Document:

Exhibit 10.1

 

EXECUTION VERSION

 

$320,000,000

 

ENPHASE ENERGY, INC.

 

0.25% Convertible Senior Notes due 2025

 

PURCHASE AGREEMENT

 

March 4, 2020

 

Barclays
Capital Inc.

Goldman Sachs & Co. LLC

As Representatives of the Several Purchasers,

 

		c/o	Barclays
                                         Capital Inc.

			745
                                         Seventh Avenue

			New
                                         York, New York 10019

 

		c/o	Goldman
                                         Sachs & Co. LLC

			200 West Street,

			New York, New York
                                         10282

 

Dear Sirs:

 

1.            Introductory.
Enphase Energy, Inc., a Delaware corporation (“Company”), agrees with the several initial purchasers named
in Schedule A hereto (“Purchasers”), subject to the terms and conditions stated herein, to issue and sell to
the several Purchasers US$320,000,000 principal amount of its 0.25% Convertible Senior Notes due 2025 (the “Firm Securities”)
and also proposes to grant to the Purchaser an option to purchase up to an additional U.S.$30,000,000 aggregate principal amount
of its 0.25% Convertible Senior Notes due 2025 (the “Option Securities”), to be issued under an indenture,
dated as of the Closing Date (“Indenture”), between the Company and U.S. Bank National Association, as Trustee
(the “Trustee”). The Firm Securities and the Option Securities which the Purchasers may elect to purchase pursuant
to Section 3 hereof are herein collectively called the “Offered Securities.” The Offered Securities will
be convertible into cash, shares of the Company’s common stock, par value $0.00001 per share (“Common Stock”),
or a combination of cash and Common Stock, at the Company’s election, as set forth in the Final Offering Memorandum (as
defined below).

 

In connection with the offering of the
Offered Securities, the Company and certain of the Purchasers or their respective affiliates (the “Call Spread Counterparties”)
are entering into a convertible note hedge transactions pursuant to convertible note hedge confirmations (the “Base Bond
Hedge Confirmations”) and warrant transactions pursuant to warrant confirmations (the “Base Warrant Confirmations”),
each dated the date hereof (the Base Bond Hedge Confirmations and the Base Warrant Confirmations, collectively, the “Base
Call Spread Confirmations”), and in connection with the issuance of any Option Securities, the Company and the Call
Spread Counterparties may enter into additional convertible note hedge transactions pursuant to additional convertible note hedge
confirmations (the “Additional Bond Hedge Confirmations”) and additional warrant transactions pursuant to additional
warrant confirmations (the “Additional Warrant Confirmations”), each to be dated the date of the exercise by
the Purchasers of their option to purchase such Option Securities pursuant to Section 3 hereof (the Additional Bond Hedge
Confirmations and the Additional Warrant Confirmations, collectively, the “Additional Call Spread Confirmations”
and together with the Base Call Spread Confirmations, the “Call Spread Confirmations”).

 

     

     

    

 

2.            Representations
and Warranties of the Company. The Company represents and warrants to, and agrees with, the several Purchasers that:

 

(a)            Offering
Memoranda; Certain Defined Terms. The Company has prepared or will prepare the Preliminary Offering Memorandum and the Final
Offering Memorandum.

 

For purposes of this Agreement:

 

“Applicable Time” means 10:30
pm (Eastern time) on the date of this Agreement.

 

“Additional Closing Date” has
the meaning set forth in Section ‎3 hereof.

 

“Closing Date” has the meaning
set forth in Section ‎3 hereof.

 

“Commission” means the U.S. Securities
and Exchange Commission.

 

“Exchange Act” means the United
States Securities Exchange Act of 1934, as amended.

 

“Exchange Act Reports” means the
Company’s Annual Report on Form 10-K most recently filed with the Commission and all subsequent reports (including
exhibits to the extent incorporated by reference as set forth below) filed by the Company under the Exchange Act, including pursuant
to Section 13(a) or 15(d) thereof and which are incorporated by reference in the Preliminary Offering Memorandum,
the Final Offering Memorandum or any Free Writing Communication, as applicable.

 

“Final Offering Memorandum” means
the final offering Memorandum relating to the Offered Securities to be offered by the Purchasers that discloses the offering price
and other final terms of the Offered Securities and is dated as of the date of this Agreement (even if finalized and issued subsequent
to the date of this Agreement), including the Exchange Act Reports and any other information incorporated by reference therein.

 

“Free Writing Communication” means
a written communication (as such term is defined in Rule 405) that constitutes an offer to sell or a solicitation of an offer
to buy the Offered Securities and is made by means other than the Preliminary Offering Memorandum or the Final Offering Memorandum,
including the Exchange Act Reports.

 

    	 	2	 

     

    

 

“General Disclosure Package” means
the Preliminary Offering Memorandum together with any Issuer Free Writing Communication existing at the Applicable Time and the
information in which is intended for general distribution to prospective investors, as evidenced by it being specified in Schedule
B hereto.

 

“General Solicitation” means any
offer to sell or solicitation of an offer to buy the Offered Securities by any form of general solicitation or advertising (as
those terms are used in Regulation D under the Securities Act).

 

“Issuer Free Writing Communication”
means a Free Writing Communication prepared by or on behalf of the Company, used or referred to by the Company or containing a
description of the final terms of the Offered Securities or of their offering, in the form retained in the Company’s records.

 

“Preliminary Offering Memorandum”
means the preliminary offering memorandum, dated March 4, 2020, relating to the Offered Securities to be offered by the Purchasers,
including the Exchange Act Reports and any other information incorporated by reference therein.

 

“Rules and Regulations” means
the rules and regulations of the Commission.

 

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

 

“Securities Laws” means, collectively,
the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), the Securities Act, the Exchange Act, the Rules and
Regulations, the auditing principles, rules, standards and practices applicable to auditors of “issuers” (as defined
in the Sarbanes-Oxley Act) promulgated or approved by the Public Company Accounting Oversight Board and, as applicable, the rules of
The Nasdaq Stock Market LLC (“Exchange Rules”).

 

“Significant Subsidiary” has the
meaning set forth in Article 1, Rule 1-02 of Regulation S-X promulgated by the Commission, but excludes Enphase Energy,
S.r.l.

 

“Supplemental Marketing Material”
means any Issuer Free Writing Communication other than any Issuer Free Writing Communication specified in Schedule B hereto. Supplemental
Marketing Materials include, but are not limited to, any Issuer Free Writing Communication listed on Schedule C hereto.

 

“Warrant Shares” has the meaning
set forth in Section 2(g) hereof.

 

“Underlying Shares” shall mean
shares of the Common Stock into which the Offered Securities are convertible.

 

Unless otherwise specified, a reference to a “rule”
is to the indicated rule under the Securities Act.

 

    	 	3	 

     

    

 

(b)            Disclosure.
As of its date, the Final Offering Memorandum does not, and as of the Closing Date and the Additional Closing Date, as the case
may be, the Final Offering Memorandum will not, include any untrue statement of a material fact or omit to state any material
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.
At the Applicable Time, neither (i) the General Disclosure Package, nor (ii) any General Solicitation that is not a
Free Writing Communication, made by the Company or by any Purchaser with the consent of the Company, nor (iii) individual
Supplemental Marketing Material, when considered together with the General Disclosure Package, included any untrue statement of
a material fact or omitted to state any material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading. The preceding two sentences do not apply to statements in or omissions from the Preliminary
Offering Memorandum or Final Offering Memorandum, the General Disclosure Package, any General Solicitation or any Supplemental
Marketing Material based upon written information furnished to the Company by any Purchaser through the Representatives specifically
for use therein, it being understood and agreed that the only such information is that described as such in Section ‎8(b) hereof.
Except as disclosed in the General Disclosure Package, on the date of this Agreement, the Exchange Act Reports which have been
filed by the Company with the Commission or sent to stockholders pursuant to the Exchange Act and incorporated by reference in
the Preliminary Offering Memorandum or the Final Offering Memorandum do not include any untrue statement of a material fact or
omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading. Such documents, when they were filed with the Commission, conformed in all material respects to the requirements
of the Exchange Act and the Rules and Regulations thereunder.

 

(c)            Good
Standing of the Company. The Company has been duly incorporated and is existing and in good standing under the laws of the
State of Delaware, with power and authority (corporate and other) to own its properties and conduct its business as described
in the General Disclosure Package; and the Company is duly qualified to do business as a foreign corporation and is in good standing
in all other jurisdictions in which its ownership or lease of property or the conduct of its business requires such qualification,
except to the extent that the failure to be so qualified or be in good standing would not have a material adverse effect on assets,
business, operations, earnings, properties, condition (financial or otherwise), prospects, stockholders’ equity (as set
forth on the Company’s most recent balance sheet included in the Exchange Act Reports) or results of operations of the Company
and its subsidiaries taken as a whole, or prevent the consummation of the transactions contemplated hereby (a “Material
Adverse Effect”).

 

(d)            Subsidiaries.
Each Significant Subsidiary of the Company has been duly incorporated and is existing and in good standing under the laws of the
jurisdiction of its incorporation, with power and authority (corporate and other) to own its properties and conduct its business
as described in the General Disclosure Package (in each case to the extent such concepts (or functional equivalents) are applicable
in the jurisdiction of organization of any such Significant Subsidiary); and each Significant Subsidiary of the Company is duly
qualified to do business as a foreign corporation and is in good standing in all other jurisdictions (in each case to the extent
such concepts (or functional equivalents) are applicable in the jurisdiction of organization of any such Significant Subsidiary)
in which its ownership or lease of property or the conduct of its business requires such qualification, except to the extent that
the failure to be so qualified or be in good standing would not have a Material Adverse Effect; all of the issued and outstanding
capital stock of each Significant Subsidiary of the Company has been duly authorized and validly issued and is fully paid and
non-assessable (in each case to the extent such concepts (or functional equivalents) are applicable in the jurisdiction of organization
of any such Significant Subsidiary); and, except as described otherwise in the General Disclosure Package or the Final Offering
Memorandum, the capital stock of each Significant Subsidiary owned by the Company, directly or through subsidiaries, is owned
free from liens, encumbrances and defects.

 

    	 	4	 

     

    

 

(e)            Indenture.
The Indenture has been duly authorized by the Company; the Offered Securities have been duly authorized by the Company; and when
the Offered Securities are delivered and paid for pursuant to this Agreement on the Closing Date, the Indenture will have been
duly executed and delivered, such Offered Securities will have been duly executed, authenticated, issued and delivered, will conform
to the description thereof contained in the General Disclosure Package, the Final Offering Memorandum and the Indenture and such
Offered Securities will constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance
with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general
applicability relating to or affecting creditors’ rights and to general equity principles, and entitled to the benefits
provided by the Indenture.

 

(f)            Offered
Securities. When the Offered Securities are delivered and paid for in accordance with this Agreement on the Closing Date,
such Offered Securities will be convertible into the Underlying Shares in accordance with the terms of the Indenture and the Offered
Securities; assuming the Company satisfies the Share Reservation Condition (as such term is defined in the Indenture), the maximum
number of Underlying Shares initially issuable upon conversion of such Offered Securities (including the maximum number of additional
shares of Common Stock as may be issuable upon conversion as a result of the increase in the Conversion Rate (as such term is
defined in the Indenture) in connection with a Make-Whole Fundamental Change (as such term is defined in the Indenture) and assuming
(x) the Company satisfies the Share Reservation Condition (as such term is defined in the Indenture), (y) the Company
elects, upon each conversion of the Offered Securities, to deliver solely shares of Common Stock, other than cash in lieu of any
fractional shares, in settlement of each such conversion and (z) the Purchasers exercise their option to purchase the Option
Securities in full) (the “Conversion Shares”) will be, upon satisfaction of the Share Reservation Condition
(as such term is defined in the Indenture), duly authorized and reserved for issuance upon such conversion and such shares, when
issued upon conversion of the Offered Securities in accordance with the terms of the Indenture and the Offered Securities, will
conform in all material respects to the description of the Underlying Shares contained in the General Disclosure Package and the
Final Offering Memorandum; the authorized equity capitalization of the Company is as set forth in the General Disclosure Package;
all outstanding shares of capital stock of the Company are, and when the Underlying Shares have been issued upon conversion of
the Offered Securities in accordance with the terms of the Indenture and the Offered Securities, the Underlying Shares will be,
validly issued, fully paid and non-assessable; the stockholders of the Company have no preemptive rights with respect to the issuance
by the Company of the Offered Securities or the Underlying Shares, and none of the outstanding shares of capital stock of the
Company have been issued by the Company in violation of any preemptive or similar rights of any security holder.

 

    	 	5	 

     

    

 

(g)            Warrant
Shares. Upon issuance and delivery of the warrants evidenced by the Base Warrant Confirmations and any Additional Warrant
Confirmations, such warrants will be exercisable by the holder thereof for shares of Common Stock in accordance with the terms
of the Base Warrant Confirmations and any Additional Warrant Confirmations; the maximum number of shares of Common Stock issuable
upon exercise of the warrants evidenced by the Base Warrant Confirmations and any Additional Warrant Confirmations (the “Warrant
Shares”) have been duly authorized and reserved and, when and to the extent issued upon exercise of such warrants in
accordance with the terms of such warrants, will be validly issued, fully paid and non-assessable, and the issuance of any Warrant
Shares will not be subject to any preemptive or similar rights.

 

(h)            No
Finder’s Fee. Except as disclosed in the General Disclosure Package, there are no contracts, agreements or understandings
between the Company and any person that would give rise to a valid claim against the Company or any Purchaser for a brokerage
commission, finder’s fee or other like payment in connection with this offering.

 

(i)            Absence
of Further Requirements. No consent, approval, authorization, or order of, or filing or registration with, any person (including
any governmental agency or body or any court) is required to be obtained or made by the Company for (i) the consummation
of the transactions contemplated by this Agreement, the Indenture or the Call Spread Confirmations in connection with the offering,
(ii) the issuance and sale of the Offered Securities and Underlying Shares by the Company, (iii) the issuance and sale
of the warrants evidenced by the Base Warrant Confirmations and any Additional Warrant Confirmations (including any issuance of
the Warrant Shares upon exercise thereof) or (iv) the consummation by the Company of any of the other transactions contemplated
by this Agreement, in each case, except such as have been obtained or made, and such as may be required under state securities
laws.

 

(j)            Title
to Property. The Company and each of its Significant Subsidiaries have good and marketable title to all personal property
owned by them (excluding Intellectual Property except to the extent otherwise covered in this Agreement) that are material to
the businesses of the Company or such Significant Subsidiary, in each case free and clear of all liens, encumbrances and claims,
except as described in the General Disclosure Package or the Final Offering Memorandum, and except those that (i) do not
materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such
property by the Company and any of its Subsidiaries or (ii) would not reasonably be expected, individually or in the aggregate,
to have a Material Adverse Effect. Any personal property described in the General Disclosure Package or the Final Offering Memorandum
as being leased by the Company and any of its Subsidiaries is held by them under valid, existing and enforceable leases, with
only such exceptions with respect to any particular lease as do not interfere in any material respect with the conduct of the
business as conducted by them. Neither the Company nor any of its Significant Subsidiaries owns any real property.

 

    	 	6	 

     

    

 

(k)            Absence
of Defaults and Conflicts Resulting from Transaction. The execution, delivery and performance of the Indenture and this Agreement
by the Company and the issuance and sale of the Offered Securities and Underlying Shares and compliance with the terms and provisions
thereof will not result in a breach or violation of any of the terms and provisions of, or constitute a default or a Debt Repayment
Triggering Event (as defined below) under, or result in the imposition of any lien, charge or encumbrance upon any property or
assets of the Company or any of its subsidiaries pursuant to, (i) the charter or by-laws of the Company or any of its Significant
Subsidiaries, (ii) any statute, rule, regulation or order of any governmental agency or body or any court, domestic or foreign,
having jurisdiction over the Company or any of its subsidiaries or any of their properties, or (iii) any agreement or instrument
to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which
any of the properties of the Company or any of its subsidiaries is subject, except in the case of clauses (ii) and (iii) for
any breach, violation, default, lien, charge or encumbrance for which waivers or consents have been obtained as of the Applicable
Time or that would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect; a “Debt
Repayment Triggering Event” means any event or condition that gives, or with the giving of notice or lapse of time would
give, the holder of any note, debenture, or other evidence of indebtedness (or any person acting on such holder’s behalf)
the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any of
its subsidiaries.

 

(l)            Absence
of Existing Defaults and Conflicts. Neither the Company nor any of its Significant Subsidiaries is (i) in violation of
its charter or by-laws or similar organizational documents; (ii) in default, and no event or condition has occurred that
with the giving of notice or lapse of time would cause the Company or any of its Subsidiaries to be in default, under any existing
obligation, agreement, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement or other similar
agreement or instrument to which the Company or any of its Significant Subsidiaries is a party or by which the Company or any
of its Significant Subsidiaries is bound or to which any of the property or assets of the Company or any of its Significant Subsidiaries
are subject; or (iii) in violation of any law or statute or any judgment, order, rule or regulation of any court or
arbitrator or governmental or regulatory authority, except, in the case of each of clauses (ii) and (iii) above, for
any such violation or default that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. To the Company’s knowledge, no other party under any material contract or other agreement to which it or any of
its Significant Subsidiaries is a party is in default in any respect thereunder where such default would have a Material Adverse
Effect.

 

    	 	7	 

     

    

 

(m)            Authorization
of Agreement. This Agreement has been duly authorized, executed and delivered by the Company.

 

(n)            Authorization
of Call Spread Confirmations. The Base Call Spread Confirmations have been duly authorized, executed and delivered by the
Company and are enforceable against the Company in accordance with their terms, and any Additional Call Spread Confirmations will,
on or prior to the date such Additional Call Spread Confirmations are entered into, have been duly authorized, executed and delivered
by the Company and each will be enforceable against the Company in accordance with their terms, subject to bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’
rights and to general equity principles.

 

(o)            Possession
of Licenses and Permits. The Company and each of its subsidiaries possess or have obtained, all licenses, certificates, consents,
orders, approvals, permits and other authorizations issued by the appropriate federal, state, local or foreign governmental or
regulatory authorities that are necessary for the ownership or lease of their respective properties or the conduct of their respective
businesses as currently conducted, as described in the General Disclosure Package or the Final Offering Memorandum (the “Permits”),
except where such failure would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
Neither the Company nor any of its subsidiaries have received written notice of any proceeding relating to revocation or modification
of any such Permit or has any reason to believe that such Permit will not be renewed in the ordinary course, except where the
failure to obtain any such renewal would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect.

 

(p)            Absence
of Labor Dispute. No material labor dispute with the employees of the Company or any of its Significant Subsidiaries exists,
except as described in the General Disclosure Package, or, to the knowledge of the Company, is imminent; and the Company is not
aware of any existing, threatened or imminent labor disturbance by the employees of any of its principal suppliers, manufacturers
or contractors that would reasonably be expected to have a Material Adverse Effect.

