DEF 14A of Enphase Energy, Inc., Apr 1, 2026

DEF 14A of Enphase Energy, Inc.

Filed Apr 1, 2026 · FY20250001463101-26-000026

Open on EDGAR

  1. Board of Directors

    Board of Directors Our Board of Directors (the “Board”) has nominated three directors to serve for three-year terms until 2029. The nominees and members have a broad and diverse set of skills, perspectives and experiences that are integral to our success. We believe in a classified board structure to promote boardroom continuity and institutional knowledge, as well as helping to drive execution of long-term strategy.

  2. Board of Directors

    | Name | | Age | Director Since | Audit Committee | Compensation Committee | Nominating Committee | | Class II Nominees for Election (Until 2029 Annual Meeting of Stockholders) | | | | | | | | | Jamie Haenggi Founder/Principal, Goodwin+Beckham; Former President and COO, ADT Solar IND | 56 | 2020 | | | l | | | Benjamin Kortlang Partner, G2VP, LLC; former Partner, Kleiner Perkins Caufield & Byers IND | 51 | 2010 | l | | l | | | Richard Mora Former CEO, Landis+Gyr IND | 61 | 2014 | l | l | | | Continuing Class III Directors (Until 2027 Annual Meeting of Stockholders) | | | | | | | | | Badrinarayanan Kothandaraman President and CEO, Enphase Energy, Inc. | 54 | 2017 | | | | | | Joseph Malchow Founding Partner, HNVR Technology Investment Management IND | 40 | 2020 | | | l | | Continuing Class I Directors (Until 2028 Annual Meeting of Stockholders) | | | | | | | | | Steven J. Gomo Former CFO, NetApp, Inc. IND | 74 | 2011 | l | | | | | Thurman John Rodgers CEO of Complete Solaria; Founder and former CEO, Cypress Semiconductor IND | 78 | 2017 | | l | l | | | | | l Member l Chair IND Independent | | | |

  3. Election of Directors

    Election of Directors

  4. Class II Nominees for Election (Until the 2029 Annual Meeting)

    Class II Nominees for Election (Until the 2029 Annual Meeting)

  5. Class II Nominees for Election (Until the 2029 Annual Meeting)

    | | Key Skills and Qualifications Ms. Haenggi’s extensive experience in consumer and commercial sales, marketing and customer experience brings a valuable perspective to the Board. Career Highlights Ms. Haenggi, 56, is the founder and principal of Goodwin+Beckham, a consulting firm, since September 2025. Prior to that, she served as the EVP & President of ADT Solar, a division of ADT Security Services, from December 2022 until June 2024, and served as an advisor for a period after her departure until July 2025. She also had served as the Executive Vice President, COO at ADT Solar, overseeing sales, marketing contract center, field and business operations, HR, IT and administration. Prior to that, Ms. Haenggi was the Executive Vice President, Chief Customer Officer at ADT Security Services from July 2018 to March 2022. She joined ADT Security Services in 2016 as Senior Vice President, Chief Sales and Marketing Officer and had previously been with the company from 1998 to 2006 with progressive senior leadership roles in commercial sales and marketing, and domestic and international sales and marketing. From 2010 to 2016, Ms. Haenggi was the Chief Customer Experience Officer at Protection 1, Inc., a home security systems company. Earlier in her career, Ms. Haenggi held various sales and marketing roles at Vonage, Inc., Holmes Protection Group and National Guardian Corporation. Ms. Haenggi earned a bachelor of arts degree in international relations and Japanese from the University of Minnesota and received an honorary doctorate degree from Taylor University. Current Public Company Boards SunPower Inc. - since May 2025 | | Jamie Haenggi | | | Director since August 2020 Nominating and Corporate Governance Committee | |

  6. Class II Nominees for Election (Until the 2029 Annual Meeting)

    | | Key Skills and Qualifications Mr. Kortlang’s work as a venture capitalist with a focus on growth-stage investing in alternative energy technologies provides a valuable industry perspective to the Board. Additionally, Mr. Kortlang’s investing and business experience also provides the Board with a valuable perspective on acquisitions and building alternative energy businesses. As the Chair of the Nominating and Corporate Governance Committee, Mr. Kortlang leads Board oversight of the Company’s sustainability report, director evaluation and nominations, and corporate governance matters. Mr. Kortlang also serves on the Board’s pricing committee related to the repurchase of the Company’s common stock under the share repurchase program authorized by the Board. Career Highlights Mr. Kortlang, 51, has been a Partner with G2VP, LLC, a venture capital firm since August 2016. From February 2008 to April 2020, Mr. Kortlang was a Partner with Kleiner Perkins Caufield & Byers, a venture capital firm. From July 2000 to January 2008, Mr. Kortlang worked with Goldman, Sachs & Co., co-heading Goldman’s Alternative Energy Investing business. From June 2005 to February 2008, Mr. Kortlang was a Vice President within Goldman’s Special Situations Group, before which he was a Vice President in Goldman’s investment banking group focusing on Industrials and Natural Resources. From January 1996 to August 1998, Mr. Kortlang was an Associate with A.T. Kearney, Inc., a global management consulting firm where he focused on strategic and operations consulting in the energy, manufacturing, packaging, transportation and communications industries. From February 1993 to July 1994, Mr. Kortlang was a Business Analyst at National Australia Bank in strategic planning and macroeconomic forecasting. Mr. Kortlang holds a bachelor of business degree in economics and finance from Royal Melbourne Institute of Technology, a bachelor of commerce and an honors degree in econometrics from University of Melbourne, and a master of business administration degree from the University of Michigan. Current Public Company Boards None | | Benjamin Kortlang | | | Director since May 2010 Audit Committee Nominating and Corporate Governance Committee (Chair) | |

  7. Class II Nominees for Election (Until the 2029 Annual Meeting)

    | | Key Skills and Qualifications Mr. Mora’s expertise in process and productivity improvements at the corporate, regional and country level provides a valuable perspective to the Board, as well as his years of experience with respect to emerging companies, international operations, risk management, and team building. Career Highlights Mr. Mora, 61, served as the CEO of Landis+Gyr, an energy management company, from April 2017 through March 2020. Prior to that, Mr. Mora served as the COO of Landis+Gyr, from November 2013 to April 2017. Mr. Mora served as the President and CEO of Landis+Gyr Americas where he had responsibilities for operations in both North and South America, from August 2011 to November 2013. He served as the President and CEO of Landis+Gyr North America, from August 2008 to August 2011. Mr. Mora holds a bachelor of arts degree in economics from Stanford University. Current Public Company Boards None | | Richard Mora | | | Director since February 2014 Audit Committee Compensation Committee | |

  8. Class III Directors Continuing in Office until the 2027 Annual Meeting

    Class III Directors Continuing in Office until the 2027 Annual Meeting

  9. Class III Directors Continuing in Office until the 2027 Annual Meeting

    | | Key Skills and Qualifications Mr. Kothandaraman brings to the Board strong technical, operational, strategy and leadership experience during his 21-year career at Cypress Semiconductor and his tenure at Enphase. Career Highlights Mr. Kothandaraman, 54, joined Enphase in April 2017 as Chief Operating Officer (“COO”), before being appointed President and CEO and a member of the Board in September 2017. Prior to Enphase, Mr. Kothandaraman served as Executive Vice President of the Data Communications Division of Cypress Semiconductor Corporation, a semiconductor design and manufacturing company, from April 2011 to September 2016. He started his career with Cypress Semiconductor in 1995 and worked in process technology development and chip design before becoming Vice President of the Asynchronous SRAM Business in 2008. Mr. Kothandaraman was subsequently promoted to executive vice president of Cypress’s Data Communications Division in November 2011 and spent the next five years building the USB 3.0, USB-C and the Internet of Things businesses. He also served as the Executive Director of Cypress Semiconductor Technology India Private Limited from 2012 to 2016. Mr. Kothandaraman received his bachelor of technology degree from IIT Madras and a master of science degree in materials science from the University of California, Berkeley. Mr. Kothandaraman attended the Stanford Executive Program in 2008 and holds eight U.S. patents. Current Public Company Boards None | | Badrinarayanan Kothandaraman | | | President and Chief Executive Officer Director since April 2017 | |

  10. Class III Directors Continuing in Office until the 2027 Annual Meeting

    | | Key Skills and Qualifications Mr. Malchow brings to the Board many years of entrepreneurial and investment experience, with expertise in scaled infrastructure, software-driven businesses, data security and machine learning. Career Highlights Mr. Malchow, 40, has served as the founding Partner at HNVR Technology Investment Management, a venture capital firm, and has been investing in technology companies since 2013. In 2011, he co-founded Publir LLC, a cloud software company. Mr. Malchow is a member of the board of the National Civic Arts Society in Washington, D.C. From December 2020 through July 2021, he served on the Board of Directors of Rodgers Silicon Valley Acquisition Corp, a special purpose acquisition company that successfully completed a business combination with Enovix Corporation. From January 2021 to January 2023, Mr. Malchow served on the Board of Directors of Archaea Energy Inc., a leading producer of renewable gas. Mr. Malchow provided consulting services to Enphase from April 2019 until April 2022. Mr. Malchow is also involved with Stanford University’s Freeman-Spogli Institute and Hoover Institution, and with The Federalist Society in Washington, D.C. Mr. Malchow holds a bachelor of arts degree from Dartmouth College and a juris doctorate degree from Stanford University. Current Public Company Boards Enovix Corporation - since June 2023 | | Joseph Malchow | | | Director since February 2020 Nominating and Corporate Governance Committee | |

