement of the Term, Tenant shall deliver to Landlord a duplicate of such policy or a certificate thereof to Landlord for retention by it with endorsements.
Within fourteen (14) days following the policy renewal date, Tenant shall deliver to Landlord a replacement or renewal binder, followed by a certificate of insurance and copies of endorsements within a reasonable time thereafter. If Tenant
fails to obtain such insurance or to furnish Landlord any such duplicate policy or certificate as herein required, Landlord may, at its election, with at least ten (10) days prior written notice to Tenant and without any obligation to do so,
procure and maintain such coverage and Tenant shall reimburse Landlord on demand as additional rent for any premium so paid by Landlord. 
 11.3. Waiver of Claims. Landlord waives all claims against Tenant and Tenant’s officers, directors, partners, employees, agents and representatives for loss or damage to the extent that such
loss or damage is insured against under any valid and collectable insurance policy insuring Landlord or would have been insured against but for any deductible amount under any such policy. Tenant waives all claims against Landlord and
Landlord’s officers, directors, partners, employees, affiliates, joint venturers, members, trustees, owners, shareholders, principals, agents, representatives, successors and assigns, for loss or damage to the extent such loss or damage is
insured against under any valid and collectable insurance policy insuring Tenant or required to be maintained by Tenant under this Lease, or would have been insured against but for any deductible amount under any such policy. The insuring party
shall, upon obtaining the policies of insurance required under this Lease, give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. Tenant agrees that in the event of a sale,
assignment or transfer of the Premises by Landlord, this waiver of subrogation shall continue in favor of the original Landlord and any subsequent Landlord. 
 11.4. Landlord’s Insurance. During the Term, Landlord shall keep the Building insured against loss or damage by fire, with extended coverage and vandalism, malicious mischief and special
extended perils (all risk) endorsements or their equivalents, in amounts not less than one hundred percent (100%) of the replacement cost of the Building and structures insured. Landlord may maintain rent insurance, for the benefit of Landlord,
equal to at least one year’s Base Rent hereunder. If this Lease is terminated as a result of damage by fire, casualty or earthquake, all insurance proceeds shall be paid to and retained by Landlord, subject to the rights of any authorized
encumbrancer of Landlord. 
 11.5. Earthquake and Flood. Tenant acknowledges that Landlord does not, at
the time of the signing of this Lease, insure the Building for earthquake or flood damage. Landlord may, when Landlord deems the premiums to be reasonable, insure the Building fully or partially

  
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for earthquake and/or flood damage. At such time, the premium for earthquake and/or flood insurance will be added to the Operating Expenses for purposes of determining additional rent.

 11.6. Indemnity. Tenant waives all claims against Landlord for any injury to Tenant’s business or
loss of income there from, damage to any property or injury to or death of any person in, on, or about the Premises, the Building, or any other portion of the Project arising at any time and from any cause, unless caused by the negligence or willful
misconduct of Landlord or its agents, employees or contractors. Tenant shall indemnify, defend (by counsel reasonably satisfactory to Landlord) and hold harmless Landlord, and Landlord’s officers, directors, partners, employees, affiliates,
joint venturers, members, trustees, owners, shareholders, principals, agents, representatives, successors and assigns, from and against all claims, costs, damages, actions, indebtedness and liabilities (except such as may arise from the negligence
or willful misconduct of Landlord, and Landlord’s officers, directors, partners, employees, affiliates, joint venturers, members, trustees, owners, shareholders, principals, agents, representatives, successors and assigns) arising by reason of
any death, bodily injury, personal injury, property damage or any other injury or damage in connection with (i) Tenant’s use or occupancy of the Premises, (ii) any condition or occurrence in or about or resulting from any condition or
occurrence in or about the Premises during the Term, or (iii) any act or omission of Tenant, or Tenant’s agents, representatives, officers, directors, shareholders, partners, employees, successors and assigns, wherever it occurs. Landlord
shall protect, indemnify and hold Tenant harmless from and against any and all loss, claims, liability or costs (including court costs and attorney’s fees) incurred by reason of any damage to any property (including but not limited to property
of Tenant) or any injury (including but not limited to death) to any person occurring in, on or about the Project to the extent that such injury or damage shall be caused by or arise from the gross negligence or willful misconduct of Landlord or any
of Landlord’s agents or employees. The foregoing indemnity obligations shall include reasonable attorneys’ fees, and all other reasonable costs and expenses incurred by the indemnified party from the first notice that any claim or demand
is to be made. The provisions of this Section 11.6 shall survive the termination or expiration of this Lease with respect to any damage, injury, or death occurring prior to such expiration or termination. 

12. Damage or Destruction. 
 12.1. Landlord’s Obligation to Rebuild. Subject to the provisions of Sections 12.2, 12.3 and 12.4 below, if, during the Term, the Premises are totally or partially destroyed from any insured
casualty, Landlord shall, within ninety (90) days after the destruction, commence to restore the Premises to substantially the same condition as they were in immediately before the destruction and prosecute the same diligently to completion.
Such destruction shall not terminate this Lease. Landlord’s obligation shall not include repair or replacement of Tenant’s alterations or Tenant’s equipment, furnishings, fixtures and personal property. If the existing laws do not
permit the Premises to be restored to substantially the same condition as they were in immediately before destruction, and Landlord is unable to get a variance to such laws to permit the commencement of restoration of the Premises within the 90-day
period, then either party may terminate this Lease by giving written notice to the other party within thirty (30) days after expiration of the 90-day period. 

12.2. Right to Terminate. Landlord shall have the option to terminate this Lease if the Premises or the Building is
destroyed or damaged by fire or other casualty, regardless of whether the casualty is insured against under this Lease, if Landlord reasonably determines that (i) there are insufficient insurance proceeds made available to Landlord to pay all
of the costs of the repair or restoration or (ii) the repair or restoration of the Premises or the Building cannot be completed within two hundred seventy (270) days after the date of the casualty. If Landlord elects to exercise the right
to terminate this Lease as a result of a casualty, Landlord shall exercise the right by giving Tenant written notice of its election to terminate this Lease within forty-five (45) days after the date of the casualty, in which event this Lease
shall terminate fifteen (15) days after the date of the notice. If Landlord does not exercise its right to terminate this Lease, Landlord shall promptly commence the process of obtaining all of the necessary permits and approvals for the repair
or restoration of the Premises or the Building as soon as practicable and thereafter prosecute the repair or restoration of the Premises or the Building diligently to completion and this Lease shall continue in full force and effect. Tenant shall
have the option to terminate this Lease if the Premises or the Building is destroyed or damaged by fire or other casualty, regardless of whether the casualty is insured against under this Lease, if Landlord notifies Tenant that Landlord has
determined that the repair or restoration of the 

  
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Premises or the Building cannot be completed within one hundred eighty (180) days after the date of the casualty. 

12.3. Last Year of Term. In addition to rights to terminate this Lease under Section 12.2, either party shall
have the right to terminate this Lease upon thirty (30) days’ prior written notice to the other if the Premises or Building is substantially destroyed or damaged during the last twelve (12) months of the Term. The terminating party
shall notify the other party in writing of its election to terminate this Lease under this Section 12.3, if at all, within forty-five (45) days after the Premises or Building has been substantially destroyed. If neither party elects to
terminate this Lease, the repair of the Premises or Building shall be governed by Sections 12.1, 12.2 and 12.4. 

12.4. Uninsured Casualty. If the Premises are damaged from any uninsured casualty to any extent whatsoever,
Landlord may within ninety (90) days following the date of such damage: (i) commence to restore the Premises to substantially the same condition as they were in immediately before the destruction and prosecute the same diligently to
completion, in which event this Lease shall continue in full force and effect; or (ii) within the 90-day period Landlord may elect not to so restore the Premises, in which event this Lease shall cease and terminate. In either such event,
Landlord shall give Tenant written notice of its intention within the 90-day period. 
 12.5. Abatement of
Rent. In the event of destruction or damage to the Premises which materially interferes with Tenant’s use of the Premises, if this Lease is not terminated as above provided, there shall be an abatement or reduction of Rent between the date
of destruction and the date Landlord substantially completes its reconstruction obligations, based upon the extent to which the destruction materially interferes with Tenant’s use of the Premises. All other obligations of Tenant under this
Lease shall remain in full force and effect. Except for abatement of Rent, Tenant shall have no claim against Landlord for any loss suffered by Tenant due to damage or destruction of the Premises or any work of repair undertaken as herein provided.

 12.6. Waiver. The provisions of California Civil Code Sections 1932(2) and 1933(4), and any successor
statutes, are inapplicable with respect to any destruction of the Premises, such sections providing that a lease terminates upon the destruction of the Premises unless otherwise agreed between the parties to the contrary. 

13. Eminent Domain. 
 13.1. Condemnation. If all or any part of the Premises shall be taken as a result of the exercise of the power of eminent domain or sold in lieu of condemnation (“Condemned”), this Lease
shall terminate as to the part so taken as of the date of title vesting in such proceeding. In the case of a partial condemnation of greater than fifty percent (50%) of the rentable area of the Premises, either Landlord or Tenant shall have the
right to terminate this Lease as to the balance of the Premises by notice to the other within thirty (30) days after the date of title vesting in such proceeding. In the event of a partial condemnation of the Premises which does not result in a
termination of this Lease, the monthly Base Rent thereafter to be paid shall be equitably reduced on a rentable square footage basis. If the continued occupancy of Tenant is materially interfered with for any time during the partial taking,
notwithstanding the partial taking does not terminate this Lease as to the part not so taken, the Base Rent shall proportionately abate so long as Tenant is not able to continuously occupy the part remaining and not so taken. 

