Document:

2010 Amended and Restated Investors' Rights Agreement

 Exhibit 4.2 
 EXECUTION VERSION 
 ENPHASE ENERGY, INC. 

AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 
 March 15, 2010 

 ENPHASE ENERGY, INC. 

AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

This Amended and Restated Investors’ Rights Agreement (the “Agreement”) is made as of March 15, 2010, by and
among Enphase Energy, Inc., a Delaware corporation (the “Company”), and the investors listed on Exhibit A hereto, each of which is herein referred to as an “Investor” and all of whom herein collectively are
referred to as “Investors.” 
 RECITALS 

A. Certain of the Investors (the “Prior Investors”) are holders of outstanding shares of the Company’s
Series A Preferred Stock (the “Series A Preferred Stock”), Series B Preferred Stock (the “Series B Preferred Stock”), Series C Preferred Stock (the “Series C Preferred Stock”) and/or
Series D Preferred Stock (the “Series D Preferred Stock”) and have been granted certain information and registration rights and rights of first refusal under an Amended and Restated Investors’ Rights Agreement by and among the
Company and the Prior Investors dated April 24, 2009, as amended on June 23, 2009 (the “Prior Rights Agreement”). 
 B. Certain Investors (the “Series E Investors”) have agreed to purchase shares of the Company’s Series E Preferred Stock (the “Series E Preferred
Stock”) pursuant to a certain Series E Preferred Stock Purchase Agreement by and among the Company and such Series E Investors dated as of even date herewith, as amended from time to time (the “Series E
Agreement”). The Series E Agreement provides that, as a condition to the Series E Investors’ purchase of Series E Preferred Stock thereunder, the Company will enter into this Agreement, and the Series E Investors
will be granted the rights set forth herein. 
 C. The Company and the Investors (including the Prior Investors) desire to enter
into this Agreement in order to amend, restate and replace their rights and obligations under the Prior Rights Agreement with the rights and obligations set forth in this Agreement. Section 4.3 of the Prior Rights Agreement provides that the
Prior Rights Agreement may be amended by at least 60% of the outstanding shares of Preferred Stock held by the Investors, voting together as a single class, and the undersigned parties to this Agreement hold the requisite number of shares to amend
the Prior Rights Agreement. 
 AGREEMENT 
 The parties hereby agree as follows: 
 1. Registration Rights. The
Company and the Investors covenant and agree as follows: 
 1.1. Definitions. For purposes of this
Section 1: 
 (a) The term “Affiliated Fund” means, with respect to a Holder that is a
limited liability company or a limited liability partnership, a fund or entity managed by the same manager or managing member or general partner or management company or by an entity 

  
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controlling, controlled by, or under common control with such manager or managing member or general partner or management company; 

(b) The term “Board” means the Company’s Board of Directors. 

(c) The term “Exchange Act” means the Securities Exchange Act of 1934, as amended (and any successor
thereto) and the rules and regulations promulgated thereunder; 
 (d) The term “Form S-3” means
such form under the Securities Act as in effect on the date hereof or any successor form under the Securities Act; 
 (e) The term “Holder” means any person owning or having the right to acquire Registrable Securities or any assignee thereof in accordance with Section 1.12 of this Agreement;

 (f) The term “Horizon Warrant” means that certain warrant to purchase Preferred Stock of the
Company, dated March 11, 2010 issued by the Company to Compass Horizon Funding Company LLC (“Horizon”) pursuant to the Venture Loan and Security Agreement by and between the Company and Horizon, dated March 11, 2010.

 (g) The term “Major Investor” means any person who holds at least 1,000,000 shares of
Preferred Stock or the Common Stock issued upon conversion thereof (subject to adjustment for stock splits, stock dividends, combinations, reclassifications or the like). A Major Investor includes any general partners, managing members and
affiliates of a Major Investor, including Affiliated Funds; 
 (h) The term “Preferred Stock”
means the Preferred Stock, $0.00001 par value, of the Company. 
 (i) The term “Qualified IPO”
means a firm commitment underwritten public offering by the Company of shares of its Common Stock in connection with which all the then-outstanding shares of Preferred Stock are converted into shares of Common Stock pursuant to the Company’s
Amended and Restated Certificate of Incorporation as it may be amended from time to time; 
 (j) The terms
“register,” “registered,” and “registration” refer to a registration effected by preparing and filing a registration statement or similar document in compliance with the Securities Act, and the
declaration or ordering of effectiveness of such registration statement or document; 
 (k) The term
“Registrable Securities” means (i) the shares of Common Stock issuable or issued upon conversion of any shares of the Company’s Preferred Stock, including Preferred Stock issuable upon exercise of warrants then
outstanding; and (ii) any other shares of Common Stock of the Company issued (or issuable upon the conversion or exercise of any warrant, right or other security) to the holders of the shares listed in (i) above; excluding in all cases any
Registrable Securities sold by a person in a transaction in which such person’s rights under this Agreement are not assigned. Notwithstanding the foregoing, Common Stock or 

  
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other securities shall only be treated as Registrable Securities if and so long as: (A) they have not been sold to or through a broker or dealer or underwriter in a public distribution or a
public securities transaction, (B) they have not been sold in a transaction exempt from the registration and prospectus delivery requirements of the Securities Act under Section 4(1) thereof so that all transfer restrictions, and
restrictive legends with respect thereto, if any, are removed upon the consummation of such sale, or (C) the rights of the Holder thereof have not been terminated in accordance with Section 1.15 below. Notwithstanding the foregoing, the
shares of Common Stock issuable or issued upon conversion of any shares of the Company’s Preferred Stock issuable upon exercise of the Horizon Warrant shall not be deemed Registrable Securities for purposes of Section 1.2; 

(l) The number of shares of “Registrable Securities then outstanding” shall be determined by the number
of shares of Common Stock outstanding which are, and the number of shares of Common Stock issuable pursuant to then exercisable or convertible securities which are, Registrable Securities; 

(m) The “Restated Certificate” means the Company’s Amended and Restated Certificate of
Incorporation; 
 (n) The term “SEC” means the Securities and Exchange Commission; 

(o) The term “Securities Act” means the Securities Act of 1933, as amended (and any successor thereto),
and the rules and regulations promulgated thereunder; and 
 (p) The term “Significant Holder”
means any person who holds at least 300,000 shares of Common Stock issued or issuable upon conversion of Preferred Stock (subject to adjustment for stock splits, stock dividends, combinations, reclassifications or the like). A Significant Holder
includes any general partners, managing members and affiliates of a Significant Holder, including Affiliated Funds. 
 1.2. Request for Registration. 
 (a) If the Company
shall receive at any time after six (6) months after the effective date of the Company’s initial public offering covering the offer and sale of Common Stock of the Company (the “IPO”) a written request from the Holders of
at least a majority of the Registrable Securities then outstanding (the “Initiating Holders”) that the Company file a registration statement under the Securities Act covering the registration of at least thirty percent (30%) of
the Registrable Securities with an anticipated aggregate offering price of at least $5,000,000, then the Company shall promptly give written notice of such request to all Holders and shall, subject to the limitations of subsections 1.2(b)-(d), as
soon as practicable, use its reasonable best efforts to effect a registration statement under the Securities Act covering all Registrable Securities which the Holders request to be registered within 15 business days of the mailing of such notice by
the Company. 
 (b) If the Initiating Holders intend to distribute the Registrable Securities covered by their
request by means of an underwriting, they shall so advise the Company as a part of their request and the Company shall include such information in the written notice referred to in subsection 1.2(a). The underwriter will be selected by the
Initiating 

  
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Holders and shall be reasonably acceptable to the Company. In such event, the right of any Holder to include such Holder’s Registrable Securities in such registration shall be conditioned
upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise mutually agreed by a majority in interest of the Initiating Holders and such Holder) to
the extent provided herein. The Company and all Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such
underwriting; provided, however, that such agreement shall not provide for indemnification or contribution obligations on the part of the Holders materially greater than the obligations of the Holders under Section 1.10(b) hereof.
Notwithstanding any other provision of this Section 1.2, if the underwriter advises the Company in good faith that marketing factors require a limitation of the number of shares to be underwritten, then the Company shall so advise all Holders
of Registrable Securities which would otherwise be underwritten pursuant hereto, and the maximum number of shares of Registrable Securities that may be included in the underwriting shall be allocated among all participating Holders thereof,
including the Initiating Holders, in proportion (as nearly as practicable) to the amount of Registrable Securities of the Company owned by each participating Holder. In no event shall any Registrable Securities be excluded from such underwriting
unless all other securities are first excluded from such offering. Any Registrable Securities excluded from or withdrawn from such underwriting shall be withdrawn from registration. 

(c) Notwithstanding the foregoing, if the Company shall furnish to Holders requesting a registration statement pursuant to
this Section 1.2, a certificate signed by the President of the Company stating that in the good faith judgment of the Board, it would be seriously detrimental to the Company and its stockholders for such registration statement to be filed, the
Company shall have the right to defer such filing for a period of not more than 90 days after receipt of the request of the Initiating Holders; provided, however, that the Company may not utilize this right more than once in any
twelve-month period; provided, further that the Company shall not register any securities for the account of itself or any other stockholder during such 90-day period (other than in a Qualified IPO, a registration relating solely to
the sale of securities of participants in a Company stock plan, a registration relating to a corporate reorganization or transaction under Rule 145 of the Securities Act). 

(d) In addition, the Company shall not be obligated to effect, or to take any action to effect, any registration pursuant
to this Section 1.2: 
 (i) After the Company has effected two registrations pursuant to this
Section 1.2 and such registrations have been declared or ordered effective; 
 (ii) During the period
starting with the date 90 days prior to the Company’s good faith estimate of the date of filing of, and ending on a date 90 days after the effective date of; a registration subject to Section 1.3 hereof; provided that the Company is
actively employing in good faith all commercially reasonable efforts to cause such registration statement to become effective; and provided, further that the Company may only delay an offering pursuant to this Section 1.2(d) for a
period of not more than 90 days if a filing of a registration statement in connection with such registration is not made during such period and the Company may only exercise this right once in any twelve-month period; or 

  
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 (iii) In any jurisdiction in which the Company would be required to qualify
to do business or execute a general consent to service of process in effecting such registration, unless the Company is already qualified to do business or subject to service of process in such jurisdiction. 

1.3. Company Registration. 
 (a) If (but without any obligation to do so) the Company proposes to register (including for this purpose a registration effected by the Company for stockholders other than the Holders) any of its stock
under the Securities Act in connection with the public offering of such securities solely for cash (other than a registration relating solely to the sale of securities to participants in a Company stock plan or a transaction covered by Rule 145
under the Securities Act, or any registration on any form which does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities), the Company shall,
at such time, promptly give each Holder written notice of such registration (which notice shall include a list of the jurisdictions in which the Company intends to attempt to qualify such securities under the applicable blue sky or other state
securities laws and shall specify if such registration is for a registered public offering involving an underwriting). Upon the written request of any Holder given within 20 days after mailing of such notice by the Company in accordance with
Section 4.4, the Company shall, subject to the provisions of Section 1.8, include in the related registration statement all of the Registrable Securities that each such Holder has requested to be registered. 

(b) The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 1.3
prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. The expenses of such registration shall be borne by the Company, in accordance with Section 1.7 hereof.

 (c) If the registration of which the Company gives notice is for a registered public offering involving an
underwriting, the Company shall so advise the Holders as a part of the written notice given pursuant to Section 1.3(a) hereof. In such event, the right of any Holder to registration pursuant to this Section 1.3 shall be conditioned upon
such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting
shall (together with the Company and the other stockholders distributing their securities through such underwriting) enter into an underwriting agreement in customary form with the representative of the underwriter or underwriters selected by the
Company. 
 (d) Notwithstanding any other provision of this Section 1.3, if the representative of the
underwriters advises the Company in writing that marketing factors require a limitation on the number of shares to be underwritten, the Company may limit the number of Registrable Securities to be included in the registration and underwriting;
provided, however, that (i) in no event shall any Registrable Securities be excluded from such underwriting unless all other securities are first excluded, and (ii) the number of Registrable Securities to be included in the
registration and underwriting shall not be reduced to less than thirty percent (30%) of the total amount of securities included in such registration, unless such registration is the IPO, in

  
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which case all of the Registrable Securities may be excluded from such registration if requested by the underwriters. The Company shall so advise all holders of securities requesting
registration, and the number of shares of securities that are entitled to be included in the registration and underwriting (other than on behalf of the Company) as set forth in Section 1.13 hereof. Notwithstanding anything to the contrary, if
the registration is the IPO and the underwriters exclude all Registrable Securities and other stockholders from such registration, the Company shall have no obligation to provide notice as set forth in this Section 1.3. If any person does not
agree to the terms of any such underwriting, he or she shall be excluded therefrom by written notice from the Company or the underwriter. Any Registrable Securities or other securities excluded or withdrawn from such underwriting shall be withdrawn
from such registration. 
 1.4. Form S-3 Registration. Following the Qualified IPO, the Company
shall use its reasonable best efforts to qualify for registration on Form S-3 for secondary sales. After the Company has qualified for the use of Form S-3, if the Company shall receive from the Holders of at least twenty-five percent (25%) of
the Registrable Securities (the “S-3 Initiating Holders”) a written request that the Company effect a registration on Form S-3 and any related qualification or compliance with respect to all or a part of the Registrable Securities
owned by such Holder or Holders, the Company will: 
 (a) promptly give written notice of the proposed
registration, and any related qualification or compliance, to all other Holders; and 
 (b) use its reasonable
best efforts to effect, as soon as practicable, such registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holders’ Registrable
Securities as are specified in such request, together with all or such portion of the Registrable Securities of any other Holders joining in such request as are specified in a written request given within 15 days after receipt of such written notice
from the Company; provided, however, that the Company shall not be obligated to effect any such registration, qualification or compliance, pursuant to this Section 1.4: (i) if Form S-3 is not available for such offering by
the Holders under applicable law; (ii) if the Holders, together with the holders of any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any)
pursuant to such registration at an aggregate price to the public of less than $1,000,000; (iii) if the Company shall furnish to the Holders requesting a registration statement pursuant to this Section 1.4, a certificate signed by the
President of the Company stating that in the good faith judgment of the Board, it would be seriously detrimental to the Company and its stockholders for such Form S-3 Registration to be effected at such time, in which event the Company shall have
the right to defer the filing of the Form S-3 registration statement for a period of not more than 90 days after receipt of the request of the S-3 Initiating Holders; provided, however, that the Company shall not utilize this right
more than once in any 12-month period; (iv) if the Company has, within the 24-month period preceding the date of such request, already effected one such registration on Form S-3 for the Holders pursuant to this Section 1.4; (v) in any
jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to service of process in effecting such registration, qualification or compliance unless the Company is already qualified to do business or
subject to 

  
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service of process in that jurisdiction; or (vi) during the period ending 180 days after the effective date of a registration statement subject to Section 1.3. 

(c) If the S-3 Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an
underwriting, they shall so advise the Company as part of their request made pursuant to this Section 1.4 and the Company shall include such information in the written notice referred to in Section 1.4(a). In such event, the right of any
Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise
mutually agreed by a majority in interest of the S-3 Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in
customary form with the underwriter or underwriters selected for such underwriting by the Company (which underwriter or underwriters shall be reasonably acceptable to a majority in interest of the S-3 Initiating Holders). Notwithstanding any other
provision of this Section 1.4, if the underwriter advises the Company that marketing factors require a limitation of the number of securities underwritten (including Registrable Securities), then the Company shall so advise all Holders of
Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares that may be included in the underwriting shall be allocated to the Holders of such Registrable Securities on a pro rata basis based on the number
of Registrable Securities held by all such Holders (including the S-3 Initiating Holders). In no event shall any Registrable Securities be excluded from such underwriting unless all other securities are first excluded. Any Registrable Security
excluded or withdrawn from such underwriting shall be withdrawn from the registration. 
 (d) Subject to the
foregoing, the Company shall file a registration statement covering the Registrable Securities and other securities so requested to be registered as soon as practicable after receipt of the request of the S-3 Initiating Holders. Registrations
effected pursuant to this Section 1.4 shall not be counted as demands for registration or registrations effected pursuant to Sections 1.2 or 1.3, respectively. 

1.5. Obligations of the Company. Whenever required under this Section 1 to effect the registration of
any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 
 (a) Prepare and file
with the SEC a registration statement with respect to such Registrable Securities and use its reasonable best efforts to cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable
Securities registered thereunder, keep such registration statement effective for up to 120 days, or until the distribution described in such registration statement is completed, if earlier; provided, however, that (1) such 120-day
period shall be extended for a period of time equal to the period during which the Holders or partners or members, as applicable, refrain from selling any securities included in such registration in accordance with the provisions of
Section 1.13 hereof; and (2) in the case of any registration of Registrable Securities on Form S-3 which are intended to be offered on a continuous or delayed basis, such 120-day period shall be extended until all such Registrable
Securities are sold, provided that Rule 415, or any successor rule under the Securities Act, permits an offering on a continuous or delayed basis. 