 

    	 	8	 

     

    

 

(q)            Intellectual
Property. To its knowledge, the Company and its Significant Subsidiaries own or possess adequate rights to use all patents,
patent applications, trademarks (both registered and unregistered), service marks, trade names, trademark registrations, service
mark registrations, copyrights, licenses and know-how (including trade secrets and other unpatented and/or unpatentable proprietary
or confidential information, systems or procedures) (collectively, the “Intellectual Property”), necessary
for the conduct of their respective businesses as conducted as of the date hereof, except to the extent that the failure to own
or possess adequate rights to use such Intellectual Property would not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect; neither the Company nor any of its Significant Subsidiaries have received any written notice
of any claim of infringement or conflict which asserted Intellectual Property rights of others, which infringement or conflict,
if the subject of an unfavorable decision, would result in a Material Adverse Effect; there are no pending, or to the Company’s
knowledge, threatened judicial proceedings or interference proceedings against the Company or its Significant Subsidiaries challenging
the Company’s or its Significant Subsidiaries’ rights in or to or the validity of the scope of any of the Company’s
or its Significant Subsidiaries’ owned material patents, patent applications or proprietary information; to the Company’s
knowledge, no other entity or individual has any right or claim in any of the Company’s or its Significant Subsidiaries’
owned material patents, patent applications or any patent to be issued therefrom by virtue of any contract, license or other agreement
entered into between such entity or individual and the Company or a Significant Subsidiary or by any non-contractual obligation
of the Company or a Significant Subsidiary, other than by written licenses granted by the Company or a Significant Subsidiary
and other than such rights or claims that would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect; the Company and its Subsidiaries have not received any written notice of any claim challenging the rights of the
Company or a Significant Subsidiary in or to any Intellectual Property owned, licensed or optioned by the Company or such Significant
Subsidiary which claim, if the subject of an unfavorable decision, would result in a Material Adverse Effect.

 

(r)            Cybersecurity.
Except as would not, individually or in the aggregate, result in a Material Adverse Effect (i) there has been no security
breach or incident, unauthorized access or disclosure, or other compromise of or relating to the Company’s or its Significant
Subsidiaries’ information technology and computer systems, networks, hardware, software, data and databases (including the
data and information of its customers, employees, suppliers, vendors and any third party data maintained, processed or stored
by the Company, and any such data processed or stored by third parties on behalf of the Company), equipment or technology (collectively,
the “IT Systems and Data”); (ii) neither the Company nor any of its Significant Subsidiaries has been
notified of, or has knowledge of any event or condition that could result in, any security breach or incident, unauthorized access
or disclosure or other compromise to its IT Systems and Data; (iii) the Company and its Significant Subsidiaries have implemented
commercially reasonable controls, policies, procedures, and technological safeguards to maintain and protect the integrity, continuous
operation, redundancy and security of the IT Systems and Data consistent with industry standards and practices, or as required
by applicable regulatory standards; (iv) the Company and its Significant Subsidiaries are presently in material compliance
with all internal and external privacy policies, contractual obligations, applicable laws or statutes and all judgments, orders,
rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual
obligations, in each case relating to the privacy and security of any IT Systems and Data and to the protection of such IT Systems
and Data from unauthorized use, access, misappropriation or modification; and (v) there is no pending or, to the knowledge
of the Company, threatened action, suit or proceeding by or before any court, arbitrator or governmental or regulatory authority
alleging non-compliance with the foregoing.

 

    	 	9	 

     

    

 

(s)            Environmental
Laws. The Company and its Significant Subsidiaries (i) are in compliance with any and all applicable federal, state,
local and foreign laws, rules, regulations, decisions and orders relating to the protection of human health and safety, the environment
or hazardous or toxic substances or wastes, pollutants or contaminants (collectively, “Environmental Laws”);
(ii) have received and are in compliance with all permits, licenses or other approvals required of them under applicable
Environmental Laws to conduct their respective businesses as described in the General Disclosure Package and the Final Offering
Memorandum; and (iii) have not received notice of any actual or potential liability for the investigation or remediation
of any disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants, except, in the case of any
of clauses ‎(i), (‎(ii) or ‎(iii) above, for any such failure to comply or failure to receive required permits,
licenses, other approvals or liability as would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.

 

(t)            Accurate
Disclosure. The statements in the General Disclosure Package and the Final Offering Memorandum under the headings “Certain
U.S. Federal Income Tax Considerations,” “Description of Notes” and “Description of Capital Stock,”
insofar as such statements summarize legal matters, agreements, documents or proceedings discussed therein, are in all material
respects accurate and fair summaries of such legal matters, agreements, documents or proceedings and present the information required
to be shown.

 

(u)            Absence
of Manipulation. The Company has not taken, directly or indirectly, any action that is designed to or that has constituted
or that would reasonably be expected to cause or result in the stabilization or manipulation of the price of the Common Stock
or any other security of the Company to facilitate the sale or resale of the Offered Securities; provided, however,
that no representation is made with regard to any actions of the Purchasers.

 

(v)            Statistical
and Market-Related Data. Nothing has come to the attention of the Company that has caused the Company to believe that the
statistical and market-related data included or incorporated by reference in each of the General Disclosure Package and the Final
Offering Memorandum is not based on or derived from sources that are reliable and accurate in all material respects.

 

(w)            Internal
Controls and Compliance with the Sarbanes-Oxley Act.

 

(i)            The
Company maintains a system of internal accounting controls designed to provide reasonable assurance that (i) transactions
are executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded as
necessary to permit preparation of financial statements in conformity with generally accepted accounting principles in the United
States (“GAAP”) and to maintain asset accountability; (iii) access to assets is permitted only in accordance
with management’s general or specific authorization; and (iv) the recorded accountability for assets is compared with
the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Company’s
internal control over financial reporting is effective and the Company is not aware of any material weaknesses in its internal
control over financial reporting. Since the date of the latest audited financial statements of the Company included in the General
Disclosure Package and the Final Offering Memorandum, there has been no change in the Company’s internal control over financial
reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over
financial reporting (other than as set forth in the General Disclosure Package and the Final Offering Memorandum). The Company
has established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15 and 15d-15) that comply with
the requirements of the Exchange Act.

 

    	 	10	 

     

    

 

(ii)            There
is and has been no failure on the part of the Company or, to the knowledge of the Company, any of the Company’s directors
or officers, in their capacities as such, to materially comply with any applicable provisions of the Sarbanes-Oxley Act and the
rules and regulations promulgated thereunder. Each of the principal executive officer and the principal financial officer
of the Company (or each former principal executive officer of the Company and each former principal financial officer of the Company
as applicable) has made all certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act with respect to all reports,
schedules, forms, statements and other documents required to be filed by it or furnished by it to the Commission during the past
12 months. For purposes of the preceding sentence, “principal executive officer” and “principal financial officer”
shall have the meanings given to such terms in the Sarbanes-Oxley Act.

 

(x)            Legal
and Governmental Proceedings. Except as described in the General Disclosure Package and the Final Offering Memorandum (including
the Exchange Act Reports), there are no legal, governmental or regulatory actions, suits or proceedings pending, nor, to the Company’s
knowledge, any legal, governmental or regulatory investigations, to which the Company or any of its subsidiaries is a party or
to which any property of the Company or any of its subsidiaries is the subject that, individually or in the aggregate, if determined
adversely to the Company or any of its subsidiaries, would reasonably be expected to have a Material Adverse Effect or materially
and adversely affect the ability of the Company to perform its obligations under this Agreement; to the Company’s knowledge,
no such actions, suits or proceedings are threatened or contemplated by any governmental or regulatory authority or threatened
by others that, individually or in the aggregate, if determined adversely to the Company or any of its Subsidiaries, would reasonably
be expected to have a Material Adverse Effect; and there are no current or pending legal, governmental or regulatory actions,
suits or proceedings or, to the Company’s knowledge, investigations that would be required under the Securities Act to be
described in the General Disclosure Package and the Final Offering Memorandum if the offer and sale of the Offered Securities
and Underlying Securities were registered under the Securities Act that are not so described in the General Disclosure Package
and the Final Offering Memorandum (including the Exchange Act Reports).

 

    	 	11	 

     

    

 

(y)            Financial
Statements. The consolidated financial statements of the Company included or incorporated by reference in the General Disclosure
Package and the Final Offering Memorandum, together with the related notes and schedules, present fairly, in all material respects,
the consolidated financial position of the Company and its subsidiaries as of the dates indicated and the consolidated results
of operations, cash flows and changes in stockholders’ equity of the Company and its subsidiaries for the periods specified
(subject, in the case of unaudited statements, to normal year-end audit adjustments) and have been prepared in compliance with
the requirements of the Securities Act and Exchange Act, as applicable, and in conformity with GAAP applied on a consistent basis
(except for such adjustments to accounting standards and practices as are noted therein and except in the case of unaudited financial
statements to the extent they may exclude footnotes or may be condensed or summary statements) during the periods involved; the
other financial and statistical data with respect to the Company and its subsidiaries contained or incorporated by reference in
the General Disclosure Package and the Final Offering Memorandum are accurately and fairly presented and prepared on a basis consistent
with the financial statements and books and records of the Company; there are no financial statements (historical or pro forma)
that would be required to be included or incorporated by reference in the General Disclosure Package and the Final Offering Memorandum
if the offer and sale of the Offered Securities and the Underlying Securities were registered under the Securities Act that are
not included or incorporated by reference in the General Disclosure Package and the Final Offering Memorandum; and the Company
and its subsidiaries do not have any material liabilities or obligations, direct or contingent (including any off-balance sheet
obligations), not described in the General Disclosure Package and the Final Offering Memorandum.

 

(z)            No
Material Adverse Change in Business. Since the date of the most recent financial statements of the Company included or incorporated
by reference in the General Disclosure Package and the Final Offering Memorandum, there has not been (i) any Material Adverse
Effect, (ii) any transaction which is material to the Company and its subsidiaries taken as a whole, (iii) any obligation
or liability, direct or contingent (including any off-balance sheet obligations), incurred by the Company or any Significant Subsidiary,
which is material to the Company and its subsidiaries taken as a whole, (iv) any material change in the capital stock (other
than (A) the grant of additional stock awards under the Company’s existing equity incentive plans or employee stock
purchase plan disclosed in the Exchange Act Reports, (B) changes in the number of outstanding shares of Common Stock of the
Company due to the issuance of shares upon the exercise or conversion of securities exercisable for, or convertible into, Common
Stock outstanding on the date hereof, (C) as a result of the issuance or conversion of the Offered Securities or (D) otherwise
publicly announced) or outstanding long-term indebtedness of the Company or any of its Significant Subsidiaries or (v) any
dividend or distribution of any kind declared, paid or made on the capital stock of the Company or any such Significant Subsidiary,
other than in each case above (1) in the ordinary course of business, in the case of any such Significant Subsidiary or (2) as
otherwise disclosed in the General Disclosure Package and the Final Offering Memorandum.

 

    	 	12	 

     

    

 

(aa)     Investment
Company Act. Neither the Company nor any of its Significant Subsidiaries is or, after giving effect to the offer and sale
of the Offered Securities and the transactions contemplated by the Call Spread Confirmations, will be an “investment company”
or an entity “controlled” by an “investment company,” as such terms are defined in the Investment Company
Act of 1940, as amended (the “Investment Company Act”).

 

(bb)     Tax
Matters. The Company and each of its Significant Subsidiaries have filed all federal, state, local and foreign tax returns
which have been required to be filed or has requested extensions thereof, except where the failure to file would not, individually
or in the aggregate, have a Material Adverse Effect, and paid all taxes required to be paid thereon (except for cases in which
the failure to pay would not have a Material Adverse Effect, or, except as currently being contested in good faith and for which
reserves required by U.S. GAAP have been created in the financial statements of the Company). No tax deficiency has been determined
adversely to the Company or any of its Significant Subsidiaries which has had, or would reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect. The Company has no knowledge of any federal, state or other governmental tax deficiency,
penalty or assessment which has been asserted or threatened against it which would have a Material Adverse Effect.

 

(cc)     No
Unlawful Payments. Neither the Company nor, to the Company’s knowledge, any director, officer, employee, agent, affiliate
or representative of the Company, has taken or, with respect to the Company, will take any action in furtherance of an offer,
payment, promise to pay, or authorization or approval of the payment or giving of money, property, gifts or anything else of value,
directly or indirectly, to any “government official” (including any officer or employee of a government or government-owned
or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf
of any of the foregoing, or any political party or party official or candidate for political office) to influence official action
or secure an improper advantage; and the Company has conducted its business in compliance with applicable anti-corruption laws
and has instituted and maintained and will continue to maintain policies and procedures designed to promote and achieve compliance
with such laws and with the representation and warranty contained herein.

 

(dd)     Compliance
with Anti-Money-Laundering Laws. The operations of the Company and its subsidiaries are and have been conducted at all times
in material compliance with all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy
Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and the applicable anti-money laundering statutes of jurisdictions where the
Company and its subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations
or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Anti-Money Laundering
Laws”), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator
involving the Company or its subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the best knowledge
of the Company, threatened.

 

    	 	13	 

     

    

 

(ee)     Compliance
with Sanctions. (i)  Neither the Company nor any of its Subsidiaries (collectively, the “Entity”)
or, to the Company’s knowledge, any director, officer, employee, agent, affiliate or representative of the Entity, is a
government, individual, or entity (in this Section ‎2(bb), “Person”) that is, or is owned or controlled
by a Person that is:

 

(A)            currently
the subject of any sanctions administered or enforced by the U.S. Department of Treasury’s Office of Foreign Assets Control,
the United Nations Security Council, the European Union, Her Majesty’s Treasury, the Swiss Secretariat of Economic Affairs
or other relevant sanctions authority (collectively, “Sanctions”), nor

 

(B)            located,
organized or resident in a country or territory that is the subject of Sanctions.

 

(ii)          The
Company represents and covenants that the Entity will not, directly or indirectly, knowingly use the proceeds of the offering,
or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person:

 

(A)            to
fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding
or facilitation, is the subject of Sanctions; or

 

(B)            in
any other manner that will result in a violation of Sanctions by any Person (including any Person participating in the offering,
whether as underwriter, advisor, investor or otherwise).

 

(iii)          The
Company represents and covenants that, except as detailed in the General Disclosure Package and the Final Offering Memorandum,
for the past five years, the Entity has not knowingly engaged in and is not now knowingly engaged in, any dealings or transactions
with any Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions.

 

(ff)       No
Rated Securities. There are no debt securities or preferred stock of, or guaranteed by, the Company that are rated by a “nationally
recognized statistical rating organization,” as such term is defined in Section 3(a)(62) of the Exchange Act.

 

(gg)     Insurance.
Except as described in the General Disclosure Package and the Final Offering Memorandum, the Company and each of its Significant
Subsidiaries carry, or are covered by, insurance in such amounts and covering such risks as the Company and each of its Significant
Subsidiaries reasonably believe are adequate for the conduct of their business, as customary for companies of similar size engaged
in similar businesses in similar industries.

 

    	 	14	 

     

    

 

(hh)     Class of
Securities Not Listed. No securities of the same class (within the meaning of Rule 144A(d)(3) under the Securities
Act) as the Offered Securities are listed on any national securities exchange registered under Section 6 of the Exchange
Act or quoted in a U.S. automated inter-dealer quotation system.

 

(ii)            No
Registration. The offer and sale of the Offered Securities by the Company to the several Purchasers and the initial resale
of the Offered Securities by the several Purchasers in the manner contemplated by the Offering Memorandum will be exempt from
the registration requirements of the Securities Act; and it is not necessary to qualify the Indenture under the United States
Trust Indenture Act of 1939, as amended. Upon any qualification of the Indenture under the Trust Indenture Act, the Indenture
will comply in all material respects with the requirements of the Trust Indenture Act.

 

(jj)        General
Solicitation. Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf has (i) within
the six-month period prior to the date hereof, offered or sold in the United States or to any U.S. person (as such terms are defined
in the Securities Act) the Offered Securities or any security of the same class or series as the Offered Securities or (ii) offered
or will offer or sell the Offered Securities by means of any General Solicitation that is not a Free Writing Communication other
than General Solicitations listed on Schedule B hereto or those made with the prior written consent of the Representatives. The
Company has not entered and will not enter into any contractual arrangement with respect to the distribution of the Offered Securities
except for this Agreement.

 

(kk)      Reporting
Status. The Company is subject to Section 13 or 15(d) of the Exchange Act.

 

(ll)        Solvency.
Immediately after the consummation of the issuance of the Offered Securities and the transactions contemplated by the Call Spread
Confirmations, the Company will be Solvent. As used in this paragraph, the term “Solvent” means, with respect to a
particular date, that on such date (i) the present fair market value (or present fair saleable value) of the assets of the
Company are not less than the total amount required to pay the probable liabilities of the Company on its total existing debts
and liabilities (including contingent liabilities) as they become absolute and matured, (ii) the Company is able to realize
upon its assets and pay its debts and other liabilities, contingent obligations and commitments as they mature and become due
in the normal course of business, (iii) assuming the sale of the Offered Securities as contemplated by this Agreement, the
General Disclosure Package and the Final Offering Memorandum, the Company is not incurring debts or liabilities beyond its ability
to pay as such debts and liabilities mature, (iv) the Company is not engaged in any business or transaction, and is not about
to engage in any business or transaction, for which its property would constitute unreasonably small capital after giving due
consideration to the prevailing practice in the industry in which the Company is engaged, and (v) the Company is not a defendant
in any civil action that would result in a judgment that the Company is or would become unable to satisfy. In computing the amount
of such contingent liabilities at any time, it is intended that such liabilities will be computed at the amount that, in the light
of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual
or matured liability.

 

    	 	15	 

     

    

 

(mm)    Forward-Looking
Statements. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E
of the Exchange Act) included in the General Disclosure Package or the Final Offering Memorandum has been made or reaffirmed without
a reasonable basis or has been disclosed other than in good faith.

 

3.            Purchase,
Sale and Delivery of Offered Securities. On the basis of the representations, warranties and agreements and subject to the
terms and conditions set forth herein, (a) the Company agrees to sell to the several Purchasers, and each of the Purchasers
agrees, severally and not jointly, to purchase from the Company, at a purchase price of 97.8158% of the principal amount thereof
plus accrued interest, if any, from March 9, 2020 to the Closing Date, the respective principal amounts of Offered Securities
set forth opposite the names of the several Purchasers in Schedule A hereto and (b) in the event and to the extent that the
Purchasers shall exercise the election to purchase Option Securities as provided below, the Company agrees to issue and sell to
each of the Purchasers, and each of the Purchasers agrees, severally and not jointly, to purchase from the Company, at the same
purchase price set forth in clause (a) of this Section 3, that portion of the aggregate principal amount of the Option
Securities as to which such election shall have been exercised (to be adjusted by the Representatives so as to eliminate fractions
of $1,000), determined by multiplying such aggregate principal amount of Option Securities by a fraction, the numerator of which
is the maximum aggregate principal amount of Option Securities that such Purchaser is entitled to purchase as set forth opposite
the name of such Purchaser in Schedule A hereto and the denominator of which is the maximum aggregate principal amount of Option
Securities that all of the Purchasers are entitled to purchase hereunder.