13.2. Award. If the Premises are wholly or partially Condemned, Landlord shall be entitled to the entire award paid
in connection with such condemnation, and Tenant waives any right or claim to any part thereof from Landlord or the condemning authority. Tenant shall have the right to claim and recover from the condemning authority, but not from Landlord, such
compensation as may be separately awarded or recoverable by Tenant in Tenant’s own right on account of any and all costs which Tenant might incur in moving Tenant’s merchandise, furniture, fixtures, leasehold improvements and equipment to
a new location. 
 14. Assignment and Subletting. 

14.1. Assignment and Subletting; Prohibition. Except in connection with a “Permitted Transfer” (defined
below), Tenant shall not assign, mortgage, pledge or otherwise 

  
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transfer this Lease, in whole or in part (each hereinafter referred to as an “assignment”), nor sublet or permit occupancy by any party other than Tenant of all or any part of the
Premises (each hereinafter referred to as a “sublet” or “subletting”), without the prior written consent of Landlord in each instance, which consent shall not be unreasonably withheld, conditioned or delayed. No assignment or
subletting by Tenant shall relieve Tenant of any obligation under this Lease, including Tenant’s obligation to pay Base Rent and additional rent hereunder. Any purported assignment or subletting contrary to the provisions of this Lease without
Landlord’s prior written consent shall be void. The consent by Landlord to any assignment or subletting shall not constitute a waiver of the necessity for obtaining Landlord’s consent to any subsequent assignment or subletting. Landlord
may consent to any subsequent assignment or subletting, or any amendment to or modification of this Lease with the assignees of Tenant, without notifying Tenant or any successor of Tenant, and without obtaining its or their consent thereto, and such
action shall not relieve Tenant or any successor of Tenant of any liability under this Lease. As additional rent hereunder, Tenant shall reimburse Landlord for all reasonable legal fees and other expenses incurred by Landlord in connection with any
request by Tenant for consent to an assignment or subletting. 
 14.2. Information to be Furnished. If
Tenant desires at any time to assign its interest in this Lease or sublet the Premises, other than in connection with a Permitted Transfer, Tenant shall first notify Landlord of its desire to do so and shall submit in writing to Landlord:
(i) the name of the proposed assignee or subtenant; (ii) the nature of the proposed assignee’s or subtenant’s business to be conducted in the Premises; (iii) the terms and provisions of the proposed assignment or sublease,
including the date upon which the assignment shall be effective or the commencement date of the sublease (hereinafter referred to as the “Transfer Effective Date”) and a copy of the proposed form of assignment or sublease; and
(iv) such financial information, including financial statements, and other information as Landlord may reasonably request concerning the proposed assignee or subtenant. 

14.3. Landlord’s Election. At any time within ten (10) days after Landlord’s receipt of the
information specified in Section 14.2, Landlord may, by written notice to Tenant, elect to (i) terminate this Lease as to the space in the Premises that Tenant proposes to sublet for the remainder of the Term; (ii) terminate this
Lease as to the entire Premises (available only if Tenant proposes to assign all of its interest in this Lease or the total amount of rentable square feet of space that Tenant proposes to sublease for the remainder of the Term, together with the
aggregate amount of rentable square feet of space in the Premises previously subleased by Tenant for the remainder of the Term or recaptured by Landlord pursuant to this Section, is one hundred percent (100%) of the original Premises),
(iii) consent to the proposed assignment or subletting by Tenant. 
 14.4. Termination. If Landlord
elects to terminate this Lease with respect to all or a portion of the Premises pursuant to Section 14.3(i) or (ii) above, this Lease shall terminate effective as of the earlier of (a) the one hundred twentieth (120th) day after
Landlord notifies Tenant in writing of its election to terminate this Lease or (b) the Transfer Effective Date. If Landlord terminates this Lease with respect to less than all of the Premises, Landlord shall bear and pay all costs incurred by
Landlord in partitioning the Premises to provide the occupants of each premises commercially reasonable and secured access to their respective premises, legal fire exits, access to bathrooms and utility rooms and loading facilities, and in
separately metering all utility services (including heating and air conditioning zoning) servicing each premises, including all design, permitting and construction costs. 

14.5. Withholding Consent. Without limiting other situations in which it may be reasonable for Landlord to withhold
its consent to any proposed assignment or sublease, Landlord and Tenant agree that it shall be reasonable for Landlord to withhold its consent in any one (1) or more of the following situations: (1) in Landlord’s reasonable judgment,
the proposed subtenant or assignee or the proposed use of the Premises would detract from the status of the Building as a first-class office building, generate vehicle or foot traffic, parking or occupancy density materially in excess of the amount
customarily used by Tenant or result in a materially greater use of the elevator, janitorial, security or other Building services (e.g., HVAC, trash disposal and sanitary sewer flows) than was customary for the Tenant; (2) in Landlord’s
reasonable judgment, the creditworthiness of the proposed subtenant or assignee does not meet the credit standards applied by Landlord in considering other tenants for the lease of space in the Project on comparable terms, or Tenant has failed to
provide Landlord with reasonable proof of the creditworthiness of the proposed subtenant or assignee; (3) in Landlord’s reasonable 

  
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judgment, the business history, experience or reputation in the community of the proposed subtenant or assignee does not meet the standards applied by Landlord in considering other tenants for
occupancy in the Project; (4) the proposed assignee or subtenant is a governmental entity, agency or department or the United States Post Office; or (5) the proposed subtenant or assignee is a then existing or prospective tenant of the
Project, provided Landlord at that time has space available for lease in the Project comparable to that being offered by Tenant. If Landlord fails to elect any of the alternatives within the ten (10) day period referenced in Section 14.3,
it shall be deemed that Landlord has granted its consent to the proposed assignment or sublease. 
 14.6.
Bonus Rental. If, in connection with any assignment or sublease other than a Permitted Transfer, Tenant receives rent or other consideration, either initially or over the term of the assignment or sublease, in excess of the Rent called for
hereunder, or in case of the sublease of a portion of the Premises, in excess of such Rent fairly allocable to such portion, Tenant shall pay to Landlord, as additional rent hereunder, fifty percent (50%) of the excess of each such payment of
Rent or other consideration received by Tenant (after deducting the costs incurred by Tenant for brokerage commissions, attorneys’ fees, tenant improvement allowances and other incentives offered to the transferee) promptly after Tenant’s
receipt of such Rent or other consideration. To the extent that a subtenant or assignee purchases goods or services from sublandlord or an affiliate of sublandlord for an amount in excess of the fair market value for such goods or services, such
costs incurred or amounts expended shall be deemed to be “other consideration” for purposes of calculating excess Rent due to Landlord hereunder. 
 14.7. Scope. The prohibition against assigning or subletting contained in this Section 14 shall be construed to include a prohibition against any assignment or subletting by operation of law,
except as otherwise expressly set forth in this Lease. If this Lease is assigned, or if the underlying beneficial interest of Tenant is transferred, or if the Premises or any part thereof is sublet or occupied by anybody other than Tenant, Landlord
may collect rent from the assignee, subtenant or occupant and apply the net amount collected to the Rent due herein and apportion any excess rent so collected in accordance with the terms of Section 14.6, but no such assignment, subletting,
occupancy or collection shall be deemed a waiver of the provisions regarding assignment and subletting, or the acceptance of the assignee, subtenant or occupant as tenant, or a release of Tenant from the further performance by Tenant of covenants on
the part of Tenant herein contained. No assignment or subletting shall affect the continuing primary liability of Tenant (which, following assignment, shall be joint and several with the assignee), and Tenant shall not be released from performing
any of the terms, covenants and conditions of this Lease. 
 14.8. Executed Counterparts. No sublease or
assignment shall be valid, nor shall any subtenant or assignee take possession of the Premises, until a copy of a fully executed counterpart of the sublease or assignment has been delivered to Landlord and Landlord, Tenant and the applicable
assignee or subtenant have entered into a consent to assignment or sublease in a form acceptable to Landlord, in its commercially reasonable discretion. 
 14.9. Permitted Transfers. Tenant may assign this Lease or sublet the Premises, or any portion thereof, without Landlord’s consent, to any entity which controls, is controlled by, or is under
common control with Tenant; to any entity which results from a merger of, reincorporation of, reorganization of, or consolidation with Tenant; or to any entity which acquires substantially all of the memberships, interests, stock or assets of
Tenant, as a going concern, with respect to the business that is being conducted in the Premises (hereinafter each a “Permitted Transfer”). In addition, a sale or transfer of the memberships, interests or stock of Tenant shall be deemed a
Permitted Transfer if (1) such sale or transfer occurs in connection with any bona fide financing or capitalization for the benefit of Tenant, or (2) Tenant is, or in connection with the proposed transfer becomes, a publicly traded
entity. Landlord shall have no right to terminate the Lease in connection with, and shall have no right to any sums or other economic consideration resulting from, any Permitted Transfer. 