  
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 (b) Prepare and file with the SEC such amendments and supplements to such
registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration
statement for up to 120 days, or until the distribution described in such registration statement is completed, if earlier. 
 (c) Furnish to the Holders such numbers of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as they may
reasonably request in order to facilitate the disposition of Registrable Securities owned by them. 
 (d) Use its
reasonable best efforts to register and qualify the securities covered by such registration statement under such other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders, provided that the
Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions unless the Company is already qualified to do business
or subject to service of process in that jurisdiction. 
 (e) In the event of any underwritten public offering,
enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter of such offering. Each Holder participating in such underwriting shall also enter into and perform its obligations
under such an agreement. 
 (f) Furnish, on the date that such Registrable Securities are delivered to the
underwriters for sale, if such securities are being sold through underwriters or, if such securities are not being sold through underwriters, on the date that the registration statement with respect to such securities becomes effective, (1) an
opinion, dated as of such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering and reasonably satisfactory to a majority
in interest of the Holders participating in such registration, addressed to the underwriters, if any, and to the Holders participating in such registration and (2) a letter, dated as of such date, from the independent certified public
accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering and reasonably satisfactory to a majority in interest of the Holders
participating in such registration, addressed to the underwriters, if any, and if permitted by applicable accounting standards, to the Holders participating in such registration. 

(g) Notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus
relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or
omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing. 

(h) Keep the Holders, as applicable, advised in writing as to the initiation of each such registration and as to the
completion thereof. 

  
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 (i) Cause all such Registrable Securities registered pursuant to this
Section 1 to be listed on each national securities exchange or trading system on which similar securities issued by the Company are then listed. 
 (j) Provide a transfer agent and registrar for all Registrable Securities registered pursuant hereunder and a CUSIP number for all such Registrable Securities, in each case not later than the effective
date of such registration. 
 1.6. Information from Holders. It shall be a condition precedent to
the obligations of the Company to take any action pursuant to this Section 1 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable
Securities held by it, and the intended method of disposition of such securities as shall be required to effect the registration of such Holder’s Registrable Securities. The Company shall have no obligation with respect to any registration
requested pursuant to Section 1.2 or Section 1.4 of this Agreement if, as a result of the application of the preceding sentence, the anticipated aggregate offering price of the Registrable Securities to be included in the registration does
not equal or exceed the anticipated aggregate offering price required to originally trigger the Company’s obligation to initiate such registration as specified in subsection 1.2(a) or subsection 1.4(b)(2), whichever is applicable. 

1.7. Expenses of Registration. All expenses, other than underwriting discounts and commissions, incurred in
connection with registrations, filings or qualifications pursuant to Sections 1.2, 1.3 and 1.4 including (without limitation) all registration, filing and qualification fees, printers’ and accounting fees, and the fees and disbursements of
counsel for the Company and the reasonable fees and disbursements of one counsel for the selling Holders (which may be counsel for the Company) up to a maximum of $50,000, shall be borne by the Company. Each Holder participating in a registration
pursuant to this Section 1 shall bear such Holder’s proportionate share (based on the number of shares sold by such Holder over the total number of shares included in such registration at the time it is declared effective) of all
discounts, commissions or other amounts payable to underwriters or brokers in connection with such offering and the fees and disbursements of any counsel for the participating Holders in excess of $50,000. The Company shall not be required to pay
for any expenses of any registration proceeding begun pursuant to Section 1.2 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all
participating Holders shall bear such expenses), unless the Holders of a majority of the Registrable Securities agree to forfeit their right to one demand registration pursuant to Section 1.2; provided further, however, that, if
at the time of such withdrawal, the Holders (i) have learned of a material adverse change in the condition, business, or prospects of the Company that was not known to the Holders at the time of their request and (ii) have withdrawn the
request with reasonable promptness following disclosure by the Company of such material adverse change, then the Holders shall not be required to pay any of such expenses and shall not forfeit their rights pursuant to Section 1.2. 

1.8. Underwriting Requirements. In connection with any offering involving an underwriting of shares of the
Company’s capital stock, the Company shall not be required under Section 1.3 to include any of the Holders’ securities in such underwriting unless they accept the terms of the underwriting as agreed upon between the Company and the
underwriters 

  
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selected by the Company (or by other persons entitled to select the underwriters) (provided, however, that such agreement shall not provide for indemnification or contribution obligations on the
part of the Holders materially greater than the obligations of the Holders under Section 1.10(b) hereof) and then only in such quantity as the underwriters determine in their sole discretion will not jeopardize the success of the offering by
the Company. If the total amount of securities, including Registrable Securities, requested by stockholders to be included in such offering exceeds the amount of securities sold other than by the Company that the underwriters determine in their sole
discretion is compatible with the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, which the underwriters determine in their sole discretion
will not jeopardize the success of the offering (the securities so included to be apportioned pro rata among the selling stockholders according to the total amount of securities entitled to be included therein owned by each selling stockholder or in
such other proportions as shall mutually be agreed to by such selling stockholders) but in no event shall the amount of securities of the selling Holders included in the offering be reduced below 30% of the total amount of securities included in
such offering, unless such offering is the IPO, in which case, the selling stockholders may be excluded partially or entirely if the underwriters make the determination described above and no other stockholder’s securities are included. For
purposes of the preceding parenthetical concerning apportionment, for any selling stockholder which is a holder of Registrable Securities and which is a venture capital fund, or a partnership or corporation, the Affiliated Funds, partners, retired
partners and stockholders of such Holder, or the estates and family members of any such partners and retired partners and any trusts for the benefit of any of the foregoing persons shall be deemed to be a single “selling
stockholder” and any pro-rata reduction with respect to such “selling stockholder” shall be based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals included in such
“selling stockholder,” as defined in this sentence. 
 1.9. Delay of Registration. No
Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 1.

 1.10. Indemnification. In the event any Registrable Securities are included in a registration
statement under this Section 1: 
 (a) To the extent permitted by law, the Company will indemnify and hold
harmless each Holder, such Holder’s officers, directors, partners and members (each, a “Holder Party”), any underwriter (as defined in the Securities Act) for such Holder and each person, if any, who controls such Holder or
underwriter within the meaning of the Securities Act or the Exchange Act, against any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other federal or state
law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”): (i) any untrue
statement or alleged untrue statement of a material fact contained in such registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, (ii) the omission or alleged
omission to state therein a material fact required to be stated therein, or necessary to make the statements therein 

  
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not misleading, or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities law or any rule or regulation promulgated under the
Securities Act, the Exchange Act or any state securities law; and the Company will pay to each such Holder, Holder Party, underwriter or controlling person, as incurred, any legal or other expenses reasonably incurred by them in connection with
investigating or defending any such loss, claim, damage, liability, or action; provided, however, that the indemnity agreement contained in this subsection 1.10(a) shall not apply to amounts paid in settlement of any such loss, claim,
damage, liability, or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld), nor shall the Company be liable to any Holder, Holder Party, underwriter or controlling person for any
such loss, claim, damage, liability, or action to the extent that it arises out of or is based upon a Violation which arises out of or is based upon and in conformity with written information furnished expressly for use in connection with such
registration by any such Holder, Holder Party, underwriter or controlling person. 
 (b) To the extent permitted
by law, each selling Holder will indemnify and hold harmless the Company, each of its directors, each of its officers who has signed the registration statement, each person, if any, who controls the Company within the meaning of the Securities Act,
any underwriter of the Company’s securities covered by such a registration statement, any other Holder selling securities in such registration statement and any controlling person of any such underwriter or other Holder, against any losses,
claims, damages, or liabilities (joint or several) to which any of the foregoing persons may become subject, under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages, or liabilities (or
actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by such Holder expressly
for use in connection with such registration; and each such Holder will pay, as incurred, any legal or other expenses reasonably incurred by any person intended to be indemnified pursuant to this subsection 1.10(b), in connection with investigating
or defending any such loss, claim, damage, liability, or action; provided, however, that the indemnity agreement contained in this subsection 1.10(b) shall not apply to amounts paid in settlement of any such loss, claim, damage,
liability or action if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld provided that in no event shall any indemnity under this subsection 1.10(b) exceed the net proceeds from
the offering received by such Holder, except in the case of willful fraud by such Holder. 
 (c) Promptly after
receipt by an indemnified party under this Section 1.10 of notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party
under this Section 1.10, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any
other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties which may be
represented without conflict by one counsel) shall have the right to retain one separate counsel, with the reasonable fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the
indemnifying party would be inappropriate due 

  
 11 

 
to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the
indemnifying party within a reasonable time of the commencement of any such action, if prejudicial to its ability to defend such action, shall relieve such indemnifying party of any liability to the indemnified party under this Section 1.10,
but the omission so to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 1.10. 

(d) If the indemnification provided for in this Section 1.10 is held by a court of competent jurisdiction to be
unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to therein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or
payable by such indemnified party as a result of such loss, liability, claim, damage, or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other
in connection with the statements or omissions that resulted in such loss, liability, claim, damage or expense as well as any other relevant equitable considerations; provided that in no event shall any contribution by a Holder under this
subsection 1.10(d) exceed the net proceeds from the offering received by such Holder, except in the case of willful fraud by such Holder. The relative fault of the indemnifying party and of the indemnified party 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 indemnifying party or by the indemnified party and the
parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. 
 (e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public
offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 
 (f) The obligations of the Company and Holders under this Section 1.10 shall survive the completion of any offering of Registrable Securities in a registration statement under this Section 1,
and otherwise. 
 1.11. Reports under the Exchange Act. With a view to making available to the
Holders the benefits of Rule 144 promulgated under the Securities Act and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration
on Form S-3, the Company agrees to use its reasonable best efforts to: 
 (a) make and keep public information
available, as those terms are understood and defined in SEC Rule 144, at all times after 90 days after the effective date of the Qualified IPO so long as the Company remains subject to the periodic reporting requirements under Sections 13 or 15(d)
of the Exchange Act; 
 (b) take such action, including the voluntary registration of its Common Stock under
Section 12 of the Exchange Act, as is necessary to enable the Holders to 

  
 12 

 
utilize Form S-3 for the sale of their Registrable Securities, such action to be taken as soon as practicable after the end of the fiscal year in which the first registration statement filed by
the Company for the offering of its securities to the general public is declared effective; 
 (c) file with the
SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act at any time after it has become subject to such reporting requirements; and 

(d) furnish to any Holder upon request, so long as the Holder owns any Registrable Securities, (i) a written
statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after 90 days after the effective date of the Qualified IPO), the Securities Act and the Exchange Act (at any time after it has become subject
to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after it so qualifies), (ii) a copy of the most recent annual or quarterly report of the Company and such
other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC which permits the selling of any such securities without
registration or pursuant to such form. 
 1.12. Assignment of Registration Rights. The rights to
cause the Company to register Registrable Securities pursuant to this Section 1 may be assigned (but only with all related obligations) by a Holder to a transferee or assignee (i) of at least 75,000 shares of such securities (subject to
adjustment for stock splits, stock dividends, reclassification or the like) (or if the transferring Holder owns less than 75,000 shares of such securities, then all Registrable Securities held by the transferring Holder), (ii) that is a
subsidiary, parent, partner, limited partner, retired partner, member, retired member or stockholder of a Holder, (iii) that is an Affiliated Fund, (iv) who is a Holder’s child, stepchild, grandchild, parent, stepparent, grandparent,
spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother- in-law, or sister-in-law (such a relation, a Holder’s “Immediate Family Member,” which term shall include adoptive relationships), or
(v) that is a trust for the benefit of an individual Holder or such Holder’s Immediate Family Member, provided the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of
such transferee or assignee and the securities with respect to which such registration rights are being assigned; and provided, further that such assignment shall be effective only if the transferee agrees to be bound by this Agreement
and immediately following such transfer the further disposition of such securities by the transferee or assignee is restricted under the Securities Act. For the purposes of determining the number of shares of Registrable Securities held by a
transferee or assignee, the holdings of transferees and assignees of (x) a partnership who are partners or retired partners of such partnership or (y) a limited liability company who are members or retired members of such limited liability
company (including Immediate Family Members of such partners or members who acquire Registrable Securities by gift, will or intestate succession) shall be aggregated together and with the partnership or limited liability company; provided
that all assignees and transferees who would not qualify individually for assignment of registration rights shall have a single attorney-in-fact for the purpose of exercising any rights, receiving notices or taking any action under Section 1.

 1.13. Lock-Up Agreement 

  
 13 

 (a) Lock-Up Period; Agreement. Each Holder hereby agrees that
it shall not, to the extent requested by the Company or an underwriter of securities of the Company, sell or otherwise transfer or dispose of any Registrable Securities 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; 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 thereof applies, then the restrictions imposed
by this Section 1.13 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 1.13(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 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) No Selective Relief. Any relief granted by the Company or such underwriters from the obligations
described in subsection 1.13(a) must be granted ratably to all Holders subject to such obligations. 
 (d)
Stop-Transfer Instructions. In order to enforce the foregoing covenants, the Company may impose stop-transfer instructions with respect to the securities of each Holder (and the securities of every other person subject to the
restrictions in subsection 1.13(a)). 
 (e) Transferees Bound. Each Holder agrees that it will not
transfer securities of the Company unless each transferee agrees in writing to be bound by all of the provisions of this Section 1.13. Furthermore, for purposes of this Section 1.13, the term “Company” shall include any
wholly-owned subsidiary of the Company into which the Company merges or consolidates. 
 (f) Further
Assurances. Each Holder further agrees to enter into any agreement reasonably required by the underwriters to implement this Section 1.13 within any reasonable timeframe so requested. 

  
 14 

 1.14. Grant of Future Registration Rights. Future registration
rights that are superior to or on parity with the rights of the Investors hereunder require the consent of the Company and the holders of a majority of the Registrable Securities. 

1.15. Termination of Registration Rights. No Holder shall be entitled to exercise any right provided for in
this Section 1 after the earlier of (i) five years following the consummation of a Qualified IPO, or (ii) with respect to any Holder, at such time after the Qualified IPO as Rule 144 or another similar exemption under the Securities
Act is available for the sale of all of such Holder’s shares during a three-month period without registration. 
 2.
Covenants of the Company 
 2.1. Delivery of Financial Information. The Company shall
deliver to each Major Investor (other than a Major Investor reasonably deemed by the Company to be a competitor of the Company): 
 (a) as soon as practicable, but in any event within 120 days after the end of each fiscal year of the Company (or such longer period as may be approved by the Board), an audited income statement for such
fiscal year, an audited balance sheet of the Company and statement of stockholder’s equity as of the end of such year, and an audited statement of cash flows for such year, such year-end financial reports to be in reasonable detail, prepared in
accordance with generally accepted accounting principles (“GAAP”) on an accrual basis where applicable; 
 (b) as soon as practicable, but in any event within 45 days after the end of each of the first three quarters of each fiscal year of the Company, an unaudited profit or loss statement, an unaudited
statement of cash flows for such fiscal quarter and an unaudited balance sheet as of the end of such fiscal quarter; 
 (c) as soon as practicable, but in any event at least 30 days prior to the end of each fiscal year, a budget and business plan for the next fiscal year; 

(d) within forty-five (45) days of receipt by the Company, copies of all audit reports; 

(e) copies of all other reports sent to stockholders; 

(f) upon request, a copy of the then-current capitalization table of the Company; and 

(g) such other information as such Major Investor may reasonably request. 

2.2. Inspection. The Company shall permit each Significant Holder (except for a Significant Holder
reasonably deemed by the Company to be a competitor of the Company), at such Significant Holder’s expense, to visit and inspect the Company’s properties, to examine its books of account and records and to discuss the Company’s
affairs, finances and accounts with its officers, all at such reasonable times as requested by the Significant Holder and 

  
 15 

 
reasonably agreed by the Company during normal business hours upon one business day’s advance written notice; provided, however, that the Company shall not be obligated
pursuant to this Section 2.2 to provide access to any information which it reasonably considers to be a trade secret or similar confidential information. 
 2.3. Right of First Offer. Subject to the terms and conditions specified in this Section 2.3, the Company hereby grants to each Significant Holder (other than a Significant Holder
reasonably deemed by the Company to be a competitor of the Company) a right of first offer with respect to any sales by the Company of its Shares (as hereinafter defined) after the date hereof. For purposes of this Section 2.3, Significant
Holder includes any general partners, managing members and affiliates of a Major Investor, including Affiliated Funds. A Significant Holder who chooses to exercise the right of first offer shall be entitled to apportion the right of first offer
hereby granted it among itself and its partners and affiliates, including Affiliated Funds, in such proportions as it deems appropriate. Each time the Company proposes to offer any shares of, or securities convertible into or exercisable for any
shares of, any class of its capital stock (“Shares”), the Company shall first make an offering of such Shares to each Significant Holder in accordance with the following provisions: 

(a) The Company shall deliver a notice (the “RFO Notice”) to the Significant Holders stating (i) its
bona fide intention to offer such Shares, (ii) the number of such Shares to be offered, and (iii) the price and terms upon which it proposes to offer such Shares. 