  11. Class I Directors Continuing in Office until the 2028 Annual Meeting

    Class I Directors Continuing in Office until the 2028 Annual Meeting

  12. Class I Directors Continuing in Office until the 2028 Annual Meeting

    | | Key Skills and Qualifications Mr. Gomo brings to the Board valuable financial and business expertise through his years of experience as a chief financial officer with publicly traded companies, as well as serving as a board member of privately-held and publicly-traded companies. Mr. Gomo provides an important role in leading the Board’s activities as the Board Chair, and on financial and auditing matters as the Audit Committee Chair, as well as collaborating with our independent registered public accounting firm and management team in these areas. Career Highlights Mr. Gomo, 74, served as Executive Vice President of Finance and CFO of NetApp Inc., a computer storage and data management company, from October 2004 until December 2011, and as Senior Vice President of Finance and CFO from August 2002 until October 2004. From November 2000 to April 2002, Mr. Gomo served as CFO of Gemplus International S.A., a smart card provider, and from February 1998 until August 2000, Mr. Gomo served as CFO of Silicon Graphics, Inc., a high-performance computer and computer graphics company. Prior to February 1998, Mr. Gomo held various finance, financial management, manufacturing, and general management positions at Hewlett-Packard Company, an information technology company. Mr. Gomo holds a bachelor of science degree in business administration from Oregon State University and a master of business administration degree from Santa Clara University. From December 2020 through July 2021, Mr. Gomo served on the Board of Directors of Rodgers Silicon Valley Acquisition Corp, a special purpose acquisition company that successfully completed a business combination with Enovix Corporation, a lithium-ion battery company. Current Public Company Boards Nutanix, Inc. - since June 2015; Micron Technology, Inc. - since October 2018 | | Steven J. Gomo | | | Chair of the Board Director since March 2011 Audit Committee (Chair) | |

  13. Class I Directors Continuing in Office until the 2028 Annual Meeting

    | | Key Skills and Qualifications Mr. Rodgers brings 35 years of public company CEO experience to the Board, as well as his skills as a technologist, and a director of both privately-held and publicly-traded companies. Mr. Rodgers provides an important role in leading the strategic vision of the company. Career Highlights Mr. Rodgers, 78, founded Cypress Semiconductor Corporation in 1982 and served as the President, CEO and as a member of the Board of Directors until April 2017. Mr. Rodgers currently serves as the CEO of SunPower Inc. since April 2024. From September 2020 to July 2021, he served as the Chairman of the Board of Directors and CEO of Rodgers Silicon Valley Acquisition Corp., a special purpose acquisition company, that successfully completed a business combination with Enovix Corporation in July 2021, where he continues to serve as the Chairman of the Board of Directors. From January 2017 to January 2023, Mr. Rodgers also served on the Board of Directors of FTC Solar, Inc., a solar tracker company. From May 2002 to May 2011, Mr. Rodgers served as a member of the Board of Directors of SunPower Corporation, an energy company. From June 2004 through December 2012 Mr. Rodgers was a member of the board of trustees of Dartmouth College. Mr. Rodgers holds a bachelor of science degree in physics and chemistry from Dartmouth. Mr. Rodgers holds a master of science degree and a Ph.D. in electrical engineering from Stanford University. At Stanford, Mr. Rodgers invented, developed and patented VMOS technology. Current Public Company Boards Enovix Corporation - since September 2020; SunPower Inc. - since November 2022 | | Thurman John Rodgers | | | Director since January 2017 Compensation Committee (Chair) Nominating and Corporate Governance Committee | |

  14. Information Regarding the Board of Directors and Corporate Governance

    Information Regarding the Board of Directors and Corporate Governance

  15. Identifying and Evaluating Nominees for Directors

    Identifying and Evaluating Nominees for Directors The Board is responsible for selecting nominees for election as directors. The Board delegates the initial screening process to the Nominating and Corporate Governance Committee with the expectation that other members of the Board participate in this process, as appropriate. On an ongoing basis, including in connection with the annual Board self-evaluation and setting the director slate for the annual meeting, the Nominating and Corporate Governance Committee regularly assesses the composition of the Board to maintain alignment with the company’s strategy and other priorities. The Board has identified the following key attributes, skills and experience of directors that it believes are essential to the oversight and implementation of our business and strategy requirements and to promoting the long-term interests of our stockholders and other stakeholders.

  16. Identifying and Evaluating Nominees for Directors

    | Key Attributes | | | Objectivity and independence | Sound judgment | | Ability to contribute diverse perspectives in the Board’s deliberations | Ability and desire to devote the time necessary to fulfill his or her duties | | High integrity & values | Effective collaboration | | Loyalty to the interests of Enphase and its stockholders | Expertise in his or her field |

  17. Identifying and Evaluating Nominees for Directors

    For additional information on the criteria used to select Board nominees, please see the section “Information Regarding Committees of the Board - Nominating and Corporate Governance Committee” below.

  18. Director Compensation

    Director Compensation

  19. Non-Employee Director Compensation

    Non-Employee Director Compensation Members of the Board who are non-employee directors receive compensation for their service on the Board. As an employee, Mr. Kothandaraman, our CEO, does not receive additional compensation for his service on the Board. The Compensation Committee last made changes to our non-employee director compensation policy in November 2020 in order to ensure that our compensation for directors remains competitive and allows us to attract and retain highly qualified members of the Board. Based on the Compensation Committee’s most recent review of director compensation in 2024, no further changes were recommended. As a result, the Non-Employee Director Compensation Policy summarized below provided the following compensation package for our non-employee directors in 2025.

  20. Director Compensation Table

    Director Compensation Table The following table sets forth certain summary information for 2025 with respect to the compensation of our non-employee directors. Mr. Kothandaraman, as an employee and executive officer, did not receive any additional compensation for serving on the Board.

  21. Director Compensation Table

    | Name | Fees Earned or Paid in Cash ($) | Stock Awards(1) ($) | Total ($) | | Steven J. Gomo | 105,000 | 269,974 | 374,974 | | Benjamin Kortlang | 85,000 | 249,990 | 334,990 | | Richard Mora | 85,000 | 249,990 | 334,990 | | Thurman John Rodgers | 85,000 | 249,990 | 334,990 | | Jamie Haenggi | 65,000 | 249,990 | 314,990 | | Joseph Malchow(2) | 64,694 | 249,990 | 314,684 |

  22. Director Compensation Table

    ________ 1The amounts reported in this column do not reflect dollar amounts actually received by our non-employee directors. Instead, these amounts represent the aggregate grant date fair value of RSU awards granted in the fiscal year ended December 31, 2025 calculated in accordance with Financial Accounting Standards Board ASC Topic 718 (“ASC 718”), disregarding the estimate for forfeitures. For a discussion of the valuation methodology used, see Note 15, “Stock-Based Compensation” of the notes to consolidated financial statements included in Item 8 of the Annual Report on Form 10‑K. 2Mr. Malchow was appointed to the Nominating and Governance Committee on January 23, 2025 and received a pro rata fee for his service in the first quarter of 2025.

  23. Director Outstanding Equity Awards at December 31, 2025

    Director Outstanding Equity Awards at December 31, 2025 The following table presents the outstanding equity awards held by each of our non-employee Board members as of December 31, 2025.