15. Default by Tenant. 
 15.1. Events of Default. The occurrence of any of the following events shall constitute an event of default on the part of Tenant under this Lease: 

15.1.1. Payment. A failure by Tenant to pay Rent within five (5) days after written notice that such payment
is due; 

  
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 15.1.2. Bankruptcy. The bankruptcy or insolvency of Tenant, any
transfer by Tenant to defraud creditors, any assignment by Tenant for the benefit of creditors, or the commencement of any proceedings of any kind by or against Tenant under any provision of the Federal Bankruptcy Act or under any other insolvency,
bankruptcy or reorganization act unless, in the event any such proceedings are involuntary, Tenant is discharged from the same within sixty (60) days thereafter; the appointment of a receiver for a substantial part of the assets of Tenant; or
the levy upon this Lease or any estate of Tenant hereunder by any attachment or execution; 
 15.1.3.
Abandonment. The abandonment of the Premises; 
 15.1.4. Performance of Lease Terms. Tenant’s
failure to perform any of the terms, covenants, agreements or conditions of this Lease to be observed or performed by Tenant (excluding any event of default under Section 15.1.1 above), which default has not been cured within thirty
(30) days after written notice thereof by Landlord to Tenant; provided, however, that if the nature of the default is such that the same cannot reasonably be cured within the 30-day period, Tenant shall not be deemed to be in default if within
such period Tenant shall commence such cure and thereafter diligently prosecute the same to completion; and 

15.1.5. Failure to Comply. Tenant’s failure to comply with the provisions contained in Sections 18 and 19.

 Any notice required to be given by Landlord under this Lease shall be in lieu of, and not in addition to, any notice required under
Section 1161 of the California Civil Code of Procedure. Tenant shall pay to Landlord the amount of Two Hundred Fifty Dollars ($250.00) for each notice of default given to Tenant under this Lease, which amount is the amount the parties
reasonably estimate will compensate Landlord for the cost of giving such notice of default. 
 15.2.
Remedies. In the event of any default or breach by Tenant, Landlord may at any time thereafter, without limiting Landlord in the exercise of any right or remedy at law or in equity which Landlord may have by reason of such default or breach:

 15.2.1. Continue Lease. Pursue the remedy described in California Civil Code Section 1951.4
whereby Landlord may continue this Lease in full force and effect after Tenant’s breach and recover the Rent and any other monetary charges as they become due, without terminating Tenant’s right to sublet or assign this Lease, subject only
to reasonable limitations as herein provided. During the period Tenant is in default, Landlord shall have the right to do all acts necessary to preserve and maintain the Premises as Landlord deems reasonable and necessary, including removal of all
persons and property from the Premises, and Landlord can enter the Premises and relet them, or any part of them, to third parties for Tenant’s account. Tenant shall be liable immediately to Landlord for all costs Landlord incurs in reletting
the Premises, including, without limitation, brokers’ commissions, expenses of remodeling the Premises required by the reletting, and like costs. Reletting can be for a period shorter or longer than the remaining Term. 

15.2.2. Perform. Pay or perform such obligation due (but shall not be obligated to do so), if Tenant fails to pay
or perform any obligations when due under this Lease within the time permitted for their payment or performance. In such case, the costs incurred by Landlord in connection with the performance of any such obligation will be additional rent due under
this Lease and will become due and payable on demand by Landlord. 
 15.2.3. Terminate. Terminate
Tenant’s rights to possession by any lawful means, in which case this Lease shall terminate and Tenant shall immediately surrender possession of the Premises to Landlord. In such event Landlord shall be entitled to recover from Tenant all
damages incurred by Landlord by reason of Tenant’s default, including, without limitation, the following: (A) the worth at the time of award of any unpaid Rent which had been earned at the time of such termination; plus (B) the worth
at the time of award of the amount by which the unpaid Rent which would have been earned after termination until the time of award exceeds the amount of such Rent loss that is proved could have been reasonably avoided; plus (C) the worth at the
time of award of the amount by which the unpaid Rent for the balance of the Term after the time of award exceeds the amount of such Rent loss that is proved could be reasonably avoided; plus (D) any other amount necessary to compensate Landlord
for all the detriment proximately caused by Tenant’s failure to perform its obligations under this Lease or 

  
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which in the ordinary course of events would be likely to result therefrom; plus (E) at Landlord’s election, such other amounts in addition to or in lieu of the foregoing as may be
permitted from time to time by applicable State law. In addition, Landlord shall be entitled to recover from Tenant the unamortized portion of any tenant improvement allowance, free rent or other allowance provided by Landlord to Tenant and any
brokerage commission or finders fee paid or incurred by Landlord in connection with this Lease (amortized with interest at the Interest Rate on a straight line-basis over the original term of this Lease.) Upon any such termination of Tenant’s
possessory interest in and to the Premises, Tenant (and at Landlord’s sole election, Tenant’s sublessees) shall no longer have any interest in the Premises, and Landlord shall have the right to make any reasonable repairs, alterations or
modifications to the Premises which Landlord in its sole discretion deems reasonable and necessary. The “worth at the time of award” of the amounts referred to in subparagraphs (A) and (B) above is computed by allowing interest
at the maximum rate an individual is permitted by law to charge. The worth at the time of award of the amount referred to in subparagraph (C) above is computed by discounting such amount at the discount rate of the Federal Reserve Bank of San
Francisco at the time of award plus one percent (1%). 
 15.2.4. Additional Remedies. Pursue any other
legal or equitable remedy available to Landlord. Unpaid installments of Rent and other unpaid monetary obligations of Tenant under the terms of this Lease shall bear interest from the date due at the rate of ten percent (10%) per annum.

 15.3. Waiver of Right of Redemption. In the event Tenant is evicted or Landlord takes possession of the
Premises by reason of any default by Tenant hereunder, Tenant hereby waives any right of redemption or relief from forfeiture as provided by law. 
 15.4. Continue. Even though Tenant has breached this Lease and abandoned the Premises, this Lease shall continue in effect for so long as Landlord does not terminate Tenant’s right to
possession, and Landlord may enforce all its rights and remedies under this Lease, including the right to recover Rent as it becomes due under this Lease. Acts of maintenance or preservation, efforts to relet the Premises, or the appointment of a
receiver upon initiative of Landlord to protect Landlord’s interest under this Lease, shall not constitute a termination of Tenant’s right to possession. 

15.5. Tenant’s Exercise Rights. In the event Tenant is in default under any provision of this Lease beyond any
applicable notice and cure period, then, at Landlord’s sole election: (i) Tenant shall not have the right to exercise any available right, option or election under this Lease (“Tenant’s Exercise Rights”), (ii) Tenant
shall not have the right to consummate any transaction or event triggered by the exercise of any of Tenant’s Exercise Rights, and (iii) Landlord shall not be obligated to give Tenant any required notices or information relating to the
exercise of any of Tenant’s Exercise Rights hereunder. 
 16. Default by Landlord. Landlord shall not
be in default under this Lease unless Landlord, or the holder of any mortgage, deed of trust or ground lease covering the Premises, fails to perform obligations required of Landlord within a reasonable time, but in no event later than thirty
(30) days after written notice by Tenant to Landlord certified mail, postage prepaid, and to the holder of any first mortgage, deed of trust or ground lease covering the Premises whose name and address shall have been furnished to Tenant in
writing, specifying wherein Landlord has failed to perform such obligations; provided, however, that if the nature of Landlord’s obligation is such that more than thirty (30) days are required for performance, then Landlord shall not be in
default if Landlord or the holder of any such mortgage, deed of trust or ground lease commences performance within such 30-day period and thereafter diligently prosecutes the same to completion. In no event shall Tenant be entitled to terminate this
Lease by reason of Landlord’s default, and Tenant’s remedies shall be limited to an action for monetary damages at law. 
 17. Intentionally Omitted. 
 18. Estoppel Certificate.

 18.1. Obligation to Execute Estoppel. Tenant shall within ten (10) business days after notice from
Landlord, execute, acknowledge and deliver to Landlord a statement certifying (i) that this Lease is unmodified and in full force and effect (or, if modified, stating the nature of 

  
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such modification and certifying that this Lease, as so modified, is in full force and effect), (ii) the amount of the Rent and the Security Deposit, (iii) the date to which the Rent
has been paid, (iv) acknowledging that there are not, to Tenant’s knowledge, any uncured defaults on the part of Landlord hereunder, or specifying such defaults, if any are claimed, and (v) such other matters as may reasonably be
requested by Landlord. Any such statement may be conclusively relied upon by Landlord and any prospective purchaser or encumbrancer of the Building. 
 18.2. Failure to Execute Estoppel. Tenant’s failure to deliver such statement within three (3) business days of Landlord’s second request shall be conclusive upon Tenant that
(i) this Lease is in full force and effect, without modification except as may be represented by Landlord, (ii) there are no uncured defaults in Landlord’s performance, and (iii) not more than one month’s Base Rent has been
paid in advance. 
 18.3. Financial Statements. If Landlord desires to sell all or any portion of its
interest in the Building or the Project or to finance or refinance the Building or the Project, Tenant agrees to deliver to Landlord and any lender or prospective purchaser designated by Landlord such financial statements of Tenant as may be
reasonably required by Landlord or such lender or prospective purchaser. All such financial statements shall be received and kept by Landlord in confidence and shall be used for the purposes herein set forth. In addition, within seven (7) days
after Landlord’s written request, Tenant shall deliver to Landlord Tenant’s most current quarterly and annual financial statements audited by Tenant’s certified public accountant. If audited financial statements are not available,
Tenant shall deliver to Landlord Tenant’s financial statements certified to be true and correct by Tenant’s chief financial officer. Tenant’s annual financial statements shall not be dated more than twelve (12) months prior to
the date of Landlord’s request. 
 19. Subordination. Conditioned upon Tenant’s receipt of a
non-disturbance agreement in form and substance satisfactory to Tenant in its commercially reasonable discretion, this Lease, at Landlord’s sole option, shall be subordinate to any ground lease, mortgage, deed of trust, or any other
hypothecation for security now or hereafter placed upon the Building and to any and all advances made on the security thereof and to all renewals, modifications, consolidations, replacements, refinancings and extensions thereof. Notwithstanding such
subordination, Tenant’s right to quiet possession of the Premises shall not be disturbed if Tenant is not in default beyond any applicable notice and cure period and so long as Tenant shall pay the Rent and observe and perform all of the
provisions of this Lease, unless this Lease is otherwise terminated pursuant to its terms. If any mortgagee, trustee or ground lessor shall elect to have this Lease prior to the lien of its mortgage, deed of trust or ground lease, and shall give
notice thereof to Tenant, this Lease shall be deemed prior to such mortgage, deed of trust, or ground lease, whether this Lease is dated prior to or subsequent to the date of said mortgage, deed of trust or ground lease or the date of recording
thereof. If any mortgage or deed of trust to which this Lease is subordinate is foreclosed or a deed in lieu of foreclosure is given to the mortgagee or beneficiary, Tenant shall attorn to the purchaser at the foreclosure sale or to the grantee
under the deed in lieu of foreclosure; if any ground lease to which this Lease is subordinate is terminated, Tenant shall attorn to the ground lessor. Tenant agrees to execute any documents required to effectuate such subordination or to make this
Lease prior to the lien of any mortgage, deed of trust or ground lease, as the case may be, or to evidence such attornment, conditioned upon Tenant’s receipt of a non-disturbance agreement in form and substance satisfactory to Tenant in its
commercially reasonable discretion. Any such document of attornment shall also provide that the successor shall not disturb Tenant in its use of the Premises in accordance with this Lease. 