(b) Within 15 business days after delivery of the RFO Notice, the Significant Holder may elect to purchase or obtain, at
the price and on the terms specified in the RFO Notice, up to that portion of such Shares which equals the proportion that the number of shares of Common Stock issued and held, or issuable upon conversion and exercise of all convertible or
exercisable securities then held, by such Significant Holder bears to the sum of (A) the total number of shares of Common Stock then outstanding (assuming full conversion and exercise of all convertible or exercisable securities) and
(B) shares of Common Stock issuable to employees, consultants or directors pursuant to a stock option plan, restricted stock plan, or other stock plan approved by the Board. Such purchase shall be completed at the same closing as that of any
third party purchasers or at an additional closing thereunder. The Company shall promptly, in writing, inform each Significant Holder that purchases all the shares available to it (each, a “Fully-Exercising Investor”) of any other
Significant Holder’s failure to do likewise. During the 10-day period commencing after receipt of such information, each Fully-Exercising Investor shall be entitled to obtain that portion of the Shares for which Significant Holders were
entitled to subscribe but which were not subscribed for by the Significant Holders that is equal to the proportion that the number of shares of Common Stock issued and held, or issuable upon conversion and exercise of all convertible or exercisable
securities then held, by such Fully-Exercising Investor bears to the total number of shares of Common Stock then issued and held, or issuable upon conversion and exercise of all convertible or exercisable securities then held, by all
Fully-Exercising Investors. 
 (c) The Company may, during the 45-day period following the expiration of the
10-day period provided in subsection 2.3(b) hereof; offer the remaining unsubscribed portion of the Shares to any person or persons at a price not less than, and upon terms no more favorable to the offeree than those specified in the RFO Notice. If
the Company 

  
 16 

 
does not enter into an agreement for the sale of the Shares within such period, or if such agreement is not consummated within 60 days of the execution thereof, the right provided hereunder shall
be deemed to be revived and such Shares shall not be offered unless first reoffered to the Significant Holders in accordance herewith. 
 (d) The right of first offer in this Section 2.3 shall not be applicable to: 
 (i) shares of Common Stock issued or issuable upon conversion of the outstanding shares of the Preferred Stock; 
 (ii) shares of capital stock issued pursuant to the Series E Agreement; 
 (iii) shares of Common Stock or Preferred Stock (or options, warrants or rights therefor) granted or issued hereafter to employees, officers, directors, contractors, consultants or advisers to, the
Company or any Subsidiary pursuant to incentive agreements, stock purchase or stock option plans, stock bonuses or awards, warrants, contracts or other arrangements that are approved by the Board; 

(iv) shares of Common Stock or Preferred Stock (or options, warrants or rights therefor) issued to parties that are:
(a) strategic partners investing in connection with a commercial relationship with the Company, or (b) providing the Company with equipment leases, real property leases, loans, credit lines, guaranties of indebtedness, cash price
reductions or similar transactions, under arrangements, in each case, where such issuances are not intended as a source of equity financing for the Company and approved by the Board; 

(v) shares of capital stock issued pursuant to the acquisition of another Company or entity by the Company by
consolidation, merger, purchase of all or substantially all of the assets, or other reorganization in which the Company acquires, in a single transaction or series of related transactions, all or substantially all of the assets of such other Company
or entity or fifty percent (50%) or more of the voting power of such other Company or entity or fifty percent (50%) or more of the equity ownership of such other entity, provided that such transaction or series of transactions has been
approved by the Board; or pursuant to the purchase of less than a fifty percent (50%) equity ownership in connection with a joint venture or other strategic arrangement or other commercial relationship, provided such an arrangement is approved
by the Board; 
 (vi) shares of Common Stock or Preferred Stock issuable upon exercise of any options, warrants
or rights to purchase any securities of the Company outstanding as of the date of the filing of the Amended and Restated Certificate of the Company and any securities issuable upon the conversion thereof; 

(vii) shares of Common Stock issued pursuant to (A) a dividend or other distribution on outstanding Common Stock,
(B) a subdivision of the outstanding shares of Common Stock into a greater number of shares of Common Stock, or (C) a combination of the outstanding shares of Common Stock into a smaller number of shares of Common Stock; 

  
 17 

 (viii) shares of Common Stock issued or issuable in a public offering prior
to or in connection with which all outstanding shares of Preferred Stock will be converted to Common Stock; and 

(ix) shares of Common Stock or Preferred Stock (or options, or warrants or rights to acquire same), issued or issuable
hereafter that are (A) approved by the Board, and (B) approved by the vote of the holders of at least 60% of the then outstanding shares of Preferred Stock held by the Investors, voting together as a single class, as being excluded from
the right of first refusal under this Section 2.3. 
 (e) In addition to the foregoing, the right of first
offer in this Section 2.3 shall not be applicable with respect to any Significant Holder and any subsequent securities issuance, if (i) at the time of such subsequent securities issuance, the Significant Holder is not an “accredited
investor,” as that term is then defined in Rule 501(a) under the Securities Act, and (ii) such subsequent securities issuance is otherwise being offered only to accredited investors. 

2.4. Termination of Covenants. 

(a) The covenants set forth in Sections 2.1 through Section 2.3 shall terminate as to each Holder and be of no
further force or effect immediately prior to the consummation of a Qualified IPO. 
 (b) The covenants set forth
in Sections 2.1 and 2.2 shall terminate as to each Holder and be of no further force or effect when the Company first becomes subject to (or upon a Change of Control (as defined in the Restated Certificate) where the successor company is subject to)
the periodic reporting requirements of Sections 13 or 15(d) of the Exchange Act, if this occurs earlier than the event described in subsection 2.4(a) above. 
 3. Other Covenants. 
 3.1. Employee
Vesting. Except as otherwise approved by the Board, including the affirmative vote of at least one director designated by the holders of Preferred Stock, options granted to employees of the Company (or shares of restricted stock issued to
such employees) shall be subject to vesting over a four-year period, with the first 25% vesting twelve (12) months following the date of hire, and the remainder vesting ratably each month thereafter. 

3.2. Employee Loans. The Company shall not make any loans to its employees unless such loan is approved by
the Board, including the affirmative vote of at least one director designated by the holders of Preferred Stock. 

3.3. Interested Transactions. The Company shall not enter into or amend in any material respect any
agreement, arrangement or transaction between the Company and any of the Company’s executive officers, directors or affiliates unless approved by the disinterested members of the Board, including the affirmative vote of at least one of the
disinterested directors designated by the holders of Preferred Stock. 

  
 18 

 3.4. Conduct of Business. Except as agreed in writing by the
holders of at least 60% of the outstanding shares of Preferred Stock held by the Investors, voting together as a single class, the Company will: 
 (a) continue to engage in business of the same general type as now conducted or as presently contemplated by it and preserve, renew and keep in full force and effect its corporate existence and take all
reasonable action to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of its business; 
 (b) require all of its employees or consultants to enter into appropriate confidentiality agreements to protect confidential information relating to the Company and its business, including trade secrets;

 (c) comply in all material respects with all applicable laws, rules, regulations and orders except where the
failure to comply would not have a material adverse effect on the business, properties, results of operations or condition of the Company; 
 (d) maintain insurance with responsible and reputable insurance companies or associations in such amounts and covering such risks as is usually carried by companies of similar size and credit standing
engaged in similar business and owning similar properties, provided that such insurance is and remains available to the Company at commercially reasonable rates, as determined by the Board; and 

(e) keep proper books of record and account, in which full and correct entries shall be made of all financial transactions
and the assets and business of the Company to facilitate the preparation of financial statements by the Company in accordance with GAAP. 
 3.5. Termination of Covenants. The covenants set forth in this Section 3 shall terminate as to each Holder and be of no further force or effect immediately prior to the consummation of
a Qualified IPO. 
 4. Miscellaneous. 

4.1. Amendment and Restatement of Prior Rights Agreement; Entire Agreement. Pursuant to Section 4.3 of
the Prior Rights Agreement, the undersigned parties who are parties to such Prior Rights Agreement hereby amend and restate the Prior Rights Agreement to read in its entirety as set forth in this Agreement, all with the intent and effect that the
Prior Rights Agreement shall hereby be terminated and entirely replaced and superseded by this Agreement. This Agreement constitutes the entire agreement between the parties hereto pertaining to the subject matter hereof; and any and all other
written or oral agreements relating to the subject matter hereof existing between the parties hereto, including the Prior Rights Agreement, are expressly canceled and superseded. 

4.2. Successors and Assigns. Except as otherwise provided in this Agreement, the terms and conditions of
this Agreement shall inure to the benefit of and be binding upon the respective permitted successors and assigns of the parties (including transferees of any of the Preferred Stock or any Common Stock issued upon conversion thereof). Nothing in

  
 19 

 
this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities
under or by reason of this Agreement, except as expressly provided in this Agreement. 
 4.3. Amendments
and Waivers. Any term of this Agreement may be amended or waived only with the written consent of the Company and the holders of at least 60% of the outstanding shares of Preferred Stock held by the Investors, voting together as a
single class. Notwithstanding the foregoing, this Agreement may be amended with only the written consent of the Company for the sole purpose of including additional purchasers of Preferred Stock as “Investors” and “Holders”
pursuant to the Series E Agreement. Any amendment or waiver effected in accordance with this paragraph shall be binding upon each party to the Agreement, whether or not such party has signed such amendment or waiver, each future holder of all such
Registrable Securities, and the Company. 
 4.4. Notices. Any notice required or permitted to be
given to a party pursuant to the provisions of this Agreement will be in writing and will be effective and deemed given to such party under this Agreement on the earliest of the following: 

(a) the date of personal delivery; 

(b) one (1) business day after transmission by facsimile or electronic mail, addressed to the other party at its
facsimile number or electronic mail address specified herein (or hereafter noticed to the parties hereto), with confirmation of transmission; 
 (c) one (1) business day after deposit with a return receipt express courier for United States deliveries, or three (3) business days after such deposit for deliveries outside of the United
States; or 
 (d) three (3) business days after deposit in the United States mail by registered or certified
mail (return receipt requested) for United States deliveries. 
 All notices not delivered personally or by facsimile or electronic mail will be
sent with postage and/or other charges prepaid and properly addressed to the party to be notified at the address set forth below such party’s signature on this Agreement or on an Exhibit hereto, or at such other address as such other party may
designate by ten (10) days advance written notice to the other parties hereto. All notices for delivery outside the United States will be sent by facsimile or electronic mail or by express courier. Any notice given hereunder to more than one
person will be deemed to have been given, for purposes of counting time periods hereunder, on the date effectively given to the last party required to be given such notice. Notices to the Company will be marked “Attention: President.”

 4.5. Severability. If one or more provisions of this Agreement are held to be unenforceable
under applicable law, such provision shall be excluded from this Agreement, and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms. 

  
 20 

 4.6. Governing Law. This Agreement and all acts and
transactions pursuant hereto shall be governed, construed and interpreted in accordance with the laws of the State of Delaware, without giving effect to principles of conflicts of laws. 

4.7. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument. 
 4.8. Titles and
Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 

4.9. Aggregation of Stock. All shares of the Series A Preferred Stock, the Series B Preferred Stock, the
Series C Preferred Stock, the Series D Preferred Stock or the Series E Preferred Stock, as applicable, held or acquired by affiliated entities or persons shall be aggregated together for the purpose of determining the availability of any rights
under this Agreement. 
 [Signature page follows] 

  
 21 

 The parties have executed this Amended and Restated Investors’ Rights Agreement as of
the date first above written. 
 THE COMPANY: 
  

			
	ENPHASE ENERGY, INC.
		
	Name:	 	/s/ Paul Nahi
	By: Paul Nahi
	Title: President and CEO
		
	Address:	 	201 1st Street Suite 300
Petaluma, CA 94952

 SIGNATURE PAGE TO THE AMENDED AND RESTATED 
 INVESTORS’ RIGHTS
AGREEMENT OF ENPHASE ENERGY, INC. 

 The parties have executed this Amended and Restated Investors’ Rights Agreement as of
the date first above written. 
 THE INVESTORS: 
  

			
	By:	 	 /s/ Paul Nahi

		 	Paul Nahi
		
	By:	 	 /s/ Raghuveer Belur

		 	Raghuveer Belur
		
	By:	 	 /s/ Martin Fornage

		 	Martin Fornage
		
	By:	 	 /s/ Andrew Nichols

		 	Andrew Nichols
		
	By:	 	 /s/ John Nichols

		 	John Nichols
		
	By:	 	 /s/ William Orenstein

		 	William Orenstein
		
	By:	 	 /s/ Paul Elliot

		 	Paul Elliot

 SIGNATURE PAGE TO THE AMENDED
AND RESTATED 
 INVESTORS’ RIGHTS AGREEMENT OF ENPHASE ENERGY, INC. 

 The parties have executed this Amended and Restated Investors’ Rights Agreement as of
the date first above written. 
 THE INVESTORS: 
 BAY PARTNERS XI, L.P. 
  

			
	By:	 	Bay Management Company XI, LLC, General Partner
		
	By:	 	/s/ Neal Dempsey
		 	Neal Dempsey, Manager

 BAY PARTNERS XI
PARALLEL FUND, L.P. 
  

			
	By:	 	Bay Management Company XI, LLC, General Partner
		
	By:	 	/s/ Neal Dempsey
		 	Neal Dempsey, Manager

  

			
	Address:	 	490 South California Avenue, Suite 200
Palo Alto, CA 94306

 SIGNATURE PAGE TO THE AMENDED AND RESTATED 
 INVESTORS’ RIGHTS
AGREEMENT OF ENPHASE ENERGY, INC. 

 The parties have executed this Amended and Restated Investors’ Rights Agreement as of
the date first above written. 
 THE INVESTORS: 
 MADRONE PARTNERS, L.P. 

			
		
	By:	 	Madrone Capital Partners, LLC, its general partner
		
	By:	 	/s/ James McInnis
	Name:	 	James McInnis
	Title:	 	Managing Member

			
		
	Address:	 	 3000 Sand Hill Road
 Building
1, Suite 150
 Menlo Park, CA 94025

 SIGNATURE PAGE TO THE AMENDED AND RESTATED 
 INVESTORS’ RIGHTS
AGREEMENT OF ENPHASE ENERGY, INC. 

 The parties have executed this Amended and Restated Investors’ Rights Agreement as of
the date first above written. 
 THE INVESTORS: 
 ROCKPORT CAPITAL PARTNERS II, L.P. 

			
		
	By:	 	RockPort Capital II, L.L.C., its General Partner
		
	By:	 	/s/ Stoddard Wilson
	Name:	 	Stoddard Wilson
	Title:	 	Managing Member

			
		
	Address:	 	 c/o RockPort Capital
 160
Federal Street
 18th Floor
 Boston, MA
02110-1700

 SIGNATURE PAGE TO THE AMENDED AND RESTATED 

INVESTORS’ RIGHTS AGREEMENT OF ENPHASE ENERGY, INC. 

 The parties have executed this Amended and Restated Investors’ Rights Agreement as of
the date first above written. 
 THE INVESTORS: 
 THIRD POINT PARTNERS QUALIFIED L.P. 
 THIRD POINT PARTNERS L.P. 

THIRD POINT OFFSHORE MASTER FUND L.P. 

THIRD POINT ULTRA MASTER FUND L.P. 

			
		
	By:	 	Third Point LLC
		
	By:	 	/s/ James P. Gallagher
	Name:	 	James P. Gallagher
	Title:	 	CAO

			
		
	Address:	 	 c/o Third Point LLC
 390 Park
Ave., 18th Floor

New York, NY 10022
 Attn: James P.
Gallagher

 SIGNATURE PAGE TO THE AMENDED AND RESTATED 

INVESTORS’ RIGHTS AGREEMENT OF ENPHASE ENERGY, INC. 

 The parties have executed this Amended and Restated Investors’ Rights Agreement as of
the date first above written. 
 THE INVESTORS: 
  

			
	APPLIED VENTURES LLC
		
	By:	 	/s/ J. Christopher Moran
	Name:	 	J. Christopher Moran
	Title:	 	Vice President, General Manager
		
	Address:	 	c/o Applied Materials, Inc.
3050 Bowers Avenue
Santa Clara, CA 95054-3299

 SIGNATURE PAGE TO THE AMENDED AND RESTATED 
 INVESTORS’ RIGHTS
AGREEMENT OF ENPHASE ENERGY, INC. 

 The parties have executed this Amended and Restated Investors’ Rights Agreement as of
the date first above written. 
 INVESTORS: 
  

			
	COMPASS HORIZON FUNDING COMPANY LLC
		
	By:	 	 Horizon Technology Finance Management LLC,
 its adviser

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

 SIGNATURE PAGE TO THE AMENDED AND RESTATED 
 INVESTORS’ RIGHTS
AGREEMENT OF ENPHASE ENERGY, INC. 

 The parties have executed this Amended and Restated Investors’ Rights Agreement as of
the date first above written. 
 THE INVESTORS: 
  

			
	JOHN F. NICHOLS REVOCABLE TRUST,
UNDER AGREEMENT DATED JUNE 12, 1998
		
	By:	 	/s/ John F. Nichols
	Name:	 	John F. Nichols
	Title:	 	Trustee

 SIGNATURE PAGE TO THE AMENDED
AND RESTATED 
 INVESTORS’ RIGHTS AGREEMENT OF ENPHASE ENERGY, INC. 

