Document:

Warrant - MS Solar Solutions Corp.

 Exhibit 4.3 
 WARRANT 
 THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD, ASSIGNED OR TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH SECURITY OR SECURITIES UNDER THE SECURITIES ACT OF 1933 AND APPLICABLE STATE
SECURITIES LAWS, UNLESS THE COMPANY HAS RECEIVED THE WRITTEN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH COUNSEL IS OF THE OPINION THAT SUCH SALE, ASSIGNMENT OR TRANSFER DOES NOT INVOLVE A TRANSACTION REQUIRING THE REGISTRATION OF SUCH
SECURITY OR SECURITIES UNDER THE SECURITIES ACT OF 1933 OR APPLICABLE STATE SECURITIES LAWS. 
 ENPHASE ENERGY, INC. 

COMMON STOCK PURCHASE WARRANT 
  

					
	 Issue Date:
	  	March 4, 2010	  	100,000 Shares
	 Expiration Date:
	  	December 31, 2012	  	

 THIS WARRANT CERTIFIES THAT, for good and valuable consideration, receipt of which is hereby
acknowledged, MS Solar Solutions, Corp. or its assigns (each, a “Holder”) is entitled to purchase up to one-hundred-thousand (100,000) fully paid and nonassessable shares of Common Stock, $0.00001 par value per share (the
“Shares”), but in any event not more than 4.9% of the issued and outstanding Shares, of Enphase Energy, Inc. (the “Company”), a Delaware corporation, at the initial exercise price per Share of $0.50 (the
“Warrant Price”) as adjusted pursuant to Article 2 of this Warrant, subject to the provisions and upon the terms and conditions set forth in this Warrant. 
 ARTICLE 1. EXERCISE 
 1.1 Method of Exercise. 

(a) In the event Holder has purchased at least 200,000 micro-inverters from the Company within 24 months from the Issue Date (the
“Completion Vesting Date”), then at any time before 5:00 p.m. Eastern time on the date that is 12 months after the Completion Vesting Date, Holder may exercise this Warrant in whole or in part by surrendering this Warrant and delivering to
the principal office of the Company a duly executed Notice of Exercise in substantially the form attached as Appendix 1 and a check for the Warrant Price multiplied by the number of Shares being purchased. 

(b) Notwithstanding anything to the contrary in this Warrant, in the event that Holder has purchased at least 100,000 micro-inverters,
but less than 200,000 micro-inverters, as of the date of a Change of Control of Company (the “Change of Control Vesting Date”), then at any time before 5:00 p.m. Eastern time on the date that is 12 months after the Change of Control
Vesting Date, Holder may exercise this Warrant on a pro-rata basis, based on the number of micro-inverters purchased by Holder as of the Change of Control Vesting Date. As a non-limiting example, if Holder has purchased 150,000 micro-inverters
(i.e., 75% of 200,000 units) at the Change of Control Vesting Date, Holder may exercise this Warrant to purchase all or a portion of 75,000 shares (i.e., 75% of 100,000 shares). The Company 

 
shall notify Holder of a Change of Control within 3 business days from the date of such Change of Control. A “Change of Control” shall mean the closing of any merger, consolidation or
other transaction, or series of transactions pursuant to which, in the aggregate, 50% or more of the voting power of the outstanding capital stock of the Company, or all or substantially all of the assets of the Company, shall have been sold,
leased, transferred, conveyed, licensed or otherwise disposed to any third party. 
 The Company and Holder understand and
acknowledge that certain of the Company’s products (e.g., Twin-Pack) contain two micro-inverters in each Product purchased. In such case, a purchase of one module (e.g., Twin-Pack) shall count as the purchase of two micro-inverters. 

1.2 Delivery of Certificate and New Warrant. Promptly after Holder exercises this Warrant, the Company shall deliver to Holder
certificates for the Shares acquired and, if this Warrant has not been fully exercised and has not expired, a new warrant in substantially identical form representing the Shares not so acquired. 

1.3 Replacement of Warrants. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or
mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company or, in the case of mutilation, or surrender and cancellation of this Warrant,
the Company at its expense shall execute and deliver, in lieu of this Warrant a new warrant in substantially identical form. 

ARTICLE 2. ADJUSTMENTS TO THE SHARES. 
 2.1 Reclassification, etc. In case at any time or from time to time, the holders of Common Stock shall have received, or (on or after the record date fixed for the determination of shareholders
eligible to receive) shall have become entitled to receive, without payment therefor, other or additional stock or other securities or property by way of spin-off, split up, reclassification, recapitalization or similar corporate rearrangement,
other than additional shares of Common Stock issued as a stock dividend or in a stock-split or combination of shares (adjustments in respect of which are provided for in Section 2.3), then and in each such case the Holder, on the exercise
hereof as provided in Section 1, shall be entitled to receive the amount of stock and other securities and property that such Holder would hold on the date of such exercise if on the date hereof he had been the holder of record of the number of
Shares called for on the face of this Warrant and had thereafter, during the period from the date hereof to and including the date of such exercise, retained such Shares and all such other or additional stock and other securities, cash and property
receivable by him as aforesaid during such period, giving effect to all adjustments called for during such period by Sections 2.2 and 2.3. 
 2.2 Adjustment for Reorganization, Consolidation, Merger, etc. 
 2.2.1 In case at any time or from time to time, the Company shall (a) effect a reorganization, (b) consolidate with or merge into any other entity, or (c) transfer all or substantially all of
its properties or assets to any other person under any plan or arrangement contemplating the dissolution of the Company, then, in each such case, upon the exercise hereof as provided in Section 1 at any time after the consummation of such
reorganization, consolidation or merger or the effective date of such dissolution, as the case may be (but not after the Expiration Date), the Holder shall receive, in lieu of the Shares issuable on such exercise before such consummation or
effective date, the stock and other securities and property to which the Holder would have been entitled upon such consummation or in connection with such dissolution, as the case may be, if such Holder had so exercised this Warrant, immediately
before such date, all subject to further adjustment thereafter as provided in Sections 2.1 and 

 
The provisions of this Section 2.2.1 shall similarly apply to successive reorganizations, consolidations, mergers, sales and transfers and to the stock or securities of any other corporation
that are at the time receivable upon the exercise of this Warrant. If the per-share consideration payable to the Holder for shares in connection with any such transaction is in a form other than cash or marketable securities, then the value of such
consideration shall be determined in good faith by the Company and Holder. In all events, appropriate adjustment shall be made in the application of the provisions of this Warrant with respect to the rights and interest of the Holder after the
transaction, to the end that the provisions of this Warrant shall be applicable after that event, as near as reasonably may be, in relation to any shares or other property deliverable after that event upon exercise of this Warrant. 