 

The Company hereby grants to the Purchasers
the right to purchase at their election up to US$30,000,000 aggregate principal amount of Option Securities, at the purchase price
set forth in clause (a) of the first paragraph of this Section 3 to the extent that the Purchasers sell in excess of
the aggregate principal amount of Firm Securities for the sole purpose of covering over-allotments, if any. Any such election
to purchase Option Securities may be exercised by written notice from the Representatives to the Company, given within a period
of 13 calendar days after the date of this Agreement, setting forth the aggregate principal amount of Option Securities to be
purchased and the date on which such Option Securities are to be delivered, as determined by the Representatives but in no event
earlier than the Closing Date (as defined below) or, unless the Representatives and the Company otherwise agree in writing, earlier
than one or later than 10 business days after the date of such notice.

 

The Company will deliver the Offered Securities
to or as instructed by the Representatives for the accounts of the several Purchasers in a form reasonably acceptable to the Representatives
against payment of the purchase price by the Purchasers in Federal (same day) funds by wire transfer to an account at a bank acceptable
to the Representatives drawn to the order of the Company at the office of Davis Polk & Wardwell, LLP, 1600 El Camino
Real, Menlo Park, California 94025. The time and date of such delivery and payment shall be, with respect to the Firm Securities,
at 10:00 a.m., New York time, on March 9, 2020, or at such other time not later than seven full business days thereafter
as the Representatives and the Company determine. The time and date of such delivery and payment shall be, with respect to the
Option Securities, 10:00 a.m., New York time, on the date specified in the written notice given by Representatives of the Purchasers’
election to purchase such Option Securities, or such other time and date as the Representatives and the Company may agree upon
in writing. Such time and date for delivery of the Firm Securities are herein called the “Closing Date,” such
time and date for delivery of the Option Securities, if not the Closing Date, are herein called the “Additional Closing
Date.” For purposes of Rule 15c6-1 under the Exchange Act, the Closing Date (if later than the otherwise applicable
settlement date) shall be the settlement date for payment of funds and delivery of securities for all the Firm Securities sold
pursuant to the offering. The Offered Securities so to be delivered or evidence of their issuance will be made available for checking
at the above office of Davis Polk & Wardwell LLP at least 24 hours prior to the Closing Date, with respect to the Firm
Securities, and at least 24 hours prior to the Additional Closing Date, with respect to the Option Securities.

 

    	 	16	 

     

    

 

4.            Representations
by Purchasers; Resale by Purchasers.  (a) Each Purchaser severally represents and warrants to the Company that it
is a qualified institutional buyer within the meaning of Rule 144A under the Securities Act and it is an “accredited
investor” within the meaning of Regulation D under the Securities Act.

 

(b)            Each
Purchaser severally acknowledges that the Offered Securities have not been registered under the Securities Act and may not be
offered or sold within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an exemption
from the registration requirements of the Securities Act. Each Purchaser severally represents and agrees that it has offered and
sold the Offered Securities, and will offer and sell the Offered Securities only in accordance with Rule 144A under the Securities
Act. Accordingly, such Purchaser, its affiliates and all persons acting on its or their behalf have complied and will comply with
the offering restrictions requirements of Rule 144A under the Securities Act.

 

(c)            Each
Purchaser severally agrees that it and each of its affiliates has not entered and will not enter into any contractual arrangement
with respect to the distribution of the Offered Securities except for any such arrangements with the other Purchasers or affiliates
of the other Purchasers or with the prior written consent of the Company.

 

(d)            Each
Purchaser severally agrees that it and each of its affiliates will not offer or sell the Offered Securities by means of any form
of General Solicitation, other than a permitted communication listed on Schedule B. Each Purchaser severally agrees, with respect
to the initial resales made by such Purchaser in reliance on Rule 144A of any of the Offered Securities, to deliver either
with the confirmation of such resale or otherwise prior to settlement of such resale a notice to the effect that the resale of
such Offered Securities has been made in reliance upon the exemption from the registration requirements of the Securities Act
provided by Rule 144A thereunder.

 

    	 	17	 

     

    

 

5.            Certain
Agreements of the Company. The Company agrees with the several Purchasers that:

 

(a)            Amendments
and Supplements to Offering Memoranda. The Company will promptly advise the Representatives of any proposal to amend or supplement
the Preliminary Offering Memorandum or Final Offering Memorandum and will not effect any such amendment or supplement to which
the Representatives reasonably object; provided that the Company may effect any such amendment or supplement constituting
a filing under the Exchange Act that, in the opinion of counsel, is required by law. If, at any time prior to the completion of
the initial resale of the Offered Securities by the Purchasers, there occurs an event or development as a result of which any
document included in the Preliminary Offering Memorandum or Final Offering Memorandum, the General Disclosure Package or any Supplemental
Marketing Material, if republished immediately following such event or development, included or would include an untrue statement
of a material fact or omitted or would omit to state any material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading, the Company promptly will notify the Representatives of
such event and promptly will prepare and furnish, at its own expense, to the Purchasers and to any dealers at the request of the
Representatives, an amendment or supplement which will correct such statement or omission. Neither the Representatives’
consent to, nor the Purchasers’ delivery to offerees or investors of, any such amendment or supplement shall constitute
a waiver of any of the conditions set forth in Section ‎7.

 

(b)            Furnishing
of Offering Memoranda. The Company will furnish to the Representatives copies of the Preliminary Offering Memorandum, each
other document comprising a part of the General Disclosure Package, the Final Offering Memorandum, all amendments and supplements
to such documents and each item of Supplemental Marketing Material, in each case as soon as available and in such quantities as
the Representatives reasonably request. At any time when the Company is not subject to Section 13 or 15(d) of the
Exchange Act, the Company will promptly furnish or cause to be furnished, upon request of holders and prospective purchasers of
the Offered Securities, to such holders and purchasers, copies of the information required to be delivered to holders and prospective
purchasers of the Offered Securities pursuant to Rule 144A(d)(4) under the Securities Act (or any successor provision
thereto) in order to permit compliance with Rule 144A under the Securities Act in connection with resales by such holders
of the Offered Securities. The Company will pay the expenses of printing and distributing to the holders or prospective purchasers
of the Offered Securities all such documents.

 

    	 	18	 

     

    

 

(c)            General
Solicitations. The Company will furnish to the Representatives any proposed General Solicitation to be made by the Company
or on its behalf before its use, and will not make or use any proposed General Solicitation without the Representatives’
prior written consent.

 

(d)            Blue
Sky Qualifications. The Company will arrange for the qualification of the Offered Securities for sale and the determination
of their eligibility for investment under the laws of such jurisdictions as the Representatives designate and will continue such
qualifications in effect so long as required for the initial resale of the Offered Securities by the Purchasers; provided,
that, in connection therewith, the Company will not be required to file a general consent to service of process or to qualify
as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified, or subject itself to
taxation for doing business in any jurisdiction in which it is not otherwise so subject.

 

(e)            Reporting
Requirements. For so long as the Offered Securities remain outstanding, the Company will furnish, upon request, to the Representatives
and to each of the other Purchasers, as soon as practicable after the end of each fiscal year, a copy of its annual report to
stockholders for such year; and the Company will furnish, upon request, to the Representatives (i) as soon as available,
a copy of each report and any definitive proxy statement of the Company filed with the Commission under the Exchange Act or mailed
to stockholders, and (ii) from time to time, such other information concerning the Company as the Representatives may reasonably
request; provided, that, if the Representatives shall request nonpublic confidential information, the Company shall
only be required to provide the Representatives with such information if the Representatives shall enter into a customary confidentiality
agreement with the Company with respect thereto. However, so long as the Company is subject to the reporting requirements of either
Section 13 or Section 15(d) of the Exchange Act and is timely filing reports with the Commission on its Electronic
Data Gathering, Analysis and Retrieval system, it is not required to furnish such reports or statements to the Representatives
or the Purchasers.

 

(f)            Transfer
Restrictions. At any time when any Offered Securities are deemed “restricted securities” under Rule 144,
the Company will inform the Representatives, each of the other Purchasers and, upon request, any holder of Offered Securities
if any event has occurred that would result in additional interest being payable on such Offered Securities under the terms of
the Indenture as a result of such securities not being “freely tradable” (as defined in the Indenture).

 

(g)            No
Resales by Affiliates. The Company will not, and will not permit any of its “controlled” affiliates (as defined
in Rule 144) to, resell any of the Offered Securities that have been reacquired by any of them, except for Offered Securities
purchased by the Company or any such affiliates and resold in a transaction registered under the Securities Act or pursuant to
an exemption from the registration requirements of the Securities Act in a transaction that results in such Offered Securities
no longer being deemed “restricted securities” under Rule 144.

 

    	 	19	 

     

    

 

(h)            Investment
Company. During the period of one year after the Closing Date, the Company will not be or become, an open-end investment company,
unit investment trust or face-amount certificate company that is or is required to be registered under Section 8 of the Investment
Company Act.

 

(i)            Payment
of Expenses. The Company will pay all expenses incident to the performance of its obligations under this Agreement and the
Indenture, including but not limited to (i) the fees and expenses of the Trustee and its professional advisers; (ii) all
expenses in connection with the execution, issue, authentication, packaging and initial delivery of the Offered Securities, the
preparation and printing of this Agreement, the Offered Securities, the Indenture, the Preliminary Offering Memorandum, any other
documents comprising any part of the General Disclosure Package, the Final Offering Memorandum, all amendments and supplements
thereto, each item of Supplemental Marketing Material and any other document relating to the issuance, offer, sale and delivery
of the Offered Securities; (iii) the cost of any advertising approved in advance by the Company in connection with the issue
of the Offered Securities; (iv) any expenses (including fees and disbursements of counsel to the Purchasers) incurred in
connection with qualification of the Offered Securities for sale under the laws of such jurisdictions in the United States and
Canada as the Representatives designate and the preparation and printing of memoranda relating thereto; provided that the
amount payable by the Company with respect to fees and disbursements of counsel for the Purchasers pursuant to this clause (iv) shall
not exceed $10,000); (v) any fees charged by investment rating agencies for the rating of the Securities, (vi) expenses
incurred in distributing the Preliminary Offering Memorandum, any other documents comprising any part of the General Disclosure
Package, the Final Offering Memorandum (including any amendments and supplements thereto) and any Supplemental Marketing Material
to the Purchasers; (vii) any stamp or transfer taxes in connection with the original sale and issuance of the Offered Securities
and (viii) the cost of listing the Conversion Shares and the Warrant Shares in accordance with the rules of The Nasdaq
Stock Market LLC. The Company will also pay or reimburse the Purchasers (to the extent incurred by them) for costs and expenses
of the Purchasers and the Company’s officers and employees and any other expenses of the Purchasers and the Company relating
to investor presentations or any “road show” in connection with the offering and sale of the Offered Securities including,
without limitation, any travel expenses of the Company’s officers and employees and any other expenses of the Company. It
is understood, however, that, except as provided in this Agreement, the Purchasers shall pay all of their own costs and expenses,
including the fees and disbursements of their counsel, transfer taxes on resale of any of the Offered Securities by them and any
advertising expenses in connection with any offers they may make.

 

(j)            Use
of Proceeds. The Company will use the net proceeds received in connection with this offering in the manner described in the
 “Use of Proceeds” section of the General Disclosure Package and, except as disclosed in the General Disclosure Package,
the Company does not intend to use any of the proceeds from the sale of the Offered Securities hereunder to repay any outstanding
debt owed to any affiliate of any Purchaser.

 

    	 	20	 

     

    

 

(k)            Absence
of Manipulation. In connection with the offering, until the Representatives shall have notified the Company and the other
Purchasers of the completion of the resale of the Offered Securities, which notice shall be promptly provided upon such completion,
neither the Company nor any of its controlled affiliates will, either alone or with one or more other persons, bid for or purchase
for any account in which it or any of its affiliates has a beneficial interest any Offered Securities or attempt to induce any
person to purchase any Offered Securities; and neither it nor any of its affiliates will make bids or purchases for the purpose
of creating actual, or apparent, active trading in, or of raising the price of, the Offered Securities.

 

(l)            Restriction
on Sale of Securities. For the period specified below (the “Lock-Up Period”), the Company will not, directly
or indirectly, take any of the following actions with respect to shares of its Common Stock or any securities convertible into
or exchangeable or exercisable for Common Stock (“Lock-Up Securities”): (i) offer, sell, issue, contract
to sell, pledge or otherwise dispose of Lock-Up Securities; (ii) offer, sell, issue, contract to sell, contract to purchase
or grant any option, right or warrant to purchase Lock-Up Securities; (iii) enter into any swap, hedge or any other agreement
that transfers, in whole or in part, the economic consequences of ownership of Lock-Up Securities; (iv) establish or increase
a put equivalent position or liquidate or decrease a call equivalent position in Lock-Up Securities within the meaning of Section 16
of the Exchange Act or (v) file with the Commission a registration statement under the Securities Act relating to Lock-Up
Securities, or publicly disclose the intention to take any such action, without the prior written consent of the Representatives,
except (A) the issuance by the Company of the Offered Securities to be sold hereunder or any Underlying Shares issued upon
conversion thereof; (B) (i) entry into the Call Spread Confirmations or the Company’s performance of its obligations
thereunder or the issuance of any Common Stock upon exercise and settlement or termination of the warrant transactions entered
into pursuant to the Base Warrant Confirmations or any Additional Warrant Confirmations or (ii) the Company’s performance
of its obligations under the call spread confirmations entered into by the Company on May 31, 2019 and June 4, 2019
or the issuance of any Common Stock upon exercise and settlement of the warrant confirmations dated May 31, 2019 and June 4,
2019; (C) the issuances of shares of Common Stock upon the conversion of any of the Company’s outstanding 1.00% convertible
senior notes due 2024 and 4.00% convertible senior notes due 2023; (D) the issuance by the Company of Lock-Up Securities
upon the exercise of an option or warrant, the vesting or settlement of any restricted stock units or other equity compensation
awards or the conversion of a security outstanding on the date hereof; (E) the grant of options, restricted stock units or
other equity compensation awards, including any time-based or performance-based awards, or the issuance of Lock-Up Securities
by the Company to employees, officers, directors, advisors or consultants of the Company in each case pursuant to equity incentive,
stock option, inducement award and employee stock purchase plans described in the General Disclosure Package and the Final Offering
Memorandum, and the issuance by the Company of any Lock-Up Securities upon the exercise, vesting or settlement of such equity
compensation awards; or (F) the filing of any registration statement on Form S-8 in respect of any equity compensation
plans or arrangements maintained by the Company. The Company will not at any time directly or indirectly, take any action referred
to in clauses (i) through (v) above with respect to any securities under circumstances where such offer, sale, pledge,
contract or disposition would cause the exemption afforded by Section 4(a)(2) of the Securities Act to cease to be applicable
to the offer and sale of the Offered Securities by the Company to the several Purchasers. The initial Lock-Up Period will commence
on the date hereof and continue for 90 days after the date hereof or such earlier date that the Representatives consent to in
writing.

 

    	 	21	 

     

    

 

(m)            Certification
Regarding Beneficial Owners of Legal Entity Customers. The Company will deliver to each Purchaser (or its agent), on the date
of execution of this Agreement, a properly completed and executed Certification Regarding Beneficial Owners of Legal Entity Customers,
together with copies of identifying documentation, and the Company undertakes to provide such additional supporting documentation
as each Purchaser may reasonably request in connection with the verification of the foregoing Certification.

 

(n)            Reservation
of Conversion Shares. Upon satisfaction of the Share Reservation Condition (as such term is defined in the Indenture), the
Company will reserve and keep available at all times, free of preemptive rights, a number of shares of Common Stock equal to the
number of Conversion Shares for the purpose of enabling the Company to satisfy all obligations to issue any Underlying Shares
upon conversion of the Securities. The Company will use its best efforts to effect and maintain the listing of the Conversion
Shares on the Nasdaq Global Market.

 

(o)            Reservation
of Warrant Shares. The Company will reserve and keep available at all times, free of preemptive rights, the Warrant Shares
for the purpose of enabling the Company to satisfy all obligations to issue any shares of Common Stock upon exercise of the warrants
evidenced by the Base Warrant Confirmation and any Additional Warrant Confirmation. The Company will use its best efforts to cause
the Warrant Shares to be listed on the Nasdaq Global Market.

 

6.            Free
Writing Communications. (a) Issuer Free Writing Communications. The Company represents and agrees that, unless
it obtains the prior consent of the Representatives, and each Purchaser represents and agrees that, unless it obtains the prior
consent of the Company and the Representatives, it has not made and will not make any offer relating to the Offered Securities
that would constitute an Issuer Free Writing Communication.

 

(b)            Term
Sheets. The Company consents to the use by any Purchaser of a Free Writing Communication that (i) contains only (A) information
describing the preliminary terms of the Offered Securities or their offering or (B) information that describes the final
terms of the Offered Securities or their offering and that is included in the Final Offering Memorandum or (ii) does not
contain any material information about the Company or its securities that was provided by or on behalf of the Company, it being
understood and agreed that the Company shall not be responsible to any Purchaser for liability arising from any inaccuracy in
such Free Writing Communications referred to in clause (i) or (ii) as compared with the information in the Preliminary
Offering Memorandum, the Final Offering Memorandum or the General Disclosure Package.

 

    	 	22	 

     

    

 

7.            Conditions
of the Obligations of the Purchasers. The obligations of the several Purchasers to purchase and pay for the Offered Securities
on the Closing Date or the Option Securities on the Additional Closing Date, as the case may be, will be subject to the accuracy
of the representations and warranties of the Company herein (as though made on the Closing Date or the Additional Closing Date,
as the case may be), to the accuracy of the statements of Company officers made pursuant to the provisions hereof, to the performance
by the Company of its obligations hereunder and to the following additional conditions precedent:

 

(a)            Accountants’
Comfort Letters. The Representatives shall have received letters, dated, respectively, the date hereof and the Closing Date
or the Additional Closing Date, as the case may be, in form and substance satisfactory to the Purchasers, of Deloitte &
Touche LLP confirming that they are a registered public accounting firm and independent public accountants within the meaning
of the Securities Laws and containing statements and information of the type or identity included in accountant’s comfort
letters to underwriters with respect to the financial statements and certain financial information of the Company included or
incorporated by reference into the General Disclosure Package and the Final Offering Memorandum (except that, in any letter dated
the Closing Date or the Additional Closing Date, the specified date referred to therein shall be a date no more than three days
prior to such Closing Date or such Additional Closing Date, as the case may be).

 

(b)            No
Material Adverse Change. Subsequent to the execution and delivery of this Agreement, there shall not have occurred (i) any
change, or any development or event involving a prospective change, in the condition (financial or otherwise), results of operations,
business, properties or prospects of the Company which, in the judgment of the Representatives, is material and adverse and makes
it impractical or inadvisable to market the Offered Securities; (ii) any suspension or material limitation of trading in
securities generally on The New York Stock Exchange or The Nasdaq Global Market, or any setting of minimum or maximum prices for
trading on such exchange; (iii) any suspension of trading of any securities of the Company on any exchange or in the over-the-counter
market; or (iv) any major disruption of settlements of securities, payment, or clearance services in the United States or
any other country where such securities are listed.

 

(c)            Lock-Up
Agreements. The “lock-up” agreements, each substantially in the form of Exhibit A hereto, between the Representatives
and each executive officer (within the meaning of Rule 16a-1(f) under the Exchange Act) and director of the Company
and certain other stockholders of the Company relating to sales and certain other dispositions of shares of Common Stock or certain
other securities, delivered to the Representatives on or before the date hereof, shall be in full force and effect on the Closing
Date or Additional Closing Date, as the case may be.