20. Attorneys’ Fees. If Landlord uses the services of an attorney in order to secure Tenant’s compliance with the
terms of this Lease, Tenant shall reimburse Landlord upon demand for any and all reasonable attorneys’ fees and expenses incurred by Landlord, whether or not formal legal proceedings are instituted by Landlord. In any action or proceeding which
Landlord or Tenant brings against the other party in order to enforce its respective rights hereunder or by reason of the other party failing to comply with all of its obligations hereunder, whether for declaratory or other relief, the unsuccessful
party therein agrees to pay all costs incurred by the prevailing party therein, including reasonable attorneys’ fees, to be fixed by the court, and said costs and attorneys’ fees shall be made a part of the judgment in said action. A party
shall be deemed to have prevailed in any action (without limiting the definition of prevailing party) if such action is dismissed upon the payment by the other party of the amounts allegedly due or the performance of obligations which were allegedly
not performed, or if such party obtains 

  
 23 

 
substantially the relief sought by such party in the action, regardless or whether such action is prosecuted to judgment 
 21. Notices. All notices, consents, demands, and other communications from one party to the other given pursuant to the terms of this Lease shall be in writing and shall be personally
delivered, delivered by courier service, delivered by national overnight delivery service (e.g., Federal Express, Airborne Express and UPS), sent via facsimile (confirmation receipt required), or deposited in the United States mail, certified or
registered, postage prepaid, and addressed as follows: To Tenant at the address specified in the Basic Lease Information or to such other place as Tenant may from time to time designate in a notice to Landlord; to Landlord at the address specified
in the Basic Lease Information, or to such other place and to such other parties as Landlord may from time to time designate in a notice to Tenant. All notices shall be effective upon delivery or refusal of delivery. 

22. General Provisions. 
 22.1. Applicable Law. This Lease shall be governed by and construed in accordance with the internal laws of the State of California, notwithstanding any choice of law statutes, regulations,
provisions or requirements to the contrary. 
 22.2. Severability. The invalidity of any provision of this
Lease, as determined by a court of competent jurisdiction, shall in no way affect the validity of any other provision hereof. 
 22.3. Waiver. No waiver of any provision hereof by either party shall be deemed by the other party to be a waiver of any other provision, or of any subsequent breach of the same provision.
Landlord’s or Tenant’s consent to, or approval of, any act shall not be deemed to render unnecessary the obtaining of Landlord’s or Tenant’s consent to, or approval of, any subsequent act by the other party. 

22.4. Holdover. Should Tenant, or any of its successors in interest, hold over in the Premises, or any part
thereof, after the expiration of the Term unless otherwise agreed to in writing, such holding over shall constitute and be construed as tenancy from month-to-month only, at a monthly rent equal to 150% of the Base Rent owed during the final year of
the Term, as the same may have been extended, together with the additional rent due under this Lease. The inclusion of the preceding sentence shall not be construed as Landlord’s permission for Tenant to hold over. In addition, Tenant shall
indemnify, protect, defend and hold harmless Landlord for all losses, expenses and damages, including any consequential damages incurred by Landlord, as a result of Tenant failing to surrender the Premises to Landlord and vacate the Premises by the
end of the Term. 
 22.5. Entry. Upon reasonable prior notice to Tenant of not less than twenty-four
(24) hours (which notice shall not be required in the event of an emergency), Landlord and Landlord’s representatives and agents shall have the right to enter the Premises during regular business hours for the purpose of inspecting the
same, showing the same to prospective purchasers or lenders, and making such alterations, repairs, improvements, or additions to the Premises, the Building or the Common Areas as Landlord may deem necessary or desirable. Landlord may at any time
during the last nine (9) months of the Term place on or about the Premises any ordinary “For Lease” sign. Landlord may at any time place on or about the Premises any ordinary “For Sale” sign. 

22.6. Subleases. The voluntary or other surrender of this Lease by Tenant, the mutual cancellation thereof or the
termination of this Lease by Landlord as a result of Tenant’s default shall, at the option of Landlord, terminate all or any existing subtenancies or may, at the option of Landlord, operate as an assignment to Landlord of any or all of such
subtenancies. 
 22.7. Limitation of Liability. In the event that Landlord or any successor owner of the
Building sells or conveys the Building, then all liabilities and obligations of Landlord or the successor owner under this Lease accruing after the sale or conveyance shall terminate and become binding on the new owner, and Tenant shall release
Landlord from all liability under this Lease (including, without limitation, the Security Deposit), except for acts or omissions of Landlord occurring prior to such sale or conveyance. Tenant expressly agrees that (i) the obligations of
Landlord shall not constitute personal obligations of the officers, directors, 

  
 24 

 
partners, employees, affiliates, joint venturers, members, trustees, owners, shareholders, or other principals, agents or representatives of Landlord (“Member of Landlord”), and
(ii) Tenant shall have recourse only to Landlord’s interest in the Building of which the Premises are a part for the satisfaction of such obligations and not against the other assets of Landlord. In this regard, Tenant agrees that in the
event of any actual or alleged failure, breach or default by Landlord of its obligations under this Lease, that (i) no Member of Landlord shall be sued or named as a party in any suit or action (except as may be necessary to secure jurisdiction
of Landlord), (ii) no judgment will be taken against any Member of Landlord, and any judgment taken against any Member of Landlord may be vacated and set aside at any time without hearing, (iii) no writ of execution will ever be levied
against the assets of any Member of Landlord, and (iv) these agreements by Tenant are enforceable both by Landlord and by any Member of Landlord. 
 22.8. Authority. If either party to this Lease is a corporation, limited liability company or partnership, each such party represents and warrants to the other party that each individual executing
this Lease on behalf of such party is duly authorized to execute and deliver this Lease on behalf of the corporation, company or partnership in accordance with, where applicable, a duly adopted resolution of the board of directors of the
corporation, the vote of the members of the limited liability company or the vote of the partners within the partnership, and that this Lease is binding upon the corporation, company or partnership in accordance with its respective articles of
incorporation and bylaws, operating agreement or partnership agreement. 
 22.9. Time. Time is expressly
declared to be of the essence of this Lease and of each and every covenant, term, condition, and provision hereof. 
 22.10. Joint and Several Liability. If there is more than one party comprising Tenant, the obligations imposed on Tenant shall be joint and several. 

22.11. Construction. The language in all parts of this Lease shall be in all cases construed as a whole according
to its fair meaning and not strictly for nor against either Landlord or Tenant. 
 22.12. Definitions. As
used in this Lease and whenever required by the context thereof, each number, both singular and plural, shall include all numbers and in each gender shall include all genders. Landlord and Tenant, as used in this Lease or in any other instrument
referred to in or made a part of this Lease, shall likewise include both the singular and the plural, a corporation, limited liability company, partnership, individual or person acting in any fiduciary capacity as executor, administrator, trustee or
in any other representative capacity. 
 22.13. Exhibits. The Basic Lease Information, Exhibits and
Addendum attached to this Lease and incorporated herein by reference thereto. 
 22.14. Force Majeure. Any
delay in construction, repairs, or rebuilding any building, improvement or other structure herein shall be excused and the time limit extended to the extent that the delay is occasioned by reason of acts of God, labor troubles, laws or regulations
of general applicability, acts of Tenant or Tenant Delays (as the term is defined in the Work Letter Agreement), or other occurrences beyond the reasonable control of Landlord. Accordingly, Landlord’s obligation to perform shall be excused for
the period of the delay and the period for performance shall be extended for a period equal to the period of such delay. 
 22.15. Broker’s Fee. Each party represents that it has not had dealings with any real estate broker, finder or other person, with respect to this Lease in any manner. Each party shall hold
harmless the other party from all damages resulting from any claim that may be asserted against the other party by any broker, finder, or other person with whom the other party has or purportedly has dealt. Landlord shall pay any commissions or fees
that are payable to the broker or finder specified in the Basic Lease Information, with respect to this Lease in accordance with the provisions of a separate commission contract. 