2.2.2 Continuation of Terms. Upon any reorganization, consolidation, merger or transfer (and any dissolution following any
transfer) referred to in Section 2.2.1, this Warrant shall continue in full force and effect and the terms hereof shall be applicable to the shares of stock and other securities and property receivable on the exercise of this Warrant after the
consummation of such reorganization, consolidation or merger or the effective date of dissolution following any such transfer, as the case may be, and shall be binding upon the issuer of any such stock or other securities, including, in the case of
any such transfer, the person acquiring all or substantially all of the properties or assets of the Company, whether or not such person shall have expressly assumed the terms of this Warrant. 

2.3 Adjustment Upon Extraordinary Events. In the event that the Company shall (a) issue additional shares of Common Stock as
a dividend or other distribution on outstanding Common Stock, (b) subdivide its outstanding shares of Common Stock, or (c) combine its outstanding shares of Common Stock into a smaller number of shares of Common Stock, then, in each such event,
the Warrant Price shall, simultaneously with the happening of such event, be adjusted by multiplying the then Warrant Price by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding immediately before such event
and the denominator of which shall be the number of shares of Common Stock outstanding immediately after such event and the product so obtained shall thereafter be the Warrant Price then in effect. The Warrant Price, as so adjusted, shall be
readjusted in the same manner upon the happening of any successive event or events described in this Section 2.3. Holder shall thereafter, on the exercise hereof as provided in Section 1, be entitled to receive that number of shares of Common
Stock determined by multiplying the number of Shares that would otherwise (but for the provisions of this Section 2.3) be issuable on such exercise by a fraction of which (i) the numerator is the Warrant Price that would otherwise (but for the
provisions of this Subsection 2.3) be in effect, and (ii) the denominator is the Warrant Price in effect on the date of such exercise. 
 2.4 No Impairment. The Company shall not, by amendment of its Certificate of Incorporation or through a reorganization, transfer of assets, consolidation, merger, dissolution, issue, or sale of
securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed under this Warrant by the Company, but shall at all times in good faith assist in carrying out of all the
provisions of this Article 2 and in taking all such action as may be necessary or appropriate to protect Holder’s rights under this Warrant against impairment. If the Company takes any action affecting the Shares other than as described above
that adversely affects Holder’s rights under this Warrant, the Warrant Price shall be adjusted downward and the number of Shares issuable upon exercise of this Warrant shall be adjusted upward in such a manner that the aggregate Warrant Price
of this Warrant is unchanged. 
 2.5 Fractional Shares. No fractional Shares shall be issuable upon exercise of the
Warrant and the number of Shares to be issued shall be rounded down to the nearest whole Share. If a fractional share interest arises upon any exercise of the Warrant, the Company shall eliminate such fractional share

 
interest by paying the Holder an amount computed by multiplying the fractional interest by the fair market value of a full Share on the date of exercise. 

2.6 Certificate as to Adjustments. Upon each adjustment of the Warrant Price and/or number of Shares, the Company at its expense
shall promptly compute such adjustment, and furnish Holder with a certificate of an officer of the Company setting forth such adjustment and the facts upon which such adjustment is based. The Company shall, upon written request, furnish Holder a
certificate setting forth the Warrant Price in effect upon the date thereof and the series of adjustments leading to such Warrant Price. 
 ARTICLE 3. REPRESENTATIONS AND COVENANTS OF THE COMPANY. 
 3.1
Representations and Warranties. The Company hereby represents and warrants to the Holder that all Shares that may be issued upon the exercise of the purchase right represented by this Warrant, and all securities shall, upon issuance in
accordance with the terms of this Warrant, be duly authorized, validly issued, fully paid and nonassessable, and free of any liens and encumbrances except for restrictions on transfer under applicable federal and state securities laws. 

3.2 Reservation of Stock, etc., Issuable on Exercise of Warrants. The Company shall at all times reserve and keep available,
solely for issuance and delivery on the exercise of this Warrant, all shares of Common Stock from time to time issuable on such exercise. 
 3.3 Notice of Certain Events. If the Company proposes at any time (a) to declare any dividend or distribution upon any class of its securities, whether in cash, property, stock, or other
securities and whether or not a regular cash dividend; (b) to offer for subscription pro rata to the holders of any class or series of its stock any additional shares of stock of any class or series or other rights or securities; (c) to effect
any reorganization, reclassification or recapitalization of the common stock or any other security; or (d) to merge of consolidate with or into any other entity, or sell, lease, license, or convey all or substantially all of its assets, or to
liquidate, dissolve or wind up, then, in connection with each such event, the Company shall give Holder (1) at least 5 days’ prior written notice of the date on which a record will be taken for such dividend, distribution, or subscription
rights (and specifying the date on which the holders of common stock will be entitled thereto) or for determining rights to vote, if any, in respect of the matters referred to in (c) and (d) above; and (2) in the case of the matters
referred to in (c) and (d) above at least 5 days’ prior written notice of the date when the same will take place. In the case the Company consummates the matter referred to in (d) above before the Warrant is exercised, the
Company shall reserve cash sufficient to fulfill its obligations to Holder under Section 2.2. 
 ARTICLE 4. COVENANTS OF
THE HOLDER. 
 4.1 Lock-Up Agreement. 

(a) Lock-Up Period; Agreement. The Holder hereby agrees that it shall not, to the extent requested by the managing
underwriter of securities of the Company, sell or otherwise transfer or dispose of any Shares or other shares of stock of the Company then owned by such Holder (other than to donees or partners of the Holder who agree to be similarly bound) for up
to one hundred eighty (180) days following the effective date of any registration statement of the Company filed under the Securities Act of 1933, as amended; provided however that, if during the last 17 days of the restricted period
the Company issues an earnings release or material news or a material event relating to the Company occurs, or prior to the expiration of the restricted period the Company announces that it will 

 
release earnings results during the 16-day period beginning on the last day of the restricted period, and if the Company’s securities are listed on the Nasdaq Stock Market and Rule
2711(f)(4) thereof applies, then the managing underwriter may require by written notice that the restrictions imposed by this Section 4.1 shall continue to apply until the expiration of the 18-day period beginning on the issuance of the
earnings release or the occurrence of the material news or material event. In no event will the restricted period extend beyond two hundred and fifteen (215) days after the effective date of the registration statement. 