  24. Director Outstanding Equity Awards at December 31, 2025

    | | Option Awards | | Stock Awards | | Name | Number of Securities Underlying Unexercised Options Exercisable (#) | Number of Securities Underlying Unexercised Options Not Exercisable (#) | Number of Shares of Stock or Units That Have Not Vested (#) | | Steven J. Gomo | — | — | 2,797 | | Benjamin Kortlang | 2,475 | — | 2,590 | | Richard Mora | — | — | 2,590 | | Thurman John Rodgers | — | — | 2,590 | | Jamie Haenggi | — | — | 2,590 | | Joseph Malchow | — | — | 2,590 |

  25. 2025 Executive Compensation Highlights

    2025 Executive Compensation Highlights In 2025, we continued to execute on our redesigned executive compensation program, meeting the commitments we made to our stockholders in the prior years. We feel strongly that our current executive compensation program is designed properly for the long-term success of the company. Our executive compensation program reflects recognized best practices and principles that align the compensation of our NEOs with the long-term interests of our stockholders and are supported by market practices. In designing our compensation program, the Compensation Committee sought to balance retention and results-oriented objectives by incorporating a mix of performance-based vesting equity and time-based vesting equity, based on a balanced scorecard, which we believe when achieved will lead to our success over the long term. The important features of our executive compensation program for 2025 included the following: •A substantial portion of executive pay was tied to performance. We structured a significant portion of our NEOs’ compensation to be variable (at risk) based upon the achievement of forward-looking, rigorous performance metrics and targets. For 2025, 68% of our CEO’s total target compensation and 67% of our CFO’s total target compensation was at risk. The charts above reflect 2025 annual base salaries, 2025 quarterly performance cash bonuses (at risk), time-based RSUs and PSUs (at risk), as reported in the Summary Compensation Table. The charts do not include “All Other Compensation,” as reported in the Summary Compensation Table, because such amounts were less than 1% for each NEO’s aggregate compensation for 2025. •67% of the equity awards were performance-based awards, of which 34% of the aggregate value was tied to a three-year TSR PSU award and 33% to a one-year CEO SMART Goal PSU award. Consistent with 2024, in 2025, we awarded equity in the form of time-based RSUs and PSUs under our Performance Shares Program (“PSP”) for 2025 (the “2025 PSP”), with each NEO receiving 67% of the aggregate target value of their equity awards in the form of PSUs and 33% of the aggregate target value in the form of time-based RSUs. 34% of the PSU opportunity was comprised of a three-year PSU award that vests based on our TSR relative to the TSR of other companies in the S&P 500 measured over the three fiscal year period from the start of 2025 through the end of 2027 (“Relative TSR”). The balance of the PSU opportunity under the 2025 PSP consisted of a PSU award that vests based upon the level of achievement of our Annual CEO SMART Goals (as defined below). Equity awards were an integral part of our executive compensation program in 2025, and along with the rigorous goals set in our annual cash bonus program, comprised the most substantial and primary “at-risk” portion of our NEOs’ compensation package. •CEO total target compensation decreased for the second year in a row. In 2025, our CEO’s total target compensation was approximately 24% and 51% less than his total target compensation in 2024 and 2023, respectively. Our CEO’s base salary and bonus target remained flat and the overall value of the equity awarded to him under the 2025 PSP was reduced as compared to the 2024 PSP. •Cash bonuses were dependent on meeting rigorous corporate objectives. Our quarterly performance-based bonus opportunities for all of our NEOs were dependent upon the achievement of quarterly corporate objectives and the performance of NEOs in meeting their own individual objectives, which were set to be aggressive and achievable, but only with significant effort. In 2025, under the 2025 Bonus Program, our CEO received aggregate payouts equal to 68% of his target annual payout, and our CFO received an aggregate payout of 74% of her target annual payout, as further detailed below under “2025 Executive Compensation Program - Short-Term Incentive Compensation.”

  26. CEO Pay-for-Performance Alignment

    CEO Pay-for-Performance Alignment 68% of our CEO’s total target compensation was at risk in 2025. As discussed below, in 2025, we fell short with respect to a number of our goals under our 2025 Bonus Program, which resulted in below-target aggregate bonus payouts for our NEOs, but solid performance against our Annual CEO SMART Goals (as defined below) resulted in the vesting of our Annual CEO SMART Goal PSUs at 100% of target. The PSU award for Relative TSR granted that was granted under the 2025 PSP was not eligible to vest, if at all, based on performance until early 2028. Our CEO’s realizable pay at fiscal year end as a percentage of total target compensation, was approximately 34% in 2025. In the table below, ‘target compensation’ reflects the values reported in the Summary Compensation Table below, while ‘realizable value’ reflects the actual amount earned under the 2025 Bonus Program, changes in the value of equity awards, and achievement of goals for PSUs, including the status of the three-year Relative TSR PSUs granted in 2023 as of the end of fiscal year 2025.

  27. Summary of 2025 CEO Compensation (Target v Realizable)

    | Element of Compensation | Target Compensation ($) | Realizable Value ($) | | Total | 9,744,624 | 3,295,112 | | 2025 Bonus Program (cash bonus) | 450,000 | 306,752 | | Time-based RSUs | 2,591,820 | 1,269,180(1) | | Annual CEO SMART Goal PSUs (performance-based) | 2,591,820 | 1,269,180(2) | | 2023-2025 Relative TSR PSUs (performance based) | 3,660,984 | 0(3) | | Base Salary | 450,000 | 450,000 |

  28. Summary of 2025 CEO Compensation (Target v Realizable)

    ________ 1The dollar amount represents the market value of the shares underlying the RSUs based on the closing price of our common stock of $32.05 on December 31, 2025, the last trading day in 2025. 2Based on the achievement of the performance criteria related to the performance of the Annual CEO SMART Goals (as defined below) during 2025, these PSUs vested at 100% of target. The dollar amount represents the market value of the shares underlying these vested PSUs based on the closing price of our common stock of $32.05 on December 31, 2025, the last trading day in 2025. 3Represents the realizable value of the Relative TSR PSUs granted in January 2023, subject to vesting based on Relative TSR over the performance period that began on January 1, 2023 and ended on December 31, 2025. Actual performance fell short of the threshold Relative TSR performance goal and therefore, the PSUs were forfeited. The assessment of the performance-based aspects of our 2025 executive compensation program is described in more detail below.

  29. Compensation Philosophy and Objectives

    | Element of compensation | Objectives | Key features | | Base Salary (fixed cash) | Provides financial stability and security through a fixed amount of cash to attract and retain executives. | Fixed compensation that is periodically reviewed and adjusted based on a number of factors, including individual performance, our overall company performance and market data. | | Short-Term Incentive Compensation (Quarterly Performance Cash Bonus; at-risk cash) | Motivates and rewards through quarterly payments for attaining key corporate and individual performance goals linked to our key business objectives. | Target bonus amounts, calculated as a percentage of base salary, that are periodically reviewed and determined based upon competitive bonus opportunities in our market. The cash bonus is awarded on a quarterly basis to incentivize and reward quarterly results that help achieve our long-term strategic goals. Bonus awards are dependent upon three components: (i) company performance factor, (ii) funding factor, and (iii) individual performance factor. The Compensation Committee determines the bonus amount achieved each quarter as further described below. | | Equity-Based Incentive Compensation (67% PSUs and 33% RSUs; at-risk equity) | Motivates and rewards for our longer-term performance; aligns executives’ interests with stockholder interests in creating long-term value; and attracts and retains highly qualified executives. | Variable equity-based compensation, including: (i) PSU awards tied to a three-year relative TSR metric (as described below) (34%), (ii) PSU awards that vest based on achievement of specified corporate goals measured over a one-year period (33%), and (iii) time-based RSU awards that vest over three years based on continuous service (33%). |

  30. Compensation Program Governance

    | What we do | What we do not do | | Pay for Performance philosophy with a majority of annual compensation at risk | No excise tax or other tax gross ups upon a change in control | | Stock Ownership Guidelines with rigorous share ownership requirements | No perquisites or executive fringe benefits | | Double-trigger equity acceleration in connection with a change in control, requiring both a change in control and qualifying termination | No fixed term or evergreen employment agreements | | Independent executive compensation consultant retained | No guaranteed bonuses | | Annual assessment of risk and mitigation practices | | | Regular review of share utilization, dilution and cost | | | Robust engagement with stockholders on compensation and corporate governance | | | Maintain a clawback policy | |

  31. The Role of the Compensation Committee and the Board

    The Role of the Compensation Committee and the Board The Compensation Committee is appointed by the Board to assist with the Board’s oversight of our compensation policies, plans and programs, administration of our equity plans and its responsibilities related to the compensation of our NEOs, directors and senior management, as appropriate. The Compensation Committee meets periodically throughout the year to manage and evaluate our executive compensation program and generally determines on an annual basis the principal components of compensation (base salary, quarterly performance cash bonuses and equity awards) for our NEOs, and the Compensation Committee also approves cash bonus payments on a quarterly basis based on the quarterly performance of our NEOs and of our company. The Compensation Committee may form and delegate authority to subcommittees as appropriate. However, the Compensation Committee does not delegate authority to approve NEO compensation. The Compensation Committee does not maintain a formal policy regarding the timing of granting equity awards to our NEOs, but typically does so during the beginning of each year.

  32. The Role of the Compensation Consultant

    The Role of the Compensation Consultant The Compensation Committee has the sole authority to retain compensation consultants to assist in its evaluation of executive compensation, including the authority to approve the consultant’s reasonable fees and other retention terms. The Compensation Committee retained Compensia as its compensation consultant. Compensia was engaged to support a review of our approach to executive compensation with a focus on finalizing a methodology that would be responsive to investor input, be aligned with our internal culture and compensation objectives, and be competitive with practices among comparable companies. The Compensation Committee engages with Compensia periodically to provide input every other year as it did with the redesign of the executive compensation program in for 2023 and more recently for an evaluation of our 2025 executive compensation program. The Compensation Committee assessed the independence of Compensia pursuant to SEC rules and concluded that no conflict of interest existed that would have prevented Compensia from serving as an independent consultant to the Compensation Committee.