22.16. Entire Agreement. This Lease, including attached Exhibits, Addendum, and Basic Lease Information, contains
all agreements and understandings of the parties and supersedes and cancels any and all prior or contemporaneous written or oral agreements, instruments, understandings, and communications of the parties with respect to the subject matter herein.
This Lease, including the attached Exhibits, Addendum, and Basic Lease Information, 

  
 25 

 
may be modified only in a writing signed by each of the parties. The Exhibits, Addendum and Basic Lease Information attached to this Lease are incorporated herein by reference. 

22.17. Owners Association. Portions of the common areas in the Project may be owned and/or operated by an owners
association (the “Owners Association”) or by operators of other portions of the Project pursuant to the by-laws of the Owners Association. Tenant hereby agrees to comply with all covenants, conditions and restrictions which may now or
hereafter encumber the Project. 
 22.18. Addendum. The Addendum attached hereto is incorporated herein by
reference. 
 [SIGNATURE TO APPEAR ON FOLLOWING PAGE] 

  
 26 

 IN WITNESS WHEREOF, the parties have executed this Lease on the date first mentioned above.

  

									
	“LANDLORD”	 		 	“TENANT”
		 		 	
	 SEQUOIA CENTER LLC,

a California limited liability company
	 		 	 ENPHASE ENERGY, INC.,
 a Delaware corporation

					
	By:	 	 G&W Ventures, LLC,
 a
California limited liability company,
 its Manager
	 		 	By:	 	 /s/ Paul Nahi

		 		 		 		 	Name: Paul Nahi
		 		 		 		 	Its: President/CEO

  

			
		
	          By:	 	 /s/ Matthew T. White

		 	Matthew T. White, Manager

  
 27 

 ADDENDUM 
 23. Base Rent. The monthly Base Rent during the Term shall be as follows: 
  

									
	 Period
	  	Rate	 	  	Monthly Base Rent	 
	 Year 1
	  	$	1.10	  	  	$	26,400.00	  
	 Year 2
	  	$	1.13	  	  	$	27,120.00	  
	 Year 3
	  	$	1.17	  	  	$	28,080.00	  
	 Year 4
	  	$	1.20	  	  	$	28,800.00	  
	 Year 5
	  	$	1.24	  	  	$	29,760.00	  
	 Year 6
	  	$	1.28	  	  	$	30,720.00	  
	 Year 7
	  	$	1.31	  	  	$	31,440.00	  
	 Year 8
	  	$	1.35	  	  	$	32,400.00	  
	 Year 9
	  	$	1.39	  	  	$	33,360.00	  
	 Year 10
	  	$	1.44	  	  	$	34,560.00	  

 24. Expansion Option. During the first year of the Term and so long as
no Event of Default has occurred and is then continuing, Tenant shall have the continuing option to lease the
2nd and 3rd floors of the Building (collectively, the “Expansion
Space”), containing approximately 48,000 rentable square feet of space, on all of the terms and conditions of this Lease. Without limiting the foregoing, Tenant shall lease the Expansion Space at the same rental rates, with the same expiration
date, and with the same tenant improvement allowance per square foot as the original Premises. Tenant shall exercise such right, if at all, by delivering written notice to Landlord exercising such right (the “Expansion Notice”) before the
first anniversary of the Commencement Date of this Lease. If Tenant has not delivered the Expansion Notice to Landlord by such date, Tenant’s rights pursuant to this Section 24 shall terminate and be of no further force or effect. If
Tenant timely delivers the Expansion Notice, the parties shall execute an amendment to this Lease reflecting the addition of the Expansion Space to the Premises, including without limitation the adjustment of Tenant’s Building Percentage Share.
Tenant shall have thirty (30) days following the delivery of the Expansion Notice to submit the Development Drawings (as such term is defined in the Work Letter Agreement) to Landlord for the Expansion Space, and any delay in excess of such
thirty days shall constitute a Tenant Delay for purposes of determining the Commencement Date with respect to the Expansion Space. 
 25. Right of First Refusal. So long as no Event of Default has occurred and is then continuing, Tenant shall have a continuing right of first refusal during the Term to lease any space in
the Building that becomes available for lease from time to time. If Landlord receives an offer to lease any space in the Building which Landlord desires to accept (the “Offer”), Landlord shall notify Tenant of the space so offered and the
rent and other material terms so offered (the “Offer Notice”). If Tenant desires to exercise Tenant’s right of first refusal with respect to such space, then within seven (7) business days following Tenant’s receipt of the
Offer Notice, Tenant shall deliver notice to Landlord electing to lease the space so offered on the terms set forth in the Offer Notice. If Tenant elects to lease such space, then Landlord and Tenant shall execute an amendment to the Lease on the
terms set forth in the Offer Notice and to the extent not inconsistent with such notice terms, the terms of the Lease. If Tenant does not respond affirmatively in writing within such seven (7) business day period, Landlord may lease the subject
space to a third party on terms not materially more favorable than the terms presented to Tenant in the Offer Notice. Further, if Landlord does not so execute a lease for the subject space within six (6) months following Tenant’s receipt
of the Offer Notice, such space will again be subject to the provisions of this Section 25. 

  
 Addendum, Page
1 

 26. Right of First Offer. So long as no Event of Default has occurred and is
then continuing, Tenant shall have a right of first offer to lease any additional space in the Project that becomes available for lease from time to time. As such space becomes available to lease, Landlord shall notify Tenant in writing thereof and
offer such space to Tenant for lease. Tenant shall have fourteen (14) days in which to notify Landlord in writing of its intention to lease such space. Landlord and Tenant are free to agree on the rent, term and interior improvements for such
additional space and shall not be bound by the terms of this Lease. If Landlord and Tenant cannot agree on the terms for such a lease within fourteen (14) days following Landlord’s receipt of Tenant’s notice of intent to lease such
space, Landlord shall be free to lease the space to a third party. 
 27. Solar Panels on Roof. Tenant shall have
the right during the Term (but only to the extent permitted by the City and/or County in which the Premises is located and governmental authorities having jurisdiction thereof), at Tenant’s sole cost and expense, to install and operate solar
panels and related equipment (the “Solar Panels”) with any necessary cables and wiring (“Cables”) on a portion of the roof on the Building to be designated by Landlord (the “Roof Space”). The location and size of the
Solar Panels and the Cables (hereinafter collectively referred to as the “Equipment”) shall be subject to Landlord’s prior written approval, which approval shall not be unreasonably withheld, conditioned or delayed. All of the
Equipment and any modification thereto or placement thereof shall be (i) at Tenant’s sole cost and expense, (ii) contained visually within the roof screen, (iii) installed and operated to Landlord’s reasonable
specifications, and (iv) installed, maintained, operated and removed in accordance with this Lease and all applicable laws. The Equipment shall remain the property of Tenant and Tenant shall remove the Equipment upon the expiration or earlier
termination of this Lease. At the end of the Term, Tenant shall restore the Roof Space and any other portion of the Building affected by the Equipment to its original condition, excepting ordinary wear and tear and/or damage or destruction due to
fire or other casualty not caused directly or indirectly by Tenant or its agents, employees or contractor. Tenant may not assign, lease, rent, sublet or otherwise transfer any of its interest in the Roof Space or the Equipment, or the right to use
the Equipment, except together with the remainder of all of the Premises as more particularly set forth in this Lease. All of the provisions of this Lease shall be applicable to the Equipment and use of the Roof Space by Tenant. The Equipment shall
comply with all non-interference rules of the Federal Communications Commission. Tenant shall indemnify, defend (by counsel reasonably acceptable to Landlord) and hold harmless Landlord from any and all claims, demands, liability, damages,
judgments, costs and expenses (including reasonable attorneys’ fees) that Landlord may suffer or incur as a result or arising out of or related to the installation, use, operation, maintenance, replacement and/or removal of the Equipment or any
portion thereof. 
 28. Landlord Upgrades. Prior to the Commencement Date and at Landlord’s sole cost and
expense, Landlord shall (i) upgrade the exterior landscaping of the Project to a Class A standard, and (ii) repaint the exterior of all three buildings in the Project. Landlord and Tenant shall collaborate in selecting the exterior
Building colors, with Landlord making the final selection in its sole discretion. 
 29. Condition Precedent.
Tenant acknowledges and understands that as of the execution of this Lease Landlord is not the owner of the Building. Accordingly, Landlord’s purchase of the Building is a condition precedent to the effectiveness of this Lease. If Landlord has
not acquired title to the Building on or before July 30, 2011, then either party may terminate this Lease by written notice to the other party given after July 30, 2011 and prior to the date Landlord acquires the Building. Tenant further
acknowledges that Landlord is under no obligation to purchase the Building, that Landlord may elect to forego the purchase of the Building for any reason, and that Landlord shall have no liability whatsoever to Tenant in the event Landlord does not
acquire the Building. 

  
 Addendum, Page
2 

 FIRST AMENDMENT TO LEASE 

(1400 N. McDowell Blvd.) 
 THIS FIRST AMENDMENT TO LEASE (this “Amendment”) dated as of January 12, 2012, is entered into between SEQUOIA CENTER LLC, a California limited liability company
(“Landlord”) and ENPHASE ENERGY, INC., a Delaware corporation (“Tenant”). 
 THE PARTIES ENTER INTO THIS
AMENDMENT based upon the following facts, understandings and intentions: 
 A. Landlord and Tenant previously entered into
that certain Redwood Business Park NNN Lease dated as of June 3, 2011 (together with all exhibits thereto, the “Lease”) pursuant to which Tenant leases from Landlord the first floor of the building commonly known as 1400 N. McDowell
Boulevard, Petaluma, California. Capitalized terms used herein and not defined herein shall have the meanings set forth in the Lease (including the Work Letter Agreement attached as Exhibit B thereto) in connection therewith. 