(b) Limitations. The obligations described in subsection 4.1(a): 

(i) apply only to the Company’s initial public offering; 

(ii) will not apply unless all executive officers and directors of the Company then holding Common Stock of the Company
and all stockholders then holding in the aggregate at least 1% of the total equity of the Company, enter into substantially identical agreements; and 
 (iii) will not apply to any shares purchased pursuant to such registration statement by a Holder. 

(c) Further Assurances. The Holder further agrees to enter into any agreement that is
consistent with this Section 4.1 and reasonably required by the underwriters to implement this Section 4.1 within any reasonable timeframe so requested. 
 ARTICLE 5. MISCELLANEOUS. 
 5.1 Legends. This Warrant and the Shares
shall be imprinted with a legend in substantially the following form: 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD, ASSIGNED OR TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH SECURITY OR SECURITIES UNDER THE SECURITIES ACT OF 1933 AND APPLICABLE STATE
SECURITIES LAWS, UNLESS THE COMPANY HAS RECEIVED THE WRITTEN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH COUNSEL IS OF THE OPINION THAT SUCH SALE, ASSIGNMENT OR TRANSFER DOES NOT INVOLVE A TRANSACTION REQUIRING THE REGISTRATION OF SUCH
SECURITY OR SECURITIES UNDER THE SECURITIES ACT OF 1933 OR APPLICABLE STATE SECURITIES LAWS. 
 5.2 Transfers. Subject to
the restrictions on transfer provided for under applicable federal and state securities laws, this Warrant and all rights hereunder may be transferred by the Holder in whole or in part upon the books of the Company by Holder, and a new Warrant or
Warrants, of the same tenor as this Warrant bur registered in the name of the transferee or transferees shall be made and delivered by the Company upon surrender of this Warrant duly endorsed, at the office of the Company. 

5.3 No Rights as Stockholder. Except as provided herein, this Warrant does not entitle the Holder to any voting rights as a
stockholder of the Company prior to the exercise of this Warrant. 
 5.4 Notices. Unless otherwise provided, any notice
required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery to the party to be notified, or when sent by telecopier or electronic mail (with receipt confirmed and promptly confirmed by
personal delivery, U.S. first class mail, or courier), or upon receipt from overnight courier service, with fees prepaid and addressed to the party to be notified, or five (5) days after deposit with the United States Post 

 
Office, by registered or certified mail, postage prepaid and addressed to the party to be notified at the address indicated for such party on the signature page hereof, or at such other address
as such party may designate by ten (10) days’ advance written notice to the other parties in the manner set forth in this Section 5.4. 
 5.5 Waiver. This Warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the party against which enforcement of such change, waiver,
discharge or termination is sought. 
 5.6 Attorneys Fees. In the event of any dispute between the parties concerning the
terms and provisions of this Warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’s fees. 

5.7 Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of Delaware, without
giving effect to its principles regarding conflicts of law. 
 5.8 Automatic Termination. This Warrant shall
automatically terminate and no longer be exercisable in the event (a) the Holder fails to purchase at least 200,000 micro-inverters from Company within 24 months from the Issue Date, (b) the Holder fails to purchase at least 100,000
micro-inverters from Company as of the date of a Change of Control, or (c) that Holder fails to exercise this Warrant within 12 months from the Completion Vesting Date or the Change of Control Vesting Date, as applicable. The Expiration Date shall
be extended to the extent required permit the exercise of this Warrant during the 12-month time period referenced in clause (c) of the previous sentence. 

 

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

 APPENDIX 1 
 NOTICE OF EXERCISE 
 The undersigned hereby elects to
purchase                  shares of the Common Stock of Enphase Energy, Inc. pursuant to the terms of the attached Warrant, and tenders herewith payment of the
purchase price of such shares in full. 
 Please issue a certificate or certificates representing said
shares in the name of the undersigned or in such other name as is specified below: 

	
	
	  
	(Name)
	
	 
	
	 
	
	 
	(Address)

 The undersigned represents it is acquiring the shares solely for its own account and not as a
nominee for any other party and not with a view toward the resale or distribution thereof except in compliance with applicable securities laws. 

	
	
	  
	(Signature)

	
	
	  
	(Date)Warrant - Compass Horizon Funding Company

 Exhibit 4.4 
 THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR ANY STATE SECURITIES LAWS. NO SALE OR DISPOSITION MAY BE EFFECTED WITHOUT (i) EFFECTIVE REGISTRATION STATEMENTS RELATED
THERETO, (ii) AN OPINION OF COUNSEL OR OTHER EVIDENCE, REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATIONS ARE NOT REQUIRED, (iii) RECEIPT OF NO-ACTION LETTERS FROM APPROPRIATE GOVERNMENTAL AUTHORITIES, OR (iv) OTHERWISE COMPLYING WITH
THE PROVISIONS OF SECTION 7 OF THIS WARRANT. 
 ENPHASE ENERGY, INC. 

WARRANT TO PURCHASE SHARES 
 OF SERIES PREFERRED STOCK 
 THIS CERTIFIES THAT, for value received,
COMPASS HORIZON FUNDING COMPANY LLC and its assignees are entitled to subscribe for and purchase that number of the fully paid and nonassessable shares of Series Preferred Stock (as adjusted pursuant to Section 4 hereof, the “Shares”)
of ENPHASE ENERGY, INC., a Delaware corporation (the “Company”), as is determined pursuant to the next paragraph hereof at the price per share as is determined pursuant to the next paragraph hereof (such price and such other price as shall
result, from time to time, from the adjustments specified in Section 4 hereof is herein referred to as the “ Warrant Price”), subject to the provisions and upon the terms and conditions hereinafter set forth. As used herein, (a) the term
“Series Preferred” shall mean the Company’s Series Preferred Stock sold in the next Qualified Financing (as defined below), and any stock into or for which such Series Preferred Stock may hereafter be converted or exchanged, and after
the automatic conversion of the Series Preferred Stock to Common Stock shall mean the Company’s Common Stock and (b) the term “Date of Grant” shall mean March 11, 2010. The term “Warrant” as used herein shall be deemed to
include any warrant issued upon transfer or partial exercise of or in lieu of this Warrant, unless the context clearly requires otherwise. 
 The Warrant Price shall be the lowest effective price per share (on a common stock equivalent basis and taking into account any securities issued together with the preferred stock) at which shares of the
Company’s convertible preferred stock are sold in a Qualified Financing. A “Qualified Financing” shall mean the sale of the convertible preferred stock of the Company to purchasers which include venture capital investors in an
aggregate cash amount not less than $15,000,000. The number of shares for which this Warrant is exercisable shall be the nearest whole number determined by dividing Seven Hundred Thousand and 00/100 Dollars ($700,000) by the Warrant Price determined
pursuant to this paragraph; provided, however, if an Acquisition Transaction (as set forth in Section 10.1 hereof) or an IPO (as defined below) occurs prior to a Qualified Financing, then the Warrant Price shall be $0.235 and this Warrant
shall be exercisable for 2,978,723 shares of the Company’s Series D Preferred Stock and any stock into or for which such Series D Preferred Stock may hereafter be converted or exchanged, and after the automatic conversion of the Series D
Preferred Stock to Common Stock shall mean the Company’s Common Stock. 