  33. Use of Competitive Market Compensation Data

    Use of Competitive Market Compensation Data We strive to attract and retain the most highly qualified employees and NEOs in an extremely competitive market. Accordingly, the Compensation Committee believes it is important when making its compensation decisions to be informed as to the competitive market for executive talent, including the current practices of comparable public companies with which we compete for such talent. The Compensation Committee regularly reviews our peer group to determine if adjustments are necessary to ensure that the data derived from the group continues to represent current market practices. From time to time, the Compensation Committee will revise the peer group when it determines that additional or different peer companies or groups are necessary to provide appropriate information on market practices and compensation levels. For 2025, the Compensation Committee made changes to the peer group, which resulted in the following list of peer companies:

  34. Use of Competitive Market Compensation Data

    | Bloom Energy Corporation(1) | Nextpower Inc.(1)(3) | SolarEdge Technologies, Inc. | | Entegris, Inc.(1) | Qorvo, Inc. | Sunrun, Inc. | | Everpure, Inc.(1)(2) | Resideo Technologies, Inc. | Teradyne, Inc. | | First Solar, Inc. | Rivian Automotive, Inc.(1) | Wolfspeed, Inc. | | Generac Holdings, Inc. | Skyworks Solutions, Inc.(1) | Zebra Technologies Corporation(1) | | Monolithic Power Systems, Inc. | | |

  35. Use of Competitive Market Compensation Data

    ________ 1New companies added for 2025. Removed the following companies from the 2024 peer group: ADT, Inc.; Alarm.com Holdings, Inc.; Sunnova Energy International; and SunPower Inc. 2Formerly known as Pure Storage, Inc. 3Formerly known as Nextracker Inc. The criteria for the peer group focused on US-based publicly traded semiconductor, technology hardware, electrical component, renewable energy, advanced materials, and solar and home management companies, with a market capitalization between $3.9 billion and $61.7 billion, and revenues of $450.0 million to $5.7 billion. The Compensation Committee believes that the resulting peer group companies represented our talent labor market for key leadership positions. The Compensation Committee did not “benchmark” against a specific percentile of the compensation data derived from our 2025 peer group in setting the compensation of any of our NEOs. Rather, in making executive compensation decisions, the Compensation Committee reviewed compensation data from the 2025 peer group companies (referred to as the market data) as reference points (generally at the 25th, 50th and 75th percentiles of the market data). The Compensation Committee’s general aim was for total executive compensation to remain competitive with the market, with individual amounts varying as appropriate based on corporate and individual executive performance, and other factors that were deemed appropriate for consideration. Given that we continue to evolve and grow, the Compensation Committee has not developed a specific market positioning that it consistently aims for in setting compensation levels. Instead, the Compensation Committee determines each element of compensation, and total target cash and equity compensation, for each NEO based on various facts and circumstances appropriate for our company in any given year. Competitive market positioning is only one of several factors, as described above under “Factors Used in Determining Executive Compensation,” that the Compensation Committee considers in making compensation decisions, so individual NEO compensation may therefore fall at varying levels as compared to market data.

  36. Base Salary

    Base Salary The Compensation Committee generally reviews our NEOs’ base salaries on an annual basis. As shown in the chart below, the annual base salaries of our NEOs remained unchanged in 2025, as compared with 2024 levels, because the Compensation Committee determined that each NEO’s total compensation – comprised of salary, bonus and equity awards – remained competitive based on market data. The Compensation Committee believed it was more important to tie a greater percentage of each NEO’s total compensation to rewarding performance, whether through cash bonus payments or performance-based equity awards that can be earned based on Relative TSR and the achievement of SMART Goals, as further described below.

  37. Performance Metrics — SMART Goals

    Performance Metrics — SMART Goals SMART goals are a core component of both our 2025 Bonus Program and our 2025 PSP. “SMART” goals are targets that are: specific, measurable, achievable, relevant and time based. At the beginning of each year, the Board approves the annual CEO goals (the “Annual CEO SMART Goals”) and the quarterly CEO goals (the “Quarterly CEO SMART Goals”), all of which are forward looking. The 2025 Annual CEO SMART Goals and the Quarterly CEO SMART Goals (collectively, the “CEO Goals”) were designed to be aggressive and rigorous, but attainable with significant skill and effort. When the CEO Goals were defined in early January 2025, the Compensation Committee and the Board believed that the CEO Goals were rigorous and substantially uncertain to be achieved. The CEO Goals reflected a balanced scorecard covering ten categories important for both the short- and long-term growth of Enphase:

  38. Performance Metrics — SMART Goals

    | Category | Rationale | | Revenue growth | Focused management on pursuing strategies that promote sustainable, long-term growth; provided clear and measurable targets important to stockholders | | Profit before taxes | Focused management on operational efficiency that could promote sustainable growth, and encouraged cost management | | New products | Ensured that the company remains competitive, which could lead to revenue and profit growth | | Innovation | Ensured that the company remains competitive and drove management to explore new markets and adapted to changing market conditions | | Operations, IT and Security | Focused management on improving operational performance, aligned with our strategic goals, and provided clear and measurable indicators of performance | | Quality | Focused management on its core principles of customer first, producing high-quality products, and providing products and services that were essential for commercial success | | Ease of doing business | Focused management on creating a more favorable business environment for our customers, enhancing our competitiveness | | Human resources | Focused management on creating a healthy and positive work environment | | Marketing | Incentivized management to develop successful marketing strategies to drive revenue generation | | Sustainability | Aligned with our corporate mission to provide a sustainable future for all |

  39. Performance Metrics — SMART Goals

    The Compensation Committee believes that the foregoing categories offered the appropriate mix of financial and corporate objectives to best enable our success and growth. Each of the Annual CEO SMART Goals (which served as one of the components in determining the PSU payout under the 2025 PSP) and each of the Quarterly CEO SMART Goals (which served as one of the factors in determining the payout under the 2025 Bonus Program) used the concept of the balanced scorecard to design their respective goals, as further described below.

  40. Short-Term Incentive Compensation

    Short-Term Incentive Compensation

  41. The 2025 Quarterly Performance Cash Bonus Program

    The 2025 Quarterly Performance Cash Bonus Program Each of our NEOs was eligible for quarterly performance bonuses under the 2025 Bonus Program. The 2025 Bonus Program represented approximately three percent of our CEO’s total target compensation. The 2025 Bonus Program was based on Quarterly CEO SMART Goals that were measured and paid quarterly, based upon Company and individual performance to better incentivize executives to achieve real-time goals. The Quarterly CEO SMART Goals were designed to drive revenue and gross margin growth and profitability, encourage accountability, drive execution of short-term priorities tied to long-term strategy and annual operating plan objectives, and to recognize and reward our NEOs based upon their achievement of certain individual objectives during a quarter. All such goals were forward looking and set at the beginning of each quarter. The Compensation Committee approved target bonus percentages for each NEO under the 2025 Bonus Program, which were unchanged from the 2024 calendar year (the “Bonus Percentage”). Such Bonus Percentages were consistent with our philosophy that a significant portion of each executive’s total target compensation should be tied to performance, and they reflected the Compensation Committee’s review of internal pay equity. The respective target bonus percentages for our NEOs were set as follows:

  42. The 2025 Quarterly Performance Cash Bonus Program

    | Named Executive Officer | Bonus Target (% of base salary)(1) | | Badrinarayanan Kothandaraman | 100 | | Mandy Yang | 75 |

  43. The 2025 Quarterly Performance Cash Bonus Program

    ________ 1Target amounts are payable on the quarterly base salary and based on the performance of the quarterly goals. The Compensation Committee retained final discretion over and approved all payments, if any, under the 2025 Bonus Program. The Compensation Committee could, in its discretion, award all or a portion of earned 2025 bonuses to the NEOs and other employees in the form of fully vested RSUs. No bonuses were paid in the form of fully vested RSUs under the 2025 Bonus Program.