B. Landlord and Tenant desire to make certain changes to the Lease as further provided herein. 

NOW, THEREFORE, IN CONSIDERATION of the mutual covenants and promises of the parties, the receipt and adequacy of which are hereby
acknowledged, the parties hereto agree as follows: 
 1. Estimated Commencement Date. The Estimated Commencement
Date is hereby extended to April 10, 2012. Tenant acknowledges that Landlord may deliver the Premises to Tenant in the condition required by the Lease prior to the Estimated Commencement Date, and that in such event the Commencement Date shall
occur prior to the Estimated Commencement Date on the date the Premises are Substantially Completed as defined in Section 13 of the Work Letter Agreement. 
 2. Approved Working Drawings. Landlord and Tenant hereby agree that the Working Drawings listed on Schedule 1 attached hereto shall be deemed the “Approved Working Drawings” under
Section 2 of the Work Letter Agreement. Tenant shall either (a) modify the Approved Working Drawings to restore the roof access that would be eliminated per the Approved Working Drawings, or (b) install roof walking pads as reasonably
determined by Landlord to allow full roof access from other access points, with such changes constituting a Tenant requested Change Order at Tenant’s sole cost. Landlord shall have the right to direct changes to the Approved Working Drawings to
effectuate the Change Order Requests listed on Exhibit C (the “COR’s”). Such changes shall be subject to Tenant’s approval, which shall not be unreasonably withheld, conditioned or delayed. Such changes directed by
Landlord shall not constitute Tenant requested Change Orders. By way of example, Landlord shall specify the mesh material 

  
 1. 

 
contemplated in COR No. 31, and Tenant may suggest alternative materials but may not require a material that does not result in the savings contemplated in COR No. 31. 

3. Approved Budget. This Section 3 of this Amendment replaces and supersedes Section 3 of the Work Letter
Agreement with respect to Tenant’s budget approval for the Tenant Improvements to be constructed in the Premises, but the mechanism set forth in Section 3 of the Work Letter Agreement shall apply with respect to the construction of Tenant
Improvements in the Expansion Space in the event Tenant exercises its expansion rights pursuant to Section 24 of the Lease. Tenant hereby approves the Tenant Improvement Summary attached hereto as Exhibit A (the “Approved
Budget”), which is based on the Proposal from Vila Construction dated November 16, 2011 attached hereto as Exhibit B and the Approved Working Drawings referenced therein, as modified by the COR’s (as so modified, the
“Contractor Proposal”). In no event shall Tenant’s Contribution (defined below) be increased because the Tenant Improvement Summary attached hereto as Exhibit A failed to include an item expressly and unambiguously required in
the Approved Working Drawings, as modified by the COR’s. For the purposes of clarity, the parties hereby agree that the Approved Working Drawings did not expressly and unambiguously require a water proofing membrane on the concrete slab
on the first floor. The Approved Budget applies to the Premises as well as an additional 72,000 square feet of space located in the adjacent building having an address of 1420 N. McDowell Boulevard, Petaluma, California (the “Neighboring
Building”). 
 4. Tenant Payment for Tenant Improvements. This Section 4 of this Amendment replaces and
supersedes Section 6 of the Work Letter Agreement with respect to Tenant’s payment for Tenant Improvements to be constructed in the Premises, but the mechanism set forth in Section 6 of the Work Letter Agreement shall apply with
respect to the construction of Tenant Improvements in the Expansion Space in the event Tenant exercises its expansion rights pursuant to Section 24 of the Lease. Tenant shall pay to Landlord $381,840.55, which represents Tenant’s
contribution to the portion of the Tenant Improvements described in the Approved Working Drawings and the COR’s applicable to the Premises (i.e., 25% X $1,527,362.21) as more particularly set forth in the Approved Budget (“Tenant’s
Contribution”). Tenant shall pay such amount on the following schedule: 50% upon the mutual execution and delivery of this Amendment, 25% within ten (10) days following the delivery of the second and third floors of the Neighboring
Building to Tenant in the condition required by the lease between Landlord and Tenant governing the Neighboring Building, and 25% within ten (10) days following the delivery of the Premises to Tenant in the condition required by the Lease.
Notwithstanding anything to the contrary contained in the Work Letter Agreement, Landlord shall be responsible for any and all costs to perform such work in excess of Tenant’s Contribution; provided (a) that (i) any changes by
Tenant to the Approved Working Drawings or the COR’s listed in Exhibit C, including without limitation changes contemplated in change order requests previously approved by Tenant but not included in the COR’s listed in Exhibit
C, and (ii) any additional costs resulting from errors or omissions in the Approved Working Drawings, shall constitute Change Orders per Section 8 of the Work Letter Agreement, and (b) that Tenant shall be solely responsible for
the cost of procuring and installing any trade fixtures, equipment, 

  
 2. 

 
appliances, furniture, furnishings, telephone or computer equipment or wiring or other personal property. As provided in Section 9 of the Work Letter Agreement, all delays in Substantial
Completion of the Tenant Improvements beyond the Estimated Commencement Date caused by Tenant requested Change Orders (including Change Orders resulting from errors or omissions in the Approved Working Drawings) shall constitute Tenant Delays.
Notwithstanding the foregoing, Landlord shall be responsible for delays and costs resulting from an error or omission in the Approved Working Drawings that both (A) would not have been avoided by a licensed architect applying the standard of
care customary in the industry, and (B) Vila Construction, applying the standard of care customary in the industry, should have nonetheless taken into account when preparing the estimate reflected in the Approved Budget. As an example,
the following omission in the COR’s would be the responsibility of Landlord: COR No. 12 calls for the removal of perimeter column drywall encasements, which resulted in exposure of the window side of the columns to daylight. Due to the
opaque quality of glass and the original condition of the drywall encasement having a dark paint finish, this condition was not contemplated by Axia as warranting application of finish paint to that side of the columns despite Axia exercising
customary care in the industry with respect to such encasement removal. When direct daylight is applied, however, the columns are somewhat apparent from the exterior, and Vila Construction, exercising customary care in estimating the cost of COR
No. 12, should have included (and did include) the painting of the backside of the columns. Haley Recio, Matt Rudie, Russ Sweeney and Paul Nahi shall have authority to approve Change Orders and any Change Order approved in writing or by email
by any such representative shall be binding upon Tenant. As an accommodation to Tenant, Landlord shall require payment for Change Orders for which Tenant is responsible within five (5) days following Tenant’s notice to proceed with a
Change Order rather than requiring prepayment as previously required by the Work Letter Agreement. 
 5. Toilet
Partitions. Notwithstanding the allocation of responsibilities for costs set forth in Section 4 above, Landlord and Tenant agree that so long as Tenant does not make any improvements or other modifications to the restrooms serving the
Premises, Landlord shall be responsible, at its sole cost, for all work in the restrooms required by the City of Petaluma to comply with the Americans with Disabilities Act (the “ADA”). If Tenant elects to make any improvements or other
modifications to the restrooms that trigger any work to comply with ADA, such work shall constitute a Change Order at Tenant’s sole cost. 
 6. Additional Drawings. On December 15, 2011, Tenant delivered to Landlord drawings and specifications dated December 13, 2011 prepared by Axia Architects (the “December 13
Drawings”), subject to review and approval by Landlord in accordance with Section 2 of the Work Letter Agreement. Tenant acknowledges that, subject to Landlord’s timely compliance with the provisions of the Work Letter Agreement
requiring Landlord to respond to drawings and specifications submitted for approval, any delays in Substantial Completion of the Tenant Improvements beyond the Estimated Commencement Date caused by any changes from the Approved Working Drawings or
COR’s that are required in the December 13 Drawings or caused by errors or omissions in either the Approved Working Drawings or the December 13 Drawings 

  
 3. 

 
shall constitute Tenant requested Change Orders as more fully set forth in Section 4 above. 
 7. Tenant Payment for Delay. Landlord and Tenant disagree as to who is responsible for the delay in the Estimated Commencement Date referenced in Section 1 above. Without either party
admitting fault or liability, the parties have agreed to resolve such disagreement by Tenant paying to Landlord $88,199.01 concurrently with the execution and delivery of this Amendment. Such amount represents fifty percent (50%) of the rent
that would have been payable under the Lease had the Commencement Date occurred on the original Estimated Commencement Date of November 1, 2012 rather than on the revised Estimated Commencement Date. Such calculation is set forth in Exhibit
D. Tenant acknowledges that such payment is a fixed amount and shall not be subject to change if Landlord delivers the Premises to Tenant prior to the Estimated Commencement Date. 

8. Tenant Payment of Advanced Base Rent. Tenant was required under Section 4.1 of the Lease to pay $26,800 in Advanced
Base Rent concurrently with the mutual execution and delivery of the Lease, but through an oversight did not pay such Advanced Base Rent to Landlord until January 6, 2012, and Landlord hereby accepts such payment and waives any default in
connection with such late payment. 
 9. Phased Termination of 201 1st Street Lease. At the time the Lease was executed, the parties anticipated Tenant relocating from its premises at 201 First Street in Petaluma, California
(the “201 First Street Premises”) to the Premises and the Neighboring Building all at one time. With the staggered delivery of the Premises and portions of the Neighboring Building now anticipated, the parties anticipate Tenant moving from
the 201 First Street Premises in two phases. Accordingly, Landlord shall, if requested by Tenant, deliver the termination agreement described in Section 3.1 of the Lease with respect to discrete portions of the 201 First Street Premises rather
than the entire 201 First Street Premises. Portions of the 201 First Street Premises requested for termination shall be readily leasable to third parties with direct access to the common areas of the 201 First Street building and without the need
for any demising walls. In the event that Landlord shall delay delivery of a fully executed termination agreement, Landlord shall pay Tenant’s rent for the applicable portion of the 201 First Street Premises directly to the owner of such
Premises on a day for day basis for each day Landlord’s failure to deliver the termination agreement continues. 