 The parties have executed this Amended and Restated Investors’ Rights Agreement as of
the date first above written. 
 THE INVESTORS: 
  

			
		
	By:	 	/s/ Daniel Loeb
		 	Daniel Loeb

 SIGNATURE PAGE TO THE
AMENDED AND RESTATED 
 INVESTORS’ RIGHTS AGREEMENT OF ENPHASE ENERGY, INC. 

 The parties have executed this Amended and Restated Investors’ Rights Agreement as of
the date first above written. 
 THE INVESTORS: 
  

			
	DONALD & MAUREEN GREEN LIVING TRUST
		
	By:	 	/s/ Donald Green
	Name:	 	Donald Green
	Title:	 	Trustee
		
	Address:	 	950 Shiloh Vista
Santa Rosa, CA 95403

SIGNATURE PAGE TO THE AMENDED AND RESTATED 
 INVESTORS’ RIGHTS AGREEMENT OF ENPHASE ENERGY, INC. 

 The parties have executed this Amended and Restated Investors’ Rights Agreement as of
3/30, 2010. 
 THE INVESTORS: 
  

			
	G&W VENTURES
		
	By:	 	/s/ William C. White
	Name:	 	William C. White
	Title:	 	Manager
		
	Address:	 	201 1st Street, Suite 100
Petaluma, CA 94952

 SIGNATURE PAGE TO THE AMENDED AND RESTATED 
 INVESTORS’ RIGHTS
AGREEMENT OF ENPHASE ENERGY, INC. 

 The parties have executed this Amended and Restated Investors’ Rights Agreement as of
April 5, 2010. 
 THE INVESTORS: 
  

			
	Flextronics International USA, Inc., a California corporation
		
	By:	 	/s/ Donald Standley
	Name:	 	Donald Standley
	Title:	 	Vice President, Director of Tax

 SIGNATURE PAGE TO THE AMENDED AND RESTATED 
 INVESTORS’ RIGHTS
AGREEMENT OF ENPHASE ENERGY, INC. 

 The parties have executed this Amended and Restated Investors’ Rights Agreement as of
April 5, 2010. 
 INVESTORS: 
  

			
	PCG CLEAN ENERGY & TECHNOLOGY FUND LLC
		
	By:	 	/s/ Mark A. Nydau
	Name:	 	Mark A. Nydau
	Title:	 	Managing Director
		
	By:	 	/s/ Kara Boone King
	Name:	 	Kara Boone King
	Title:	 	Managing Director

  

			
	PCG CLEAN ENERGY & TECHNOLOGY FUND (EAST) LLC
		
	By:	 	/s/ Mark A. Nydau
	Name:	 	Mark A. Nydau
	Title:	 	Managing Director
		
	By:	 	/s/ Kara Boone King
	Name:	 	Kara Boone King
	Title:	 	Managing Director
		
	Address:	 	1200 Prospect Street, Suite 200
La Jolla, CA 92037

 SIGNATURE PAGE TO THE AMENDED AND RESTATED 
 INVESTORS’ RIGHTS
AGREEMENT OF ENPHASE ENERGY, INC. 

 The parties have executed this Amended and Restated Investors’ Rights Agreement as of
April 5, 2010. 
 INVESTORS: 

			
		
	By: 	 	/s/ Jim Carstensen
		 	Jim Carstensen
		
	By:	 	/s/ Robert Schwartz
		 	Robert Schwartz
		
	By:	 	/s/ Timothy Lash
		 	Timothy Lash
		
	By:	 	/s/ David Fisher
		 	David Fisher
		
	By:	 	/s/ William Orenstein
		 	William Orenstein
		
	By:	 	/s/ Tom Birdsall and Rebecca Green
		 	Tom Birdsall and Rebecca Green
		
	By:	 	/s/ Ellen Schwab
		 	Ellen Schwab

 SIGNATURE
PAGE TO THE AMENDED AND RESTATED 
 INVESTORS’ RIGHTS AGREEMENT OF ENPHASE ENERGY, INC. 

 The parties have executed this Amended and Restated Investors’ Rights Agreement as of
May 21, 2010. 
 INVESTORS: 
  

			
	CONTRA COSTA CAPITAL, LLC
		
	By:	 	/s/ Stephan Segouin
	Name:	 	Stephan Segouin
	Title:	 	Vice President

 SIGNATURE PAGE TO THE AMENDED AND RESTATED 
 INVESTORS’ RIGHTS
AGREEMENT OF ENPHASE ENERGY, INC. 

 The parties have executed this Amended and Restated Investors’ Rights Agreement as of
May 21, 2010. 
 INVESTORS: 
  

			
	KPCB HOLDINGS, INC., AS NOMINEE
		
	By:	 	/s/ John Denniston
	Name:	 	John Denniston
	Title:	 	Senior Vice President

 SIGNATURE PAGE TO THE AMENDED AND RESTATED 
 INVESTORS’ RIGHTS
AGREEMENT OF ENPHASE ENERGY, INC. 

 ENPHASE ENERGY, INC. 

AMENDMENT NO. 1 TO INVESTORS’ RIGHTS AGREEMENT 

This Amendment No. 1 to Investors’ Rights Agreement (this “Amendment”) is made as of March
    , 2011, by and among Enphase Energy, Inc., a Delaware corporation (the “Company”), the investors listed on Schedule A hereto (the “Investors”), and amends that certain Amended
and Restated Investors’ Rights Agreement dated March 15, 2010, by and among the Company and the Investors (the “Investors’ Rights Agreement”). 
 RECITALS 
 WHEREAS, the Company and
the Investors entered into the Investors’ Rights Agreement in connection with the sale and issuance of the Company’s Series E Preferred Stock pursuant to the Series E Preferred Stock Purchase Agreement dated March 15, 2010, as amended
by that certain Amendment No. 1 to Series E Preferred Stock Purchase Agreement dated May 21, 2010; 

WHEREAS, in connection with that certain Loan and Security Agreement dated March 11, 2010 (the
“Prior Loan Agreement”), between the Company and Horizon Funding Company LLC (“Horizon”), the Company issued to Horizon a warrant to acquire shares of the Company’s Preferred Stock (the “Preferred
Stock”), dated March 11, 2010 (“Warrant A”), pursuant to which the Company agreed to grant Horizon certain registration rights with respect to the shares of the Company’s Common Stock issuable upon conversion of
the Preferred Stock issuable upon exercise of Warrant A, which registration rights were granted under the Investors’ Rights Agreement; 
 WHEREAS, in connection with an additional credit facility with Horizon, the Company will issue an additional warrant to acquire shares of Preferred Stock to Horizon
(“Warrant B”) pursuant to the terms and conditions of that certain Amended and Restated Loan and Security Agreement dated as of March     , 2011, between the Company and Horizon (the “Restated Loan
Agreement”); 
 WHEREAS, as a condition to the financing pursuant to the Restated
Loan Agreement, the Company has agreed to grant Horizon registration rights with respect to the shares of the Company’s Common Stock issuable upon conversion of the Preferred Stock issuable upon exercise of Warrant B (the “Registration
Rights”), and the Investors desire to amend the Investors’ Rights Agreement to include such Registration Rights thereunder as provided herein; and 
 WHEREAS, pursuant to Section 4.3 of the Investors’ Rights Agreement, this Amendment is being executed by the Company and Investors holding at least 60% of
the outstanding shares of Preferred Stock held by the Investors, thereby permitting the Investors’ Rights Agreement to be amended by this Amendment. 

 NOW, THEREFORE, for and in
consideration of the mutual promises and covenants set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Amendment hereby agree as follows: 

AGREEMENT 
 1.
Section 1.1(f) of the Investors’ Rights Agreement is amended and restated to read in its entirety as follows: 

“(f) The term “Horizon Warrants” means (i) that certain warrant to purchase Preferred Stock of the Company
dated March 11, 2010, issued by the Company to Compass Horizon Funding Company LLC (“Horizon”) pursuant to the Venture Loan and Security Agreement by and between the Company and Horizon, dated March 11, 2010, as amended,
and (ii) that certain warrant to purchase Preferred Stock of the Company dated March     , 2011, issued by the Company to Horizon pursuant to the Amended and Restated Venture Loan and Security Agreement by and between
the Company and Horizon, dated March     , 2011. 
 2. Section 1.1(k) of the Investors’ Rights Agreement is
amended and restated to read in its entirety as follows: 
 “(k) The term “Registrable Securities” means
(i) the shares of Common Stock issuable or issued upon conversion of any shares of the Company’s Preferred Stock, including Preferred Stock issuable upon exercise of warrants then outstanding; and (ii) any other shares of Common Stock
of the Company issued (or issuable upon the conversion or exercise of any warrant, right or other security) to the holders of the shares listed in (i) above; excluding in all cases any Registrable Securities sold by a person in a transaction in
which such person’s rights under this Agreement are not assigned. Notwithstanding the foregoing, Common Stock or other securities shall only be treated as Registrable Securities if and so long as: (A) they have not been sold to or through
a broker or dealer or underwriter in a public distribution or a public securities transaction, (B) they have not been sold in a transaction exempt from the registration and prospectus delivery requirements of the Securities Act under
Section 4(1) thereof so that all transfer restrictions, and restrictive legends with respect thereto, if any, are removed upon the consummation of such sale, or (C) the rights of the Holder thereof have not been terminated in accordance
with Section 1.15 below. Notwithstanding the foregoing, the shares of Common Stock issuable or issued upon conversion of any shares of the Company’s Preferred Stock issuable upon exercise of the Horizon Warrants shall not be deemed
Registrable Securities for purposes of Section 1.2;” 
 3. Effectiveness; Prior Amendment; Continuity of Terms. This Amendment
shall be effective when executed by the Company and by the Investors holding at least 60% of the outstanding shares of Preferred Stock held by the Investors. All the other terms and provisions of the Investors’ Rights Agreement shall remain in
full force and effect. 

  
 -2-

 4. Counterparts. This Amendment may be executed in counterparts all of which together shall
constitute one and the same instrument. 
 [Signature Pages Follow] 

  
 -3-

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date
first written above. 
 THE COMPANY: 
  

			
	ENPHASE ENERGY, INC.
		
	By:	 	/s/ Paul Nahi
	Name:	 	Paul Nahi
	Title:	 	President and CEO

 ENPHASE ENERGY, INC.

 AMENDMENT TO INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date
first written above. 
 INVESTORS: 
  

			
	BAY PARTNERS XI, L.P.
		
	By:	 	Bay Management Company XI, LLC, General Partner

			
		
	By:	 	/s/ Neal Dempsey
	Name:	 	Neal Dempsey
	Title:	 	Manager

  

			
	BAY PARTNERS XI PARALLEL FUND, L.P.
		
	By:	 	Bay Management Company XI, LLC, General Partner

			
		
	By:	 	/s/ Neal Dempsey
	Name:	 	Neal Dempsey
	Title:	 	Manager

			
		
	Address:	 	 490 South California Avenue, Suite 200
 Palo Alto, CA 94306

 ENPHASE ENERGY, INC. 

AMENDMENT TO INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date
first written above. 
 INVESTORS: 
  

			
	MADRONE PARTNERS, L.P.
		
	By:	 	Madrone Capital Partners, LLC, its General Partner

			
		
	By:	 	/s/ Jamie McJunkin
	Name:	 	Jamie McJunkin
	Title:	 	Managing Member

			
		
	Address:	 	 3000 Sand Hill Road
 Building
1, Suite 150
 Menlo Park, CA 94025

 ENPHASE ENERGY, INC. 
 AMENDMENT TO INVESTORS’ RIGHTS AGREEMENT

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date
first written above. 
 INVESTORS: 
  

			
	 THIRD POINT PARTNERS QUALIFIED L.P.
 THIRD POINT PARTNERS L.P.
 THIRD POINT OFFSHORE MASTER FUND L.P.

THIRD POINT ULTRA MASTER FUND L.P.

			
		
	By:	 	Third Point LLC
		
	By:	 	/s/ James Gallagher
	Name:	 	James Gallagher
	Title:	 	CAO

			
		
	Address:	 	 c/o Third Point LLC
 390 Park
Ave., 18th Floor

New York, NY 10022
 Attn: James P.
Gallagher

 ENPHASE ENERGY, INC. 
 AMENDMENT TO INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date
first written above. 
 INVESTORS: 
  

			
	ROCKPORT CAPITAL PARTNERS II, L.P.
		
	By:	 	RockPort Capital II, L.L.C., its General Partner

			
		
	By:	 	/s/ Stoddard Wilson
	Name:	 	Stoddard Wilson
	Title:	 	Managing Member

			
		
	Address:	 	 c/o RockPort Capital
 160
Federal Street
 18th Floor
 Boston, MA
02110-1700

 ENPHASE ENERGY, INC. 

AMENDMENT TO INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date
first written above. 
 INVESTORS: 
  

			
	KPCB HOLDINGS, INC., AS NOMINEE
		
	By:	 	/s/ John Denniston
	Name:	 	John Denniston
	Title:	 	Senior Vice President

 

			
	Address:	 	2750 Sand Hill Road
Menlo Park, CA 94025

ENPHASE ENERGY, INC. 
 AMENDMENT TO INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date
first written above. 
 INVESTORS: 
  

			
		
	By:	 	 
		 	Paul Nahi
		
	By:	 	/s/ Raghuveer Belur
		 	Raghuveer Belur
		
	By:	 	 
		 	Martin Fornage

 ENPHASE ENERGY, INC.

 AMENDMENT TO INVESTORS’ RIGHTS AGREEMENT2006 Equity Incentive Plan, as amended, and related documents

 Exhibit 10.2 
 ENPHASE ENERGY, INC. 
 2006 EQUITY INCENTIVE PLAN 

AS AMENDED ON JANUARY 23, 2007 
 AS AMENDED ON APRIL 16, 2008 
 AS AMENDED ON APRIL 23, 2009

 AS AMENDED ON MARCH 4, 2010 
 AS AMENDED ON MAY 21, 2010 
 AS AMENDED ON JANUARY 21, 2011

 1. PURPOSE. The purpose of this Plan is to provide incentives to attract,
retain and motivate eligible persons whose present and potential contributions are important to the success of the Company, its Parent and Subsidiaries, by offering them an opportunity to participate in the Company’s future performance through
awards of Options and Restricted Stock. Capitalized terms not defined in the text are defined in Section 22 hereof. Although this Plan is intended to be a written compensatory benefit plan within the meaning of Rule 701 promulgated under the
Securities Act, grants may be made pursuant to this plan that do not qualify for exemption under Rule 701 or Section 25102(o). Any requirement of this Plan that is required in law only because of Section 25102(o) need not apply if the
Committee so provides and another exemption from the qualification requirements of applicable California State securities laws applies. 
 2. SHARES SUBJECT TO THE PLAN. 

2.1 Number of Shares Available. Subject to Sections 2.2 and 17 hereof, the total number of Shares reserved and
available for grant and issuance pursuant to this Plan will be 68,400,797 Shares or such lesser number of Shares as permitted by applicable law. Subject to Sections 2.2, 5.10 and 17 hereof, Shares subject to Awards previously granted will again be
available for grant and issuance in connection with future Awards under this Plan to the extent such Shares: (a) cease to be subject to issuance upon exercise of an Option, other than due to exercise of such Option; (b) are subject to an
Award granted hereunder but the Shares subject to such Award are forfeited or repurchased by the Company at the original issue price; or (c) are subject to an Award that otherwise terminates without Shares being issued. At all times the Company
will reserve and keep available a sufficient number of Shares as will be required to satisfy the requirements of all Awards granted and outstanding under this Plan. 

2.2 Adjustment of Shares. In the event that the number of outstanding shares of the Company’s Common Stock is
changed by a stock dividend, recapitalization, stock split, reverse stock split, subdivision, combination, reclassification or similar change in the capital structure of the Company without consideration, then (a) the number of Shares reserved
for issuance under this Plan, (b) the Exercise Prices of and number of Shares subject to outstanding Options and (c) the Purchase Prices of and number of Shares subject to other outstanding Awards will be proportionately adjusted, subject
to any required action by the Board or the stockholders of the Company and compliance with applicable securities laws; provided, however, that fractions of a Share will not be issued but will either be paid in cash at the Fair Market Value of
such fraction of a Share or will be rounded down to the nearest whole Share, as 

  
 1. 

 
determined by the Committee and provided, further, that the Exercise Price of any Option may not be decreased to below the par value of the Shares. 

3. ELIGIBILITY. ISOs (as defined in Section 5 hereof) may be granted only to employees
(including officers and directors who are also employees) of the Company or of a Parent or Subsidiary of the Company. NQSOs (as defined in Section 5 hereof) and Restricted Stock Awards may be granted to employees, officers, directors and
consultants of the Company or any Parent or Subsidiary of the Company; provided such consultants render bona fide services not in connection with the offer and sale of securities in a capital-raising transaction. A person may be granted more
than one Award under this Plan. 
 4. ADMINISTRATION. 