  44. 2025 Performance Cash Bonus — Actual Achievement by our NEOs

    2025 Performance Cash Bonus — Actual Achievement by our NEOs

  45. Actual 2025 Quarterly Performance Cash Bonuses Earned

    Actual 2025 Quarterly Performance Cash Bonuses Earned The Compensation Committee retained final discretion over and approved all quarterly bonus payments under the 2025 Bonus Program. As described above, the formula works as follows: Actual Bonus = Quarterly Bonus Eligible at Target x Company Performance Factor x Funding Factor x Individual Performance Factor Below are the calculations for the quarterly cash bonus of the CEO in each quarter of 2025:

  46. CEO Performance Cash Bonus

    CEO Performance Cash Bonus

  47. CEO Performance Cash Bonus

    | Performance Cash Bonus Factors | Q1 | Q2 | Q3 | Q4 | | Quarterly bonus eligible at target ($) | 112,500 | 112,500 | 112,500 | 112,500 | | Company Performance Factor | 1.0 | 1.0 | 1.0 | 0.5 | | Funding Factor | 0.92 | 0.82 | 1.04 | 0.69 | | Individual Performance Factor | 0.9170 | 0.8650 | 0.9100 | 0.6650 | | Actual Bonus ($) | 94,910 | 79,796 | 106,236 | 25,810 |

  48. CEO Performance Cash Bonus

    Based on our quarterly achievement during 2025 and the individual performance of our NEOs each quarter, the Compensation Committee awarded our NEOs the quarterly bonuses shown in the chart below:

  49. CEO Performance Cash Bonus

    | Named Executive Officer | 2025 Target Annual Bonus ($) | Q1 Actual Bonus ($) | Q2 Actual Bonus ($) | Q3 Actual Bonus ($) | Q4 Actual Bonus ($) | Aggregate 2025 Bonus ($) | Aggregate Bonus as % of Target | | Badrinarayanan Kothandaraman | 450,000 | 94,910 | 79,796 | 106,236 | 25,810 | 306,752 | 68.2 | | Mandy Yang | 275,625 | 63,077 | 51,723 | 75,317 | 15,043 | 205,160 | 74.4 |

  50. Equity-Based Incentive Compensation

    Equity-Based Incentive Compensation The Compensation Committee awarded equity in 2025 in the form of time-based RSUs and PSUs under the 2025 PSP to reward top talent for performance and to incentivize retention. The Compensation Committee determined an aggregate target award size for the equity incentive award for each NEO in 2025 based on our internal equity budget for all grants in 2025, internal pay equity, and for our CFO, the recommendations of the CEO. In 2025, for the second year in a row, the Compensation Committee decreased the target value of annual equity awards for our CEO. The Compensation Committee took into account how the business performed in 2024 and the outlook for the business in 2025 in determining the appropriate amount to award the CEO and CFO. The 2025 PSP was designed to encourage our executive staff and other selected top talent, including our NEOs, to focus on initiatives that promoted the achievement of specific, forward-looking, annual goals that were critical in laying the foundation for our success over the longer term. Consistent with 2023 and 2024, in 2025, the Compensation Committee also granted a PSU award that could be earned based on the achievement of relative TSR performance goals over a three-year performance period. The Compensation Committee allocated the equity award value under the 2025 PSP to each award type, as follows: •34% in the form of PSUs that vest based on the level of achievement of the TSR of Enphase relative to the TSR performance of the S&P 500 over a three-year period; •33% in the form of PSUs that vest based on the level of achievement of the Annual CEO SMART Goals; and •33% in the form of time-based RSUs subject to a three-year vesting schedule.

  51. Time-Based RSUs Granted in 2025

    Time-Based RSUs Granted in 2025 As described above, in January 2025, the Compensation Committee approved the grants of the following RSUs to the NEOs, which were eligible to vest based on continuous service over three years, with 1/3rd vesting on each of March 1, 2026, 2027 and 2028 as follows:

  52. Time-Based RSUs Granted in 2025

    | Named Executive Officer | Date of Grant | Number of Shares Underlying Time-Based RSUs | | Badrinarayanan Kothandaraman | 1/14/2025 | 39,600 | | Mandy Yang | 1/14/2025 | 21,120 |

  53. PSUs Tied to 2025 Annual CEO SMART Goals

    PSUs Tied to 2025 Annual CEO SMART Goals PSUs based upon the achievement of Annual CEO SMART Goals were eligible to vest on March 1, 2026, measured over the period starting January 1, 2025 and ending December 31, 2025, subject to continuous service through March 1, 2026, as follows: •0% vested if the goals score, including stretch goals, was less than 65; •50% vested if the goals score, including stretch goals, was at least 65 but less than 80; •100% vested if the goals score, including stretch goals, was at least 80 but less than 100; and •150% vested if the goals score, including stretch goals, was 100 or more. The table below summarizes the Annual CEO SMART Goal PSUs that each NEO could earn for 2025 (assuming target and maximum performance) and the number of PSUs ultimately earned. As described in more detail below under “2025 Annual CEO SMART Goals Results,” on January 22, 2026, based on actual performance against the 2025 Annual CEO SMART Goals, the Compensation Committee determined that the PSUs would be eligible to vest on March 1, 2026 at 100% of target.

  54. PSUs Tied to 2025 Annual CEO SMART Goals

    | Named Executive Officer | Date of Grant | Number of Shares Underlying PSUs (Initially granted at Target) | Number of Shares Underlying PSUs (at Maximum) | Number of Shares Underlying PSUs Earned Based on Actual Performance | | Badrinarayanan Kothandaraman | 1/14/2025 | 39,600 | 59,400 | 39,600 | | Mandy Yang | 1/14/2025 | 21,120 | 31,680 | 21,120 |

  55. 2025-2027 Relative TSR PSUs

    2025-2027 Relative TSR PSUs The Compensation Committee believes that a three-year Relative TSR award is an objective and meaningful metric to evaluate our performance against the performance of other companies in the S&P 500 and aligns the interests of our NEOs with the interests of our stockholders in creating long-term value. The three-year Relative TSR award is a substantial, at-risk component of our NEOs’ compensation tied to our long-term performance. The number of PSUs that vest, if any, depends entirely on Relative TSR for the applicable performance period. To earn the target number of PSUs, we must achieve above-median performance at the 55th percentile of the S&P 500. We measure Relative TSR for the applicable performance period based on the change in each company’s stock price during the applicable performance period, taking into account any dividends paid during that period, which are assumed to be reinvested in the stock. We use a 10-trading-day averaging period to determine the beginning and ending stock price to calculate our TSR and that of each company in the S&P 500. This averaging period mitigates the impact of one-day or short-term stock price fluctuations at the beginning or end of the performance period on the long-term Relative TSR results. For each company, the change in stock price from the beginning to the end of the performance period is divided by the beginning stock price to determine TSR. The 2025 TSR award is eligible to vest on March 1, 2028, subject to the outcome of Relative TSR performance during the period starting January 1, 2025 and ending December 31, 2027. Subject to the terms of the applicable award agreements, between zero and 200% of the target number of the TSR award will vest, depending on our Relative TSR percentile ranking for the performance period and provided the NEO remains in continuous service through that date, as follows:

  56. 2025-2027 Relative TSR PSUs

    | Relative TSR Percentile v. S&P 500 Companies | TSR PSUs Vesting as a Percentage of Target | | 85th Percentile or above | 200% | | 55th Percentile | 100% | | Below the 25th Percentile | —% |

  57. 2025-2027 Relative TSR PSUs

    If our TSR for the performance period is negative, the number of PSUs that vest will be capped at 100% of the target regardless of our percentile ranking. If our Relative TSR percentile ranking is above the 25th percentile and between the other levels shown in the table above, the portion of the PSUs that vest will be linearly interpolated between the two nearest vesting percentages. The table below summarizes the Relative TSR PSUs awarded to each NEO in 2025 (assuming target and maximum performance).

  58. 2025-2027 Relative TSR PSUs

    | Named Executive Officer | Date of Grant | Number of Shares Underlying PSUs (Initially granted at Target) | Number of Shares Underlying PSUs (at Maximum) | | Badrinarayanan Kothandaraman | 1/14/2025 | 40,800 | 81,600 | | Mandy Yang | 1/14/2025 | 21,760 | 43,520 |

  59. Forfeiture of 2023-2025 Relative TSR PSUs

    Forfeiture of 2023-2025 Relative TSR PSUs In 2023, each of our NEOs received a PSU award that was eligible to vest on March 1, 2026, based on our Relative TSR percentile at the end of the three-year performance period beginning on January 1, 2023 and ending on December 31, 2025. As described above with respect to the Relative TSR PSUs granted in 2025, between 0% (for performance below the 25th percentile as compared to companies in the S&P 500) and 200% (for performance at or above the 85th percentile as compared to the companies in the S&P 500) of the target number of PSUs set forth in the table below could be earned based on actual performance, subject also to the NEO’s continuous service with us through the vesting date. However, based on actual Relative TSR below the threshold level of performance for the performance period, at the lowest percentile as compared to companies in the S&P 500, the 2023-2025 Relative TSR PSUs were forfeited in their entirety.

  60. Forfeiture of 2023-2025 Relative TSR PSUs

    | Named Executive Officer | Number of Shares Eligible to Vest for Relative TSR Award (at Target) | Number of Shares Paid out for Relative TSR Award | | Badrinarayanan Kothandaraman | 27,200 | — | | Mandy Yang | 8,840 | — |

  61. Employment Offer Letters and Severance and Change in Control Benefits

    Employment Offer Letters and Severance and Change in Control Benefits We have entered into offer letter agreements with each of our NEOs upon their initial commencement of employment with us. Each of our NEOs is employed at will and may be terminated at any time for any reason. Each of our NEOs is a participant in our Severance and Change in Control Benefit Plan (the “Severance Plan”), under which our NEOs are eligible to receive severance payments and benefits upon a termination of employment without “cause” or the resignation by a participant for “good reason” or upon such a termination in connection a change in control transaction. The adoption of the Severance Plan reflects our desire to have a consistent set of benefits across the executive team. The Compensation Committee considers these severance benefits critical to attracting and retaining high-caliber executives. Additionally, the Compensation Committee believes that additional change-in-control severance benefits minimize the distractions to an executive in connection with a corporate transaction and reduce the risk that an NEO departs our Company before a transaction is completed. We believe that the Severance Plan allows our NEOs to focus on continuing normal business operations and, in the case of change-in-control benefits, on the success of a potential business combination, rather than worry about how business decisions that may be in our best interest will impact their own financial security. The Compensation Committee periodically reviews the severance and change in control payments and benefits that we provide, including by reference to market data as appropriate, to ensure they remain appropriately structured and at reasonable levels. A more detailed description of the employment offer letters, the Severance Plan and each of our NEO’s payment and benefit levels thereunder and other severance and change in control payments and benefits is provided below under the section titled “Employment Contracts and Termination of Employment and Change of Control Arrangements.”