 1. Term. The purchase right represented by this Warrant is exercisable, in whole or
in part, at any time and from time to time from the Date of Grant through the later of (i) ten (10) years after the Date of Grant or (ii) five (5) years after the closing of the Company’s initial public offering of its Common
Stock (“IPO”) effected pursuant to a Registration Statement on Form S-1 (or its successor) filed under the Securities Act of 1933, as amended (the “Act”). 
 2. Method of Exercise; Payment; Issuance of New Warrant. Subject to Section 1 hereof, the purchase right represented by this Warrant may be exercised by the holder hereof, in whole or in part and
from time to time, at the election of the holder hereof, by (a) the surrender of this Warrant (with the notice of exercise substantially in the form attached hereto as Exhibit A-1 duly completed and executed) at the principal office of the
Company and by the payment to the Company, by certified or bank check, or by wire transfer to an account designated by the Company (a “Wire Transfer”) of an amount equal to the then applicable Warrant Price multiplied by the number of
Shares then being purchased; (b) if in connection with a registered public offering of the Company’s securities, the surrender of this Warrant (with the notice of exercise form attached hereto as Exhibit A-2 duly completed and executed) at
the principal office of the Company together with notice of arrangements reasonably satisfactory to the Company for payment to the Company either by certified or bank check or by Wire Transfer from the proceeds of the sale of shares to be sold by
the holder in such public offering of an amount equal to the then applicable Warrant Price per share multiplied by the number of Shares then being purchased; or (c) exercise of the “net issuance” right provided for in Section 10.2
hereof. The person or persons in whose name(s) any certificate(s) representing shares of Series Preferred shall be issuable upon exercise of this Warrant shall be deemed to have become the holder(s) of record of, and shall be treated for all
purposes as the record holder(s) of, the shares represented thereby (and such shares shall be deemed to have been issued) immediately prior to the close of business on the date or dates upon which this Warrant is exercised. In the event of any
exercise of the rights represented by this Warrant, certificates for the shares of stock so purchased shall be to delivered to the holder hereof as soon as possible and in any event within thirty (30) days after such exercise and, unless thus
Warrant has been fully exercised or expired, a new Warrant representing the portion of the Shares, if any, with respect to which this Warrant shall not then have been exercised shall also be issued to the holder hereof as soon as possible and in any
event within such thirty day period; provided, however, at such time as the Company is subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, if requested by the holder of this Warrant, the Company shall cause its
transfer agent to deliver the certificate representing Shares issued upon exercise of this Warrant to a broker or other person (as directed by the holder exercising this Warrant) within the time period required to settle any trade made by the holder
after exercise of this Warrant. 
 3. Stock Fully Paid; Reservation of Shares. All Shares that may be issued upon the
exercise of the rights represented by this Warrant will, upon issuance pursuant to the terms and conditions herein, be fully paid and nonassessable, and free from all preemptive rights and taxes, liens and charges with respect to the issue thereof.
During the period within which the rights represented by this Warrant may be exercised, the Company will at all times have authorized, and reserved for the purpose of the issue upon exercise of the purchase rights evidenced by this Warrant, a
sufficient number of shares of its Series Preferred to provide for the exercise of the rights 

  
 -2-

 
represented by this Warrant and a sufficient number of shares of its Common Stock to provide for the conversion of the Series Preferred into Common Stock. 

4. Adjustment of Warrant Price and Number of Shares. The number and kind of securities purchasable upon the exercise of this
Warrant and the Warrant Price shall be subject to adjustment from time to time upon the occurrence of certain events, as follows: 
 (a) Reclassification or Merger. In case of any reclassification or change of securities of the class issuable upon exercise of this Warrant (other than a change in par value, or from par value to
no par value, or from no par value to par value, or as a result of a subdivision or combination), or in case of any merger of the Company with or into another corporation (other than a merger with another corporation in which the Company is the
acquiring and the surviving corporation and which does not result in any reclassification or change of outstanding securities issuable upon exercise of this Warrant), or in case of any sale of all or substantially all of the assets of the Company,
the Company, or such successor or purchasing corporation, as the case may be, shall duly execute and deliver to the holder of this Warrant a new Warrant (in form and substance satisfactory to the holder of this Warrant), so that the holder of this
Warrant shall have the right to receive upon exercise of this Warrant, at a total purchase price not to exceed that payable upon the exercise of the unexercised portion of this Warrant, and in lieu of the shares of Series Preferred theretofore
issuable upon exercise of this Warrant, (i) the kind and amount of shares of stock, other securities, money and property receivable upon such reclassification, change, merger or sale by a holder of the number of shares of Series Preferred then
purchasable under this Warrant, or (ii) in the case of such a merger or sale in which the consideration paid consists all or in part of assets other than securities of the successor or purchasing corporation, at the option of the holder of this
Warrant, the securities of the successor or purchasing corporation having a value at the time of the transaction equivalent to the value of the Series purchasable upon exercise of this Warrant at the time of the transaction. Any new Warrant shall
provide for adjustments that shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section 4. The provisions of this Section 4(a) shall similarly apply to successive classifications, changes, mergers
and sales. 
 (b) Subdivision or Condition of Shares. If the Company at any time while this Warrant
remains outstanding and unexpired shall subdivide or combine its outstanding shares of Series Preferred, the Warrant Price shall be proportionately decreased and the number of Shares issuable hereunder shall be proportionately increased in the case
of a subdivision and the Warrant Price shall be proportionately increased and the number of Shares issuable hereunder shall be proportionately decreased in the case of a combination. 