4.1 Committee Authority. This Plan will be administered by the Committee, or by the Board if no Committee is
created by the Board. Subject to the general purposes, terms and conditions of this Plan, and to the direction of the Board, the Committee will have full power to implement and carry out this Plan. Without limitation, the Committee will have the
authority to: 
 (a) construe and interpret this Plan, any Award Agreement and any other agreement or
document executed pursuant to this Plan; 
 (b) prescribe, amend and rescind rules and regulations
relating to this Plan; 
 (c) approve persons to receive Awards; 

(d) determine the form and terms of Awards; 

(e) determine the number of Shares or other consideration subject to Awards; 

(f) determine whether Awards will be granted singly, in combination with, in tandem with, in replacement of, or as
alternatives to, other Awards under this Plan or awards under any other incentive or compensation plan of the Company or any Parent or Subsidiary of the Company; 

(g) grant waivers of any conditions of this Plan or any Award; 

(h) determine the terms of vesting, exercisability and payment of Awards; 

(i) correct any defect, supply any omission, or reconcile any inconsistency in this Plan, any Award, any Award
Agreement, any Exercise Agreement or any Restricted Stock Purchase Agreement; 
 (j) determine whether an
Award has been earned; 

  
 2. 

 (k) make all other determinations for the administration of this
Plan; and 
 (l) extend the vesting period beyond a Participant’s Termination Date. 

4.2 Committee Discretion. Unless in contravention of any express terms of this Plan or Award, any determination
made by the Committee with respect to any Award will be made in its sole discretion either (a) at the time of grant of the Award, or (b) subject to Section 5.9 hereof, at any later time. Any such determination will be final and
binding on the Company and on all persons having an interest in any Award under this Plan. The Committee may delegate to one or more officers of the Company the authority to grant an Award under this Plan, provided such officer or officers are
members of the Board. 
 5. OPTIONS. The Committee may grant Options to eligible
persons described in Section 3 hereof and will determine whether such Options will be Incentive Stock Options within the meaning of the Code (“ISOs”) or Nonqualified Stock Options (“NQSOs”), the
number of Shares subject to the Option, the Exercise Price of the Option, the period during which the Option may be exercised, and all other terms and conditions of the Option, subject to the following: 

5.1 Form of Option Grant. Each Option granted under this Plan will be evidenced by an Award Agreement which will
expressly identify the Option as an ISO or an NQSO (“Stock Option Agreement”), and will be in such form and contain such provisions (which need not be the same for each Participant) as the Committee may from time to time
approve, and which will comply with and be subject to the terms and conditions of this Plan. 
 5.2 Date of
Grant. The date of grant of an Option will be the date on which the Committee makes the determination to grant such Option, unless a later date is otherwise specified by the Committee. The Stock Option Agreement and a copy of this Plan will be
delivered to the Participant within a reasonable time after the granting of the Option. 
 5.3 Exercise
Period. Options may be exercisable immediately but subject to repurchase pursuant to Section 11 hereof or may be exercisable within the times or upon the events determined by the Committee as set forth in the Stock Option Agreement
governing such Option; provided, however, that no Option will be exercisable after the expiration of ten years from the date the Option is granted; and provided further that no ISO granted to a person who directly or by attribution owns more
than 10% of the total combined voting power of all classes of stock of the Company or of any Parent or Subsidiary of the Company (“Ten Percent Shareholder”) will be exercisable after the expiration of five years from the date
the ISO is granted. The Committee also may provide for Options to become exercisable at one time or from time to time, periodically or otherwise, in such number of Shares or percentage of Shares as the Committee determines. Subject to earlier
termination of the Option as provided herein, to the extent Section 25102(o) is intended to apply, each Participant who is not an officer, director or consultant of the Company or of a Parent or Subsidiary of the Company shall have the right to
exercise an Option granted hereunder at the rate of no less than 20% per year over five years from the date such Option is granted. 

  
 3. 

 5.4 Exercise Price,. The Exercise Price of an Option will be
determined by the Committee when the Option is granted and may not be less than 100% of the Fair Market Value of the Shares on the date of grant. However, in the case of an ISO or if Section 25102(o) is intended to apply, the Exercise Price of
such an Option granted to a Ten Percent Shareholder will not be less than 110% of the Fair Market Value of the Shares on the date of grant. Payment for the Shares purchased must be made in accordance with Section 7 hereof. 

5.5 Method of Exercise. Options may be exercised only by delivery to the Company of a written stock option exercise
agreement (the “Exercise Agreement”) in a form approved by the Committee (which need not be the same for each Participant). The Exercise Agreement will state (a) the number of Shares being purchased, (b) the
restrictions imposed on the Shares purchased under such Exercise Agreement, if any, and (c) such representations and agreements regarding Participant’s investment intent and access to information and other matters, if any, as may be
required or desirable by the Company to comply with applicable securities laws. Participant shall execute and deliver to the Company the Exercise Agreement together with payment in full of the Exercise Price, and any applicable taxes, for the number
of Shares being purchased. 
 5.6 Termination. Subject to earlier termination pursuant to Sections 17 and
18 hereof and notwithstanding the exercise periods set forth in the Stock Option Agreement, exercise of an Option will always be subject to the following: 
 (a) If the Participant is Terminated for any reason other than death, Disability or for Cause, then the Participant may exercise such Participant’s Options only to the extent that such Options
are exercisable as to Vested Shares upon the Termination Date or as otherwise determined by the Committee. Such Options must be exercised by the Participant, if at all, as to all or some of the Vested Shares calculated as of the Termination Date or
such other date determined by the Committee, within three months after the Termination Date (or within such shorter time period, not less than 30 days, or within such longer time period, not exceeding five years, after the Termination Date as may be
determined by the Committee, with any exercise beyond three months after the Termination Date deemed to be an NQSO) but in any event, no later than the expiration date of the Options. 

(b) If the Participant is Terminated because of Participant’s death or Disability (or the Participant dies
within three months after a Termination other than for Cause), then Participant’s Options may be exercised only to the extent that such Options are exercisable as to Vested Shares by Participant on the Termination Date or as otherwise
determined by the Committee. Such options must be exercised by Participant (or Participant’s legal representative or authorized assignee), if at all, as to all or some of the Vested Shares calculated as of the Termination Date or such other
date determined by the Committee, within 12 months after the Termination Date (or within such shorter time period, not less than six months, or within such longer time period, not exceeding five years, after the Termination Date as may be determined
by the Committee, with any exercise beyond (i) three months after the Termination Date when the Termination is for any reason other than the Participant’s death or disability, within the meaning of Section 22(e)(3) of the Code, or
(ii) 12 months after the Termination Date when the Termination is for Participant’s disability, within the meaning of Section 22(e)(3) of the Code, deemed to be an NQSO) but in any event no later than the expiration date of the
Options. 

  
 4. 

 (c) If the Participant is terminated for Cause, the Participant may
exercise such Participant’s Options, but not to an extent greater than such Options are exercisable as to Vested Shares upon the Termination Date and Participant’s Options shall expire on such Participant’s Termination Date, or at
such later time and on such conditions as are determined by the Committee. 
 5.7 Limitations on Exercise.
The Committee may specify a reasonable minimum number of Shares that may be purchased on any exercise of an Option, provided that such minimum number will not prevent Participant from exercising the Option for the full number of Shares for which it
is then exercisable. 
 5.8 Limitations on ISOs. The aggregate Fair Market Value (determined as of the
date of grant) of Shares with respect to which ISOs are exercisable for the first time by a Participant during any calendar year (under this Plan or under any other incentive stock option plan of the Company or any Parent or Subsidiary of the
Company) will not exceed $100,000. If the Fair Market Value of Shares on the date of grant with respect to which ISOs are exercisable for the first time by a Participant during any calendar year exceeds $100,000, then the Options for the first
$100,000 worth of Shares to become exercisable in such calendar year will be ISOs and the Options for the amount in excess of $100,000 that become exercisable in that calendar year will be NQSOs. In the event that the Code or the regulations
promulgated thereunder are amended after the Effective Date (as defined in Section 18 hereof) to provide for a different limit on the Fair Market Value of Shares permitted to be subject to ISOs, then such different limit will be automatically
incorporated herein and will apply to any Options granted after the effective date of such amendment. 
 5.9
Modification, Extension or Renewal. The Committee may modify, extend or renew outstanding Options and authorize the grant of new Options in substitution therefor, provided that any such action may not, without the written consent of a
Participant, impair any of such Participant’s rights under any Option previously granted. Any outstanding ISO that is modified, extended, renewed or otherwise altered will be treated in accordance with Section 424(h) of the Code. Subject
to Section 5.10 hereof, the Committee may reduce the Exercise Price of outstanding Options without the consent of Participants by a written notice to them; provided, however, that the Exercise Price may not be reduced below the minimum
Exercise Price that would be permitted under Section 5.4 hereof for Options granted on the date the action is taken to reduce the Exercise Price; provided, further, that the Exercise Price will not be reduced below the par value of the
Shares, if any. 
 5.10 No Disqualification. Notwithstanding any other provision in this Plan, no term of
this Plan relating to ISOs will be interpreted, amended or altered, nor will any discretion or authority granted under this Plan be exercised, so as to disqualify this Plan under Section 422 of the Code or, without the consent of the
Participant, to disqualify any Participant’s ISO under Section 422 of the Code. In no event shall the total number of Shares issued (counting each reissuance of a Share that was previously issued and then forfeited or repurchased by the
Company as a separate issuance) under the Plan upon exercise of ISOs exceed 10,000,000 Shares (adjusted in proportion to any adjustments under Section 2.2 hereof) over the term of the Plan. 

  
 5. 

 6. RESTRICTED STOCK. A Restricted
Stock Award is an offer by the Company to sell to an eligible person Shares that are subject to certain specified restrictions. The Committee will determine to whom an offer will be made, the number of Shares the person may purchase, the Purchase
Price, the restrictions to which the Shares will be subject, and all other terms and conditions of the Restricted Stock Award, subject to the following: 
 6.1 Form of Restricted Stock Award. All purchases under a Restricted Stock Award made pursuant to this Plan will be evidenced by an Award Agreement (“Restricted Stock Purchase
Agreement”) that will be in such form (which need not be the same for each Participant) as the Committee will from time to time approve, and will comply with and be subject to the terms and conditions of this Plan. The Restricted Stock
Award will be accepted by the Participant’s execution and delivery of the Restricted Stock Purchase Agreement and full payment for the Shares to the Company within 30 days from the date the Restricted Stock Purchase Agreement is delivered to
the person. If such person does not execute and deliver the Restricted Stock Purchase Agreement along with full payment for the Shares to the Company within such 30 days, then the offer will terminate, unless otherwise determined by the Committee.

 6.2 Purchase Price. The Purchase Price of Shares sold pursuant to a Restricted Stock Award will be
determined by the Committee and will be at least 100% of the Fair Market Value of the Shares on the date the Restricted Stock Award is granted or at the time the purchase is consummated, except in the case of a sale to a Ten Percent Shareholder and
Section 25102(o) applies, in which case the Purchase Price will be 110% of the Fair Market Value on the date the Restricted Stock Award is granted or at the time the purchase is consummated. Payment of the Purchase Price must be made in
accordance with Section 7 hereof. 
 6.3 Restrictions. Each Restricted Stock Award may be subject to
the restrictions set forth in Section 11 hereof or such other restrictions not inconsistent with the exemptions from applicable securities laws that are relied upon in connection with such Restricted Stock Award. 

7. PAYMENT FOR SHARE PURCHASES. 

7.1 Payment. Payment for Shares purchased pursuant to this Plan may be made in cash (by check) or, where expressly
approved for the Participant by the Committee and where permitted by law: 
 (a) by cancellation of
indebtedness of the Company owed to the Participant; by surrender of shares that: (i) either (A) have been owned by Participant for more than six months and have been paid for within the meaning of SEC Rule 144 (and, if such shares were
purchased from the Company by use of a promissory note, such note has been fully paid with respect to such shares) or (B) were obtained by Participant in the public market and (ii) are clear of all liens, claims, encumbrances or security
interests; 
 (b) by tender of a full recourse promissory note having such terms as may be approved by the
Committee and bearing interest at a rate sufficient to avoid (i) imputation of income under Sections 483 and 1274 of the Code and (ii) variable accounting 

  
 6. 

 
treatment under Financial Accounting Standards Board Interpretation No. 44 to APB No. 25; provided, however, that Participants who are not employees or directors of the Company
will not be entitled to purchase Shares with a promissory note unless the note is adequately secured by collateral other than the Shares; provided, further, that the portion of the Exercise Price or Purchase Price, as the case may be, equal
to the par value of the Shares must be paid in cash or other legal consideration permitted by Delaware General Corporation Law; 
 (c) by waiver of compensation due or accrued to the Participant from the Company for services rendered; 
 (d) with respect only to purchases upon exercise of an Option, and provided that a public market for the Company’s stock exists: 

(i) through a “same day sale” commitment from the Participant and a broker-dealer that is a member of
the National Association of Securities Dealers (an “NASD Dealer”) whereby the Participant irrevocably elects to exercise the Option and to sell a portion of the Shares so purchased sufficient to pay the total Exercise Price,
and whereby the NASD Dealer irrevocably commits upon receipt of such Shares to forward the total Exercise Price directly to the Company; or 
 (ii) through a “margin” commitment from the Participant and an NASD Dealer whereby the Participant irrevocably elects to exercise the Option and to pledge the Shares so purchased to the
NASD Dealer in a margin account as security for a loan from the NASD Dealer in the amount of the total Exercise Price, and whereby the NASD Dealer irrevocably commits upon receipt of such Shares to forward the total Exercise Price directly to the
Company; or 
 (e) by any combination of the foregoing. 

7.2 Loan Guarantees. The Committee may, in its sole discretion, elect to assist the Participant in paying for
Shares purchased under this Plan by authorizing a guarantee by the Company of a third-party loan to the Participant. 

8. WITHHOLDING TAXES. 

8.1 Withholding Generally. Whenever Shares are to be issued in satisfaction of Awards granted under this Plan, the
Company may require the Participant to remit to the Company an amount sufficient to satisfy federal, state and local withholding tax requirements prior to the delivery of any certificate or certificates for such Shares. Whenever, under this Plan,
payments in satisfaction of Awards are to be made in cash by the Company, such payment will be net of an amount sufficient to satisfy federal, state, and local withholding tax requirements. 

8.2 Stock Withholding. When, under applicable tax laws, a Participant incurs tax liability in connection with the
exercise or vesting of any Award that is subject to tax withholding and the Participant is obligated to pay the Company the amount required to be withheld, the Committee may in its sole discretion allow the Participant to satisfy the minimum
withholding tax obligation by electing to have the Company withhold from the Shares to be issued that minimum number of Shares having a Fair Market Value equal to the minimum 

  
 7. 

 
amount required to be withheld, determined on the date that the amount of tax to be withheld is to be determined; but in no event will the Company withhold Shares if such withholding would result
in adverse accounting consequences to the Company. All elections by a Participant to have Shares withheld for this purpose will be made in accordance with the requirements established by the Committee for such elections and be in writing in a form
acceptable to the Committee. 
 9. PRIVILEGES OF STOCK
OWNERSHIP. 
 9.1 Voting and Dividends. No Participant will have any of the rights of a
stockholder with respect to any Shares until the Shares are issued to the Participant. After Shares are issued to the Participant, the Participant will be a stockholder and have all the rights of a stockholder with respect to such Shares, including
the right to vote and receive all dividends or other distributions made or paid with respect to such Shares; provided, that if such Shares are Restricted Stock, then any new, additional or different securities the Participant may become entitled to
receive with respect to such Shares by virtue of a stock dividend, stock split or any other change in the corporate or capital structure of the Company will be subject to the same restrictions as the Restricted Stock. The Participant will have no
right to retain such stock dividends or stock distributions with respect to Unvested Shares that are repurchased pursuant to Section 11 hereof. To the extent required, the Company will comply with Section 260.140.1 of Title 10 of the
California Code of Regulations with respect to the voting rights of Common Stock. 
 9.2 Financial
Statements. The Company will provide financial statements to each Participant annually during the period such Participant has Awards outstanding, or as otherwise required under Section 260.140.46 of Title 10 of the California Code of
Regulations. Notwithstanding the foregoing, the Company will not be required to provide such financial statements to Participants when issuance of Awards is limited to key employees whose services in connection with the Company assure them access to
equivalent information. 
 10. TRANSFERABILITY. Except as permitted by the
Committee, Awards granted under this Plan, and any interest therein, will not be transferable or assignable by Participant, other than by will or by the laws of descent and distribution, and, with respect to NQSOs, by instrument to an inter vivos or
testamentary trust in which the options are to be passed to beneficiaries upon the death of the trustor (settlor), or by gift to “immediate family” as that term is defined in 17 C.F.R. 240.16a-1(e), and may not be made subject to
execution, attachment or similar process. During the lifetime of the Participant an Award will be exercisable only by the Participant or Participant’s legal representative and any elections with respect to an Award may be made only by the
Participant or Participant’s legal representative. 
 11. RESTRICTIONS ON
SHARES. 
 11.1 Right of First Refusal. At the discretion of the
Committee, the Company may reserve to itself and/or its assignee(s) in the Award Agreement a right of first refusal to purchase all Shares that a Participant (or a subsequent transferee) may propose to transfer to a third party, unless otherwise not
permitted by Section 25102(o), provided that such right of first refusal terminates upon the Company’s initial public offering of Common Stock pursuant to an effective registration statement filed under the Securities Act. 

  
 8. 