  62. Equity Awards and Grant Administration

    Equity Awards and Grant Administration The Board has designated the Compensation Committee as the administrator of our 2021 Equity Incentive Plan (the “2021 Plan”). The Compensation Committee, among other things, selects award recipients under the 2021 Plan, approves the form of grant agreements, determines the terms and restrictions applicable to the equity awards and adopts sub-plans for particular locations, if and as required. In accordance with the 2021 Plan, the Compensation Committee has delegated to our CEO the authority to approve a capped number of routine equity grants to new hires and consultants. Equity awards approved by the CEO are granted on or about the 15th (or first trading day thereafter) of each month. In addition, the Compensation Committee may consider additional grants to key employees for retention purposes on an ad hoc basis. Because we believe equity awards are an important part of our compensation program, we also grant equity awards on an annual basis to eligible employees, including our NEOs. The Compensation Committee generally approves these annual equity grants in the first quarter of each year for the NEOs and certain other key employees (through the PSP or other equivalent program), and in the third quarter of each year for all other eligible employees. Employees, including NEOs, in the PSP do not receive additional equity grants in the third quarter. We do not grant stock options, stock appreciation rights, or similar instruments with option-like features and have no policies or practices to disclose pursuant to Item 402(x)(1) of Regulation S-K. We do not take material nonpublic information into account when determining the timing and terms of equity awards, and do not time the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation. We have not granted stock options, stock appreciation rights or similar instruments with option-like features in many years. We did not make any awards of stock options, stock appreciation rights or similar instruments with option-like features in 2025.

  63. Analysis of Risks Presented by Our Compensation Policies and Programs

    Analysis of Risks Presented by Our Compensation Policies and Programs The Compensation Committee has reviewed our compensation policies and practices to assess whether they encourage employees to take inappropriate risks. After reviewing and assessing our compensation philosophy, terms and practices, including the mix of fixed and variable, short- and long-term incentives and overall pay, incentive plan structures, and the checks and balances built into, and oversight of, each plan and practice, the Compensation Committee determined that any risks arising from our compensation policies and practices for our employees are not reasonably likely to have a material adverse effect on our Company as a whole. The Compensation Committee believes that the mix and design of the elements of executive compensation do not encourage management to assume excessive risks; rather, it believes the mix of short-term compensation (in the form of salary and quarterly bonuses, if any, which are based on a variety of performance factors) and long-term compensation (in the form of PSU and time-based RSU grants) prevents undue focus on short-term results and helps align the interests of our NEOs with the interests of our stockholders. In addition, our insider trading policy and prohibition against hedging and pledging of our stock protects against short-term decision making by our NEOs, directors and others identified as covered insiders under our insider trading policy. The Compensation Committee intends to conduct an annual review of our compensation-related risk profile to ensure that our compensation programs do not encourage excessive or inappropriate risk-taking and that the level of risk that they do encourage is not reasonably likely to have a material adverse effect on us.

  64. Summary Compensation Table

    Summary Compensation Table The following table and footnotes show information regarding the total compensation of each NEO for 2025, 2024 and 2023.

  65. Summary Compensation Table

    | Name and Principal Position | Year | Salary ($) | Bonus ($) | Stock Awards ($)(1) | Non-Equity Incentive Plan Compensation ($) | All Other Compensation ($)(2) | Total ($) | | Badrinarayanan Kothandaraman President and CEO | 2025 | 450,000 | — | 8,844,624 | 306,752 | 582 | 9,601,958 | | | 2024 | 450,000 | — | 12,156,580 | 22,843 | 582 | 12,630,005 | | | 2023 | 450,000 | — | 18,804,672 | 270,750 | 2,112 | 19,527,534 | | Mandy Yang EVP and CFO | 2025 | 367,500 | — | 4,717,133 | 205,160 | 3,582 | 5,293,375 | | | 2024 | 367,500 | — | 6,321,421 | 16,128 | 3,582 | 6,708,631 | | | 2023 | 363,125 | — | 6,111,519 | 16,128 | 4,920 | 6,495,692 |

  66. Summary Compensation Table

    ________ 1The dollar amounts in this column represent the aggregate grant date fair value of time-based RSU awards and PSU awards granted for the years indicated calculated in accordance with ASC 718, disregarding the estimate for forfeitures. For a discussion of the valuation methodology used, see Note 15, “Stock-Based Compensation” of the notes to consolidated financial statements included in Item 8 of the Annual Report on Form 10‑K. Assuming that maximum performance is achieved, the value of the PSU awards subject to 2025 Annual CEO SMART Goals at the date of grant would have been as follows: Mr. Kothandaraman - $3,887,730; and Ms. Yang- $2,073,456. With respect to the 2025 Annual CEO SMART Goal PSUs, grant date fair values, as computed in accordance with ASC 718 and presented in the table above and below under “2025 Grants of Plan Based Awards” are based upon the then probable outcome of the performance condition. The amounts reported in this column do not necessarily correspond to the actual value that may be realized from the awards by the NEOs. 2The amounts in this column for 2025, consist of $3,000 in matching 401(k) contributions for our CFO (and not for Mr. Kothandaraman, who did not participate in the 401(k) plan), and group term life insurance payments for each NEO as follows: Mr. Kothandaraman - $582; and Ms. Yang - $582.

  67. Grants of Plan-Based Awards - 2025

    Grants of Plan-Based Awards - 2025 The following table shows information regarding the incentive awards granted to our NEOs for 2025.

  68. Grants of Plan-Based Awards - 2025

    | | | Estimated Possible Payouts Under Non-Equity Incentive Plan Awards(1) | | Estimated Possible Payouts Under Equity Incentive Plan Awards(2) | | | All Other Stock Awards: Number of Shares of Stock or Units (#) | Grant Date Fair Value of Stock Awards ($)(3) | | Named Executive Officer | Grant Date | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#) | | | | Badrinarayanan Kothandaraman | 1/14/2025 | — | — | — | — | — | 39,600(4) | 2,591,820 | | | 1/14/2025 | — | — | 19,800 | 39,600 | 59,400 | —(5) | 2,591,820 | | | 1/14/2025 | — | — | — | 40,800 | 81,600 | —(6) | 3,660,984 | | | | 450,000 | 810,000 | — | — | — | — | — | | Mandy Yang | 1/14/2025 | — | — | — | — | — | 21,120(4) | 1,382,304 | | | 1/14/2025 | — | — | 10,560 | 21,120 | 31,680 | —(5) | 1,382,304 | | | 1/14/2025 | — | — | — | 21,760 | 43,520 | —(6) | 1,952,525 | | | | 275,625 | 496,125 | — | — | — | — | — |