(c) Stock, Dividends and Other Distributions. If the Company at any time while this Warrant is outstanding and
unexpired shall (i) pay a dividend with respect to Series Preferred payable in Series Preferred, then the Warrant Price shall be adjusted, from and after the date of determination of shareholders entitled to receive such dividend or
distribution, to that price determined by multiplying the Warrant Price in effect immediately prior to such date of determination by a fraction (A) the numerator of which shall be the total number of shares of Series Preferred outstanding
immediately prior to such dividend or distribution, and (B) the denominator of which shall be the total number of shares of Series Preferred outstanding immediately after such 

  
 -3-

 
dividend or distribution; or (ii) make any other distribution with respect to Series Preferred (except any distribution specifically provided for in Sections 4(a) and 4(b)), then, in each
such case. provision shall be made by the Company such that the holder of this Warrant shall receive upon exercise of this Warrant a proportionate share of any such dividend or distribution as through it were the holder of the Series Preferred (or
Common Stock issuable upon conversion thereof) as of the record date fixed for the determination of the shareholders of the Company entitled to receive such dividend or distribution. 

(d) Adjustment of Number of Shares. Upon each adjustment in the Warrant Price, the number of Shares of Series
Preferred purchasable hereunder shall be adjusted, to the nearest whole share, to the product obtained by multiplying the number of Shares purchasable immediately prior to such adjustment in the Warrant Price by a fraction, the numerator of which
shall be the Warrant Price immediately prior to such adjustment and the denominator of which shall be the Warrant Price immediately thereafter. 
 (e) Antidilution Rights. The other antidilution rights applicable to the Shares of Series Preferred purchasable hereunder are set forth in the Company’s Certificate of Incorporation, as
amended from time to time (the “Charter”). Such antidilution rights shall not be restated, amended, modified or waived in any manner that treats the holder hereof adversely to other holders of the class and series of the Company’s
capital stock for which this Warrant is exerciseable without such holder’s prior written consent. The Company shall promptly provide the holder hereof with any restatement, amendment, modification or waiver of the Charter promptly after the
same has been made. 
 5. Notice of Adjustments. Whenever the Warrant Price or the number of Shares purchasable hereunder
shall be adjusted pursuant to Section 4 hereof, the Company shall make a certificate signed by its chief financial officer setting forth, in reasonable detail, the event requiring the adjustment, the amount of the adjustment, the method by which
such adjustment was calculated, and the Warrant Price and the number of shares purchasable hereunder after giving effect to such adjustment, and shall cause copies of such certificate to be mailed (without regard to Section 13 hereof, by first
class mail, postage prepaid) to the holder of this Warrant. In addition, whenever the conversion price or conversion ratio of the Series Preferred shall be adjusted, the Company shall make a certificate signed by its chief financial officer setting
forth, in reasonable detail, the event requiring the adjustment, the amount of the adjustment, the method by which such adjustment was calculated, and the conversion price or ratio of the Series Preferred after giving effect to such adjustment, and
shall cause copies of such certificate to be mailed (without regard to Section 13 hereof, by first class mail, postage prepaid) to the holder of this Warrant. 
 6. Fractional Shares. No fractional shares of Series Preferred will be issued in connection with any exercise hereunder, but in lieu of such fractional shares the Company shall make a cash payment
therefor on the fair market value of the Series Preferred on the date of exercise as reasonably determined in good faith by the Company’s Board of Directors. 
 7. Compliance with Act; Disposition of Warrant or Shares of Series Preferred. 

  
 -4-

 (a) Compliance with Act. The holder of this Warrant, by acceptance
hereof, agrees that this Warrant, and the shares of Series Preferred to be issued upon exercise hereof and any Common Stock issued upon conversion thereof are being acquired for investment and that such holder will not offer, sell or otherwise
dispose of this Warrant, or any shares of Series Preferred to be issued upon exercise hereof or any Common Stock issued upon conversion thereof except under circumstances which will not result in a violation of the Act or any applicable state
securities laws. Upon exercise of this Warrant, unless the Shares being acquired are registered under the Act and any applicable state securities laws or an exemption from such registration is available, the holder hereof shall confirm in writing
that the shares of Series Preferred so purchased (and any shares of Common Stock issued upon conversion thereof) are being acquired for investment and not with a view toward distribution or resale in violation of the Act and shall confirm such other
matters related thereto as may be reasonably requested by the Company. This Warrant and all shares of Series Preferred issued upon exercise of this Warrant and all shares of Common Stock issued upon conversion thereof (unless registered under the
Act and any applicable state securities laws) shall be stamped or imprinted with a legend in substantially the following form. 
 “THE
SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. NO SALE OR DISPOSITION MAY BE EFFECTED WITHOUT (i) EFFECTIVE REGISTRATION STATEMENTS RELATED THERETO, (ii) AN OPINION OF
COUNSEL OR OTHER EVIDENCE, REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATIONS ARE NOT REQUIRED, (iii) RECEIPT OF NO-ACTION LETTERS FROM THE APPROPRIATE GOVERNMENTAL AUTHORITIES, OR (iv) OTHERWISE COMPLYING WITH THE PROVISIONS OF SECTION
7 OF THE WARRANT UNDER WHICH THESE SECURITIES WERE ISSUED, DIRECTLY OR INDIRECTLY.” 
 Said legend shall be removed the
Company, upon the request of a holder, at such time as the restrictions on the transfer of the applicable security shall have terminated. In addition, in connection with the issuance of this Warrant, holder specifically represents to the Company by
acceptance of this Warrants as follows: 
 (1) The holder is aware of the Company’s business affairs and
financial condition, and has acquired information about the Company sufficient to reach an informed and knowledgeable decision to acquire this Warrant. The holder is acquiring this Warrant for its own account for investment purposes only and not
with a view to, or for the resale in connection with, any “distribution” thereof in violation the Act. 

(2) The holder understands that this Warrant has not been registered under the Act in reliance upon a specific exemption
therefrom, which exemption depends upon, among other, the bona fide nature of the holder’s investment intent as expressed herein. 
 (3) The holder further understands that this Warrant must be held indefinitely unless subsequently registered under the Act and qualified under any applicable state security laws, or unless
exemptions from registration and qualification are otherwise available. The holder is aware of the provisions of Rule 144, promulgated under the Act. 