10. Condition Precedent. Tenant making the payments required upon execution of this Amendment in Sections 4 and 7 above is
a condition precedent to the effectiveness of this Amendment, and this Amendment shall be of no force or effect if such payments are not delivered by Tenant concurrently with Landlord’s delivery to Tenant of a fully executed original of this
Amendment. 
 11. Entire Agreement. This Amendment represents the entire understanding between Landlord and Tenant
concerning the subject matter hereof, and there are no understandings or agreements between them relating to the Lease or the Premises not set forth in writing and signed by the parties hereto. No party hereto has

  
 4. 

 
relied upon any representation, warranty or understanding not set forth herein, either oral or written, as an inducement to enter into this Amendment. 

12. Continuing Obligations. Except as expressly set forth to the contrary in this Amendment, the Lease remains unmodified
and in full force and effect. To the extent of any conflict between the terms of this Amendment and the terms of the Lease, the terms of this Amendment shall control. 
 [SIGNATURES ON FOLLOWING PAGE] 

  
 5. 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and
year first above written. 

 

					
	“LANDLORD”
	
	SEQUOIA CENTER LLC,
	a California limited liability company
		
	By:	 	 G&W Ventures, LLC,
 a California limited liability company,
 its Manager

			
		 	By:	 	 /s/ Matthew T. White

		 		 	Matthew T. White, Manager

 

			
	“TENANT”
	
	ENPHASE ENERGY, INC.,
	a Delaware corporation
		
	By:	 	 /s/ Paul Nahi

		 	 Name: Paul Nahi
 Its:
President/CEO

 
 

  
 6. 

 SCHEDULE 1 
 LIST OF APPROVED WORKING DRAWINGS 
  

	1.	The following sheets by Axia dated September 7, 2011: 

 T1, T2, T3, T4; A1.1, A1.2, A2.0.1A, A2.0.2A, A2.1 A, A2.2 A, A2.3 A, A4.1 A, A5.1 A, A2.0.1B, A2.0.2B, A2.0.3B, A2.0.4B, A2.0.5B, A2.0.6B, A2.0.7B, A2.1 B, A2.2 B, A2.3 B, A2.4 B, A2.5 B, A2.6 B, A2.7 B,
A2.8 B, A2.9 B, A3.1 B, A3.2 B, A3.3 B, A3.4 B, A3.5 B, A4.1 B, A4.2 B, A4.3 B, A4.4 B, A4.5 B, A4.6 B, A4.7 B, A4.8 B, A4.9 B, A5.1 B, A5.2 B, A5.3 B, A5.4 B, A8.1, A9.1, A9.2, A9.3, A9.4, A9.5 

 

	2.	The following sheets by ATM Engineering dated August 31, 2011: 

 S1.1, S2.1, S3.1, S3.2 
  

	3.	The following sheets by Indoor Environmental Services dated August 31, 2011: 

 M0.1, M0.2, M0.3, M0.4, M1.1A, M1.1B, M1.2A, M1.2B, M1.3A, M1.3B, M1.4A, M1.4B, M2.1 
  

	4.	The following sheets by O’Rourke Electric Inc. dated August 10 2011: 

 E0.1, E2.1, E3.1, E6.1, E6.3, E6.4, E.6.5, E6.6, E6.7, E2.2, E2.3, E2.4, E3.2, E3.3, E3.4, E6.2, E6.8, E6.11 
  

	5.	Responses to Requests for Information Nos. 1-10 

					
	

	 	EXHIBIT A	 	
	 		 	12.15.11

 Tenant Improvement Summary 

 

					
	 Enphase
 1400,1420 N. McDowell Blvd.
 Petaluma, CA 94954
	 	Square Foot	  	96,000

  

											
	 Description
	 	 TI Expansion Costs
	  	 	 	  	Cost	 
	 Tenant Improvements Per Vila’s 11.16.11 Bid Letter
	  				  	$	6,001,417.00	  
	 Reductions for Approved COR’s:
	  				  			
	 COR’s #: 6, 8, 9, 12, 19, 21, 22, 23, 24, 26, 28, 31, 37, 38, 39, 40, 41, 43, 44, 45, 48, 59, 62,
63
	  				  	–$	457,387.00	  
	 Addition of “Code Only” Fire Alarm Work per Alternate:
	  				  	$	4,260.00	  
		  				  	  
	  
	 
	 Total Contract Amount
	  				  	$	5,548,290.00	  
			
	 Less Overlaps from Prior Approvals:
	  				  			
	 Ceiling Tile Removal
	  				  	–$	5,000.00	  
	 Demolition Costs
	  				  	–$	113,203.00	  
	 Other Adjustments, BSP to Pay:
	  				  			
	 Power during construction; BSP to cover expense
	  				  	–$	7,500.00	  
	 Temporary toilets; BSP to cover expense
	  				  	–$	2,400.00	  
	 Code only Fire alarm Work
	  				  	–$	4,260.00	  
	 Other:
	  				  			
	 BSP to perform landscape screening at transformers on balcony and one exterior condensing unit (note: this cost is
NOT included in Bid Letter; no adjustment req’d)
	  				  	$	0.00	  
	 EMON system work to be performed as part of future TI’s, 2nd and 3rd floor of 1400 as req’d (Note: this
cost is not included in Bid Letter; no adjustment req’d)
	  				  	$	0.00	  
			
	 Building Permit Fee - (Assumes no Impact Fees)
	  				  	 	by Tenant	  
	 CM Fee
	  				  	 	waived	  
	 1400 Handicap Parking Improvements - to be charged to 2nd, 3rd Flr. TI Allowance
	  				  	$	0.00	  
	 Structural Engineering Re-Design Proposal - Chiller
	  				  	$	2,700.00	  
		  				  	  
	  
	 
			
	 Total Costs, This Summary
	  				  	$	5,418,627.00	  
			
	 Prior Authorizations:
	  				  			
	 10.20.11 1400 Demo, excl. Ceiling Tile Removal Direct Costs
	  				  	$	40,863.00	  
	 Plan Check Fee
	  				  	$	16,766.74	  
	 Furniture Mock Up Costs
	  				  	$	1,158.00	  
	 7.19.11 Ceiling Tile Removal/Slab Moisture Tests
	  				  	$	6,000.00	  
	 7.15.11 MEP Coordinator & Structural Engineer
	  				  	$	33,850.00	  
	 7.28.11 Demo for 1420, excluding Ceil Tile Removal Costs Approved Separately
	  				  	$	72,340.00	  
	 7.28.11 Demo Permit costs, w/o Mark up
	  				  	$	1,216.47	  
		  				  	  
	  
	 
			
	 Total TI Costs Approved to Date:
	  				  	$	5,590,821.21	  
			
	 Tenant Improvement Allowance:
	  	$	40/sf	  	  	$	3,840,000.00	  
		  				  	  
	  
	 
			
	 Amount Over Tenant Improvement Allowance
	  				  	$	1,750,821.21	  
	 Agreed Cost Sharing By BSP
	  				  	–$	223,459.00	  
		  				  	  
	  
	 
	 Total Construction and Other Costs Payable:
	  				  	$	1,527,362.21	  

 EXHIBIT B 

VILA PROPOSAL - 11/16/11 
 [attached] 

					
		 	 Exhibit B
  

Vila Construction Co.
	 	
			
	 Office Phone

(510) 236-9111
  
	 	 GENERAL CONTRACTORS
 590 South 33rd Street    Richmond, California 94804
	 	 Contractor’s
 Lic. No. 300454

	 FAX
 (510)
236-4979
	 		 	www.vilaconstruction.com
	 	 

 November 16, 2011 
 Basin Street Properties 
 1383 North McDowell Blvd., Suite 200 

Petaluma, CA 94954 
 Attn: Matt Sherrill

  

	RE:	Enphase Tenant Improvement 

	    	1400 /1420 North McDowell 

	    	Petlauma, CA 

 Matt, 

The following is Our Cost Breakdown for the Enphase Tenant Improvement at 1400/1420 North McDowell Blvd., Petaluma. The costs are based
on the Construction Documents from AXIA Architects, dated September 7, 2011. 
  