  69. Grants of Plan-Based Awards - 2025

    ________ 1This column sets forth the target and maximum amount of each NEO’s annual performance-based bonus for the fiscal year ended December 31, 2025 under our quarterly cash performance-based bonus plan. Accordingly, the amounts set forth in this column do not represent actual compensation earned by our NEOs for the fiscal year ended December 31, 2025. The performance-based bonus is determined by multiplying the NEO’s base salary by (a) the applicable Bonus Percentage, (b) the Company Performance Factor (0 to 1.0x), (c) the Funding Factor (0 to 1.5x), and (d) the Individual Performance Factor (0 to 1.2x), for an overall maximum payout equal to 1.8 times target. For the actual quarterly performance-based bonuses paid to our NEOs for the fiscal year ended December 31, 2025, please refer to the “Summary Compensation Table” above. For a further discussion of the 2025 Bonus Program, please refer to the section entitled “Compensation Discussion and Analysis - Short-Term Incentive Compensation” above. 2These columns set forth the threshold, target and maximum number of PSUs that could be earned by our NEOs pursuant to awards made under the 2025 PSP, as further described in footnotes 5 and 6 below. For additional details regarding the 2025 PSP, please refer to the section entitled “Compensation Discussion and Analysis - Equity-Based Incentive Compensation.” 3Amounts represent the grant date fair value of each stock award granted in 2025. In accordance with ASC 718, the grant date fair value per share subject to (i) each time-based vesting RSU and the at target number of PSUs that could be earned based on achievement of the 2025 Annual CEO SMART Goals is computed based on the closing price of our common stock as reported on the Nasdaq Global Market ($65.45 as of January 14, 2025 grant date), and (ii) the PSUs that could be earned based on achievement of the relative TSR goals is computed based on the estimated fair value per share using a Monte Carlo simulation ($89.73 as of the January 14, 2025 grant date). See Note 15, “Stock-Based Compensation” of the notes to consolidated financial statements included in Part II, Item 8 of the Annual Report on Form 10-K, regarding assumptions underlying the valuation of stock awards and the calculation method. The grant date fair value computed in accordance with ASC 718 represents the amount we expect to expense for accounting purposes over the award's vesting schedule, and not the actual value that will be realized by the NEOs to the extent the awards vest. In addition to the level of performance achieved, the realized value of the PSUs earned will be determined by the price of our stock on the date any shares are issued at the end of the performance period, which may be more or less than the grant date fair value. 4The shares subject to the RSU award vest over a three-year period, with 1/3rd of the RSUs vesting on each of March 1, 2026, March 1, 2027 and March 1, 2028. 5The shares subject to the PSU award vest upon achievement of the 2025 Annual CEO SMART Goals and were eligible to vest on March 1, 2026. For a further discussion of these PSUs, please refer to the section entitled “Compensation Discussion and Analysis - Equity-Based Incentive Compensation.” Based on the achievement of the performance criteria related to the performance of the 2025 Annual CEO SMART Goals during 2025, 100% of the PSUs at target vested on March 1, 2026. 6The shares subject to the PSU award are eligible to vest on March 1, 2028 depending on the three-year TSR performance of Enphase relative to S&P 500 companies. For a further discussion of these PSUs, please refer to the section entitled “Compensation Discussion and Analysis - Equity-Based Incentive Compensation.”

  70. Outstanding Equity Awards — at December 31, 2025

    Outstanding Equity Awards — at December 31, 2025 The following table shows information regarding the outstanding equity awards held by each of our NEOs as of December 31, 2025.

  71. Outstanding Equity Awards — at December 31, 2025

    | | Stock Awards | | | | | Named Executive Officer | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested(1)(2) ($) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested(1)(2) ($) | | Badrinarayanan Kothandaraman | 8,800(3) | 282,040 | — | — | | | 22,000(4) | 705,100 | — | — | | | 39,600(5) | 1,269,180 | | | | | — | — | 39,600(6) | 1,269,180 | | | — | — | 34,000(7) | 1,089,700 | | | | | 40,800(8) | 1,307,640 | | Mandy Yang | 2,500(9) | 80,125 | — | — | | | 2,860(3) | 91,663 | — | — | | | 11,440(4) | 366,652 | — | — | | | 21,120(5) | 676,896 | | | | | — | — | 21,120(6) | 676,896 | | | — | — | 17,680(7) | 566,644 | | | | | 21,760(8) | 697,408 |

  72. Outstanding Equity Awards — at December 31, 2025

    ________ 1Vesting of each stock award is contingent upon the NEO’s continued service, except as may be accelerated on certain events described below under “Employment Contracts and Termination of Employment and Change of Control Arrangements.” 2The dollar amounts in this column represent the market value of the shares underlying the RSUs is based on the closing price of our common stock of $32.05 on December 31, 2025, the last trading day in 2025. 3The shares subject to the RSU award vest over a three-year period, with 1/3rd of the RSUs vesting on each of March 1, 2024, March 1, 2025 and March 1, 2026. 4The shares subject to the RSU award vest over a three-year period, with 1/3rd of the RSUs vesting on each of March 1, 2025, March 1, 2026 and March 1, 2027. 5The shares subject to the RSU award vest over a three-year period, with 1/3rd of the RSUs vesting on each of March 1, 2026, March 1, 2027 and March 1, 2028. 6The shares subject to the PSU award vest upon achievement of the 2025 Annual CEO SMART Goals and were eligible to vest on March 1, 2026. Further discussion of these PSUs, please refer to the section entitled “Compensation Discussion and Analysis - Equity-Based Incentive Compensation.” Based on the achievement of the performance criteria related to the performance of 2025 Annual CEO SMART Goals during 2025, 100% of the PSUs at target vested on March 1, 2026. 7The shares subject to the PSU award are eligible to vest on March 1, 2027 depending on the 3-year TSR performance of Enphase relative to S&P 500 companies. This number represents the number of shares that can be earned at 100% of target. For a further discussion of these PSUs, please refer to the section entitled “Compensation Discussion and Analysis - Equity-Based Incentive Compensation.” 8The shares subject to the PSU award are eligible to vest on March 1, 2028 depending on the 3-year TSR performance of Enphase relative to S&P 500 companies. This number represents the number of shares that can be earned at 100% of target. For a further discussion of these PSUs, please refer to the section entitled “Compensation Discussion and Analysis - Equity-Based Incentive Compensation.” 9The shares subject to the RSU award vest over a four-year period, with 1/4th of the RSUs vesting on March 10, 2023; and thereafter, 1/16th of the RSU shares vesting quarterly.

  73. Stock Vested — 2025

    Stock Vested — 2025 The following table shows information regarding vesting of stock awards during 2025 of previously granted awards to our NEOs. There has been no exercise of options by our NEOs in 2025.

  74. Stock Vested — 2025

    | | Stock Awards | | | Named Executive Officer | Number of Shares Acquired on Vesting (#)(1) | Value Realized on Vesting ($)(2) | | Badrinarayanan Kothandaraman | 11,000 | 630,630 | | | 16,500 | 945,945 | | | 8,800 | 504,504 | | Mandy Yang | 2,500 | 92,800 | | | 8,580 | 491,891 | | | 5,720 | 327,928 | | | 2,500 | 112,700 | | | 2,500 | 158,300 | | | 2,500 | 81,975 | | | 2,860 | 163,964 |

  75. Stock Vested — 2025

    ________ 1Represents the vesting of RSUs and PSUs. 2The value realized is based on the closing price of our common stock on the vesting date as reported on the Nasdaq Stock Market multiplied by the number of RSUs and PSUs vested.

  76. Calculation of Potential Payments upon Termination or Change in Control

    Calculation of Potential Payments upon Termination or Change in Control The following table presents our estimate of the benefits payable to the named executive officers under the agreements and plans described above in connection with certain terminations of their employment with us and/or a change in control. In calculating the amount of any potential payments to the NEOs, we have assumed the following: •The applicable triggering event (i.e., qualifying termination of employment and/or change in control) occurred on December 31, 2025. •The price per share of our common stock is equal to the Nasdaq Stock Market closing price per share of $32.05 on December 31, 2025. •We do not survive the change in control, and all outstanding incentive awards (and corresponding outstanding dividend equivalents for time-based RSUs and PSUs) are cashed out and terminated in the transaction. •Not included in the table below are payments each NEO earned or accrued prior to termination, such as previously vested equity and non-equity incentive awards, which are more fully described and quantified in the tables and narratives above.

  77. Calculation of Potential Payments upon Termination or Change in Control

    | Named Executive Officer | Compensation Element | Change in Control-With Termination Without Cause or For Good Reason ($)(1) | Involuntary Termination Without Cause or For Good Reason No Change in Control ($)(2) | | Badrinarayanan Kothandaraman | Cash Severance | 900,000 | 900,000 | | | Restricted Stock Unit Acceleration(3) | 2,256,320 | 564,080 | | | Performance Stock Unit Acceleration(4) | 4,538,280 | 1,134,570 | | | Continuation of Benefits(5) | 31,883 | 31,883 | | Mandy Yang | Cash Severance | 482,344 | 321,563 | | | Restricted Stock Unit Acceleration(3) | 1,215,336 | — | | | Performance Stock Unit Acceleration(4) | 2,224,270 | — | | | Continuation of Benefits(5) | 31,883 | 15,942 |

  78. Calculation of Potential Payments upon Termination or Change in Control

    ________ 1The amounts shown represent the estimated value of the severance benefits payable under the Severance Plan (and the estimated value of equity acceleration under our stock incentive plans for awards not covered under the Severance Plan) in the event of a qualifying termination of employment in connection with a change in control, as such benefits are described more fully above. 2The amounts shown represent the estimated value of the severance benefits payable under the Severance Plan in the event of a termination of employment by us without cause or for Good Reason, as such benefits are described more fully above. 3The amounts shown represent the portion of the RSU award that would have accelerated in connection with the termination event and are based on the intrinsic value of that portion as of December 31, 2025. These intrinsic values were calculated by multiplying (i) $32.05, the Nasdaq Stock Market closing price of a share of our common stock on December 31, 2025, by (ii) the number of stock units that would have vested on an accelerated basis on December 31, 2025. 4The amounts shown represent the target number of PSUs that would have accelerated in connection with the termination event and are based on the intrinsic value of those units as of December 31, 2025. These intrinsic values were calculated by multiplying (i) $32.05, the Nasdaq Stock Market closing price of a share of our common stock on December 31, 2025, by (ii) the target number of PSUs that would have vested on an accelerated basis on December 31, 2025. 5For purposes of the calculation for these amounts, expected costs have not been adjusted for any actuarial assumptions related to mortality, likelihood that the executive will find other employment, or discount rates for determining present value.