  
 -5-

 (4) The holder is an “accredited investor” as such term is defined
in Rule 501 of Regulation D promulgated under the Act. 
 (b) Disposition of Warrant or Shares. With
respect to any offer, sale or other disposition of this Warrant or any shares of Series Preferred acquired pursuant to the exercise of this Warrant prior to registration of such Warrant or shares, the holder hereof agrees to give written notice to
the Company prior thereto, describing briefly the manner thereof, together with a written opinion of such holder’s counsel, or other evidence, if reasonably satisfactory to the Company, to the effect that such offer, sale or other disposition
may be effected without registration or qualification (under the Act as then in effect or any federal or state securities law then in effect) of this Warrant or such shares of Series Preferred or Common Stock and indicating whether or not under the
Act certificates for this Warrant or such shares of Series Preferred to be sold or otherwise disposed of require any restrictive legend as to applicable restrictions on transferability in order to ensure compliance with such law. Upon receiving such
written notice and reasonably satisfactory opinion or other evidence, the Company, as promptly as practicable but no later than fifteen (15) days after receipt of the written notice, shall notify such holder that such holder may sell or otherwise
dispose of this Warrant or such shares of Series Preferred or Common Stock, all in accordance with the terms of the notice delivered to the Company. If a determination has been made pursuant to this Section 7(b) that the opinion of counsel for
the holder or other evidence is not reasonably satisfactory to the Company, the Company shall so notify the holder promptly with details thereof after such determination has been made. Notwithstanding the foregoing, this Warrant or such shares of
Series Preferred or Common Stock may, as to such federal laws, be offered, sold or otherwise disposed of in accordance with Rule 144 or 144A under the Act, provided that the Company shall have been furnished with such information as the Company may
reasonably request to provide a reasonable assurance that the provisions of Rule 144 or 144A have been satisfied. Each certificate representing this Warrant or the shares of Series Preferred thus transferred (except a transfer pursuant to Rule 144
or 144A) shall bear a legend as to the applicable restriction on transferability in order to ensure compliance with such laws, unless in the aforesaid opinion of counsel for the holder, such legend is not required in order to ensure compliance with
such laws. The Company may issue stop transfer instructions to its transfer agent in connection with such restrictions. 
 (c) Applicability of Restrictions. Neither any restrictions of any legend described in this Warrant nor the requirements of Section 7(b) above shall apply to any transfer of, or grant of a security
interest in, this Warrant (or the Series Preferred or Common Stock obtainable upon exercise thereof) or any part hereof (i) to a partner of the holder if the holder is a partnership or to a member of the holder if the holder is a limited liability
company, (ii) to a partnership of which the holder is a partner or to a limited liability company of which the holder is a member, (iii) to any affiliate of the holder if the holder is a corporation, (iv) notwithstanding the
foregoing, to any corporation, company, limited liability company, limited partnership, partnership, or other person managed or sponsored by Compass Horizon Funding Company LLC (“Finance LLC”) or its principals or in which Finance LLC has
an interest, (v) to Horizon Credit I LLC or (vi) to a lender to the holder or any of the foregoing; provided, however, in any such transfer, if applicable, the transferee shall agree in writing to be bound by the terms of this
Warrant as if an original holder hereof. 

  
 -6-

 8. Rights as Shareholders; Information. No holder of this Warrant, as such, shall be
entitled to vote or receive dividends or be deemed the holder of Series Preferred or any other securities of the Company which may at any time be issuable upon the exercise hereof for any purpose, nor shall anything contained herein be construed to
confer upon the holder of this Warrant, as such, any of the rights of a shareholder of the Company or any right to vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or to receive notice of
meetings, or to receive dividends or subscription rights or otherwise until this Warrant shall have been exercised and the Shares purchasable upon the exercise hereof shall have become deliverable, as provided herein. Notwithstanding the foregoing,
the Company will transmit to the holder of this Warrant such information, documents and reports as are generally distributed to the holders of any class or series of the securities of the Company concurrently with the distribution thereof to the
shareholders. 
 9. Registration Rights. The Company hereby covenants to make a party to the Company’s Amended and
Restated Investor Rights Agreement to be executed subsequent to the Date of Grant (the “Registration Rights Agreement”) to provide holder with registration rights as though the holder were a Holder (as defined therein), with the following
exceptions and clarifications: 
 (1) The holder will not have the right to demand registration, but can
otherwise participate in any registration demanded by others. 
 (2) The holder will be subject to the same
provisions regarding indemnification as contained in the Registration Rights Agreement. 
 (3) The registration
rights are freely assignable by the holder of this Warrant in connection with a permitted transfer of this Warrant or the Shares pursuant to Section 7(c) hereof. 
 10. Additional Rights. 
 10.1 Acquisition Transactions. The Company
shall provide the holder of this Warrant with at least twenty (20) days written notice prior to closing thereof of the terms and conditions of any of the following transactions (to the extent the Company has notice thereof): (i) the sale,
lease, exchange, conveyance or other disposition of all or substantially all of the Company’s property or business, or (ii) its merger into or consolidation with any other corporation (other than a wholly-owned subsidiary of the Company), or
any transaction (including a merger or other reorganization) or series of related transactions, in which more than 50% of the voting power of the Company is disposed of. 
 10.2 Right to Convert Warrant into Stock: Net Issuance. 

(a) Right to Convert. In addition to and without limiting the rights of the holder under the terms of this Warrant,
the holder shall have the right to convert this Warrant or any portion thereof (the “Conversion Right”) into shares of Series Preferred as provided in this Section 10.2 at any time or from time to time during the term of this Warrant.
Upon exercise of the Conversion 

  
 -7-

 
Right with respect to a particular number of shares subject to this Warrant (the “Converted Warrant Shares”), the Company shall deliver to the holder (without payment by the holder of
any exercise price or any cash or other consideration) that number of shares of fully paid and nonassessable Series Preferred as is determined according to the following formula: 

 

					
	 X = B - A
	 		  	
	 Y   
	 		  	
			
	 Where: X
	 	=	  	the number of shares of Series Preferred that shall be issued to holder
			
	 Y
	 	=	  	the fair market value of one share of Series Preferred
			
	 A
	 	=	  	the aggregate Warrant Price of the specified number of Converted Warrant Shares immediately prior to the exercise of the Conversion Right (i.e., the number of Converted
Warrant Shares multiplied by the Warrant Price)
			
	 B
	 	=	  	the aggregate fair market value of the specified number of Converted Warrant Shares (i.e., the number of Converted Warrant Shares multiplied by the fair-market
value of one Converted Warrant Share)

 No fractional shares shall be issuable upon exercise of the Conversion Right, and, if the number of
shares to be issued determined in accordance with the foregoing formula is other than a whole number, the Company shall pay to the holder an amount in cash equal to the fair market value of the resulting fractional share on the Conversion Date (as
hereinafter defined). For purposes of Section 10 of this Warrant, shares issued pursuant to the Conversion Right shall be treated as if they were issued upon the exercise of this Warrant. 