 

    	 	23	 

     

    

 

(d)            Opinions
of Counsel for Company. The Representatives shall have received on the Closing Date or Additional Closing Date, as the case
may be, an opinion of Arnold & Porter Kaye Scholer LLP, outside counsel for the Company, together with a negative assurance
letter, each dated the Closing Date or Additional Closing Date, as the case may be, in the form agreed upon as of the date hereof.

 

(e)            Opinion
of Counsel for Purchasers. The Representatives shall have received on and as of the Closing Date or the Additional Closing
Date, as the case may be, an opinion of Davis Polk & Wardwell LLP, counsel for the Purchasers, with respect to such matters
as the Representatives may require, together with a negative assurance letter, each dated the Closing Date or the Additional Closing
Date, as the case may be, and the Company shall have furnished to such counsel such documents as they request for the purpose
of enabling them to pass upon such matters.

 

(f)            Officer’s
Certificate. The Representatives shall have received and as of the Closing Date or the Additional Closing Date, as the case
may be, a certificate, dated the Closing Date or the Additional Closing Date, as the case may be, of an executive officer of the
Company and a principal financial or accounting officer of the Company in which such officers shall state that: the representations
and warranties of the Company in this Agreement are true and correct; the Company has complied, in all material respects, with
all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date
or the Additional Closing Date, as the case may be, and that subsequent to the date of the most recent financial statements in
the General Disclosure Package, there has been no material adverse change, nor any development or event involving a prospective
material adverse change, in the condition (financial or otherwise), results of operations, business, properties or prospects of
the Company except as set forth in the General Disclosure Package or as described in such certificate.

 

(g)            Listing.
A “Listing of Additional Shares Notification Form” relating to the Conversion Shares and the Warrant Shares shall
have been submitted to The Nasdaq Stock Market LLC, and the Company shall have received confirmation from The Nasdaq Stock Market
LLC that it has completed its review of such form.

 

The Company will furnish the Representatives with such conformed
copies of such opinions, certificates, letters and documents as the Representatives reasonably request. The Representatives may
in their sole discretion waive on behalf of the Purchasers compliance with any conditions to the obligations of the Purchasers
hereunder.

 

    	 	24	 

     

    

 

8.            Indemnification
and Contribution.

 

(a)            Indemnification
of Purchasers. The Company will indemnify and hold harmless each Purchaser, its partners, members, directors, officers, employees,
agents, affiliates and each person, if any, who controls such Purchaser within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act (each, an “Indemnified Party”), against any and all losses, claims,
damages or liabilities, joint or several, to which such Indemnified Party may become subject, under the Securities Act, the Exchange
Act, other Federal or state statutory law or regulation or otherwise, insofar as such losses, claims, damages or liabilities (or
actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact
contained in the Preliminary Offering Memorandum or the Final Offering Memorandum, in each case as amended or supplemented, any
Issuer Free Writing Communication, any General Solicitation made by the Company (including, in each case, the Exchange Act Reports,
as applicable), or arise out of or are based upon the omission or alleged omission of a material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading, and will reimburse each Indemnified Party
for any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating, preparing or defending
against any loss, claim, damage, liability, action, litigation, investigation or proceeding whatsoever (whether or not such Indemnified
Party is a party thereto), whether threatened or commenced, and in connection with the enforcement of this provision with respect
to any of the above as such expenses are incurred; provided, however, that the Company will not be liable in any
such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged
untrue statement in or omission or alleged omission from any of such documents in reliance upon and in conformity with written
information furnished to the Company by any Purchaser through the Representatives specifically for use therein, it being understood
and agreed that the only such information furnished by any Purchaser consists of the information described as such in subsection
(b) below.

 

(b)            Indemnification
of Company. Each Purchaser will severally and not jointly indemnify and hold harmless the Company, each of its directors and
each of its officers and each person, if any, who controls the Company within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act (each, a “Purchaser Indemnified Party”), against any losses, claims,
damages or liabilities to which such Purchaser Indemnified Party may become subject, under the Securities Act, the Exchange Act,
other Federal or state statutory law or regulation or otherwise, insofar as such losses, claims, damages or liabilities (or actions
in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained
in the Preliminary Offering Memorandum or the Final Offering Memorandum, in each case as amended or supplemented, any Issuer Free
Writing Communication, or arise out of or are based upon the omission or the alleged omission of a material fact necessary to
make the statements therein, in the light of the circumstances under which they were made, not misleading, in each case to the
extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made
in reliance upon and in conformity with written information furnished to the Company by such Purchaser through the Representatives
specifically for use therein, and will reimburse any legal or other expenses reasonably incurred by such Purchaser Indemnified
Party in connection with investigating, preparing or defending against any such loss, claim, damage, liability, action, litigation,
investigation or proceeding whatsoever (whether or not such Purchaser Indemnified Party is a party thereto), whether threatened
or commenced, based upon any such untrue statement or omission, or any such alleged untrue statement or omission as such expenses
are incurred, it being understood and agreed that the only such information furnished by any Purchaser consists of the following
information in the Preliminary Offering Memorandum and the Final Offering Memorandum furnished on behalf of each Purchaser: the
information contained in the tenth paragraph under the caption “Plan of Distribution”; provided, however,
that the Purchasers shall not be liable for any losses, claims, damages or liabilities arising out of or based upon the Company’s
failure to perform its obligations under Section ‎5(a) of this Agreement.

 

    	 	25	 

     

    

 

(c)            Actions
against Parties; Notification. Promptly after receipt by an indemnified party under this Section of notice of the commencement
of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under subsection
(a) or (b) above, notify the indemnifying party of the commencement thereof; but the failure to notify the indemnifying
party shall not relieve it from any liability that it may have under subsection (a) or (b) above except to the extent
that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided
further that the failure to notify the indemnifying party shall not relieve it from any liability that it may have to an indemnified
party otherwise than under subsection (a) or (b) above. In case any such action is brought against any indemnified party
and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein
and, to the extent that it may wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof,
with counsel satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel
to the indemnifying party), and after notice from the indemnifying party to such indemnified party of its election so to assume
the defense thereof, the indemnifying party will not be liable to such indemnified party under this Section ‎8 for any
legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable
costs of investigation. In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the
fees and expenses of such counsel shall be at the expense of such indemnified party unless (1) the indemnifying party and
the indemnified party shall have mutually agreed to the retention of such counsel or (2) the named parties to any such proceeding
(including any impleaded parties) include both the indemnifying party and the indemnified party and representation of both parties
by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood that
the indemnifying party shall not, in respect of the legal expenses of any indemnified party in connection with any proceeding
or related proceedings in the same jurisdiction, be liable for (i) the fees and expenses of more than one separate firm (in
addition to any local counsel) for all Purchasers and all persons, if any, who control any Purchaser within the meaning of either
Section 15 of the Securities Act or Section 20 of the Exchange Act or who are affiliates of any Purchaser within the
meaning of Rule 405 under the Securities Act and (ii) the fees and expenses of more than one separate firm (in addition
to any local counsel) for the Company, its directors, its officers and each person, if any, who controls the Company within the
meaning of either such Section, and that all such fees and expenses shall be reimbursed as they are incurred. In the case of any
such separate firm for the Purchasers and such control persons and affiliates of any Purchasers, such firm shall be designated
in writing by the Representatives. In the case of any such separate firm for the Company, and such directors, officers and control
persons of the Company, such firm shall be designated in writing by the Company. No indemnifying party shall, without the prior
written consent of the indemnified party, effect any settlement of any pending or threatened action in respect of which any indemnified
party is or could have been a party and indemnity could have been sought hereunder by such indemnified party unless such settlement
(A) includes an unconditional release of such indemnified party from all liability on any claims that are the subject matter
of such action and (B) does not include a statement as to, or an admission of, fault, culpability or a failure to act by
or on behalf of an indemnified party.

 

    	 	26	 

     

    

 

(d)            Contribution.
If the indemnification provided for in this Section is unavailable or insufficient to hold harmless an indemnified party
under subsection (a) or (b) above, then each indemnifying party shall contribute to the amount paid or payable by such
indemnified party as a result of the losses, claims, damages or liabilities referred to in subsection (a) or (b) above
(i) in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the
Purchasers on the other from the offering of the Offered Securities or (ii) if the allocation provided by clause (i) above
is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to
in clause (i) above but also the relative fault of the Company on the one hand and the Purchasers on the other in connection
with the statements or omissions which resulted in such losses, claims, damages or liabilities as well as any other relevant equitable
considerations. The relative benefits received by the Company on the one hand and the Purchasers on the other shall be deemed
to be in the same proportion as the total net proceeds from the offering (before deducting expenses) received by the Company bear
to the total discounts and commissions received by the Purchasers. The relative fault shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a
material fact relates to information supplied by the Company or the Purchasers and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such untrue statement or omission. The amount paid by an indemnified
party as a result of the losses, claims, damages or liabilities referred to in the first sentence of this subsection (d) shall
be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating
or defending any action or claim which is the subject of this subsection (d). Notwithstanding the provisions of this subsection
(d), no Purchaser shall be required to contribute any amount in excess of the amount by which the total price at which the Securities
purchased by it were resold exceeds the amount of any damages which such Purchaser has otherwise been required to pay by reason
of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty
of such fraudulent misrepresentation. The Purchasers’ obligations in this subsection (d) to contribute are several
in proportion to their respective purchase obligations and not joint. The Company and the Purchasers agree that it would not be
just and equitable if contribution pursuant to this Section ‎8(d) were determined by pro rata allocation (even if
the Purchasers were treated as one entity for such purpose) or by any other method of allocation which does not take account of
the equitable considerations referred to in this Section ‎8(d).

 

    	 	27	 

     

    

 

9.            Default
of Purchasers. If any Purchaser or Purchasers default in their obligations to purchase Offered Securities hereunder on the
Closing Date or the Additional Closing Date, as the case may be, and the aggregate principal amount of Offered Securities that
such defaulting Purchaser or Purchasers agreed but failed to purchase does not exceed 10% of the aggregate principal amount of
Offered Securities that the Purchasers are obligated to purchase on the Closing Date or the Additional Closing Date, as the case
may be, the Representatives may make arrangements satisfactory to the Company for the purchase of such Offered Securities by other
persons, including any of the Purchasers, but if no such arrangements are made by such Closing Date or such Additional Closing
Date, as the case may be, the non-defaulting Purchasers shall be obligated severally, in proportion to their respective commitments
hereunder, to purchase the Offered Securities that such defaulting Purchasers agreed but failed to purchase on the Closing Date
or the Additional Closing Date, as the case may be. If any Purchaser or Purchasers so default and the aggregate principal amount
of Offered Securities with respect to which such default or defaults occur exceeds 10% of the aggregate principal amount of Offered
Securities that the Purchasers are obligated to purchase on the Closing Date or the Additional Closing Date, as the case may be,
and arrangements satisfactory to the Representatives and the Company for the purchase of such Offered Securities by other persons
are not made within 36 hours after such default, this Agreement will terminate without liability on the part of any non-defaulting
Purchaser or the Company, except as provided in Section ‎10. As used in this Agreement, the term “Purchaser”
includes any person substituted for a Purchaser under this Section. Nothing herein will relieve a defaulting Purchaser from liability
for its default.

 

10.           Survival
of Certain Representations and Obligations. The respective indemnities, agreements, representations, warranties and other
statements of the Company or its officers and of the several Purchasers set forth in or made pursuant to this Agreement will remain
in full force and effect, regardless of any investigation, or statement as to the results thereof, made by or on behalf of any
Purchaser, the Company or any of their respective representatives, officers or directors or any controlling person, and will survive
delivery of and payment for the Offered Securities. If the purchase of the Offered Securities by the Purchasers is not consummated
for any reason other than solely because of the termination of this Agreement pursuant to Section ‎9 hereof, the Company
will reimburse the Purchasers for all out-of-pocket expenses (including fees and disbursements of counsel) reasonably incurred
by them in connection with the offering of the Offered Securities, and the respective obligations of the Company and the Purchasers
pursuant to Section ‎8 hereof shall remain in effect. In addition, if any Offered Securities have been purchased hereunder,
the representations and warranties in Section ‎2 and all obligations under Section ‎5 shall also remain in effect.

 

11.           Notices.
All communications hereunder will be in writing and, if sent to the Purchasers, will be mailed, delivered or telegraphed and confirmed
to (a) Barclays Capital Inc., 745 Seventh Avenue, New York, NY 10019, Attention: Syndicate Registration (fax: (646) 834-8133)
and (b) Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282-2198, Attention: Registration Department,
or, if sent to the Company, will be mailed, delivered or telegraphed and confirmed to Enphase Energy, Inc., 47281 Bayside
Parkway, Fremont, CA 94538, Attention: Eric Branderiz, with a copy (which shall not constitute notice hereunder) to Arnold &
Porter Kaye Scholer LLP, 250 West 55th Street, New York, NY 10019-9710, Attention: Michael Penney and Christopher P. Peterson;
provided, however, that any notice to a Purchaser pursuant to Section ‎8 will be mailed, delivered or telegraphed
and confirmed to such Purchaser.

 

    	 	28	 

     

    

 

12.           Successors.
This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors and the officers
and directors and controlling persons referred to in Section ‎8, and no other person will have any right or obligation
hereunder; except that holders of Offered Securities shall be entitled to enforce the agreements for their benefit contained in
the second and third sentences of Section ‎5(b) hereof against the Company as if such holders were parties thereto.

 

13.           Representation
of Purchasers. The Representatives will act for the several Purchasers in connection with this purchase, and any action under
this Agreement taken by the Representatives will be binding upon all the Purchasers.

 

14.           Recognition
of the U.S. Special Resolution Regimes.

 

(a)            In
the event that any Purchaser that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime,
the transfer from such Purchaser of this Agreement, and any interest and obligation in or under this Agreement, will be effective
to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such
interest and obligation, were governed by the laws of the United States or a state of the United States.

 

(b)            In
the event that any Purchaser that is a Covered Entity or a BHC Act Affiliate of such Purchaser becomes subject to a proceeding
under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Purchaser are permitted
to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this
Agreement were governed by the laws of the United States or a state of the United States.

 

For purposes of this Section a “BHC
Act Affiliate” has the meaning assigned to the term “affiliate” in, and shall be interpreted in accordance
with, 12 U.S.C. § 1841(k). “Covered Entity” means any of the following: (i) a “covered entity”
as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank”
as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI”
as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). “Default Right”
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or
382.1, as applicable. “U.S. Special Resolution Regime” means each of (i) the Federal Deposit Insurance
Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection
Act and the regulations promulgated thereunder.

 

    	 	29	 

     

    

 

15.           Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts
shall together constitute one and the same agreement.

 

 

16.           Absence
of Fiduciary Relationship. The Company acknowledges and agrees that:

 

(a)            No
Other Relationship. The Representatives have been retained solely to act as a Purchaser in connection with the initial purchase,
offering and resale of the Offered Securities and that no fiduciary, advisory or agency relationship between the Company and the
Representatives has been created in respect of any of the transactions contemplated by this Agreement or the Preliminary Offering
Memorandum or Final Offering Memorandum, irrespective of whether the Representatives have advised or are advising the Company
on other matters;

 

(b)            Arm’s-Length
Negotiations. The purchase price of the Offered Securities set forth in this Agreement was established by the Company following
discussions and arm’s-length negotiations with the Representatives and the Company is capable of evaluating and understanding
and understands and accepts the terms, risks and conditions of the transactions contemplated by this Agreement;

 

(c)            Absence
of Obligation to Disclose. The Company has been advised that the Representatives and their affiliates are engaged in a broad
range of transactions which may involve interests that differ from those of the Company and that the Representatives have no obligation
to disclose such interests and transactions to the Company by virtue of any fiduciary, advisory or agency relationship; and

 

(d)            Waiver.
The Company waives, to the fullest extent permitted by law, any claims it may have against the Representatives for breach of fiduciary
duty or alleged breach of fiduciary duty in connection with the sale of Offered Securities, and agrees that the Representatives
shall have no liability (whether direct or indirect) to the Company in respect of such a fiduciary duty claim or to any person
asserting a fiduciary duty claim on behalf of or in right of the Company, including stockholders, employees or creditors of the
Company.

 

17.           Applicable
Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.

 

The Company hereby submits to the non-exclusive
jurisdiction of the Federal and state courts in the Borough of Manhattan in The City of New York in any suit or proceeding arising
out of or relating to this Agreement or the transactions contemplated hereby. The Company irrevocably and unconditionally waives
any objection to the laying of venue of any suit or proceeding arising out of or relating to this Agreement or the transactions
contemplated hereby in Federal and state courts in the Borough of Manhattan in The City of New York and irrevocably and unconditionally
waives and agrees not to plead or claim in any such court that any such suit or proceeding in any such court has been brought
in an inconvenient forum.

 

18.           Integration.
This Agreement constitutes the entire agreement of the parties to this Agreement and supersedes and replaces all prior written
or oral and all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof.

 

    	 	30	 

     

    

 

If the foregoing is in accordance with
the Representatives’ understanding of our agreement, kindly sign and return to the Company one of the counterparts hereof,
whereupon it will become a binding agreement between the Company and the several Purchasers in accordance with its terms.

 

	 	Very truly yours,
	 	 
	 	ENPHASE ENERGY, INC.
	 	 
	 	 
	 	By:	/s/
    Eric Branderiz
	 	Name:	Eric Branderiz
	 	Title:	Chief Financial Officer

 

[Signature page to the Purchase
Agreement]

 

     

     

    

 

	The foregoing
    Purchase Agreement is hereby confirmed and accepted as of the date first above written.	 
	 	 
	 	 
	BARCLAYS CAPITAL INC.	 
	 	 
	 	 
	By:	/s/
    Syed Rajib Imteaz	 
	 	Name:	Syed Rajib Imteaz	 
	 	Title:	Managing Director	 

 

 

	GOLDMAN SACHS & CO. LLC	 
	 	 
	 	 
	By:	/s/
    Daniel Young	 
	 	Name:	Daniel Young	 
	 	Title:	Managing Director	 
	 	 	 	 
	 	 	 	 
	 	Acting
                    on behalf of themselves and as the Representatives of the several Purchasers.

	 

 

[Signature page to the Purchase
Agreement]

 

     

     

    

 

SCHEDULE A

 

	Purchaser	 	Principal
    Amount of
 Offered Securities	 
	Barclays Capital Inc.	 	$	175,808,000.0	 
	Goldman Sachs & Co. LLC	 	$	117,216,000.0	 
	Williams Trading, LLC	 	$	16,000,000.0	 
	Roth Capital Partners, LLC	 	$	10,976,000.0	 
	Total	 	$	320,000,000.0	 

 

     

     

    

 

SCHEDULE B

 

1.           Issuer
Free Writing Communications (included in the General Disclosure Package)

 

1.            Final
term sheet, dated March 4, 2020, a copy of which is attached as Exhibit B hereto.

 

2.           Other
Information Included in the General Disclosure Package

 

The following information is also included
in the General Disclosure Package:

 

None

 

3.           Permitted
General Solicitations other than Information Included Above

 

None

 

     

     

    

 

SCHEDULE C

 

1.           Supplemental
Marketing Materials

 

Electronic Roadshow relating to the Offered
Securities dated March 4, 2020.