 11.2 Right of Repurchase. At the discretion of the Committee, the
Company may reserve to itself and/or its assignees) in the Award Agreement a right to repurchase Unvested Shares held by a Participant for cash and/or cancellation of purchase money indebtedness owed to the Company by the Participant following such
Participant’s Termination at any time within the later of 90 days after the Participant’s Termination Date and the date the Participant purchases Shares under the Plan at the Participant’s Exercise Price or Purchase Price, as the case
may be, provided that to the extent Section 25102(o) is intended to apply, unless the Participant is an officer, director or consultant of the Company or of a Parent or Subsidiary of the Company, such right of repurchase lapses at the rate of
no less than 20% per year over five years from: (a) the date of grant of the Option or (b) in the case of Restricted Stock, the date the Participant purchases the Shares. 

12. CERTIFICATES. All certificates for Shares or other securities delivered under this Plan
will be subject to such stock transfer orders, legends and other restrictions as the Committee may deem necessary or advisable, including restrictions under any applicable federal, state or foreign securities law, or any rules, regulations and other
requirements of the SEC or any stock exchange or automated quotation system upon which the Shares may be listed or quoted. 

13. ESCROW; PLEDGE OF SHARES. To enforce any restrictions on a
Participant’s Shares set forth in Section 11 hereof, the Committee may require the Participant to deposit all certificates representing Shares, together with stock powers or other instruments of transfer approved by the Committee,
appropriately endorsed in blank, with the Company or an agent designated by the Company to hold in escrow until such restrictions have lapsed or terminated. The Committee may cause a legend or legends referencing such restrictions to be placed on
the certificates. Any Participant who is permitted to execute a promissory note as partial or full consideration for the purchase of Shares under this Plan will be required to pledge and deposit with the Company all or part of the Shares so
purchased as collateral to secure the payment of Participant’s obligation to the Company under the promissory note; provided, however, that the Committee may require or accept other or additional forms of collateral to secure the payment
of such obligation and, in any event, the Company will have full recourse against the Participant under the promissory note notwithstanding any pledge of the Participant’s Shares or other collateral. In connection with any pledge of the Shares,
Participant will be required to execute and deliver a written pledge agreement in such form as the Committee will from time to time approve. The Shares purchased with the promissory note may be released from the pledge on a pro rata basis as the
promissory note is paid. 
 14. EXCHANGE AND BUYOUT OF
AWARDS. The Committee may, at any time or from time to time, authorize the Company, with the consent of the respective Participants, to issue new Awards in exchange for the surrender and cancellation of any or all
outstanding Awards. The Committee may at any time buy from a Participant an Award previously granted with payment in cash, shares of Common Stock of the Company (including Restricted Stock) or other consideration, based on such terms and conditions
as the Committee and the Participant may agree. 
 15. SECURITIES LAW AND
OTHER REGULATORY COMPLIANCE. 

  
 9. 

 15.1 Securities Law Compliance. Although this Plan is intended to be
a written compensatory benefit plan within the meaning of Rule 701 promulgated under the Securities Act, grants may be made pursuant to this plan that do not qualify for exemption under Rule 701 or Section 25102(o). Any requirement of this Plan
that is required in law only because of Section 25102(o) need not apply if the Committee so provides. An Award will not be effective unless such Award is in compliance with all applicable federal and state securities laws, rules and regulations
of any governmental body, and the requirements of any stock exchange or automated quotation system upon which the Shares may then be listed or quoted, as they are in effect on the date of grant of the Award and also on the date of exercise or other
issuance. Notwithstanding any other provision in this Plan, the Company will have no obligation to issue or deliver certificates for Shares under this Plan prior to (a) obtaining any approvals from governmental agencies that the Company
determines are necessary or advisable, and/or (b) compliance with any exemption, completion of any registration or other qualification of such Shares under any state or federal law or ruling of any governmental body that the Company determines
to be necessary or advisable. The Company will be under no obligation to register the Shares with the SEC or to effect compliance with the exemption, registration, qualification or listing requirements of any state securities laws, stock exchange or
automated quotation system, and the Company will have no liability for any inability or failure to do so. 

15.2 Tax Treatment of Awards. The provisions of this Plan generally shall be construed and applied in a manner
consistent with the provisions of Sections 409A and 422 of the Code and in order to avoid the additional income tax imposed by Section 409A of the Code. However, any particular Award may be granted with specific recognition given to an intent
not to comply with any such Section by specific reference to the Code Section affected or that any particular Option shall instead be a non-qualified option, in which case such Award shall be so construed and applied. Each Award under this Plan is
granted subject to modification by the Company for purposes of compliance with the requirements of such Sections. The Exercise Price or Purchase Price of Awards is to be determined by the Committee based upon the best evidence available to the
Committee and is intended to equal the Fair Market Value of the Shares as of the date of grant, or in some cases 110% of Fair Market Value, as required by the Code. However, the tax treatment of Awards shall not be, and is not, warranted or
guaranteed. Neither the Company, the Committee nor any of their designees shall be liable for any taxes, penalties or other monetary amounts owed by any Participant, employee, beneficiary or other person as a result of the grant, amendment,
modification, exercise and/or payment of, or under, any Award, notwithstanding any challenge made to the determination of Fair Market Value by any taxing authority. 
 16. NO OBLIGATION TO EMPLOY. Nothing in this Plan or any Award granted under this Plan will confer or be deemed to
confer on any Participant any right to continue in the employ of, or to continue any other relationship with, the Company or any Parent or Subsidiary of the Company or limit in any way the right of the Company or any Parent or Subsidiary of the
Company to terminate Participant’s employment or other relationship at any time, with or without Cause. 
 17.
CORPORATE TRANSACTIONS. 
 17.1 Assumption or Replacement
of Awards by Successor. In the event of 

  
 10.

 (a) a dissolution or liquidation of the Company, 

(b) a merger or consolidation after which the stockholders of the Company immediately prior to such merger (other
than any stockholder which merges, or which owns or controls another entity that merges, with the Company in such merger) cease to own at least a majority of their shares of capital stock of the Company, 

(c) the sale of substantially all of the assets of the Company in one transaction or series of related transactions
followed by the liquidation of the Company; or 
 (d) the sale by the stockholders of the Company of at
least a majority of the outstanding shares of capital stock of the Company in one transaction or series of related transactions pursuant to an agreement to which the Company and the selling stockholders are parties, 

then any or all outstanding Awards may be assumed, converted or replaced by the successor entity (if any), which assumption, conversion or
replacement will be binding on all Participants. In the alternative, the successor entity may substitute equivalent Awards or provide substantially similar consideration to Participants as was provided to stockholders (after taking into account the
existing provisions of the Awards). The successor entity may also issue, in place of outstanding Shares of the Company held by the Participant, substantially similar shares or other property subject to repurchase restrictions and other provisions no
less favorable to the Participant than those which applied to such outstanding Shares immediately prior to such transaction described in this Section 17.1. In the event such successor entity (if any) does not assume or substitute Awards, as
provided above, pursuant to a transaction described in this Section 17.1, and in the case of clauses (b) or (c) above, the stockholders of the Company after the event described in such clause cease to hold at least 80% of the shares
of the Company’s capital stock they held prior to such event, unless the Committee shall otherwise approve, then notwithstanding any other provision in this Plan to the contrary, the vesting of such Awards will accelerate and the Options will
vest and become exercisable as to one calendar month for each calendar month the Participant has been employed by the Company up to a maximum of 12 months in addition to the amount of vesting that would have been applicable in the absence of such
accelerated vesting, which vesting shall accelerate prior to the consummation of such transaction at such times and on such conditions as the Committee determines, and if such Options are not exercised prior to the consummation of such transaction,
they shall expire as to the unexercised portion on the occurrence of such transaction at such time, and on such conditions, as the Committee shall determine in accordance with the provisions of this Plan. 

17.2 Other Treatment of Awards. Subject to any greater rights granted to Participants under the foregoing
provisions of this Section 17, in the event of the occurrence of any transaction described in Section 17.1, any outstanding Awards will be treated as provided in the applicable agreement entered into by the Company in connection therewith
or the plan of merger, consolidation, dissolution or liquidation relating thereto. 
 17.3 Assumption of
Awards by the Company. The Company, from time to time, also may substitute or assume outstanding awards granted by another company, whether in connection with an acquisition of such other company or otherwise, by either (a) granting an

  
 11.

 
Award under this Plan in substitution of such other company’s award or (b) assuming such award as if it had been granted under this Plan if the terms of such assumed award could be
applied to an Award granted under this Plan. Such substitution or assumption will be permissible if the holder of the substituted or assumed award would have been eligible to be granted an Award under this Plan if the other company had applied the
rules of this Plan to such grant. In the event the Company assumes an award granted by another company, the terms and conditions of such award will remain unchanged (except that the exercise price and the number and nature of shares issuable upon
exercise of any such option will be adjusted appropriately pursuant to Section 424(a) of the Code). In the event the Company elects to grant a new Award rather than assume an existing Award, such new Award may be granted with a similarly
adjusted Exercise Price. 
 18. ADOPTION AND STOCKHOLDER
APPROVAL. This Plan will become effective on the date that it is adopted by the Board (the “Effective Date”). This Plan will be approved by the stockholders of the Company (excluding Shares
issued pursuant to this Plan), consistent with applicable laws, within 12 months before or after the Effective Date. Upon the Effective Date, the Board may grant Awards pursuant to this Plan; provided, however, that: (a) no Option may be
exercised prior to initial stockholder approval of this Plan; (b) no Option granted pursuant to an increase in the number of Shares approved by the Board shall be exercised prior to the time such increase has been approved by the stockholders
of the Company; (c) in the event that initial stockholder approval is not obtained within the time period provided herein, all Awards granted hereunder shall be canceled, any Shares issued pursuant to any Award shall be canceled and any
purchase of Shares issued hereunder shall be rescinded; and (d) Awards granted pursuant to an increase in the number of Shares approved by the Board which increase is not timely approved by stockholders shall be canceled, any Shares issued
pursuant to any such Awards shall be canceled, and any purchase of Shares subject to any such Award shall be rescinded. 

19. TERM OF PLAN/GOVERNING LAW.
Unless earlier terminated as provided herein, this Plan will terminate ten years from the Effective Date or, if earlier, the date of stockholder approval. This Plan and all agreements hereunder shall be governed by and construed in accordance with
the laws of the State of Delaware. 
 20. AMENDMENT OR TERMINATION
OF PLAN. Subject to Section 5.9 hereof, the Board may at any time terminate or amend this Plan in any respect, including without limitation amendment of any form of Award Agreement or instrument
to be executed pursuant to this Plan; provided, however, that the Board will not, without the approval of the stockholders of the Company, amend this Plan in any manner that requires such stockholder approval pursuant to Section 25102(o)
or the Code or the regulations promulgated thereunder as such provisions apply to ISO plans. 
 21.
NONEXCLUSIVITY OF THE PLAN. Neither the adoption of this Plan by the Board, the submission of this Plan to the stockholders of the Company for approval, nor any
provision of this Plan will be construed as creating any limitations on the power of the Board to adopt such additional compensation arrangements as it may deem desirable, including, without limitation, the granting of stock options and other equity
awards otherwise than under this Plan, and such arrangements may be either generally applicable or applicable only in specific cases. 

  
 12.

 22. DEFINITIONS. As used in this Plan, the
following terms will have the following meanings: 
 “Award” means any award under this Plan, including
any Option or Restricted Stock Award. 
 “Award Agreement” means, with respect to each Award, the signed
written agreement between the Company and the Participant setting forth the terms and conditions of the Award, including the Stock Option Agreement and Restricted Stock Agreement. 

“Board” means the Board of Directors of the Company. 

“Cause” means Termination because of (a) any willful, material violation by the Participant of any law or
regulation applicable to the business of the Company or a Parent or Subsidiary of the Company, the Participant’s conviction for, or guilty plea to, a felony or a crime involving moral turpitude, or any willful perpetration by the Participant of
a common law fraud, (b) the Participant’s commission of an act of personal dishonesty which involves personal profit in connection with the Company or any other entity having a business relationship with the Company, (c) any material
breach by the Participant of any provision of any agreement or understanding between the Company or any Parent or Subsidiary of the Company and the Participant regarding the terms of the Participant’s service as an employee, officer, director
or consultant to the Company or a Parent or Subsidiary of the Company, including without limitation, the willful and continued failure or refusal of the Participant to perform the material duties required of such Participant as an employee, officer,
director or consultant of the Company or a Parent or Subsidiary of the Company, other than as a result of having a Disability, or a breach of any applicable invention assignment and confidentiality agreement or similar agreement between the Company
or a Parent or Subsidiary of the Company and the Participant, (d) Participant’s disregard of the policies of the Company or any Parent or Subsidiary of the Company so as to cause loss, damage or injury to the property, reputation or
employees of the Company or a Parent or Subsidiary of the Company, or (e) any other misconduct by the Participant which is materially injurious to the financial condition or business reputation of, or is otherwise materially injurious to, the
Company or a Parent or Subsidiary of the Company. 
 “Code” means the Internal Revenue Code of 1986, as
amended. 
 “Committee” means the committee created and appointed by the Board to administer this Plan,
or if no committee is created and appointed, the Board. 
 “Company” means Enphase Energy, Inc., or any
successor corporation. 
 “Disability” means a disability, whether temporary or permanent, partial or
total, as determined by the Committee. 
 “Exercise Price” means the price at which a holder of an
Option may purchase the Shares issuable upon exercise of the Option. 
 “Fair Market Value” means, as of
any date, the value of a share of the Company’s Common Stock determined as follows: 

  
 13.

 (a) if such Common Stock is then quoted on the Nasdaq National
Market, its closing price on the Nasdaq National Market on the date of determination as reported in The Wall Street Journal; 
 (b) if such Common Stock is publicly traded and is then listed on a national securities exchange, its closing price on the date of determination on the principal national securities exchange on
which the Common Stock is listed or admitted to trading as reported in The Wall Street Journal; 
 (c)
if such Common Stock is publicly traded but is not quoted on the Nasdaq National Market nor listed or admitted to trading on a national securities exchange, the average of the closing bid and asked prices on the date of determination as reported
by The Wall Street Journal (or, if not so reported, as otherwise reported by any newspaper or other source as the Board may determine); or 
 (d) if none of the foregoing is applicable, by the Committee in good faith. 

“Option” means an award of an option to purchase Shares pursuant to Section 5 hereof. 

“Parent” means any corporation (other than the Company) in an unbroken chain of corporations ending with the
Company if each of such corporations other than the Company owns stock representing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. 

“Participant” means a person who receives an Award under this Plan. 

“Plan” means this Enphase Energy, Inc. 2006 Equity Incentive Plan, as amended from time to time. “Purchase
Price” means the price at which a Participant may purchase Restricted Stock. 
 “Restricted Stock”
means Shares purchased pursuant to a Restricted Stock Award. “Restricted Stock Award” means an award of Shares pursuant to Section 6 hereof. “SEC’ means the Securities and Exchange Commission. 

“Section 25102(o)” means Section 25102(o) of the California Corporations Code. 

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

“Shares” means shares of the Company’s Common Stock, $0.00001 par value, reserved for issuance under this
Plan, as adjusted pursuant to Sections 2 and 17 hereof, and any successor security. 
 “Subsidiary”
means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company if each of the corporations other than the last corporation in the unbroken chain owns stock representing 50% or more of the total
combined voting power of all classes of stock in one of the other corporations in such chain. 

  
 14.

 “Termination” or “Terminated” means, for
purposes of this Plan with respect to a Participant, that the Participant has for any reason ceased to provide services as an employee, officer, director or consultant to the Company or a Parent or Subsidiary of the Company. A Participant will not
be deemed to have ceased to provide services in the case of sick leave, military leave or any other leave of absence approved by the Committee, provided that such leave is for a period of not more than 90 days (a) unless reinstatement (or, in
the case of an employee with an ISO, reemployment) upon the expiration of such leave is guaranteed by contract or statute, or (b) unless provided otherwise pursuant to formal policy adopted from time to time by the Company’s Board and
issued and promulgated in writing. In the case of any Participant on sick leave, military leave or an approved leave of absence, the Committee may make such provisions respecting suspension of vesting of the Award while on leave from the Company or
a Parent or Subsidiary of the Company as it may deem appropriate, except that in no event may an Option be exercised after the expiration of the term set forth in the Stock Option Agreement. The Committee will have sole discretion to determine
whether a Participant has ceased to provide services and the effective date on which the Participant ceased to provide services (the “Termination Date”). 

“Unvested Shares” means “Unvested Shares” as defined in the Award Agreement. 

“Vested Shares” means “Vested Shares” as defined in the Award Agreement. 

  
 15.

					
		  	ENPHASE ENERGY, INC.	  	No.    

 2006 EQUITY INCENTIVE PLAN 
 STOCK OPTION EXERCISE AGREEMENT

 This Exercise Agreement is made and entered into as of
                    ,              (the “Effective
Date”) by and between Enphase Energy, Inc., a Delaware corporation (the “Company”), and the purchaser named below (the “Purchaser”). Capitalized terms not defined herein shall have the
meanings ascribed to them in the Company’s 2006 Equity Incentive Plan (the “Plan”). 
  