(b) Method of Exercise. The Conversion Right may be exercised by the holder by the surrender of this Warrant at the
principal office of the Company together with a written statement (which may be in the form of Exhibit A-1 or Exhibit A-2 hereto) specifying that the holder thereby intends to exercise the Conversion Right and indicating the number of shares subject
to this Warrant which are being surrendered (referred to in Section 10.2(a) hereof as the Converted Warrant Shares) in exercise of the Conversion Right. Such conversion shall be effective upon receipt by the Company of this Warrant together
with the aforesaid written statement, or on such later date as is specified therein (the “Conversion Date”), and, at the election of the holder hereof, may be made contingent upon the closing of the sale of the Company’s Common Stock
to the public in a public offering pursuant to a Registration Statement under the Act (a “Public Offering”). Certificates for the shares issuable upon exercise of the Conversion Right and, if applicable, a new warrant evidencing the
balance of the shares remaining subject to this Warrant, shall be issued as of the Conversion Date and shall be delivered to the holder within thirty (30) days following the Conversion Date. 

(c) Determination of Fair Market Value. For purposes of this Section 10.2, “fair market value” of a
share of Series Preferred (or Common Stock if the Series Preferred has been 

  
 -8-

 
automatically converted into Common Stock) as of a particular date (the “Determination Date”) shall mean: 

(i) If the Conversion Right is exercised in connection with and contingent upon a Public Offering, and if the
Company’s Registration Statement relating to such Public Offering (“Registration Statement”) has been declared effective by the Securities Exchange Commission, then the initial “Price to Public” specified in the final
prospectus with respect to such offering. 
 (ii) If the Conversion Right is not exercised in connection with and
contingent upon a Public Offering, then as follows: 
 (A) If traded on a securities exchange, the fair market
value of the Common Stock shall be deemed to be the average of the closing prices of the Common Stock on such exchange over the five trading days immediately prior to the Determination Date, and the fair market value of the Series Preferred shall be
deemed to be such fair market value of the Common Stock multiplied by the number of shares of Common Stock into which each share of Series Preferred is then convertible; 

(B) If traded on the Nasdaq Stock Market or other over the-counter system, the fair market value of the Common Stock
shall be deemed to be the average of the closing prices of the Common Stock over the five trading days immediately prior to the Determination Date, and the fair market value of the Series Preferred shall be deemed to be such fair market value of the
Common Stock multiplied by the number of shares of Common Stock into which each share of Series Preferred is then convertible; and 
 (C) If there is no public market for the Common Stock, then fair market value shall be determined by the Board of Directors of the Company in good faith. 

In making a determination under clauses (A) or (B) above, if on the Determination Date, five trading days had not passed since the IPO, then the fair
market value of the Common Stock shall be the average closing prices or closing bid prices, as applicable, for the shorter period beginning on and including the date of the IPO and ending on the trading day prior to the Determination Date (or if
such period includes only one trading day, the closing price or closing bid price, as applicable, for such trading day). If closing prices or closing bid prices are no longer reported by a securities exchange or other trading system, the closing
price or closing bid price shall be that which is reported by such securities exchange or other trading system at 4:00 p.m. New York City time on the applicable trading day. 
 10.3 Exercise Prior to Expiration. To the extent this Warrant is not previously exercised as to all of the Shares subject hereto, and if the fair market value of one share of the Series Preferred
is greater than the Warrant Price then in effect, this Warrant shall be deemed automatically exercised pursuant to Section 10.2 above (even if not surrendered) immediately before its expiration. For purposes of such automatic exercise, the fair
market value of one share of the Series Preferred upon such expiration shall be determined pursuant to Section 10.2(c). To the extent this Warrant or any portion thereof is deemed automatically exercised pursuant to this Section 10.3, the Company
agrees 

  
 -9-

 
to promptly notify the holder hereof of the number of Shares, if any, the holder hereof is to receive by reason of such automatic exercise. 

11. Representations and Warranties. The Company represents and warrants to the holder of this Warrant as follows: 

(a) This Warrant has been duly authorized and executed by the Company and is a valid and binding obligation of the Company
enforceable in accordance with its terms, subject to laws of general application relating to bankruptcy, insolvency and the relief of debtors and the rules of law or principles at equity governing specific performance, injunctive relief and other
equitable remedies. 
 (b) The Shares have been duly authorized and reserved for issuance by the Company and,
when issued in accordance with the terms hereof, will be validly issued, fully paid and nonassessable and free from preemptive rights. 
 (c) The rights, preferences, privileges and restrictions granted to or imposed upon the Series Preferred and the holders thereof will be as set forth in the Charter. 

(d) The shares of Common Stock issuable upon conversion of the Shares have been duly authorized and reserved for issuance
by the Company and, when issued in accordance with the terms of the Charter will be validly issued fully paid and nonassessable. 
 (e) The execution and delivery of this Warrant are not, and the issuance of the Shares upon exercise of this Warrant in accordance with the terms hereof will not be, inconsistent with the Company’s
Charter or by law do not and will not contravene any law, governmental rule or regulation, judgment or order applicable to the Company, and do not and will not conflict with or contravene any provision of, or constitute a default under, any
indenture, mortgage, contract or other instrument of which the Company is a party or by which it is bound or require the consent or approval of, the giving of notice to, the registration or filing with or the taking of any action in respect of or
by, any Federal, state or local government authority or agency or other person, except for the filing of notices, pursuant to federal and state securities laws, which filings will be effected by the time required thereby. 

(f) There are no actions, suits, audits, investigations or proceedings pending or, to the knowledge of the Company,
threatened against the Company in any court or before any governmental commission, board or authority which, if adversely determined, could have a material adverse effect on the ability of the Company to perform its obligations under this Warrant.