 

     

     

    

 

EXHIBIT A

 

Form of Lock-Up Letter

 

March 3, 2020

 

Enphase Energy, Inc.

47281 Bayside Parkway

Fremont, CA 94538

 

Barclays Capital Inc.

Goldman Sachs & Co. LLC

As Representatives of the Several Purchasers,

 

	c/o	Barclays Capital Inc.

        745 Seventh Avenue

        New York, New York 10019

	 	 
	c/o	Goldman Sachs & Co. LLC
	 	200 West Street,
	 	New York, New York 10282

 

Dear Sirs:

 

As an inducement to the Purchasers to execute
the Purchase Agreement ( the “Purchase Agreement”), pursuant to which an offering (the “Offering”)
will be made of Convertible Senior Notes due 2025 (the “Securities”), of Enphase Energy, Inc., and any
successor (by merger or otherwise) thereto (the “Company”), which are convertible into cash, shares of the
Company’s common stock, par value $0.00001 per share (“Common Stock”), or a combination of cash and Common
Stock, at the Company’s election, as set forth in the Final Offering Memorandum (as such term is defined in the Purchase
Agreement), the undersigned hereby agrees that during the period specified in the following paragraph (the “Lock-Up Period”),
the undersigned will not offer, sell, contract to sell, pledge or otherwise dispose of, directly or indirectly, any shares of
Common Stock or securities convertible into or exchangeable or exercisable for any shares of Common Stock, enter into a transaction
which would have the same effect, or enter into any swap, hedge or other arrangement that transfers, in whole or in part, any
of the economic consequences of ownership of the Common Stock, whether any such aforementioned transaction is to be settled by
delivery of the Common Stock or such other securities, in cash or otherwise, or publicly disclose the intention to make any such
offer, sale, pledge or disposition, or to enter into any such transaction, swap, hedge or other arrangement, without, in each
case, the prior written consent of Barclays Capital Inc. and Goldman Sachs & Co. LLC (the “Representatives”);
provided, that if the undersigned is an executive officer of the Company, the foregoing restrictions shall no longer apply
at such time as the undersigned ceases to be an executive officer of the Company. In addition, the undersigned agrees that, without
the prior written consent of the Representatives, it will not, during the Lock-Up Period, make any demand for or exercise any
right with respect to, the registration of any shares of Common Stock or any security convertible into or exercisable or exchangeable
for the Common Stock.

 

     

     

    

 

The Lock-Up Period will commence on the
date of this Lock-Up Agreement and continue and include the date 90 days after the date of the Purchase Agreement, to which the
Representatives are or are expected to become a party.

 

Deemed dispositions of any restricted stock
unit awards granted by the Company to the undersigned upon the vesting or settlement of such awards in accordance with their terms
shall not be subject to this Lock-Up Agreement, provided that Common Stock acquired upon the vesting or settlement of such
restricted stock unit awards shall be subject to the restrictions imposed by this Lock-Up Agreement, giving effect to the exceptions
provided herein.

 

Notwithstanding the foregoing, the undersigned
may (1) transfer shares of Common Stock or securities convertible into or exchangeable or exercisable for Common Stock by
gift or gifts, will or intestacy to a member or members of his or her immediate family, to a trust formed for the benefit of any
such person, or to a partnership, the partners of which are exclusively the undersigned and/or a member or members of his or her
immediate family and/or a charity, provided that (i) the transferee execute a copy of this Lock-Up Agreement, (ii) no
filing by any party (donor, donee, transferor or transferee) under Section 16(a) of the Securities and Exchange Act
of 1934, as amended (the “Exchange Act”) (other than a filing on Form 5 made after the expiration of the
Lock-Up Period), and (iii) no such transfer may include a disposition for value; (2) sales pursuant to a trading plan
meeting the requirements of Rule 10b5-1 under the Exchange Act (any such plan, a “10b5-1 Plan”) in effect
on the date hereof and disclosed to the Representatives; (3) enter into a 10b5-1 Plan during the Lock-Up Period if sales
under such plan do not occur until after the expiration of the Lock-Up Period and no disclosure regarding the entry into such
plan is made during the Lock-Up Period; (4) exercise outstanding options or warrants to purchase Common Stock in accordance
with their terms; provided (a) the shares received upon exercise of the options or warrants are subject to the terms
of this Lock-Up Agreement and (b) any filing under Section 16(a) of the Exchange Act shall clearly indicate in
the footnotes thereto that (i) the filing relates to the exercise of options or warrants, as the case may be, (ii) no
shares were sold by the reporting person (other than sales to satisfy tax withholding obligations in connection with the exercise
of an option or warrant pursuant to Company equity compensation plans or arrangements in effect on the date hereof and disclosed
in the Company’s public filings with the U.S. Securities and Exchange Commission; provided that any public filing,
report or announcement of such transfer shall disclose that the sale was for the purpose of covering such taxes payable) and (iii) the
shares of Common Stock received upon exercise of the options or warrants are subject to a lock-up agreement with the Representatives;
(5) transfer shares of Common Stock to the Company to satisfy tax withholding obligations in connection with the vesting
of restricted stock units pursuant to Company equity compensation plans or arrangements in effect on the date hereof and disclosed
in the Company’s public filings with the U.S. Securities and Exchange Commission; provided that any public filing,
report or announcement of such transfer shall disclose that the sale or transfer was for the purpose of covering such taxes payable;
and (6) transfer shares of Common Stock or securities convertible into or exchangeable or exercisable for Common Stock pursuant
to a sale or an offer to all holders of the Common Stock to purchase outstanding Common Stock, whether pursuant to a merger, tender
offer or otherwise, to a bona fide third party or group of bona fide third parties that is approved by the Board of Directors
of the Company and involving a Change of Control (as defined below); provided that in the event the merger, tender offer
or other transaction is not completed, the securities owned by the undersigned shall remain subject to the restrictions contained
in this Lock-Up Agreement. For purposes of this paragraph, “immediate family” means the spouse, domestic partner,
lineal descendants, father, mother, brother or sister of the transferor. For the purposes of clause (6) of this paragraph,
 “Change of Control” shall mean the consummation of any bona fide third-party tender offer, merger or other
similar transaction or series of transactions, the result of which is that any “person” (as defined in Section 13(d)(3) of
the Exchange Act), or group of persons, other than the Company, becomes the beneficial owner (as defined in Rules 13d-3 and
13d-5 of the Exchange Act) of 50% of total voting power of the voting stock of the Company (or the surviving entity if other than
the Company).

 

     

     

    

 

In furtherance of the foregoing, the Company
and its transfer agent and registrar are hereby authorized to decline to make any transfer of shares of Common Stock if such transfer
would constitute a violation or breach of this Lock-Up Agreement.

 

This Lock-Up Agreement shall be binding
on the undersigned and the successors, heirs, personal representatives and assigns of the undersigned. This Lock-Up Agreement
shall lapse and become null and void if (a) the Offering shall not have occurred on or before July 1, 2020; (b) the
Company notifies the Representatives in writing that it does not intend to proceed with the Offering or (c) if the Purchase
Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated for any reason prior
to payment for and delivery of the Securities to be sold thereunder. This Lock-Up Agreement shall be governed by, and construed
in accordance with, the laws of the State of New York.

 

[Signature page follows]

 

     

     

    

 

		Very truly yours,
	 	 
	 	 
	 	 
		[Name of stockholder]

 

[Signature
page to Lock-up Agreement]

 

     

     

    

 

EXHIBIT B 

 

Final Term Sheet

 

 

	PRICING TERM SHEET	STRICTLY CONFIDENTIAL
	 	 
	DATED MARCH 4, 2020	 

 

 

 

ENPHASE ENERGY, INC.

 

$320,000,000 0.25% CONVERTIBLE SENIOR
NOTES DUE 2025

 

The information in this pricing term
sheet supplements Enphase Energy, Inc.’s preliminary offering memorandum, dated March 4, 2020 (the “Preliminary Offering
Memorandum”), and supersedes the information in the Preliminary Offering Memorandum to the extent inconsistent with the information
in the Preliminary Offering Memorandum. In all other respects, this term sheet is qualified in its entirety by reference to the
Preliminary Offering Memorandum, including all other documents incorporated by reference therein. References to “we,”
 “our,” “us” and “the Company” refer to Enphase Energy, Inc. and not to its consolidated subsidiaries.
Terms used herein but not defined herein shall have the respective meanings as set forth in the Preliminary Offering Memorandum.
All references to dollar amounts are references to U.S. dollars.

 

	Issuer:	Enphase Energy, Inc., a Delaware corporation.
	Ticker/Exchange for Common Stock:	“ENPH”/The Nasdaq Global Market.
	Securities:	0.25% Convertible Senior Notes due 2025 (the “notes”).
	Aggregate Principal Amount:	$320,000,000.
	Over-allotment Option:	$30,000,000.
	Denominations:	$1,000 and multiples of $1,000 in excess thereof.
	Ranking:	Senior unsecured.
	Maturity:	March 1, 2025, unless earlier converted or repurchased.
	No Redemption:	We may not redeem the notes prior to the maturity date and no “sinking fund” is provided for the notes, which means that we are not required to redeem or retire the notes periodically.
	Fundamental Change:	If we undergo a “fundamental change” (as defined in the Preliminary Offering Memorandum under “Description of Notes—Fundamental Change Permits Holders to Require Us to Repurchase Notes”), subject to certain conditions, holders may require us to repurchase for cash all or part of their notes in principal amounts of $1,000 or a multiple thereof. The fundamental change repurchase price will be equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. See “Description of Notes— Fundamental Change Permits Holders to Require Us to Repurchase Notes” in the Preliminary Offering Memorandum.
	Interest and Interest Payment Dates:	0.25% per year. 
	 	Interest will accrue from March 9, 2020 and will be payable semiannually in arrears on March 1 and September 1 of each year, beginning on September 1, 2020. We will pay additional interest, if any, at our election as the sole remedy relating to the failure to comply with our reporting obligations as described under “Description of Notes—Events of Default” and under the circumstances described under Description of Notes—No Registration Rights; Additional Interest” in the Preliminary Offering Memorandum.” 

 

     

     

    

 

 

	Regular Record Dates:	February 15 and August 15 of each year, immediately preceding the March 1 or September 1 interest payment date, as the case may be.
	Issue Price:	100% of principal, plus accrued interest, if any, from March 9, 2020 if settlement occurs after that date.
	Last Reported Sale Price of Our Common Stock on March 4, 2020:	$53.47 per share.
	Initial Conversion Rate:	12.2637 shares of common stock per $1,000 principal amount of the notes, subject to adjustment under the Indenture.
	Initial Conversion Price:	Approximately $81.54 per share of common stock, subject to adjustment under the Indenture.
	Conversion Premium:	Approximately 52.50% above the last reported sale price of our common stock on March 4, 2020.
	Share Reservation Condition:	As of the date of this pricing term sheet, the number of authorized and unissued shares of our common stock that are not reserved for other purposes is less than the ‘‘maximum number of underlying shares” (as defined in the Preliminary Offering Memorandum under “Description of Notes—Settlement upon Conversion”) issuable upon conversion of the notes. Accordingly, for any conversion of notes, if we have not delivered to the holders, the trustee and the conversion agent (if other than the trustee) a written notice stating that we have duly authorized and reserved for issuance (by all necessary corporate action and arrangements with the transfer agent for our common stock) upon conversion of the notes a number of authorized shares of common stock that have not been issued or reserved for any other purpose equal to the “maximum number of underlying shares” prior to the flexible settlement deadline (such condition, the “Share Reservation Condition”), we will pay to holders in respect of each $1,000 principal amount of notes being converted solely an amount in cash as if we had elected cash settlement.
	Settlement Method:	Initially, cash and, following satisfaction of the Share Reservation Condition, cash, shares of common stock or a combination of cash and shares of common stock, at our election, as described in the “Description of Notes—Conversion Rights—Settlement upon Conversion” in the Preliminary Offering Memorandum.
	Joint Book-Running Managers:	Barclays Capital Inc.
	 	Goldman Sachs & Co. LLC
	Co-Managers: 	Williams Trading, LLC
	 	Roth Capital Partners, LLC
	Pricing Date:	March 4, 2020.
	Trade Date:	March 5, 2020.
	Expected Settlement Date:	March 9, 2020 (T+2).
	CUSIP Number (144A):	29355A AE7
	ISIN (144A):	US29355AAE73
	Listing:	None.

 

     

     

    

 

 

	Net Proceeds:	We estimate that the net proceeds from the sale of the notes will be approximately $312.5 million (or $341.8 million if the initial purchasers exercise their option to purchase additional notes in full), after deducting the initial purchasers’ discount and estimated offering expenses payable by us.
	Use of Proceeds:	In connection with pricing the notes, we have entered into convertible note hedge transactions with certain of the initial purchasers, and/or their respective affiliates and/or other financial institutions (the ‘‘hedge counterparties’’). We have also entered into warrant transactions with the hedge counterparties. We intend to use approximately $17.5 million of the net proceeds from this offering to pay the cost of the convertible note hedge transactions (after such cost is partially offset by the proceeds to us from the sale of the warrant transactions).
	 	We expect to use any remaining net proceeds from the sale of the notes for general corporate purposes, which may include the repayment of indebtedness, working capital, and potential acquisitions and strategic transactions. However, we currently have no commitments with respect to any such acquisition or other strategic transactions. Certain of the initial purchasers or their affiliates may be holders of our existing indebtedness that we repay, redeem, repurchase, defease or otherwise retire. See “Use of Proceeds” in the Preliminary Offering Memorandum.
	Convertible Note Hedge and Warrant Transactions:	In connection with the pricing of the notes, we have entered into convertible note hedge transactions with the hedge counterparties. We also have entered into warrant transactions with the hedge counterparties. The convertible note hedge transactions are expected generally to reduce potential dilution to our common stock upon any conversion of notes and/or offset any cash payments we are required to make in excess of the principal amount of converted notes, as the case may be. However, the warrant transactions could separately have a dilutive effect to the extent that the market value per share of our common stock exceeds the strike price of the warrants. If the initial purchasers exercise their option to purchase additional notes, we expect to enter into additional convertible note hedge transactions and additional warrant transactions with the hedge counterparties.
	 	In connection with establishing their initial hedge of the convertible note hedge and warrant transactions, the hedge counterparties or their respective affiliates expect to enter into various derivative transactions with respect to our common stock concurrently with or shortly after the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of our common stock or the notes at that time.

 

     

     

    

 

 

	 	In addition, the hedge counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to our common stock and/or purchasing or selling our common stock or other securities of ours in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so during any observation period related to a conversion of notes). This activity could also cause or avoid an increase or a decrease in the market price of our common stock or the notes, which could affect your ability to convert the notes and, to the extent the activity occurs during any observation period related to a conversion of notes, it could affect the number of shares and value of the consideration that you will receive upon conversion of the notes.
	 	See “Plan of Distribution—Convertible Note Hedge and Warrant Transactions” in the Preliminary Offering Memorandum.

 

Description of Notes—Conversion
Rights—Increase in Conversion Rate upon Conversion upon a Make-Whole Fundamental Change

 

Holders who convert their notes in connection with a make-whole
fundamental change occurring prior to the maturity date of the notes may be entitled to an increase in the conversion rate for
the notes so surrendered for conversion.

 

The following table sets forth the number of additional shares
by which the conversion rate for the notes will be increased per $1,000 principal amount of notes for each stock price and effective
date set forth below:

 

Stock Price

 

	Effective
    Date	 	 	$
                                                                                                                                   53.47	 	 	 	$
                                                                                                                                   60.00	 	 	 	$
                                                                                                                                   70.00	 	 	 	$
                                                                                                                                   81.54	 	 	 	$
                                                                                                                                   90.00	 	 	 	$
                                                                                                                                   100.00	 	 	 	$
                                                                                                                                   125.00	 	 	 	$
                                                                                                                                   150.00	 	 	 	$
                                                                                                                                   175.00	 	 	 	$
                                                                                                                                   200.00	 	 	 	$
                                                                                                                                   250.00	 	 	 	$
                                                                                                                                   325.00	 
	March 9, 2020	 	 	6.4383	 	 	 	5.1820	 	 	 	3.8124	 	 	 	2.7550	 	 	 	2.2052	 	 	 	1.7176	 	 	 	0.9625	 	 	 	0.5617	 	 	 	0.3337	 	 	 	0.1977	 	 	 	0.0622	 	 	 	0.0000	 
	March 1, 2021	 	 	6.4383	 	 	 	5.1385	 	 	 	3.7137	 	 	 	2.6269	 	 	 	2.0690	 	 	 	1.5805	 	 	 	0.8427	 	 	 	0.4666	 	 	 	0.2616	 	 	 	0.1450	 	 	 	0.0376	 	 	 	0.0000	 
	March 1, 2022	 	 	6.4383	 	 	 	5.0262	 	 	 	3.5389	 	 	 	2.4234	 	 	 	1.8621	 	 	 	1.3803	 	 	 	0.6802	 	 	 	0.3456	 	 	 	0.1754	 	 	 	0.0857	 	 	 	0.0135	 	 	 	0.0000	 
	March 1, 2023	 	 	6.4383	 	 	 	4.8465	 	 	 	3.2694	 	 	 	2.1185	 	 	 	1.5588	 	 	 	1.0953	 	 	 	0.4682	 	 	 	0.2029	 	 	 	0.0845	 	 	 	0.0308	 	 	 	0.0003	 	 	 	0.0000	 
	March 1, 2024	 	 	6.4383	 	 	 	4.5700	 	 	 	2.8239	 	 	 	1.6133	 	 	 	1.0703	 	 	 	0.6607	 	 	 	0.1995	 	 	 	0.0567	 	 	 	0.0116	 	 	 	0.0003	 	 	 	0.0000	 	 	 	0.0000	 
	March 1, 2025	 	 	6.4383	 	 	 	4.4030	 	 	 	2.0220	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 

 

The exact stock prices and effective dates or redemption notice
dates may not be set forth in the table above, in which case:

 

		·	If the stock price is between two stock prices in the table or the
effective date is between two effective dates in the table, the number of additional shares by which the conversion rate will be
increased will be determined by a straight-line interpolation between the number of additional shares set forth for the higher
and lower stock prices and the earlier and later effective dates, as applicable, based on a 365-day year.

 

		·	If the stock price is greater than $325.00 per share (subject to adjustment
in the same manner as the stock prices set forth in the column headings of the table above), no additional shares will be added
to the conversion rate.

 

		·	If the stock price is less than $53.47 per share (subject to adjustment
in the same manner as the stock prices set forth in the column headings of the table above), no additional shares will be added
to the conversion rate.

 

Notwithstanding the foregoing, in no event
will the conversion rate per $1,000 principal amount of notes exceed 18.7021 shares of common stock, subject to adjustment in the
same manner as the conversion rate as set forth in the Preliminary Offering Memorandum under “Description of Notes—Conversion
Rights—Conversion Rate Adjustments’’.

 

Our obligation to increase the conversion
rate for notes converted in connection with a make-whole fundamental change could be considered a penalty, in which case the enforceability
thereof would be subject to general principles of reasonableness and equitable remedies.