			
	Purchaser:	 	 
		
	Social Security Number:	 	 
		
	Address:	 	 
		
		 	 
		
	Total Number of Shares:	 	 
		
	Exercise Price Per Share:	 	 $

		
	Total Exercise Price:	 	 
		
	Date of Grant:	 	 
		
	Type of Option (check one):	 	 ̈  Incentive Stock
Option     ̈  Nonqualified Stock Option

 1. Exercise of Option. 
 1.1
Exercise. Pursuant to exercise of that certain option (“Option”) granted to Purchaser under the Plan and subject to the terms and conditions of this Agreement, Purchaser hereby purchases from the Company, and the
Company hereby sells to Purchaser, the Total Number of Shares set forth above (“Shares”) of the Company’s Common Stock at the Exercise Price Per Share set forth above (“Exercise Price”). As used
in this Agreement, the term “Shares” refers to the Shares purchased under this Exercise Agreement and includes all securities received (a) in replacement of the Shares, (b) as a result of stock dividends or stock
splits with respect to the Shares, and (c) all securities received in replacement of the Shares in a merger, recapitalization, reorganization or similar corporate transaction. 

1.2 Payment. Purchaser hereby delivers payment of the Exercise Price in the manner permitted in the Stock Option
Agreement as follows (check and complete as appropriate). 
  

	 ̈	in cash in the amount of $            , receipt of which is acknowledged by the Company.

  

	 ̈	by cancellation of indebtedness of the Company to Purchaser in the amount of $            .

  

	 ̈	by the waiver hereby of compensation due or accrued for services actually rendered in the amount of
$            . 

  

	 ̈	provided that a public market for the Company’s stock exists, by delivery of             
fully-paid, nonassessable and vested shares of the Common Stock of the Company owned by Purchaser for at least six months prior to the date hereof which have been paid for within the meaning of SEC Rule 144, (if purchased by use of a promissory
note, such note has been fully paid with respect to such vested shares), or obtained by Purchaser in the open public market, and owned free and clear of all liens, claims, encumbrances or security interests, valued at the current Fair Market Value
of $             per share. 

	 ̈	provided that a public market for the Company’s stock exists, (1) through a “same day sale” commitment from Participant and a broker-dealer that is
a member of the National Association of Securities Dealers (a “Dealer”) whereby Participant irrevocably elects to exercise the Option and to sell a portion of the Shares so purchased to pay for the Exercise Price and whereby
the Dealer irrevocably commits upon receipt of such Shares to forward the Exercise Price directly to the Company, or (2) through a “margin” commitment from Participant and Dealer whereby Participant irrevocably elects to
exercise the Option and to pledge the Shares so purchased to the Dealer in a margin account as security for a loan from the Dealer in the amount of the Exercise Price, and whereby the Dealer irrevocably commits upon receipt of such Shares to forward
the Exercise Price directly to the Company. 

 2. Delivery. 

2.1 Documents to be Delivered. Purchaser hereby delivers to the Company (a) this Exercise Agreement,
(b) two copies of a blank Stock Power and Assignment Separate from Stock Certificate in the form of Exhibit 1 attached hereto (the “Stock Powers”), both executed by Purchaser (and Purchaser’s
spouse, if any), (c) if Purchaser is married, a Consent of Spouse in the form of Exhibit 2 attached hereto (the “Spouse Consent”) executed by Purchaser’s spouse, and (d) the Exercise Price and
any payment or other provision for any applicable tax obligations. Upon its receipt of the Exercise Price and all the documents to be executed and delivered by Purchaser to the Company under this Section 2, the Company will issue a duly
executed stock certificate evidencing the Shares in the name of Purchaser, to be placed in escrow as provided in Section 10 until expiration or termination of the Company’s Right of First Refusal described in Section 8. 

2.2 Tax Withholding. Prior to the issuance of the Shares upon exercise of the Option, Participant must pay or
provide for any applicable federal, state and local withholding obligations of the Company. If the Committee permits, Participant may provide for payment of withholding taxes upon exercise of the Option by requesting that the Company retain Shares
with a Fair Market Value equal to the minimum amount of taxes required to be withheld. In such case, the Company shall issue the net number of Shares to the Participant by deducting the Shares retained from the Shares issuable upon exercise.

 3. Representations and Warranties of Purchaser. Purchaser represents and warrants as
follows. 
 3.1 Agrees to Terms of the Plan. Purchaser has received a copy
of the Plan and the Stock Option Agreement, has read and understands the terms of the Plan, the Stock Option Agreement and this Exercise Agreement, and agrees to be bound by their terms and conditions. Purchaser acknowledges that there may be
adverse tax consequences upon exercise of the Option or disposition of the Shares, and that Purchaser should consult a tax adviser prior to such exercise or disposition. 

3.2 Purchase for Own Account for Investment. Purchaser is purchasing the Shares for
Purchaser’s own account for investment purposes only and not with a view to, or for sale in connection with, a distribution of the Shares within the meaning of the Securities Act. Purchaser has no present intention of selling or otherwise
disposing of all or any portion of the Shares and no one other than Purchaser has any beneficial ownership of any of the Shares. 
 3.3 Access to Information. Purchaser has had access to all information regarding the Company and its present and prospective business, assets, liabilities and financial condition that Purchaser
reasonably considers important in making the decision to purchase the Shares, and Purchaser has had ample opportunity to ask questions of the Company’s representatives concerning such matters and this investment. 

3.4 Understanding of Risks. Purchaser is fully aware of: (a) the highly speculative nature of the
investment in the Shares; (b) the financial hazards involved; (c) the lack of liquidity of the Shares and the restrictions on transferability of the Shares (e.g., that Purchaser may not be able to sell or dispose of the Shares or
use them as collateral for loans); (d) the qualifications and backgrounds of the management of the Company; and (e) the tax consequences of investment in the Shares. Purchaser is capable of evaluating the merits and risks of this
investment, 

  
 2 

 
has the ability to protect Purchaser’s own interests in this transaction and is financially capable of bearing a total loss of this investment. 

3.5 No General Solicitation. At no time was Purchaser presented with or solicited by any publicly issued
or circulated newspaper, mail, radio, television or other form of general advertising or solicitation in connection with the offer, sale and purchase of the Shares. 
 4. Compliance with Securities Laws. 

4.1 Compliance with Federal Securities Laws. Purchaser understands and acknowledges that the
Shares have not been registered with the SEC under the Securities Act and that, notwithstanding any other provision of the Stock Option Agreement to the contrary, the exercise of any rights to purchase any Shares is expressly conditioned upon
compliance with the Securities Act and all applicable state securities laws. Purchaser agrees to cooperate with the Company to ensure compliance with such laws. The Shares are being issued under the Securities Act pursuant to the exemption
identified to apply on page 1 of the Stock Option Agreement evidencing this Award. 
 4.2
Compliance with California Securities Laws. THE PLAN, THE STOCK OPTION AGREEMENT, AND THIS AGREEMENT ARE INTENDED TO COMPLY WITH SECTION 25102(o) OF THE CALIFORNIA CORPORATIONS CODE. IF SECTION
25102(O) IS INDICATED TO APPLY ON PAGE 1 OF THE STOCK OPTION AGREEMENT EVIDENCING THIS AWARD, ANY PROVISION OF THIS AGREEMENT THAT IS INCONSISTENT WITH SECTION 25102(o) SHALL, WITHOUT FURTHER ACT OR AMENDMENT BY THE COMPANY OR THE BOARD, BE
REFORMED TO COMPLY WITH THE REQUIREMENTS OF SECTION 25102(o). THE SALE OF THE SECURITIES THAT ARE THE SUBJECT OF THIS EXERCISE AGREEMENT, IF NOT YET QUALIFIED WITH THE CALIFORNIA COMMISSIONER OF CORPORATIONS AND NOT EXEMPT FROM SUCH
QUALIFICATION, IS SUBJECT TO SUCH QUALIFICATION, AND THE ISSUANCE OF SUCH SECURITIES, AND THE RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO SUCH QUALIFICATION IS UNLAWFUL UNLESS THE SALE IS EXEMPT. THE RIGHTS OF THE PARTIES TO THIS
EXERCISE AGREEMENT ARE EXPRESSLY CONDITIONED UPON SUCH QUALIFICATION BEING OBTAINED OR AN EXEMPTION BEING AVAILABLE. 
 5. Restricted Securities. 
 5.1
No Transfer Unless Registered or Exempt. Purchaser understands that Purchaser may not transfer any Shares unless such Shares are registered under the Securities Act or qualified under applicable state securities laws
or unless, in the opinion of counsel to the Company, exemptions from such registration and qualification requirements are available. Purchaser understands that only the Company may file a registration statement with the SEC and that the Company is
under no obligation to do so with respect to the Shares. Purchaser has also been advised that exemptions from registration and qualification may not be available or may not permit Purchaser to transfer all or any of the Shares in the amounts or at
the times proposed by Purchaser. 
 5.2 SEC Rule 144. In addition, Purchaser has been advised
that SEC Rule 144 promulgated under the Securities Act, which permits certain limited sales of unregistered securities, is not presently available with respect to the Shares and, in any event, requires that the Shares be held for a minimum of one
year, and in certain cases two years, after they have been purchased and paid for (within the meaning of Rule 144). Purchaser understands that Rule 144 may indefinitely restrict transfer of the Shares so long as Purchaser remains an
“affiliate” of the Company or if “current public information” about the Company (as defined in Rule 144) is not publicly available. 
 5.3 SEC Rule 701. If the Shares are issued pursuant to SEC Rule 701 promulgated under the Securities Act, they may become freely tradeable by non-affiliates (under limited conditions
regarding the method of sale) 90 days after the first sale of Common Stock of the Company to the general public pursuant to a registration statement filed with and declared effective by the SEC, subject to the lengthier market standoff agreement
contained in Section 7 of this Exercise Agreement or any other agreement entered into by Purchaser. Affiliates must comply with the provisions (other than the holding period requirements) of Rule 144. 

  
 3 

 6. Restrictions on Transfers. 

6.1 Disposition of Shares. Purchaser hereby agrees that Purchaser shall make no disposition of the Shares
(other than as permitted by this Agreement) unless and until: 
 (a) Purchaser shall have notified the Company of
the proposed disposition and provided a written summary of the terms and conditions of the proposed disposition; 

(b) Purchaser shall have complied with all requirements of this Exercise Agreement applicable to the disposition of the
Shares; and 
 (c) Purchaser shall have provided the Company with written assurances, in form and substance
satisfactory to counsel for the Company, that (i) the proposed disposition does not require registration of the Shares under the Securities Act or (ii) all appropriate action necessary for compliance with the registration requirements of
the Securities Act or of any exemption from registration available under the Securities Act (including Rule 144) has been taken. 
 6.2 Restriction on Transfer. Purchaser shall not transfer, assign, grant a lien or security interest in, pledge, hypothecate, encumber or otherwise dispose of any of the Shares which are
subject to the Company’s Right of First Refusal, except as permitted by this Agreement. Each person (other than the Company) to whom the Shares are transferred by means of one of the permitted transfers specified in this Agreement must, as a
condition precedent to the validity of such transfer, acknowledge in writing to the Company that such person is bound by the provisions of this Exercise Agreement and that the transferred Shares are subject to: (a) the Company’s Right of
First Refusal granted hereunder and (b) the market stand-off provisions of Section 7, to the same extent such Shares would be so subject if retained by the Purchaser. 

7. Market Standoff Agreement. Purchaser agrees in connection with any registration of the
Company’s securities that, upon the request of the Company or the underwriters managing any public offering of the Company’s securities, Purchaser will not sell or otherwise dispose of any Shares without the prior written consent of the
Company or such underwriters, as the case may be, subject to all restrictions, and for such a period of time, as the Company or the underwriters may specify. However, the restricted period will not exceed 180 days after the effective date of such
registration, which restricted period may be extended if the Company’s securities are listed on the Nasdaq Stock Market and Rule 2711 thereof applies and (a) 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 (b) 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. The restricted period may not be extended beyond the 18th day after issuance of the earnings release or occurrence of the material news or material event, but in no event shall the restricted period end later than 215 days after the effective date of the
registration statement. Participant agrees to enter into with such underwriter such agreements regarding this market-standoff as the Company or such underwriter may request. 
 8. Company’s Right of First Refusal. Before any Shares held by Purchaser or any transferee of such Shares (either being sometimes referred to herein as the
“Holder”) may be sold or otherwise transferred (including without limitation a transfer by gift or operation of law), the Company and/or its assignee(s) shall have an assignable right of first refusal to purchase the Shares
to be sold or transferred (the “Offered Shares”) on the terms and conditions set forth in this Section (the “Right of First Refusal”). 

8.1 Notice of Proposed Transfer. The Holder of the Offered Shares shall deliver to the Company a
written notice (the “Notice”) stating: (a) the Holder’s bona fide intention to sell or otherwise transfer the Offered Shares; (b) the name of each proposed bona fide purchaser or other transferee
(“Proposed Transferee”); (c) the number of Offered Shares to be transferred to each Proposed Transferee; (d) the bona fide cash price or other consideration for which the Holder proposes to transfer the Offered
Shares (the “Offered Price”); and (e) that the Holder will offer to sell the Offered Shares to the Company and/or its assignee(s) at the Offered Price as provided in this Section. 

  
 4 

 8.2 Exercise of Right of First Refusal. At
any time within 30 days after the date of the Notice, the Company and/or its assignee(s) may, by giving written notice to the Holder, elect to purchase the Offered Shares proposed to be transferred to any one or more of the Proposed Transferees
named in the Notice, at the purchase price determined as specified below. 
 8.3 Purchase Price. The
purchase price for the Offered Shares purchased under this Section will be the Offered Price. If the Offered Price includes consideration other than cash, then the cash equivalent value of the non-cash consideration shall conclusively be deemed to
be the value of such non-cash consideration as determined in good faith by the Board. 
 8.4 Payment.
Payment of the Offered Price will be payable, at the option of the Company and/or its assignee(s) (as applicable), by check or by cancellation of all or a portion of any outstanding indebtedness of the Holder to the Company (or to such assignee, in
the case of a purchase of Offered Shares by such assignee) or by any combination thereof. The Offered Price will be paid without interest within 60 days after the Company’s receipt of the Notice, or, at the option of the Company and/or its
assignee(s), in the manner and at the time(s) set forth in the Notice. 
 8.5
Holder’s Right to Transfer. If all of the Offered Shares proposed in the Notice to be transferred to a given Proposed Transferee are not purchased by the Company and/or its assignee(s) as provided in this Section, then the
Holder may sell or otherwise transfer such Offered Shares to that Proposed Transferee at the Offered Price or at a higher price, provided that such sale or other transfer is consummated within 120 days after the date of the Notice, and
provided further, that (a) any such sale or other transfer is effected in compliance with all applicable securities laws and (b) the Proposed Transferee agrees in writing that the provisions of this Section will continue to
apply to the Offered Shares in the hands of such Proposed Transferee. If the Offered Shares described in the Notice are not transferred to the Proposed Transferee within such 120-day period, then a new Notice must be given to the Company, and the
Company will again be offered the Right of First Refusal before any Shares held by the Holder may be sold or otherwise transferred. 
 8.6 Exempt Transfers. Notwithstanding anything to the contrary in this Section, the following transfers of Shares will be exempt from the Right of First Refusal: (a) the transfer of any
or all of the Shares during Purchaser’s lifetime by gift or on Purchaser’s death by will or intestacy to Purchaser’s “immediate family” (as defined below) or to a trust for the benefit of Purchaser or Purchaser’s
immediate family, provided that each transferee or other recipient agrees in a writing satisfactory to the Company that the provisions of this Section will continue to apply to the transferred Shares in the hands of such transferee or other
recipient; (b) any transfer of Shares made pursuant to a statutory merger or statutory consolidation of the Company with or into another corporation or corporations (except that the Right of First Refusal will continue to apply thereafter to
such Shares, in which case the surviving corporation of such merger or consolidation shall succeed to the rights of the Company under this Section unless the agreement of merger or consolidation expressly otherwise provides); or (c) any
transfer of Shares pursuant to the winding up and dissolution of the Company. As used herein, the term “immediate family” will mean Purchaser’s spouse, the lineal descendant or antecedent or brother or sister of the
Purchaser or the Purchaser’s spouse, or the spouse of any child or grandchild of Purchaser or the Purchaser’s spouse, whether or not adopted. 
 8.7 Termination of Right of First Refusal. The Company’s Right of First Refusal will terminate (a) when the Company’s securities become publicly traded or (b) at the
Company’s sole election, if the tax or accounting treatment of this Award in connection with the Right of First Refusal is in any way unfavorable to the Company. 
 9. Rights as Stockholder. Subject to the terms and conditions of this Exercise Agreement, Purchaser will have all of the rights of a stockholder of the Company with respect to the
Shares from and after the date that Shares are issued to Purchaser until such time as Purchaser disposes of the Shares or the Company and/or its assignee(s) exercise(s) Right of First Refusal. Upon any such exercise, Purchaser will have no further
rights as a holder of the Shares so sold upon such exercise, except the right to receive payment for the Shares so sold in accordance with the provisions of this Exercise Agreement, and Purchaser will promptly surrender the stock certificate(s)
evidencing the Shares so purchased to the Company for transfer or cancellation. 