 (g) The number of shares of Common Stock of the Company outstanding on the date hereof, on a fully diluted
basis (assuming the conversion of all outstanding convertible securities and the exercise of all outstanding options and warrants), does not exceed 260,000,000 shares. 
 12. Modification and Waiver. This Warrant and any provision hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the party against which enforcement of
the same is sought. 

  
 -10-

 13. Notices. Any notice, request, communication or other document required or
permitted to be given or delivered to the holder hereof or the Company shall be delivered, or shall be sent by certified or registered mail, postage prepaid, to each such holder at its address as shown on the books of the Company or to the Company
at the address indicated therefor on the signature page of this Warrant. 
 14. Binding Effect on Successors. This
Warrant shall be binding upon any corporation succeeding the Company by merger, consolidation or acquisition of all or substantially all of the Company’s assets, and all of the obligations of the Company relating to the Series Preferred
issuable upon the exercise or conversion of this Warrant shall survive the exercise, conversion and termination of this Warrant and all of the covenants and agreements of the Company shall inure to the benefit of the successors and assigns of the
holder hereof. 
 15. Lost Warrants or Stock Certificates. The Company covenants to the holder hereof that, upon receipt
of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant or any stock certificate and, in the case of any such loss, theft or destruction, upon receipt of an indemnity reasonably satisfactory
to the Company, or in the case of any such mutilation upon surrender and cancellation of such Warrant or stock certificate, the Company will make and deliver a new Warrant or stock certificate, of like tenor, in lieu of the lost, stolen, destroyed
or mutilated Warrant or stock certificate. 
 16. Descriptive Headings. The descriptive headings of the various Sections
of this Warrant are inserted for convenience only and do not constitute a part of this Warrant. The language in this Warrant shall be construed as to its fair meaning without regard to which party drafted this Warrant. 

17. Governing Law. This Warrant shall be construed and enforced in accordance with, and the rights of the parties shall be
governed by, the laws of the State of Delaware. 
 18. Survival of Representations, Warranties and Agreements. All
representations and warranties of the Company and holder hereof contained herein shall survive the Date of Grant, the exercise or conversion of this Warrant (or any part hereof) or the termination or expiration of rights hereunder. All agreements of
the Company and the holder, hereof contained herein shall survive indefinitely until, by their respective terms, they are no longer operative. 
 19. Remedies. In case any one or more of the covenants and agreements contained in this Warrant shall have been breached the holders hereof (in the case of a breach by the Company), or the Company
(in the case of a breach by a holder), may proceed to protect and enforce their or its rights either by suit in equity and/or by action at law, including, but not limited to, an action for damages as a result of any such breach and/or an action for
specific performance of any such convenant or agreement contained in this Warrant. 
 20. No Impairment of Rights. The
Company will not, by amendment of its Charter or through any other means, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and
in 

  
 -11-

 
the taking of all such action as may be necessary or appropriate in order to protect the rights of the holder of this Warrant against impairment. 

21. Severability. The invalidity or unenforceability of any provision of this. Warrant in any jurisdiction shall not affect the
validity or enforceability of such provision in any other jurisdiction, or affect any other provision of this Warrant, which shall remain in full force and effect. 
 22. Recovery of Litigation Costs. If any legal action or other proceeding is brought for the enforcement of this Warrant, or because of an alleged dispute, breach, default, or misrepresentation in
connection with any of the provisions of this warrant, the successful or prevailing party or parties shall be entitled to recover reasonable attorney’s fees and other costs incurred in that action or proceeding, in addition to any other relief
to which it or they may be entitled. 
 23. Entire Agreement; Modification. This warrant constitutes the entire agreement
between the parties pertaining to the subject matter contained in it and supersedes all prior and contemporaneous agreements, representations, and undertakings of the parties, whether oral or written, with respect to such subject matter. 

The Company has caused this Warrant to be duly executed and delivered as of the Date of Grant specified above. 

 

			
	ENPHASE ENERGY, INC.
		
	By:	 	/s/ Paul Nahi
	Name:	 	Paul Nahi
	Title:	 	PRES & CEO

  

			
	Address:	 	    201 1st Street, Suite 300
		 	    Petaluma, CA 94952

  
 -12-

 EXHIBIT A-1 
 NOTICE OF EXERCISE 
  

	To:	ENPHASE ENERGY, INC. (the “Company”) 

 1. The undersigned hereby: 
  

	 	 ̈	elects to purchase _________ shares of [Series Preferred Stock] [Common Stock] of the Company pursuant to the terms of the attached Warrant, and tenders herewith
payment of the purchase price of such shares in full, or 

  

	 	 ̈	elects to exercise its net issuance rights pursuant to Section 10.2 of the attached Warrant with respect to ______ Shares of [Series Preferred Stock] [Common Stock].

 2. Please issue a certificate or certificates representing _______ shares in the name of the undersigned or in
such other name or names as are specified below. 
  

 
 (Name)

  
  

 
  

(Address) 
 3.
The undersigned represents that the aforesaid shares are being acquired for the account of the undersigned for investment and not with a view to, or for resale in connection with, the distribution thereof and that the undersigned has no present
intention of distributing or reselling such shares all except as in compliance with applicable securities laws. 
  

	
	  
	(Signature)

 _______________ 
             (Date) 

 EXHIBIT A-2 
 NOTICE OF EXERCISE 
  

	To:	ENPHASE ENERGY, INC. (the “Company”) 

 1. Contingent upon and effective immediately prior to the closing (the “Closing”) of the Company’s public offering contemplated by the Registration Statement on Form S___, filed ______,
200__, the undersigned hereby: 
  

	 	 ̈	elect to purchase _____ shares of [Series Preferred Stock] [Common Stock] of the Company (or such lesser number of shares as may be sold on behalf of the undersigned at
the Closing) pursuant to the terms of the attached Warrant, or 

  

	 	 ̈	elects to exercise its net issuance rights pursuant to Section 10.2 of the attached Warrant with respect to ______ Shares of [Series Preferred Stock] [Common Stock].

 2. Please deliver to the custodian for the selling shareholders a stock certificate representing such ______
shares. 
 3. The undersigned has instructed the custodian for the selling shareholders to deliver to the Company $______ or, if
less, the net proceeds due the undersigned from the sale of shares in the aforesaid public offering. If such net proceeds are less than the purchase price for such shares, the undersigned agrees to deliver the difference to the Company prior to the
Closing. 
  

	
	  
	(Signature)

 _______________ 
             (Date)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00192-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00192-of-00352.parquet"}]]