 

 

[Remainder of Page Intentionally Blank]

 

     

     

    

 

 

 

 

This communication is intended for the sole use of the person
to whom it is provided by the sender. This material is confidential and is for your information only and is not intended to be
used by anyone other than you. This information does not purport to be a complete description of the notes or the offering. This
communication does not constitute an offer to sell or the solicitation of an offer to buy any notes in any jurisdiction to any
person to whom it is unlawful to make such offer or solicitation in such jurisdiction.

 

The notes and the shares of common stock issuable upon conversion
of the notes, if any, have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities
Act”), or any other securities laws, and may not be offered or sold within the United States or any other jurisdiction, except
pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any
other applicable securities laws. The initial purchasers are initially offering the notes only to persons reasonably believed to
be qualified institutional buyers as defined in, and in reliance on, Rule 144A under the Securities Act. 

 

The notes and the shares of common stock issuable upon conversion
of the notes, if any, are not transferable except in accordance with the restrictions described under “Transfer Restrictions”
in the Preliminary Offering Memorandum.

 

A copy of the Preliminary Offering Memorandum for the offering
of the notes may be obtained by contacting your sales representative.

 

Any legends, disclaimers or other notices that may appear
below are not applicable to this communication and should be disregarded. Such legends, disclaimers or other notices have been
automatically generated as a result of this communication having been sent via Bloomberg or another system.

 

No PRIIPs KID: The Notes may not be offered, sold or otherwise
made available to any retail investor in the European Economic Area. Consequently, no key information document (“KID”)
required by the PRIIPs Regulation has been prepared.Exhibit 10.2

 

[GOLDMAN SACHS & CO. LLC | 200
WEST STREET | NEW YORK, NEW YORK 10282-2198 | TEL: 212-902-1000]1

 

[Barclays
Bank PLC

5 The
North Colonnade

Canary
Wharf, London E14 4BB

Facsimile:
+44(20)77736461

Telephone:
+44 (20) 777 36810

 

c/o
Barclays Capital Inc.

as
Agent for Barclays Bank PLC

745
Seventh Avenue

New
York, NY 10019

Telephone: +1 212 412 4000]2

 

 

[__________],
2020

 

		To:	Enphase
                                         Energy, Inc.

                                         47281 Bayside Parkway

                                         Fremont, CA 94538

                                         Attention: General Counsel

                                         Telephone No.: (707) 774-7000

 

		Re:	[Base][Additional]
                                         Call Option Transaction

 

The purpose of this
letter agreement (this “Confirmation”) is to confirm the terms and conditions of the call option transaction
entered into between [Barclays Bank PLC][Goldman Sachs & Co. LLC] (“Dealer”)[, through its agent Barclays
Capital Inc. (the “Agent”)]3
and Enphase Energy, Inc. (“Counterparty”)
as of the Trade Date specified below (the “Transaction”). This letter agreement constitutes a “Confirmation”
as referred to in the ISDA Master Agreement specified below. This Confirmation shall replace any previous agreements and serve
as the final documentation for the Transaction. [Dealer is not a member of the Securities Investor Protection Corporation. Dealer
is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority.]4

 

 

1
Include for GS.

2
Include for Barclays.

3
Include for Barclays.

4
Include for Barclays.

 

     

     

    

 

The definitions and
provisions contained in the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”), as published
by the International Swaps and Derivatives Association, Inc. (“ISDA”) are incorporated into this Confirmation.
In the event of any inconsistency between the Equity Definitions and this Confirmation, this Confirmation shall govern. Certain
defined terms used herein are based on terms that are defined in the Offering Memorandum dated [________], 2020 (the “Offering
Memorandum”) relating to the Convertible Senior Notes due 2025 (as originally issued by Counterparty, the “Convertible
Notes” and each USD 1,000 principal amount of Convertible Notes, a “Convertible Note”) issued by
Counterparty in an aggregate initial principal amount of USD [_________] (as increased by [up to]5
an aggregate principal amount of USD [_________] [if and to the extent that]6
[pursuant to the exercise by]7
the Initial Purchasers (as defined herein) [exercise]8[of]9
their over-allotment option to purchase additional Convertible Notes pursuant to the Purchase Agreement (as defined
herein)) pursuant to an Indenture [to be]10
dated [________], 2020 between Counterparty and U.S. Bank National Association, as trustee (the “Indenture”).
In the event of any inconsistency between the terms defined in the Offering Memorandum, the Indenture and this Confirmation, this
Confirmation shall govern. The parties acknowledge that this Confirmation is entered into on the date hereof with the understanding
that (i) definitions set forth in the Indenture which are also defined herein by reference to the Indenture and (ii) sections
of the Indenture that are referred to herein will conform to the descriptions thereof in the Offering Memorandum. If any such
definitions in the Indenture or any such sections of the Indenture differ from the descriptions thereof in the Offering Memorandum,
the descriptions thereof in the Offering Memorandum will govern for purposes of this Confirmation. The parties further acknowledge
that the Indenture section numbers used herein are based on the [draft of the Indenture last reviewed by Dealer as of the date
of this Confirmation, and if any such section numbers are changed in the Indenture as executed, the parties will amend this Confirmation
in good faith to preserve the intent of the parties]11[Indenture
as executed]12. Subject to the foregoing,
references to the Indenture herein are references to the Indenture as in effect on the date of its execution, and if the Indenture
is amended following such date (other than any amendment pursuant to Section [10.01(m)]13
of the Indenture that, as determined by the Calculation Agent, conforms the Indenture to the description of Convertible
Notes in the Offering Memorandum), any such amendment will be disregarded for purposes of this Confirmation unless the parties
agree otherwise in writing.

 

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

 

		1.	This Confirmation evidences a complete
                                         and binding agreement between Dealer and Counterparty as to the terms of the Transaction
                                         to which this Confirmation relates. This Confirmation shall supplement, form a part of,
                                         and be subject to an agreement in the form of the 2002 ISDA Master Agreement (the “Agreement”)
                                         as if Dealer and Counterparty had executed an agreement in such form (but without any
                                         Schedule except for (i) the election of the laws of the State of New York as the governing
                                         law (without reference to choice of law doctrine) and (ii) the election that the “Cross
                                         Default” provisions of Section 5(a)(vi) of the Agreement shall apply to Dealer,
                                         with a “Threshold Amount” of 3% of shareholders’ equity of [Dealer]14[The
                                         Goldman Sachs Group, Inc. (“Dealer Parent”)]15(provided
                                         that (a) the phrase “, or becoming capable at such time of being declared,”
                                         shall be deleted from clause (1) of such Section 5(a)(vi) of the Agreement, (b) “Specified
                                         Indebtedness” shall have the meaning specified in Section 14 of the Agreement,
                                         except that such term shall not include obligations in respect of deposits received in
                                         the ordinary course of Dealer’s banking business and (c) the following sentence
                                         shall be added to the end of Section 5(a)(vi) of the Agreement: “Notwithstanding
                                         the foregoing, a default under subsection (2) hereof shall not constitute an Event of
                                         Default if (i) the default was caused solely by error or omission of an administrative
                                         or operational nature; (ii) funds were available to enable the relevant party to make
                                         the payment when due; and (iii) the payment is made within two Local Business Days of
                                         such party’s receipt of written notice of its failure to pay.”)) on the Trade
                                         Date. In the event of any inconsistency between provisions of the Agreement and this
                                         Confirmation, this Confirmation will prevail for the purpose of the Transaction to which
                                         this Confirmation relates. The parties hereby agree that no transaction other than the
                                         Transaction to which this Confirmation relates shall be governed by the Agreement.

 

 

5
Include in the Base Call Option Confirmation.

6
Include in the Base Call Option Confirmation.

7
Include in the Additional Call Option Confirmation.

8
Include in the Base Call Option Confirmation.

9
Include in the Additional Call Option Confirmation.

10
Insert if Indenture is not completed at the time of the Confirmation.

11
Include in the Base Call Option Confirmation. Include in the Additional Call Option Confirmation if it is executed
before closing of the base deal.

12
Include in the Additional Call Option Confirmation, but only if the Additional Call Option Confirmation is executed
after closing of the base deal.

13
Include cross-reference to Indenture section permitting amendments without holder consent to conform the Indenture
to the Description of Notes.

14
Include if Barclays.

15
Include if GS.

 

    	 	2	 

     

    

 

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

 

General Terms.

	Trade
    Date:	[__________],
    2020
	Effective
    Date:	The
    closing date of the [initial]16 issuance of the Convertible Notes [issued pursuant to the option to purchase additional
    Convertible Notes exercised on the date hereof]17
	Option
    Style:	“Modified
    American”, as described under “Procedures for Exercise” below
	Option
    Type:	Call
	Buyer:	Counterparty
	Seller:	Dealer
	Shares:	The
    common stock of Counterparty, par value USD 0.00001 per share (Exchange symbol “ENPH” as of the Trade Date).
	Number
    of Options:	[_______]18.  For
    the avoidance of doubt, the Number of Options shall be reduced by any Options exercised by Counterparty.  In no
    event will the Number of Options be less than zero.
	Applicable
    Percentage:	[__]%
	Option
    Entitlement:	A
    number equal to the product of the Applicable Percentage and [______]19.
	Strike
    Price:	USD
    [______]
	Premium:
    	USD
    [______] 
	Premium
    Payment Date: 	[__________],
    2020
	Exchange:
    	The
    NASDAQ Global Market
	Related
    Exchange(s): 	All
    Exchanges; provided that Section 1.26 of the Equity Definitions shall be amended to add the words “United
    States” before the word “exchange” in the tenth line of such section.
	Excluded
    Provisions:	Section
    [14.04(h)]20  and Section [14.03]21 of the Indenture.

 

 

16
Include for Base Call Option Confirmation.

17
Include for Additional Call Option Confirmation.

18
For the Base Call Option Confirmation, this is equal to the number of Convertible Notes in principal amount of $1,000
initially issued on the closing date for the Convertible Notes. For the Additional Call Option Confirmation, this is equal to
the number of additional Convertible Notes in principal amount of $1,000.

19
Insert the initial Conversion Rate for the Convertible Notes.

20
Include cross-reference to section(s) of the Indenture containing discretionary adjustments to the Conversion Rate
by Counterparty.

21
Include cross-reference to Indenture section(s) dealing with make-whole adjustments to the Conversion Rate.

 

    	 	3	 

     

    

 

	Procedures
    for Exercise.	 
	Conversion
    Date:	With
    respect to any conversion of a Convertible Note, the date on which the Holder (as such term is defined in the Indenture) of
    such Convertible Note satisfies all of the requirements for conversion thereof as set forth in Section [14.02(b)]22
     of the Indenture.
	Averaging
    Period Threshold Date:	September
    1, 2024
	Expiration
    Time: 	The
    Valuation Time
	Expiration
    Date: 	March
    1, 2025, subject to earlier exercise.
	Multiple
    Exercise:	Applicable,
    as described under “Automatic Exercise” below.
	Automatic
    Exercise: 	Notwithstanding
    Section 3.4 of the Equity Definitions, on each Conversion Date in respect of which a Notice of Conversion that is effective
    as to Counterparty has been delivered by the relevant converting Holder, a number of Options equal to [(i)] the number of
    Convertible Notes in denominations of USD 1,000 as to which such Conversion Date has occurred [minus (ii) the number
    of Options that are or are deemed to be automatically exercised on such Conversion Date under the Base Call Option Transaction
    Confirmation letter agreement dated [__________], 2020  between Dealer and Counterparty (the “Base Call
    Option Confirmation”),]23 shall be deemed to be automatically exercised; provided that such Options
    shall be exercised or deemed exercised only if Counterparty or the Trustee (or other agent authorized by Counterparty and
    previously identified to Dealer by Counterparty in writing) on behalf of Counterparty has provided a Notice of Exercise to
    Dealer in accordance with “Notice of Exercise” below; provided further that if the Trustee or any other
    such agent on behalf of Counterparty provides such Notice of Exercise to Dealer, Dealer shall be entitled to rely on the accuracy
    of such Notice of Exercise without any independent investigation.
	 	Notwithstanding
    the foregoing, in no event shall the number of Options that are exercised or deemed exercised hereunder exceed the Number
    of Options.

 

 

22
Include cross-reference to section(s) of the Indenture setting forth the requirements for conversion of the Convertible
Notes.

23
Include for Additional Call Option Confirmation only.

 

    	 	4	 

     

    

 

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

 

    	 	5	 

     

    

 

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

 

    	 	6	 

     

    

 

	Relevant
    Settlement Method:	In respect
    of any Option:
		(i)  if
    Counterparty has elected to settle its conversion obligations in respect of the related Convertible Note (A) entirely in Shares
    pursuant to Section [14.02(iv)(A)]24  of the Indenture (together with cash in lieu of fractional Shares) (such
    settlement method, “Settlement in Shares”), (B) in a combination of cash and Shares pursuant to Section
    [14.04(iv)(C)]25  of the Indenture with a Specified Cash Amount less than USD 1,000 (such settlement method,
    “Low Cash Combination Settlement”) or (C) in a combination of cash and Shares pursuant to Section [14.04(iv)(C)]26
    of the Indenture with a Specified Cash Amount equal to USD 1,000, then, in each case, the Relevant Settlement Method
    for such Option shall be Net Share Settlement;
		(ii)  if
    Counterparty has elected to settle its conversion obligations in respect of the related Convertible Note in a combination
    of cash and Shares pursuant to Section [14.04(iv)(C)]27 of the Indenture with a Specified Cash Amount greater than
    USD 1,000, then the Relevant Settlement Method for such Option shall be Combination Settlement; and
		(iii) if
    Counterparty has elected to settle its conversion obligations in respect of the related Convertible Note entirely in cash
    pursuant to Section [14.04(iv)(B)]28  of the Indenture (such settlement method, “Settlement in Cash”),
    then the Relevant Settlement Method for such Option shall be Cash Settlement.
	Net
    Share Settlement:	If
    Net Share Settlement is applicable to any Option exercised or deemed exercised hereunder, Dealer will deliver to Counterparty,
    on the relevant Settlement Date for each such Option, a number of Shares (the “Net Share Settlement Amount”)
    equal to the sum, for each Valid Day during the Settlement Averaging Period for each such Option, of (i) (a) the Daily
    Option Value for such Valid Day, divided by (b) the Relevant Price on such Valid Day, divided by (ii) the number
    of Valid Days in the Settlement Averaging Period; provided that in no event shall the Net Share Settlement Amount for
    any Option exceed a number of Shares equal to the Applicable Limit for such Option, divided by the Applicable Limit
    Price on the Settlement Date for such Option.
	 	Dealer
    will pay cash in lieu of delivering any fractional Shares to be delivered with respect to any Net Share Settlement Share Amount
    valued at the Relevant Price for the last Valid Day of the Settlement Averaging Period.

 

 

24
Include cross-reference to section of the Indenture containing provisions for full physical settlement of the Convertible
Notes.

25
Include cross-reference to section of the Indenture containing provisions for combination settlement of the Convertible
Notes.

26
Include cross-reference to section of the Indenture containing provisions for combination settlement of the Convertible
Notes.

27
Include cross-reference to section of the Indenture containing provisions for combination settlement of the Convertible
Notes.

28
Include cross-reference to section of the Indenture containing provisions for cash settlement of the Convertible
Notes.

 

    	 	7	 

     

    

 

	Combination
    Settlement:	If Combination
    Settlement is applicable to any Option exercised or deemed exercised hereunder, Dealer will pay or deliver, as the case may
    be, to Counterparty, on the relevant Settlement Date for each such Option:
		(i)       cash
    (the “Combination Settlement Cash Amount”) equal to the sum, for each Valid Day during the Settlement Averaging
    Period for such Option, of (A) an amount (the “Daily Combination Settlement Cash Amount”) equal to the
    lesser of (1) the product of (x) the Applicable Percentage and (y) the Specified Cash Amount minus USD 1,000 and (2)
    the Daily Option Value, divided by (B) the number of Valid Days in the Settlement Averaging Period; provided
    that if the calculation in clause (A) above results in zero or a negative number for any Valid Day, the Daily Combination
    Settlement Cash Amount for such Valid Day shall be deemed to be zero; and
		(ii)      Shares
    (the “Combination Settlement Share Amount”) equal to the sum, for each Valid Day during the Settlement
    Averaging Period for such Option, of a number of Shares for such Valid Day (the “Daily Combination Settlement Share
    Amount”) equal to (A) (1) the Daily Option Value on such Valid Day minus the Daily Combination Settlement
    Cash Amount for such Valid Day, divided by (2) the Relevant Price on such Valid Day, divided by (B) the number
    of Valid Days in the Settlement Averaging Period; provided that if the calculation in sub-clause (A)(1) above results
    in zero or a negative number for any Valid Day, the Daily Combination Settlement Share Amount for such Valid Day shall be
    deemed to be zero;
	 	provided
    that in no event shall the sum of (x) the Combination Settlement Cash Amount for any Option, and (y) the
    Combination Settlement Share Amount for such Option, multiplied by the Applicable Limit Price on the Settlement Date
    for such Option, exceed the Applicable Limit for such Option.
	 	Dealer
    will pay cash in lieu of delivering any fractional Shares to be delivered with respect to any Combination Settlement Share
    Amount valued at the Relevant Price for the last Valid Day of the Settlement Averaging Period.
	Cash
    Settlement:	If
    Cash Settlement is applicable to any Option exercised or deemed exercised hereunder, in lieu of Section 8.1 of the Equity
    Definitions, Dealer will pay to Counterparty, on the relevant Settlement Date for each such Option, an amount of cash (the
    “Cash Settlement Amount”) equal to the sum, for each Valid Day during the Settlement Averaging Period for
    such Option, of (i) the Daily Option Value for such Valid Day, divided by (ii) the number of Valid Days in the Settlement
    Averaging Period; provided that in no event shall the Cash Settlement Amount exceed the Applicable Limit for such Option.

 

    	 	8	 

     

    

 

	Daily
    Option Value:	For
    any Valid Day, an amount equal to (i) the Option Entitlement on such Valid Day, multiplied by (ii) the Relevant Price
    on such Valid Day less the Strike Price on such Valid Day; provided that if the calculation contained in clause
    (ii) above results in a negative number, the Daily Option Value for such Valid Day shall be deemed to be zero.  In
    no event will the Daily Option Value be less than zero.
	Make-Whole
    Adjustment:	Notwithstanding
    anything to the contrary herein, in respect of any exercise of Options relating to a conversion of Convertible Notes for which
    additional Shares will be added to the “Conversion Rate” (as defined in the Indenture) as determined pursuant
    to Section [14.03]29 of the Indenture, the Daily Option Value shall be calculated as if the Option Entitlement
    included the Applicable Percentage of the number of such additional Shares as determined with reference to the adjustment
    set forth in such Section [14.03]30 of the Indenture; provided that if the sum of (i) the product of (a)
    the number of Shares (if any) deliverable by Dealer to Counterparty per exercised Option and (b) the Applicable Limit Price
    on the Settlement Date and (ii) the amount of cash (if any) payable by Dealer to Counterparty per exercised Option would
    otherwise exceed the amount per Option, as determined by the Calculation Agent, that would be payable by Dealer under Section
    6 of the Agreement if (x) the relevant  Conversion Date were an Early Termination Date resulting from an Additional
    Termination Event with respect to which the Transaction was the sole Affected Transaction and Counterparty was the sole Affected
    Party and (y) Section [14.03]31 of the Indenture were deleted, then each Daily Option Value shall be proportionately
    reduced to the extent necessary to eliminate such excess.
	Applicable
    Limit:	For
    any Option, an amount of cash equal to the Applicable Percentage, multiplied by the excess of (i) the aggregate of
    (A) the amount of cash, if any, paid to the Holder of the related Convertible Note upon conversion of such Convertible Note
    and (B) the number of Shares, if any, delivered to the Holder of the related Convertible Note upon conversion of such Convertible
    Note multiplied by the Applicable Limit Price on the  Settlement Date for such Option, over (ii) USD 1,000.
	Applicable
    Limit Price:	On
    any day, the opening price as displayed under the heading “Op” on Bloomberg page ENPH <equity> (or any successor
    thereto).