  
 5 

 10. Escrow. As security for Purchaser’s faithful performance of this
Agreement, Purchaser agrees, immediately upon receipt of the stock certificate(s) evidencing the Shares, to deliver such certificate(s), together with the Stock Powers executed by Purchaser and by Purchaser’s spouse, if any (with the date,
transferee, certificate number and number of Shares left blank), to the Secretary of the Company or other designee of the Company (“Escrow Holder”), who is hereby appointed to hold such certificate(s) and Stock Powers in
escrow and to take all such actions and to effectuate all such transfers and/or releases of such Shares as are in accordance with the terms of this Agreement. Purchaser and the Company agree that Escrow Holder will not be liable to any party to this
Exercise Agreement (or to any other party) for any actions or omissions unless Escrow Holder is grossly negligent or intentionally fraudulent in carrying out the duties of Escrow Holder under this Exercise Agreement. Escrow Holder may rely upon any
letter, notice or other document executed by any signature purported to be genuine and may rely on the advice of counsel and obey any order of any court with respect to the transactions contemplated by this Agreement. The Shares will be released
from escrow upon termination of the Right of First Refusal. 
 11.
Restrictive Legends and Stop-Transfer Orders. 
 11.1 Legends. Purchaser
understands and agrees that the Company will place the legends set forth below or similar legends on any stock certificate(s) evidencing the Shares, together with any other legends that may be required by state or federal securities laws, the
Company’s Articles of Incorporation or Bylaws, any other agreement between Purchaser and the Company or any agreement between Purchaser and any third party: 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE
SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS
SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE
EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 
 THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON PUBLIC RESALE AND TRANSFER, RIGHT OF FIRST REFUSAL OPTION HELD BY THE ISSUER AND/OR ITS ASSIGNEE(S), AS SET FORTH IN A STOCK OPTION EXERCISE AGREEMENT BETWEEN THE ISSUER
AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH PUBLIC SALE AND TRANSFER RESTRICTIONS, AND THE RIGHT OF FIRST REFUSAL ARE BINDING ON TRANSFEREES OF THESE SHARES. 

11.2 Stop-Transfer Instructions. Purchaser agrees that, to ensure compliance with the restrictions imposed by
this Agreement, the Company may issue appropriate “stop-transfer” instructions to its transfer agent, if any, and if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records. The
Company will not be required (a) to transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (b) to treat as owner of such Shares, or to accord the right to
vote or pay dividends to any purchaser or other transferee to whom such Shares have been so transferred. 
 12.
Tax Consequences. PURCHASER UNDERSTANDS THAT PURCHASER MAY SUFFER ADVERSE TAX CONSEQUENCES AS A RESULT OF PURCHASER’S PURCHASE OR DISPOSITION OF THE SHARES. PURCHASER REPRESENTS THAT PURCHASER HAS CONSULTED WITH ANY TAX
ADVISER PURCHASER DEEMS ADVISABLE IN CONNECTION WITH THE PURCHASE OR DISPOSITION OF THE SHARES AND THAT PURCHASER IS NOT RELYING ON THE COMPANY FOR ANY TAX ADVICE. Set forth below is a brief summary as of the date the Plan was adopted by the
Board of some of the federal and California tax consequences of exercise of the Option and disposition of the Shares. THIS SUMMARY IS NECESSARILY INCOMPLETE, AND THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE. PURCHASER SHOULD CONSULT A TAX
ADVISER BEFORE EXECUTING THIS OPTION OR DISPOSING OF THE SHARES. 

  
 6 

 12.1 Exercise of Incentive Stock Option. If the
Option qualifies as an incentive stock option, there will be no regular federal income tax liability or California income tax liability upon the exercise of the Option, although the excess, if any, of the Fair Market Value of the Shares on the date
of exercise over the Exercise Price will be added to income for federal alternative income tax purposes and may subject Purchaser to the alternative minimum tax in the year of exercise. 

12.2 Exercise of Nonqualified Stock Option. If the Option does not qualify as an incentive
stock option, there may be a regular federal income tax liability and State income tax liability upon the exercise of the Option. Purchaser will be treated as having received compensation income (taxable at ordinary income tax rates) equal to the
excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price. If Purchaser is or was an employee of the Company, the Company will be required to withhold from Purchaser’s compensation or collect from
Purchaser and pay to the applicable taxing authorities an amount equal to a percentage of this compensation income at the time of exercise. 
 12.3 Disposition of Shares. If the Shares are held for more than 12 months after the date of the acquisition of the Shares and, in the case of an ISO, are disposed of more than two years
after the Date of Grant, any gain realized on disposition of the Shares will be treated as long term capital gain for federal and California income tax purposes. If Shares purchased under an ISO are disposed of within the applicable one year or two
year period, any gain realized on such disposition will be treated as compensation income (taxable at ordinary income rates) to the extent of the excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price.
The Company may be required to withhold from Purchaser’s compensation or collect from Purchaser and pay to the applicable taxing authorities an amount equal to a percentage of this compensation income at the time of exercise. 

13. General Provisions. 
 13.1. Compliance with Laws and Regulations. The issuance and transfer of the Shares will be subject to and conditioned upon compliance by the Company and Purchaser with all
applicable state and federal laws and regulations and with all applicable requirements of any stock exchange or automated quotation system on which the Company’s Common Stock may be listed or quoted at the time of such issuance or transfer.

 13.2 Successors and Assigns. The Company may assign any of its rights under this
Agreement, including its rights to repurchase Shares under the Right of First Refusal. This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set
forth, this Agreement will be binding upon Purchaser and Purchaser’s heirs, executors, administrators, legal representatives, successors and assigns. 
 13.3. Governing Law; Severability. This Agreement shall be governed by and construed in accordance with the internal laws of the State of California as such laws are applied to agreements
between California residents entered into and to be performed entirely within California. If any provision of this Agreement is determined by a court of law to be illegal or unenforceable, then such provision will be enforced to the maximum extent
possible and the other provisions will remain fully effective and enforceable. 
 13.4 Notices. Any notice
required to be given or delivered to the Company shall be in writing and addressed to the Corporate Secretary of the Company at its principal corporate offices. Any notice required to be given or delivered to Purchaser shall be in writing and
addressed to Purchaser at the address indicated above or to such other address as Purchaser may designate in writing from time to time to the Company. All notices shall be deemed effectively given upon personal delivery, three days after deposit in
the United States mail by certified or registered mail (return receipt requested), one business day after its deposit with any return receipt express courier (prepaid). 

13.5 Further Instruments. The parties agree to execute such further instruments and to take such further
action as may be reasonably necessary to carry out the purposes and intent of this Agreement. 

  
 7 

 13.6 Headings. The captions and headings of this Agreement are
included for ease of reference only and will be disregarded in interpreting or construing this Agreement. Unless otherwise specifically indicated, all references herein to Sections will refer to Sections of this Agreement. 

13.7 Entire Agreement. The Plan, the Stock Option Agreement and this Exercise Agreement, together with all its
Exhibits, constitute the entire agreement and understanding of the parties with respect to the subject matter of this Agreement, and supersede all prior understandings and agreements, whether oral or written, between the parties hereto with respect
to the specific subject matter hereof. 
 In Witness Whereof, the Company has caused this Stock Option Exercise Agreement
to be executed in duplicate by its duly authorized representative and Purchaser has executed this Stock Option Exercise Agreement in duplicate as of the Effective Date. 

 

									
	ENPHASE ENERGY, INC.	 		 	PURCHASER
				
	By:	 	 	 		 	 
		 		 	(Signature)
	 	 		 		 	
	(Please print Name) 	 		 	 
	 	 		 	(Please print name)
	(Please print title)	 		 		 	

 LIST OF EXHIBITS 

 

			
		
	Exhibit 1:	  	Stock Power and Assignment Separate from Stock Certificate
		
	Exhibit 2:	  	Spouse Consent

  
 8 

 EXHIBIT 1 

STOCK POWER AND ASSIGNMENT 
 SEPARATE FROM STOCK CERTIFICATE 

 Stock Power and Assignment 

Separate from Stock Certificate 
 FOR VALUE RECEIVED and pursuant to that certain Stock Option Exercise Agreement No.              dated as of
            , 2            , (the “Agreement”), the undersigned hereby sells, assigns and
transfers unto             ,             , shares of the Common Stock of Enphase Energy, Inc., a Delaware
corporation (the “Company”), standing in the undersigned’s name on the books of the Company represented by Certificate No(s).              delivered
herewith, and does hereby irrevocably constitute and appoint the Secretary of the Company as the undersigned’s attorney-in-fact, with full power of substitution, to transfer said stock on the books of the Company. THIS ASSIGNMENT MAY ONLY BE
USED AS AUTHORIZED BY THE AGREEMENT AND ANY EXHIBITS THERETO. 
 Dated:
              ,               

 

	
	PURCHASER
	
	  
	(Signature)
	
	  
	(Please Print Name)
	
	  
	(Spouse’s Signature, if any)
	
	  
	(Please Print Spouse’s Name)

Instructions: Please do not fill in any blanks other than the signature line. The purpose of this Stock Power and Assignment is to enable
the Company to acquire the shares upon an exercise of its “Right of First Refusal” set forth in the Agreement, without requiring additional signatures on the part of the Purchaser or Purchaser’s Spouse.

 EXHIBIT 2 

SPOUSE CONSENT 

 Spouse Consent 

The undersigned spouse of              (the
“Purchaser”) has read, understands, and hereby approves the Stock Option Exercise Agreement (the “Agreement”) between Purchaser and Enphase Energy, Inc. (the “Company”). In
consideration of the Company’s granting my spouse the right to purchase the Shares as set forth in the Agreement, the undersigned hereby agrees to be irrevocably bound by the Agreement and further agrees that any community property interest
shall similarly be bound by the Agreement. The undersigned hereby appoints Purchaser as my attorney-in-fact with respect to any amendment or exercise of any rights under the Agreement. 

 

									
	Date:	 	____________	 		 	 
		 		 		 	Signature of Purchaser’s Spouse
					
		 		 		 	Address:	 	 
				
		 		 		 	 
				
		 		 		 	I certify that I have no spouse
(initial):                    
		 		 		 		 	

					
		 	ENPHASE ENERGY, INC.	 	No.    

 2006 EQUITY INCENTIVE PLAN 
 STOCK OPTION AGREEMENT 

This Stock Option Agreement (“Agreement”) is made and entered into as of the date of grant set forth below (the
“Date of Grant”) by and between Enphase Energy, Inc., a Delaware corporation (the “Company”), and the participant named below (“Participant”). Capitalized terms not
defined herein shall have the meanings ascribed to them in the Company’s 2006 Equity Incentive Plan (the “Plan”). 
  

			
	 Participant:
	  	 
		
	 Total Option Shares:
	  	 
		
	 Exercise Price Per Share:
	  	 
		
	 Effective Date of Grant:
	  	 
		
	 First Vesting Date:
	  	 
		
	 Expiration Date:
	  	 
		
		  	 (unless earlier terminated under Section 4 below)

		
	 Type of Stock Option (Check one):
	  	  ̈ Incentive Stock
Option              ̈ Nonqualified Stock Option

		
	 Securities Law Exemptions to Apply:
	  	Federal Rule 701 and California 25102(o) with the reservation to designate another exemption as permitted by law.

1. Grant of Option. The Company hereby grants to Participant an option (the “Option”) to
purchase the total number of shares of Common Stock of the Company set forth above (the “Shares”) at the Exercise Price Per Share set forth above (the “Exercise Price”), subject to all of the
terms and conditions of this Agreement and the Plan. If designated as an Incentive Stock Option above, the Option is intended to qualify as an “incentive stock option” (“ISO”) within the meaning of Section 422
of the Internal Revenue Code of 1986, as amended (the “Code”). 
 2. Exercise Period.
Provided Participant continues to provide services to the Company or any Subsidiary or Parent of the Company, the Option will become vested and exercisable as to portions of the Shares as follows: (a) This Option shall not vest nor be
exercisable with respect to any of the Shares until the First Vesting Date set forth above, which is no later than the last day of the twelfth month after the Date of Grant; (b) on the First Vesting Date the Option will become vested and
exercisable as to 25% of the Shares; and (c) thereafter on the first day of each succeeding calendar month the Option will become vested and exercisable as to an additional 2.0833% of the Shares until the Option is 100% vested or vesting
earlier terminates in accordance with this Agreement. If application of the vesting percentage causes a fractional share, all fractional shares shall be aggregated, then rounded down to the nearest whole share. [Notwithstanding the foregoing, the
Option shall expire on the Expiration Date set forth above or earlier as provided in Section 4 below.] [Notwithstanding the foregoing, (i) the Option shall be subject to potential vesting acceleration under certain events, as set forth in
Participant’s Employment Agreement with the Company (as amended), and (ii) the Option shall expire on the Expiration Date set forth above or earlier as provided in Section 4 below.] 

3. Manner of Exercise. To exercise this Option, Participant (or in the case of exercise after Participant’s
death or incapacity, Participant’s executor, administrator, heir or legatee, as the case may be) must deliver to the Company an executed stock option exercise agreement in the form attached hereto as Exhibit A, or in such other form
as may be approved by the Committee (the “Exercise Agreement”), which shall set forth, inter alia, Participant’s election to exercise the Option, the number of Shares being purchased, the purchaser price
and manner of payment, any restrictions imposed on the Shares and any representations, warranties and agreements regarding Participant’s investment intent and access to information as may be required by the Company to comply with applicable
securities laws. If someone other than Participant exercises the Option, then such person must submit documentation reasonably acceptable to the Company that such person has the right to exercise the Option. The Option may not be exercised unless
such exercise is in compliance with all applicable federal and state securities laws, as they are in effect on the date of exercise. The Option may not be exercised as to fewer than 100 Shares unless it is exercised as to all Shares as to which the
Option is then exercisable. 

 4. Termination. 

4.1 Termination for Any Reason Except Death, Disability or Cause. If Participant is
Terminated for any reason, except death, Disability or Cause, the Option, to the extent (and only to the extent) that it would have been exercisable by Participant on the Termination Date, may be exercised by Participant no later than three months
after the Termination Date, but in any event no later than the Expiration Date. 
 4.2
Termination Because of Death or Disability. If Participant is Terminated because of death or Disability of Participant (or Participant dies within three months after Termination other than for Cause or because of
Participant’s Disability), the Option, to the extent that it is exercisable by Participant on the Termination Date, may be exercised by Participant (or Participant’s legal representative) no later than twelve months after the Termination
Date, but in any event no later than the Expiration Date. 
 4.3 Termination for Cause. If Participant is
Terminated for Cause, then the Option will expire on Participant’s Termination Date, or at such later time and on such conditions as determined by the Committee. 
 5. Transferability of Option. The Company may assign any of its rights under this Agreement and the Exercise Agreement. This Agreement shall be binding upon and inure to the
benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein and in the Exercise Agreement, this Agreement shall be binding upon Participant and Participant’s heirs, executors, administrators,
legal representatives, successors and assigns. 
 6. Interpretation. Any dispute regarding the interpretation of
this Agreement shall be submitted by Participant or the Company to the Committee for review. The resolution of such a dispute by the Committee shall be final and binding on the Company and Participant. 

7. Entire Agreement. The Plan is incorporated herein by reference. This Agreement, the Exercise Agreement and the Plan
constitute the entire agreement of the parties and supersede all prior undertakings and agreements with respect to the subject matter hereof. 
 8. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California as such laws are applied to agreements between California
residents entered into and to be performed entirely within California. If any provision of this Agreement is determined by a court of law to be illegal or unenforceable, then such provision will be enforced to the maximum extent possible and the
other provisions will remain fully effective and enforceable. 
 9. Acceptance. Participant hereby acknowledges
receipt of a copy of the Plan, this Agreement and the Exercise Agreement. Participant has read and understands the terms and provisions thereof, and accepts the Option subject to all the terms and conditions of the Plan and this Agreement. The
Exercise Price has been determined by the Committee based upon the best evidence available to the Committee and is intended to equal the Fair Market Value of the Shares as of the date of grant, or in some cases 110% of Fair Market Value, as required
by the Code. However, the tax treatment of of this Option is not warranted or guaranteed. Neither the Company, the Committee nor any of their designees shall be liable for any taxes, penalties or other monetary amounts owed by any Participant,
employee, beneficiary or other person as a result of the grant, amendment, modification, exercise and/or payment of, or under, any Award, notwithstanding any challenge made to the determination of Fair Market Value by any taxing authority, and by
accepting this Option, Participant acknowledges and agrees to the foregoing. Participant acknowledges that there may be adverse tax consequences upon exercise of the Option or disposition of the Shares and that Participant should consult a tax
adviser prior to such exercise or disposition. 
 In Witness Whereof, the Company and Participant have caused this Stock
Option Agreement to be executed in duplicate as of the Date of Grant. 
  

									
	COMPANY: ENPHASE ENERGY, INC.	 		 		 	PARTICIPANT
					
	By:	 	 	 		 		 	 
		 	Paul Nahi,	 		 		 	[Optionee]
		 	President and Chief Executive Officer

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