							
	 1.      General Conditions
	  	$	173,600.00	  	 	
	 2.      Demo Work
	  	 	118,203.00	  	 	
	 3.      Concrete Work
	  	 	5,940.00	  	 	
	 4.      Pre Cast Concrete Countertops
	  	 	65,112.00	  	 	* see Line Item 34
	 5.      Structural Steel / Metal Fabrications
	  	 	164,814.00	  	 	
	 6.      Carpentry
	  	 	90,000.00	  	 	
	 7.      Millwork
	  	 	77,085.00	  	 	
	 8.      Wood Veneer Paneling
	  	 	47,522.00	  	 	
	 9.      Roof Patching (allowance)
	  	 	20,000.00	  	 	
	 10.    Doors, Frames, Hardware
	  	 	132,768.00	  	 	
	 11.    Glass / Glazing
	  	 	264,000.00	  	 	
	 12.    Glass/Stainless Steel Railings
	  	 	80,360.00	  	 	
	 13.    Accordian Door
	  	 	19,930.00	  	 	
	 14.    Gypsum Board
	  	 	587,917.00	  	 	
	 15.    Ceramic Tile
	  	 	65,049.00	  	 	
	 16.    Acoustical Ceilings
	  	 	58,995.00	  	 	
	 17.    Floor Covering
	  	 	490,385.00	  	 	
	 18.    Painting
	  	 	163,652.00	  	 	
	 19.    Whiteboards (backing only)
	  	 	2,850.00	  	 	
	 20.    Toilet Partitions/Accessories
	  	 	29,060.00	  	 	
	 21.    Projector Mounts
	  	 	21,688.00	  	 	
	 22.    Access Floor Repair
	  	 	20,130.00	  	 	
	 23.    Signage
	  	 	by tenant	  	 	

							
	 24.    Interior Blinds/Mortorized Shades
	  	 	33,599.00	  	 	
	 25.    Roof Hatches/Ships Ladders
	  	 	24,114.00	  	 	
	 26.    Elevator Upgrades
	  	 	5,940.00	  	 	
	 27.    Fire Sprinklers
	  	 	65,308.00	  	 	
	 28.    HVAC
	  	 	981,776.00	  	 	
	 29.    Hydronic Piping
	  	 	18,590.00	  	 	
	 30.    Plumbing
	  	 	59,205.00	  	 	
	 31.    Electric
	  	 	1,534,862.00	  	 	
	 32.    Fire Alarm System
	  	 	41,095.00	  	 	
	 33.    Wire Mesh Ceiling
	  	 	120,248.00	  	 	
	 34.    Granite Stone, Lobbies & Stairs 1 & 2
	  	 	51,336.00	  	 	
		  	  
	  
	 	 	
	 Sub Total
	  	$	5,635,133.00	  	 	
	 OH & P
	  	 	366,284.00	  	 	
		  	  
	  
	 	 	
	 TOTAL LINE ITEMS
	  	$	6,001,417.00	  	 	
			
	 34.    COR #6
	  	 	2,205.00	  	 	
	 35.    COR #8
	  	 	2,327.00	  	 	
	 36.    COR #9
	  	 	7,326.00	  	 	
	 37.    COR #12
	  	 	(7,743.00	) 	 	
	 38.    COR #19
	  	 	145.00	  	 	
	 39.    COR #21
	  	 	—  	  	 	pending engineering
	 40.    COR #22
	  	 	—  	  	 	pending re-design
	 41.    COR #23
	  	 	3,972.00	  	 	
	 42.    COR #24
	  	 	817.00	  	 	
	 43.    COR #26
	  	 	(4,350.00	) 	 	
	 44.    COR #28
	  	 	(134,519.00	) 	 	
	 45.    COR #37
	  	 	(8,288.00	) 	 	
	 46.    COR #38
	  	 	(34,340.00	) 	 	
	 47.    COT #39
	  	 	(18,813.00	) 	 	
	 48.    COR #40
	  	 	(14,377.00	) 	 	
	 49.    COR #41
	  	 	(69,522.00	) 	 	
	 50.    COR#43
	  	 	(35,770.00	) 	 	
	 51.    COR #44
	  	 	(2,455.00	) 	 	
	 52.    COR #45
	  	 	(5,242.00	) 	 	
	 53.    COR #48
	  	 	(25,246.00	) 	 	
	 53.    COR#59
	  	 	deducted $12,100 from the electric line item (both bldgs)
	 54.    COR #63 (allowance)
	  	 	4,000.00	  	 	
		  	  
	  
	 	 	
	 Sub Total
	  	$	(339,873.00	) 	 	
	 OH & P
	  	 	included	  	 	
		  	  
	  
	 	 	
	 TOTAL COR’s
	  	$	(339,873.00	) 	 	
			
	 GRAND TOTAL
	  	$	5,661,544.00	  	 	

  
 Page 2

 Clarifications & Alternates 
 1. We do not include any permit, architectural, or utility company fees. 
 2. The alternates
listed below are just a few obvious ones. We can review all VE options in our meeting. 
 3. Alternate #1; Per the specification, install R-11
insulation above the acoustical ceiling; ADD $6,805.00 
 4. Alternate #2; Provide and install a FM 200 Fire System in the Server Room; ADD
$37,625.00 
 5. We have not included changing the wall texture in the exterior stairwells. 

6. Electrical items not included in above costs, without GC markup; 
  

					
	 1. Restroom Lighting over sinks, 1420, allowance
	  	$	2,600.00	  
	 2. Traning Room Upgrades
	  	$	8,000.00	  
	 3. Fire alarm system boxes, conduit, & cabling
	  	$	55,000.00	  

 7. Cleaning of the existing mini blinds on the exterior windows is NIC. 

8. Alternate #3; Fire alarm check, if required: Add $4,260.00 
  

	
	Respectfully Submitted
	
	VILA CONSTRUCTION COMPANY
	
	/s/ Robert P. Vila
	Robert P. Vila
	Vice President

  
 Page 3

 EXHIBIT C 

LIST OF CHANGE ORDER REQUESTS 
 [attached] 

 Exhibit C 
 Change Order Request (“COR”) List 
  

											
	 Vila Bid Letter
Line #
	 	Accepted
CORs #	 	 Description
	 	COR Cost	 	 	 
	34	 	6	 	 move sprinkler valves in lobby
	 	 	2,205.00	  	 	
	35	 	8	 	 expose steel beam @ Stairs 3 and 4
	 	 	2,327.00	  	 	 remove sheet rock from steel beam and paint steel

	36	 	9	 	 sheet rock over small windows at Stair #4
	 	 	7,326.00	  	 	
	37	 	12	 	 Remove sheet rock from exterior columns
	 	 	(7,743.00	) 	 	
	38	 	19	 	 remove sheet rock from inter. Column @ wnd floor stair #2
	 	 	145.00	  	 	
	39	 	21	 	 increase air flow at relocated board room
	 	 	—  	  	 	 pending engineering

	40	 	22	 	 rotate sodering area and move against Row A
	 	 	—  	  	 	 pending re-design

	41	 	23	 	 change wall at gridline C @ gridline 2-5 to full height wall
	 	 	3,972.00	  	 	
	42	 	24	 	 Add 230V/50Hz outlet in Engineering Chambers
	 	 	817.00	  	 	
	43	 	26	 	 Remove sheet rock from interior columns
	 	 	(4,350.00	) 	 	
	44	 	28	 	 delete new toilet partitions and tile work
	 	 	(134,519.00	) 	 	 This will delete new toilet partitions, replacement of plumbing fixtures and new tile work. ADA shower work will
remain

					
		 	31	 	 Delete steel mesh ceiling and install grid mesh
	 	 	(73,748.00	) 	 	 this will delete the custom metal mesh ceiling and add metal mesh panels in t-bar grid; new means to support glass wall is
required

					
	45	 	37	 	 change roof hatch to manual
	 	 	(8,288.00	) 	 	 this changes the roof hatch door (1 only) to a manual operation in lieu of having an electric motor and
switch

	46	 	38	 	 Change precast concrete counters to p-lam
	 	 	(34,340.00	) 	 	 this will delete the precast concrete countertops at restrooms replace them with P-lam

	47	 	39	 	 change door hardware to Dorma
	 	 	(18,813.00	) 	 	
	48	 	40	 	 Delete fry reglet and use L metal at sheet rock
	 	 	(14,377.00	) 	 	 this will delete the decorative trim at sheet rock locations

					
	49	 	41	 	 delete steel canopy at Entry
	 	 	(69,522.00	) 	 	
	50	 	43	 	 Delete drywall trim detail at steel bm and metal kickers at exterior walls; run drywall straight up wall behind
beam
	 	 	(35,770.00	) 	 	 this will delete work shown on Axia SK-1 at perimeter walls

					
	51	 	44	 	 Paint corridor walls above metal ceiling and eliminate patching of corridor walls
	 	 	(2,455.00	) 	 	 this will eliminate patching of fire caulking and penetrations

	52	 	45	 	 change motorized shades to manual
	 	 	(5,242.00	) 	 	 this will change the motorized shades at the Training room to manually operated

	53	 	48	 	 delete 1 roof hatch and ships ladder at 1400
	 	 	(25,246.00	) 	 	 this will delete roof access at 1400

	53	 	59	 	 cable tray
	 	 	n/a	  	 	 deducted $12,100 from the electric line item (both bldgs)

		 	62	 	 Change fire alarm scope to code minimums
	 	 	(43,766.00	) 	 	
	54	 	63	 	 Add structural steel to roof for chiller
	 	 	4,000.00	  	 	 Allowance; add structural steel to roof for chiller plant

		 		 		 	  
	  
	 	 	
		 	Sub Total	 		 	 	(457,387.00	) 	 	$ —  
		 	OH & P	 		 	 	included	  	 	
		 	 TOTAL COR’s
	 	$	(457,387.00	) 	 	

 EXHIBIT D 
 Base Rent and CAM 
 Labs on Ground Floor - 162 day delay/2=81 days 

 

																					
	Bldg	  	Sq.ft	 	  	Base Rent	 	  	CAM	 	  	Rent + Cam per day	 	  	Office Base Rent and
CAM Owed Now	 
						
	1400	  	 	24,000	  	  	$	1.10	  	  	$	0.28	  	  	$	1,088.88	  	  	$	88,199.01	  
				
		  				  	  
	 Total Rent and CAM Owed
	   
	  	$	88,199.01

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