 

 

29
Include cross-reference to Indenture section(s) dealing with make-whole adjustments to the Conversion Rate.

30
Include cross-reference to Indenture section(s) dealing with make-whole adjustments to the Conversion Rate.

31
Include cross-reference to Indenture section(s) dealing with make-whole adjustments to the Conversion Rate.

 

    	 	9	 

     

    

 

	Valid
    Day:	A day
    on which (i) there is no Market Disruption Event and (ii) trading in the Shares generally occurs on the Exchange or, if the
    Shares are not then listed on the Exchange, on the principal other United States national or regional securities exchange
    on which the Shares are then listed or, if the Shares are not then listed on a United States national or regional securities
    exchange, on the principal other market on which the Shares are then listed or admitted for trading. If the Shares are not
    so listed or admitted for trading, “Valid Day” means a Business Day.32
	Scheduled
    Valid Day:	A
    day that is scheduled to be a Valid Day on the principal United States national or regional securities exchange or market
    on which the Shares are listed or admitted for trading.  If the Shares are not so listed or admitted for trading,
    “Scheduled Valid Day” means a Business Day.33
	Business
    Day:	Any
    day other than a Saturday, a Sunday or a day on which the Federal Reserve Bank of New York is authorized or required by law
    or executive order to close or be closed.34
	Relevant
    Price:	On
    any Valid Day, the per Share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on
    Bloomberg page ENPH <equity> AQR (or its equivalent successor if such page is not available) in respect of the period
    from the scheduled opening time of the Exchange to the Scheduled Closing Time of the Exchange on such Valid Day (or if such
    volume-weighted average price is unavailable, the market value of one Share on such Valid Day, as determined by the Calculation
    Agent in good faith and in a commercially reasonable manner using, if practicable, a volume-weighted average method).  The
    Relevant Price will be determined without regard to after-hours trading or any other trading outside of the regular trading
    session trading hours.
	Settlement
    Averaging Period:	For
    any Option and regardless of the Settlement Method applicable to such Option:
		(i)       if
    the related Conversion Date occurs prior to the Averaging Period Threshold Date, the [20]35
    consecutive Valid Days commencing on, and including, the second Valid Day following such Conversion Date; or
		(ii)      if
    the related Conversion Date occurs on or following the Averaging Period Threshold Date, the [20]36
    consecutive Valid Days commencing on, and including, the [21]st Scheduled Valid Day immediately prior
    to the Expiration Date.

 

 

32
To confirm that the definition matches the definition used in the Convertible Notes.

33
To confirm that the definition matches the definition used in the Convertible Notes.

34
To confirm that the definition matches the definition used in the Convertible Notes.

35
To be the number of Valid Days that is equal to the number of trading days in the observation period for the Convertible
Notes.

36
To be the number of Valid Days that is equal to the number of trading days in the observation period for the Convertible
Notes.

 

    	 	10	 

     

    

 

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

 

		3.	Additional
                                         Terms applicable to the Transaction.

 

Adjustments applicable
to the Transaction:

	Potential
    Adjustment Events:	Notwithstanding
    Section 11.2(e) of the Equity Definitions, a “Potential Adjustment Event” means an occurrence of any event or
    condition, as set forth in any Dilution Adjustment Provision, that would result in an adjustment under the Indenture to the
    “Conversion Rate” or the composition of a “unit of Reference Property” or to any “Last Reported
    Sale Price,”  “Daily VWAP,” “Daily Conversion Value” or “Daily Settlement Amount”
    (each as defined in the Indenture).  For the avoidance of doubt, Dealer shall not have any delivery or payment obligation
    hereunder, and no adjustment shall be made to the terms of the Transaction, on account of (x) any distribution of cash,
    property or securities by Counterparty to holders of the Convertible Notes (upon conversion or otherwise) or (y) any
    other transaction in which holders of the Convertible Notes are entitled to participate, in each case, in lieu of an adjustment
    under the Indenture of the type referred to in the immediately preceding sentence (including, without limitation, pursuant
    to [the fourth sentence of Section 14.04(c) of the Indenture]37 or [the fourth sentence of Section 14.04(d) of
    the Indenture]38).

 

 

37
Include cross reference to provision in the Indenture providing for pass-through of Distributed Property, at the
same time as it is received by holders of the Shares, in lieu of a Conversion Rate adjustment.

38
Include cross reference to provision in the Indenture providing for pass-through of cash, at the same time as it
is received by holders of the Shares, in lieu of a Conversion Rate adjustment.

 

    	 	11	 

     

    

 

	Method
    of Adjustment: 	Calculation
    Agent Adjustment, which means that, notwithstanding Section 11.2(c) of the Equity Definitions, upon any Potential Adjustment
    Event, the Calculation Agent shall make a corresponding adjustment to any one or more of the Strike Price, Number of Options,
    Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction; provided
    that, notwithstanding the foregoing, if the Calculation Agent acting in good faith and in a commercially reasonable manner
    disagrees with any adjustment pursuant to the terms and provisions of the Indenture that is the basis of any calculation hereunder
    and that involves an exercise of discretion by Counterparty or its board of directors (including, without limitation, pursuant
    to Section [14.05]39 of the Indenture, Section [14.07]40 of the Indenture or any supplemental indenture
    entered into thereunder or in connection with any proportional adjustment or the determination of the fair value of any securities,
    property, rights or other assets), then in each such case, the Calculation Agent will determine the adjustment to be made
    to any one or more of the Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise,
    settlement or payment for the Transaction in a commercially reasonable manner.
	Dilution
    Adjustment Provisions:	Sections
    [14.04(a), (b), (b), (b) and (e)]41 and Section [14.05]42 of the Indenture.
	Extraordinary
    Events applicable to the Transaction:
	Merger
    Events:	Applicable;
    provided that notwithstanding Section 12.1(b) of the Equity Definitions, a “Merger Event” means the occurrence
    of any event or condition set forth in the definition of “Merger Event” in Section [14.07(a)]43 of
    the Indenture.
	Tender
    Offers:	Applicable;
    provided that notwithstanding Section 12.1(d) of the Equity Definitions, a “Tender Offer” means the occurrence
    of any event or condition set forth in Section [14.04(e)]44 of the Indenture.

 

 

39
Include cross-reference to specific paragraph of the section of the Indenture providing for adjustments where a Conversion
Rate adjustment occurs during a period over which VWAP, conversion value, settlement amount or closing price is calculated.

40
Include cross-reference to Indenture section relating to merger events.

41
Include cross-reference to specific paragraphs of the section of the Indenture containing anti-dilution adjustments
to the Conversion Rate.

42
Include cross-reference to specific paragraph of the section of the Indenture providing for adjustments where a Conversion
Rate adjustment occurs during a period over which VWAP, conversion value, settlement amount or closing price is calculated.

43
Include cross-reference to the section of the Indenture describing consequences of merger events.

44
Include cross-reference to the section of the Indenture describing consequences of tender offers.

 

    	 	12	 

     

    

 

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

 

    	 	13	 

     

    

 

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

 

    	 	14	 

     

    

 

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

 

		5.	Account Details.

 

		(a)	Account for payments to Counterparty:

 

		[Bank:	Wells Fargo
                                         Bank, N.A.

		ABA#:	[        ]

		Acct No.:	[        ]

		Beneficiary:	[        ]

		Ref:	SWIFT: [        ]45

 

Account for delivery of Shares to Counterparty:

 

To be provided upon request.

 

		(b)	Account for payments to Dealer:

 

[Bank: Barclays Bank plc NY

ABA#  [        ]

BIC: [        ]

Acct: [        ]

Beneficiary: [        ]46

 

 

45
Company’s counsel to confirm.

46
Include for Barclays.

 

    	 	15	 

     

    

 

[Chase Manhattan
Bank New York

For A/C Goldman
Sachs & Co. LLC

A/C # [        ]

ABA: [        ]47

 

Account for delivery of Shares from Dealer:

 

To be provided by Dealer.

 

		6.	Offices.

 

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

 

		(b)	The Office of Dealer for the Transaction
                                         is: [Inapplicable, Dealer is not a Multibranch Party]48
                                         [200 West Street, New York, New York 10282-2198]49

 

		7.	Notices.

 

		(a)	Address for notices or communications
                                         to Counterparty:

 

[Enphase Energy, Inc.

Attention: General Counsel

Telephone No.: (707) 763-4785]50

 

		(b)	Address for notices or communications
                                         to Dealer:

 

[Barclays Bank PLC

c/o Barclays Capital Inc.

745 Seventh Avenue

New York, NY 10019

		Attn:	S. Raj Imteaz

		Telephone:	(+1) 212-526-1426

		Facsimile:	(+1) 917-522-0458

		Email:	syed.imteaz@barclays.com]51

 

		[To:	Goldman Sachs &
                                         Co. LLC

200 West Street

New York,
NY 10282-2198

		Attn:	Michael Voris,

Equity Capital
Markets

		Telephone:	212-902-4895

		Facsimile:	212-291-5027

		Email:	michael.voris@gs.com

 

And email notification to the following address:

Eq-derivs-notifications@am.ibd.gs.com]52

 

 

47
Include for GS.

48
Include for Barclays.

49
Include for GS.

50
Company’s counsel to confirm.

51
Include for Barclays.

52
Include for GS.

 

    	 	16	 

     

    

 

		8.	Representations and Warranties
                                         of Counterparty.

 

		(a)	Representations and Warranties
                                         of Counterparty. Each of the representations and warranties of Counterparty set forth
                                         in Section 2 of the Purchase Agreement (the “Purchase Agreement”),
                                         dated as of [________], 2020, among Counterparty and Barclays Capital Inc. and Goldman
                                         Sachs & Co. LLC, as representatives of the initial purchasers party thereto (the
                                         “Initial Purchasers”), are true and correct and are hereby deemed
                                         to be repeated to Dealer as if set forth herein. Counterparty hereby further represents
                                         and warrants to Dealer on the date hereof and on and as of the Premium Payment Date that:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	17	 

     

    

 

		9.	Other Provisions.

 

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

 

		(b)	Repurchase
                                         Notices. Counterparty shall, on any day on which Counterparty effects any repurchase
                                         of Shares, promptly give Dealer a written notice of such repurchase (a “Repurchase
                                         Notice”) on such day if following such repurchase, the number of outstanding
                                         Shares as determined on such day is (i) less than [__]53
                                         million (in the case of the first such notice) or (ii) thereafter more than
                                         [__]54
                                         million less than the number of Shares included in the immediately preceding
                                         Repurchase Notice. Counterparty agrees to indemnify and hold harmless Dealer and its
                                         affiliates and their respective officers, directors, employees, affiliates, advisors,
                                         agents and controlling persons (each, an “Indemnified Person”) from
                                         and against any and all losses (including losses relating to Dealer’s hedging activities
                                         as a consequence of becoming, or of the risk of becoming, a Section 16 “insider”,
                                         including without limitation, any forbearance from hedging activities or cessation of
                                         hedging activities and any losses in connection therewith with respect to the Transaction),
                                         claims, damages, judgments, liabilities and expenses (including reasonable attorney’s
                                         fees), joint or several, which an Indemnified Person may become subject to, as a result
                                         of Counterparty’s failure to provide Dealer with a Repurchase Notice on the day
                                         and in the manner specified in this paragraph, and to reimburse, within 30 days, upon
                                         written request, each of such Indemnified Persons for any reasonable legal or other expenses
                                         incurred in connection with investigating, preparing for, providing testimony or other
                                         evidence in connection with or defending any of the foregoing. If any suit, action, proceeding
                                         (including any governmental or regulatory investigation), claim or demand shall be brought
                                         or asserted against the Indemnified Person as a result of Counterparty’s failure
                                         to provide Dealer with a Repurchase Notice in accordance with this paragraph, such Indemnified
                                         Person shall promptly notify Counterparty in writing, and Counterparty, upon request
                                         of the Indemnified Person, shall retain counsel reasonably satisfactory to the Indemnified
                                         Person to represent the Indemnified Person and any others Counterparty may designate
                                         in such proceeding and shall pay the fees and expenses of such counsel related to such
                                         proceeding. Counterparty shall not be liable for any settlement of any proceeding contemplated
                                         by this paragraph that is effected without its written consent, but if settled with such
                                         consent or if there be a final judgment for the plaintiff, Counterparty agrees to indemnify
                                         any Indemnified Person from and against any loss or liability by reason of such settlement
                                         or judgment. Counterparty shall not, without the prior written consent of the Indemnified
                                         Person, effect any settlement of any pending or threatened proceeding contemplated by
                                         this paragraph that is in respect of which any Indemnified Person is a party and indemnity
                                         could have been sought hereunder by such Indemnified Person, unless such settlement includes
                                         an unconditional release of such Indemnified Person from all liability on claims that
                                         are the subject matter of such proceeding on terms reasonably satisfactory to such Indemnified
                                         Person. If the indemnification provided for in this paragraph is unavailable to an Indemnified
                                         Person or insufficient in respect of any losses, claims, damages or liabilities referred
                                         to therein, then Counterparty hereunder, in lieu of indemnifying such Indemnified Person
                                         thereunder, shall contribute to the amount paid or payable by such Indemnified Person
                                         as a result of such losses, claims, damages or liabilities. The remedies provided for
                                         in this paragraph (b) are not exclusive and shall not limit any rights or remedies which
                                         may otherwise be available to any Indemnified Person at law or in equity. The indemnity
                                         and contribution agreements contained in this paragraph shall remain operative and in
                                         full force and effect regardless of the termination of the Transaction.

 

 

53
Insert the number of Shares outstanding that would cause Dealer’s current position in the Shares underlying
the Transaction (including the number of Shares underlying any additional transaction if the greenshoe is exercised in full, and
any Shares under pre-existing call option transactions with Counterparty) to increase by 0.5%, based on dealer with highest Applicable
Percentage.

54
Insert the number of Shares that, if repurchased, would cause Dealer’s current position in the Shares underlying
the Transaction (including the number of Shares underlying any additional transaction if the greenshoe is exercised in full, and
any Shares under pre-existing call option transactions with Counterparty) to increase by a further 0.5% from the threshold for
the first Repurchase Notice, based on dealer with highest Applicable Percentage.

 

    	 	18	 

     

    

 

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

 

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

 

		(e)	Transfer or Assignment.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	19	 

     

    

 

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

 

		(ii)	Dealer may, without Counterparty’s
                                         consent, transfer or assign (such transfer or assignment, a “Transfer”)
                                         all or any part of its rights or obligations under the Transaction (A) to any affiliate
                                         of Dealer (1) that has a long-term issuer rating that is equal to or better than Dealer’s
                                         credit rating at the time of such Transfer, or (2) whose obligations hereunder will be
                                         guaranteed, pursuant to the terms of a customary guarantee in a form used by Dealer generally
                                         for similar transactions, by Dealer [or Dealer Parent]55,
                                         or (B) to any other third party with a long-term issuer rating equal to or better than
                                         the lesser of (1) the credit rating of Dealer at the time of the Transfer and (2) A-
                                         by Standard and Poor’s Rating Group, Inc. or its successor (“S&P”),
                                         or A3 by Moody’s Investor Service, Inc. (“Moody’s”) or,
                                         if either S&P or Moody’s ceases to rate such third party, at least an equivalent
                                         rating or better by a substitute rating agency mutually agreed by Counterparty and Dealer;
                                         provided that either (x) the transferee in any such Transfer shall be a “dealer
                                         in securities” within the meaning of Section 475(c)(1) of the Code or (y) the Transfer
                                         will not result in a deemed exchange by Counterparty within the meaning of Section 1001
                                         of the Code; and provided further that Dealer shall provide notice to Counterparty
                                         following any such Transfer. If at any time at which (A) the Section 16 Percentage exceeds
                                         8.0%, (B) the Option Equity Percentage exceeds 14.5%, or (C) the Share Amount exceeds
                                         the Applicable Share Limit (if any applies) (any such condition described in clauses
                                         (A), (B) or (C), an “Excess Ownership Position”), Dealer is unable
                                         after using its commercially reasonable efforts to effect a transfer or assignment of
                                         Options to a third party on pricing terms reasonably acceptable to Dealer and within
                                         a time period reasonably acceptable to Dealer such that no Excess Ownership Position
                                         exists, then Dealer may designate any Exchange Business Day as an Early Termination Date
                                         with respect to a portion of the Transaction (the “Terminated Portion”),
                                         such that following such partial termination no Excess Ownership Position exists. In
                                         the event that Dealer so designates an Early Termination Date with respect to a portion
                                         of the Transaction, a payment shall be made pursuant to Section 6 of the Agreement as
                                         if (1) an Early Termination Date had been designated in respect of a Transaction having
                                         terms identical to the Transaction and a Number of Options equal to the number of Options
                                         underlying the Terminated Portion, (2) Counterparty were the sole Affected Party with
                                         respect to such partial termination and (3) the Terminated Portion were the sole Affected
                                         Transaction (and, for the avoidance of doubt, the provisions of Section 9(l) shall apply
                                         to any amount that is payable by Dealer to Counterparty pursuant to this sentence as
                                         if Counterparty was not the Affected Party). The “Section 16 Percentage”
                                         as of any day is the fraction, expressed as a percentage, (A) the numerator of which
                                         is the number of Shares that Dealer and any of its affiliates or any other person subject
                                         to aggregation with Dealer for purposes of the “beneficial ownership” test
                                         under Section 13 of the Exchange Act, or any “group” (within the meaning
                                         of Section 13 of the Exchange Act) of which Dealer is or may be deemed to be a part beneficially
                                         owns (within the meaning of Section 13 of the Exchange Act), without duplication, on
                                         such day (or, to the extent that for any reason the equivalent calculation under Section
                                         16 of the Exchange Act and the rules and regulations thereunder results in a higher number,
                                         such higher number) and (B) the denominator of which is the number of Shares outstanding
                                         on such day. The “Option Equity Percentage” as of any day is the fraction,
                                         expressed as a percentage, (A) the numerator of which is the sum of (1) the product of
                                         the Number of Options and the Option Entitlement and (2) the aggregate number of Shares
                                         underlying any other call option transaction sold by Dealer to Counterparty, and (B)
                                         the denominator of which is the number of Shares outstanding.

 

 

55
Include for GS.

 

    	 	20	 

     

    

 

The “Share Amount”
as of any day is the number of Shares that Dealer and any person whose ownership position would be aggregated with that of Dealer
(Dealer or any such person, a “Dealer Person”) under any law, rule, regulation, regulatory order or organizational
documents or contracts of Counterparty that are, in each case, applicable to ownership of Shares (“Applicable Restrictions”),
owns, beneficially owns, constructively owns, controls, holds the power to vote or otherwise meets a relevant definition of ownership
under any Applicable Restriction, as determined by Dealer in its reasonable discretion. The “Applicable Share Limit”
means a number of Shares equal to (A) the minimum number of Shares that could give rise to reporting or registration obligations
or other requirements (including obtaining prior approval from any person or entity) of a Dealer Person, or could result in an
adverse effect on a Dealer Person, under any Applicable Restriction, as determined by Dealer in its reasonable discretion, minus
(B) 1% of the number of Shares outstanding.

 

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

 

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

 

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

 

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

 

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

 

    	 	21	 

     

    

 

		(g)	[Role of
                                         Agent. Each of Dealer and Counterparty acknowledges to and agrees with the other
                                         party hereto and to and with the Agent that (i) the Agent is acting as agent for Dealer
                                         under the Transaction pursuant to instructions from such party, (ii) the Agent is not
                                         a principal or party to the Transaction, and may transfer its rights and obligations
                                         with respect to the Transaction, (iii) the Agent shall have no responsibility, obligation
                                         or liability, by way of issuance, guaranty, endorsement or otherwise in any manner with
                                         respect to the performance of either party under the Transaction, (iv) Dealer and the
                                         Agent have not given, and Counterparty is not relying (for purposes of making any investment
                                         decision or otherwise) upon, any statements, opinions or representations (whether written
                                         or oral) of Dealer or the Agent, other than the representations expressly set forth in
                                         this Confirmation or the Agreement, and (v) each party agrees to proceed solely against
                                         the other party, and not the Agent, to collect or recover any money or securities owed
                                         to it in connection with the Transaction. Each party hereto acknowledges and agrees that
                                         the Agent is an intended third party beneficiary hereunder. Counterparty acknowledges
                                         that the Agent is an affiliate of Dealer. Dealer will be acting for its own account in
                                         respect of this Confirmation and the Transaction contemplated hereunder.]56[Reserved.]57

 

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

 

		(i)	Additional Termination Events.

 

		(i)	Notwithstanding anything to the contrary
                                         in this Confirmation if an event of default with respect to Counterparty occurs under
                                         the terms of the Convertible Notes as set forth in Section [6.01]58
                                         of the Indenture, then such event of default shall constitute an Additional
                                         Termination Event applicable to the Transaction and, with respect to such Additional
                                         Termination Event, (A) Counterparty shall be deemed to be the sole Affected Party, (B)
                                         the Transaction shall be the sole Affected Transaction and (C) Dealer shall be the party
                                         entitled to designate an Early Termination Date pursuant to Section 6(b) of the Agreement.

 

		(ii)	Promptly (and
                                         in any event within five Scheduled Trading Days) following any repurchase (which, for
                                         the avoidance of doubt, includes any exchange transaction) and cancellation of Convertible
                                         Notes, including without limitation pursuant to [Article 15] of the Indenture in connection
                                         with a “Fundamental Change” (as defined in the Indenture) (such event, a
                                         “Repurchase Event”), Counterparty may notify Dealer in writing of
                                         such Repurchase Event and the number of Convertible Notes subject to such Repurchase
                                         Event (any such notice, a “Repurchase Notice”). Notwithstanding anything
                                         to the contrary in this Confirmation, the receipt by Dealer from Counterparty of (x)
                                         any Repurchase Notice, within the applicable time period set forth in the preceding sentence,
                                         and (y) a written representation and warranty by Counterparty that, as of the date of
                                         such Repurchase Notice, Counterparty is not in possession of any material non-public
                                         information regarding Counterparty or the Shares, shall constitute an Additional Termination
                                         Event as provided in this paragraph. Upon receipt of any such Repurchase Notice and the
                                         related written representation and warranty, Dealer shall promptly designate an Exchange
                                         Business Day following receipt of such Repurchase Notice (which Exchange Business Day
                                         shall be on or as promptly as reasonably practicable after the related repurchase settlement
                                         date for the relevant Repurchase Event) as an Early Termination Date with respect to
                                         the portion of this Transaction corresponding to a number of Options (the “Repurchase
                                         Options”) equal to the lesser of (A) the number of such Convertible Notes specified
                                         in such Repurchase Notice [minus the number of “Repurchase Options”
                                         (as defined in the Base Call Option Confirmation), if any, that relate to such Convertible
                                         Notes]59
                                         divided by the Applicable Percentage and (B) the Number of Options
                                         as of the date Dealer designates such Early Termination Date and, as of such date, the
                                         Number of Options shall be reduced by the number of Repurchase Options. Any payment hereunder
                                         with respect to such termination shall be calculated pursuant to Section 6 of the Agreement
                                         as if (1) an Early Termination Date had been designated in respect of a Transaction having
                                         terms identical to this Transaction and a Number of Options equal to the number of Repurchase
                                         Options, (2) Counterparty were the sole Affected Party with respect to such Additional
                                         Termination Event, (3) no adjustment to the “Conversion Rate” (as defined
                                         in the Indenture) for the Convertible Notes has occurred pursuant to any Excluded Provision,
                                         (4) the corresponding Convertible Notes remaining outstanding as if the circumstances
                                         related to the Repurchase Event had not occurred, (5) the relevant Repurchase Event and
                                         any conversions, adjustments, agreements, payments, deliveries or acquisitions by or
                                         on behalf of Counterparty leading thereto had not occurred, and (6) the terminated portion
                                         of the Transaction were the sole Affected Transaction.

 

 

56
Include for Barclays.

57
Include for GS.

58
Include cross-reference to Indenture section covering events of default.

59
Include for Additional Call Option Confirmation only.

 

    	 	22	 

     

    

 

		(j)	Amendments to Equity Definitions.

 

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

 

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

 

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

 

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

 

		Share Termination Alternative:	If applicable, Dealer shall deliver to Counterparty the Share Termination Delivery Property
    on, or within a commercially reasonable period of time after, the date when the relevant Payment Obligation would otherwise
    be due pursuant to Section 12.7 or 12.9 of the Equity Definitions or Section 6(d)(ii) and 6(e) of the Agreement, as applicable,
    in satisfaction of such Payment Obligation in the manner reasonably requested by Counterparty free of payment.

 

    	 	23	 

     

    

 

		Share Termination Delivery Property:	A number of Share Termination Delivery Units, as calculated by the Calculation Agent, equal
    to the Payment Obligation divided by the Share Termination Unit Price. The Calculation Agent shall adjust the Share Termination
    Delivery Property by replacing any fractional portion of a security therein with an amount of cash equal to the value of such
    fractional security based on the values used to calculate the Share Termination Unit Price.

 

		Share Termination Unit Price:	The value to Dealer of property contained in one Share Termination Delivery Unit, as determined
    by the Calculation Agent in good faith and in a commercially reasonable manner and notified by the Calculation Agent to Dealer
    at the time of notification of the Payment Obligation. For the avoidance of doubt, the parties agree that in determining the
    Share Termination Delivery Unit Price the Calculation Agent may consider the purchase price paid in connection with the purchase
    of Share Termination Delivery Property.

 

		Share Termination Delivery Unit:	One Share or, if the Shares have changed into cash or any other property or the right to receive
    cash or any other property as the result of a Nationalization, Insolvency or Merger Event (any such cash or other property,
    the “Exchange Property”), a unit consisting of the type and amount of such Exchange Property received by
    a holder of one Share (without consideration of any requirement to pay cash or other consideration in lieu of fractional amounts
    of any securities) in such Nationalization, Insolvency or Merger Event, as determined by the Calculation Agent.

 

		Failure to Deliver:	Applicable

 

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

 

    	 	24	 

     

    

 

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

 

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

 

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

 

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

 

    	 	25	 

     

    

 

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

 

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

 

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

 

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

 

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

 

		(iii)	on the date Counterparty satisfies
                                         the “[Share Reservation Condition]” (as defined in the Indenture), Counterparty
                                         shall give Dealer written notice that such condition has been satisfied.

 

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

 

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

 

    	 	26	 

     

    

 

		(v)	Early Unwind. In
                                         the event the sale of the [“Underwritten Securities”]60[“Option
                                         Securities”]61
                                         (as defined in the Purchase Agreement) is not consummated with the Initial
                                         Purchasers for any reason, or Counterparty fails to deliver to Dealer opinions of counsel
                                         as required pursuant to Section 9(a), in each case by 5:00 p.m. (New York City time)
                                         on the Premium Payment Date, or such later date as agreed upon by the parties (the Premium
                                         Payment Date or such later date, the “Early Unwind Date”), the Transaction
                                         shall automatically terminate (the “Early Unwind”) on the Early Unwind
                                         Date and (i) the Transaction and all of the respective rights and obligations of Dealer
                                         and Counterparty under the Transaction shall be cancelled and terminated and (ii) each
                                         party shall be released and discharged by the other party from and agrees not to make
                                         any claim against the other party with respect to any obligations or liabilities of the
                                         other party arising out of and to be performed in connection with the Transaction either
                                         prior to or after the Early Unwind Date; Each of Dealer and Counterparty represents and
                                         acknowledges to the other that, upon an Early Unwind, all obligations with respect to
                                         the Transaction shall be deemed fully and finally discharged.

 

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

 

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

 

		(y)	Tax Matters.

 

		(i)	Payee Representations:

 

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

 

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

 

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

 

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

 

 

60
Insert for Base Call Option Confirmation.

61
Insert for Additional Call Option Confirmation.

 

    	 	27	 

     

    

 

(B) Each payment received or
to be received by it in connection with this Agreement will be effectively connected with its conduct of a trade or business in
the United States.]62

 

[(A) Dealer is a U.S. person
(as that term is defined in Section 7701(a)(30) of the Code and used in Section 1.1441-4(a)(3)(ii) of the United States Treasury
Regulations) for U.S. federal income tax purposes.]63

 

		(ii)	Tax Documentation. For the
                                         purposes of Section 4(a)(i) of the Agreement, (1) Counterparty shall provide to Dealer
                                         a valid United States Internal Revenue Service Form W-9 (or successor thereto), and (2)
                                         Dealer shall provide to Counterparty a valid United States Internal Revenue Service Form
                                         [W-8ECI]64[W-9]65
                                         (or successor thereto), in each case, (A) on or before the date of execution
                                         of this Confirmation and (B) promptly upon learning that any such tax form previously
                                         provided by it has become obsolete or incorrect.

 

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

 

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

 

		(z)	[Conduct Rules. Each
                                         party acknowledges and agrees to be bound by the Conduct Rules of the Financial Industry
                                         Regulatory Authority, Inc. applicable to transactions in options, and further agrees
                                         not to violate the position and exercise limits set forth therein.

 

		(aa)	Risk Disclosure Statement.
                                         Counterparty represents and warrants that it has received, read and understands the OTC
                                         Options Risk Disclosure Statement provided by Dealer and a copy of the most recent disclosure
                                         pamphlet prepared by The Options Clearing Corporation entitled “Characteristics
                                         and Risks of Standardized Options”.

 

		(bb)	U.S. Resolution Stay Provisions.

 

		(i)	Recognition of the U.S. Special
                                         Resolution Regimes.

 

		(A)	In the event
                                         that Goldman Sachs & Co. LLC (“GS&Co.”) becomes subject to
                                         a proceeding under (i) the Federal Deposit Insurance Act and the regulations promulgated
                                         thereunder or (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection
                                         Act and the regulations promulgated thereunder (a “U.S. Special Resolution Regime”)
                                         the transfer from GS&Co. of this Confirmation, and any interest and obligation in
                                         or under, and any property securing, this Confirmation, will be effective to the same
                                         extent as the transfer would be effective under the U.S. Special Resolution Regime if
                                         this Confirmation, and any interest and obligation in or under, and any property securing,
                                         this Confirmation were governed by the laws of the United States or a state of the United
                                         States.

 

 

62
Include for Barclays.

63
Include for GS.

64
Include for Barclays.

65
Include for GS.

 

    	 	28	 

     

    

 

		(B)	In the event that GS&Co. or
                                         an Affiliate becomes subject to a proceeding under a U.S. Special Resolution Regime,
                                         any Default Rights (as defined in 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable
                                         (“Default Right”)) under this Confirmation that may be exercised against
                                         GS&Co. are permitted to be exercised to no greater extent than such Default Rights
                                         could be exercised under the U.S. Special Resolution Regime if this Confirmation were
                                         governed by the laws of the United States or a state of the United States.

 

		(ii)	Limitation on Exercise of Certain
                                         Default Rights Related to an Affiliate’s Entry Into Insolvency Proceedings.
                                         Notwithstanding anything to the contrary in this Confirmation, GS&Co. and Counterparty
                                         expressly acknowledge and agree that:

 

		(A)	Counterparty shall not be permitted
                                         to exercise any Default Right with respect to this Confirmation or any Affiliate Credit
                                         Enhancement that is related, directly or indirectly, to an Affiliate of GS&Co. becoming
                                         subject to receivership, insolvency, liquidation, resolution, or similar proceeding (an
                                         “Insolvency Proceeding”), except to the extent that the exercise of
                                         such Default Right would be permitted under the provisions of 12 C.F.R. 252.84, 12 C.F.R.
                                         47.5 or 12 C.F.R. 382.4, as applicable; and

 

		(B)	Nothing in this Confirmation shall
                                         prohibit the transfer of any Affiliate Credit Enhancement, any interest or obligation
                                         in or under such Affiliate Credit Enhancement, or any property securing such Affiliate
                                         Credit Enhancement, to a transferee upon or following an Affiliate of GS&Co. becoming
                                         subject to an Insolvency Proceeding, unless the transfer would result in the Counterparty
                                         being the beneficiary of such Affiliate Credit Enhancement in violation of any law applicable
                                         to the Counterparty.

 

		(iii)	U.S. Protocol. If Counterparty
                                         has previously adhered to, or subsequently adheres to, the ISDA 2018 U.S. Resolution
                                         Stay Protocol as published by the International Swaps and Derivatives Association, Inc.
                                         as of July 31, 2018 (the “ISDA U.S. Protocol”), the terms of such
                                         protocol shall be incorporated into and form a part of this Confirmation and the terms
                                         of the ISDA U.S. Protocol shall supersede and replace the terms of this Section 9(dd).
                                         For purposes of incorporating the ISDA U.S. Protocol, GS&Co. shall be deemed to be
                                         a Regulated Entity, Counterparty shall be deemed to be an Adhering Party, and this Confirmation
                                         shall be deemed to be a Protocol Covered Agreement. Capitalized terms used but not defined
                                         in this paragraph shall have the meanings given to them in the ISDA U.S. Protocol.

 

		(iv)	Preexisting In-Scope Agreements.
                                         GS&Co. and Counterparty agree that to the extent there are any outstanding “in-scope
                                         QFCs,” as defined in 12 C.F.R. § 252.82(d), that are not excluded under 12
                                         C.F.R. § 252.88, between GS&Co. and Counterparty that do not otherwise comply
                                         with the requirements of 12 C.F.R. § 252.2, 252.81–8 (each such agreement,
                                         a “Preexisting In-Scope Agreement”), then each such Preexisting In-Scope
                                         Agreement is hereby amended to include the foregoing provisions in this Section 9(dd),
                                         with references to “this Confirmation” being understood to be references
                                         to the applicable Preexisting In-Scope Agreement.

 

For the purposes
of this Section 9(bb), “Affiliate” is defined in, and shall be interpreted in accordance with, 12 U.S.C. §
1841(k), and “Credit Enhancement” means any credit enhancement or credit support arrangement in support of
the obligations of GS&Co. under or with respect to this Confirmation, including any guarantee, collateral arrangement (including
any pledge, charge, mortgage or other security interest in collateral or title transfer arrangement), trust or similar arrangement,
letter of credit, transfer of margin or any similar arrangement.]66

 

 

66
Include for GS.

 

    	 	29	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

		4.	The following are the applicable email
                                         addresses.

 

		Portfolio Data:	Dealer:
                                         MarginServicesPortRec@barclays.com

 

Counterparty:
[lhung@enphase.com]67

 

		Notice of discrepancy:	Dealer:
                                         PortRecDiscrepancy@barclays.com

 

Counterparty:
[lhung@enphase.com]

 

		Dispute Notice:	Dealer:
                                         EMIRdisputenotices@barclays.com

 

Counterparty:
[lhung@enphase.com]]68

 

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

 

 

67
Company’s counsel to confirm.

68
Include for Barclays.

 

    	 	30	 

     

    

 

		(gg)	Acknowledgment regarding
                                         certain UK Resolution Authority Powers.

 

		(i)	Dealer is authorized by the Prudential
                                         Regulation Authority (“PRA”) and regulated by the Financial Conduct
                                         Authority and the PRA, and is subject to the Bank of England’s resolution authority
                                         powers, as contained in the EU Bank Recovery and Resolution Directive, and transposed
                                         in the UK by the Banking Act 2009. The powers include the ability to (a) suspend temporarily
                                         the termination and security enforcement rights of parties to a qualifying contract,
                                         and/or (b) bail-in certain liabilities owed by Dealer including the writing-down of the
                                         value of certain liabilities and/or the conversion of such liabilities into equity holdings
                                         (as described in further detail below). Pursuant to PRA requirements, Dealer is required
                                         to ensure that counterparties to certain agreements it enters into which are governed
                                         by non-EEA law contractually recognize the validity and applicability of the above-mentioned
                                         resolution powers, in order to ensure their effectiveness in cross border scenarios.

 

		(ii)	The terms of this
                                         section apply only to the Transaction and constitute our entire agreement in relation
                                         to the matters contained in this section, and do not extend or amend the resolution authority
                                         powers of the Bank of England or any replacement authority. The terms of this section
                                         may not be amended by any other agreements, arrangements or understandings between Dealer
                                         and Counterparty. By signing the Transaction, Counterparty acknowledges and agrees that,
                                         notwithstanding the governing law of the Transaction, the Transaction is subject to,
                                         and Counterparty will be bound by the effect of an application of, the Bank of England’s
                                         (or replacement resolution authority’s) powers to (a) stay termination and/or security
                                         enforcement rights, and (b) bail-in liabilities.]69

 

 

69
Include for Barclays.

 

    	 	31	 

     

    

 

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

 

	 	Very truly yours,
	 	 	 
	 	 	 
	 	 	[BARCLAYS
    BANK PLC
	 	 	 
	 	 	 
	 	 	By:	                      
	 	 	Name:
	 	 	Title: Authorised
    Signatory]70
	 	 	 
	 	 	[GOLDMAN
    SACHS & CO. LLC
	 	 	 
	 	 	 
	 	 	By:
	 	 	Authorized
    Signatory
	 	 	Name:]71

 

 

	Accepted
    and confirmed

    as of the Trade Date:	 
	 	 
	Enphase
    Energy, Inc.	 
	 	 
	 	 
	By:	                        	 
	Authorized
    Signatory	 
	Name:	 

 

 

70
Include for Barclays.

71
Include for GS.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}]]