  79. CEO Pay Ratio

    CEO Pay Ratio We are required to calculate and disclose the annual total compensation paid to our median employee, as well as the ratio of the annual total compensation paid to the median employee as compared to the annual total compensation paid to our CEO (the “CEO Pay Ratio”). To identify our median employee, we calculated the annual target total direct compensation for 2025 of each employee as of December 31, 2025. We identified the median compensated employee among an employee population of approximately 717 U.S. employees and 2,155 international employees. We did not exclude any employees whether pursuant to the de minimis exemption for foreign employees or any other permitted exclusion. For these purposes, annual target total direct compensation included each employee’s (a) base salary or base wages, (b) target cash incentive bonus opportunity and (c) the grant date fair value of equity awards. We selected this “consistently applied compensation measure,” because it reflects our primary compensation elements across our employee population. All amounts were annualized for regular full-time employees who did not work for the entire year of 2025. We did not apply any cost-of-living adjustment as part of the calculation. Further, in identifying the median employee, we converted compensation amounts paid in foreign currencies based on the applicable year-to-date average exchange rate as of December 31, 2025. In accordance with the rules set forth in Item 402(u) of Regulation S-K promulgated under the Exchange Act, we calculated the median employee’s annual total compensation in the same manner as the calculation of the CEO’s annual total compensation in the Summary Compensation Table. Our median employee’s annual total compensation for 2025 was $59,250. Our CEO’s annual total compensation for 2025, as reported in the Summary Compensation Table, was $9,601,958. Therefore, our CEO Pay Ratio for 2025 was approximately 162:1. This information is being provided for compliance purposes and is a reasonable estimate calculated in a manner consistent with SEC rules, based on our internal records and the methodology described above. The SEC rules for identifying the median compensated employee allow companies to adopt a variety of methodologies, to apply certain exclusions and to make reasonable estimates and assumptions that reflect their employee populations and compensation practices. Accordingly, the pay ratio reported by other companies may not be comparable to the pay ratio reported above, as other companies have different employee populations and compensation practices and may use different methodologies, exclusions, estimates and assumptions in calculating their own pay ratios. Neither the Compensation Committee nor management of the company used the CEO Pay Ratio measure in making compensation decisions.

  80. Pay Versus Performance

    Pay Versus Performance As required by Section 953(a) of the Dodd-Frank Act, and Item 402(v) of Regulation S-K, we are providing the following information about the relationship between executive compensation actually paid (or “CAP,” as defined by SEC rules and further described below) and certain Company financial performance metrics.

  81. Pay Versus Performance

    | | | | | | Value of Initial Fixed $100 Investment Based On: | | | | | Year | Summary Compensation Table Total for CEO ($)(1) | Compensation Actually Paid to CEO ($)(2) | Average Summary Compensation Table Total for Non-CEO NEOs ($)(3) | Average Compensation Actually Paid to Non-CEO NEOs ($)(4) | Total Shareholder Return ($)(5) | Peer Group Total Shareholder Return ($)(6) | Net Income ($ in millions)(7) | Net Revenues ($ in millions)(8) | | 2025 | 9,601,958 | (16,391) | 5,293,375 | (23,712) | 18 | 48 | 172.1 | 1,473.0 | | 2024 | 12,630,005 | 3,357,725 | 6,672,535 | 805,193 | 263 | 108 | 102.7 | 1,330.4 | | 2023 | 19,527,534 | 2,544,470 | 8,903,959 | 903,495 | 506 | 173 | 438.9 | 2,290.8 | | 2022 | 16,627,977 | 22,990,176 | 8,146,540 | 9,419,711 | 1,014 | 237 | 397.4 | 2,330.9 | | 2021 | 19,019,162 | 13,787,093 | 9,443,797 | 9,339,538 | 700 | 250 | 145.4 | 1,382.0 |

  82. Pay Versus Performance

    ________ 1The dollar amounts reported in this column are the amounts of total compensation reported for our CEO, Badri Kothandaraman in the Summary Compensation Table for fiscal years 2025, 2024, 2023, 2022 and 2021. Mr. Kothandaraman served as CEO for each of the years presented. 2“Compensation actually paid” to our CEO in each of 2025, 2024, 2023, 2022 and 2021 reflects the respective amounts set forth in this column of the table above, adjusted as set forth in the table below, as determined in accordance with SEC rules. The dollar amounts reflected in the table above do not reflect the actual amount of compensation earned by or paid to our CEO during the applicable year. For information regarding the decisions made by the Compensation Committee regarding the CEO’s compensation for each fiscal year, please see the Compensation Discussion and Analysis section of the proxy statements reporting pay for the fiscal years covered in the table above. 3The dollar amounts reported in this column are the average amounts of total compensation reported for our NEOs as a group, other than our CEO in the Summary Compensation Table for the applicable fiscal years. The names of the NEOs (excluding our CEO) included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2025, Ms. Yang; (ii) for 2024, Ms. Yang and Mr. Ranhoff; (iii) for 2023, Ms. Yang, Mr. Jeff McNeil and Mr. David Ranhoff; and (iv) for 2022, Ms. Yang, Mr. Branderiz, Mr. McNeil and Mr. Ranhoff; and (v) 2021, Mr. Branderiz, Mr. McNeil and Mr. Ranhoff. Because Ms. Yang was our only non-CEO NEO in 2025, the amounts in this column, in this table and in the footnotes to this table that reference our non-CEO NEOs for 2025 do not represent averages. 4Average “compensation actually paid” for our non-CEO NEOs in each of 2025, 2024, 2023, 2022 and 2021 reflects the respective amounts set forth in this column of the table above, adjusted as set forth in the table below, as determined in accordance with SEC rules. The dollar amounts reflected in the table above do not reflect the actual amount of compensation earned by or paid to our non-CEO NEOs during the applicable year. For information regarding the decisions made by the Compensation Committee regarding the non-CEO NEOs’ compensation for each fiscal year, please see the Compensation Discussion and Analysis section of the proxy statements reporting pay for the fiscal years covered in the table above. Equity Valuations: Stock option grant date fair values are calculated based on the Black-Scholes option pricing model as of date of grant. Adjustments have been made using stock option fair values as of each measurement date using the stock price as of the measurement date and updated assumptions (i.e., term, volatility, dividend yield, risk free rates) as of the measurement date. PSU grant date fair values are calculated using the stock price as of date of grant assuming target performance. Adjustments have been made using the performance modifier as of year end and as of the date of vest. Time-based restricted stock unit grant date fair values are calculated using the stock price as of date of grant. Adjustments have been made using the stock price as of year end and as of each date of vest. The valuation assumptions used to calculate fair values did not materially differ from those disclosed as of the grant date of the equity awards. 5For the relevant fiscal year, represents our TSR for the measurement periods ended on December 31 of 2025, 2024, 2023, 2022 and 2021, respectively. An investment of $100 is assumed to have been made in our common stock on December 31, 2020 all dividends were reinvested, and the performance of the investment is tracked through December 31, 2025. The information shown is historical, and stockholder returns over the indicated period should not be considered indicative of future stockholder returns or future performance. 6Represents comparison of cumulative TSR for our common stock and cumulative TSR for the Invesco Solar ETF for the period from December 31, 2020 to December 31, 2025. An investment of $100 is assumed to have been made in our common stock and in each index on December 31, 2020, all dividends were reinvested, and the relative performance of the investments are tracked through December 31, 2025. The information shown is historical and stockholder returns over the indicated period should not be considered indicative of future stockholder returns or future performance. 7The dollar amounts reported represent the amount of net income reflected in our audited financial statements for the applicable year. 8 The dollar amounts reported represent the amount of net revenues reflected in our audited financial statements for the applicable year . To calculate the amounts in the “Compensation Actually Paid to CEO” column in the table above for 2025, the following amounts were deducted from and added to (as applicable) the “Total” compensation of CEO, as reported in the Summary Compensation Table for 2025:

  83. Pay Versus Performance

    | Year | Reported Summary Compensation Table Total for CEO ($) | Reported Value of Equity Awards for CEO ($)(1) | Equity Award Adjustments for CEO ($)(2) | Reported Change in the Actuarial Present Value of Pension Benefits for CEO ($)(3) | Pension Benefit Adjustments for CEO ($)(3) | Compensation Actually Paid to CEO ($) | | 2025 | 9,601,958 | (8,844,624) | (773,725) | — | — | (16,391) |

  84. Pay Versus Performance

    1Represents the grant date fair value of the equity awards to our CEO, as reported in the “Stock Awards” column in the Summary Compensation Table for 2024. 2Represents the year-over-year change in the fair value of equity awards to our CEO, as itemized in the table below. No awards vested in the year they were granted and there is no value to report for dividends or other earnings on stock awards in the applicable year prior to the vesting date that were not otherwise reflected in the fair value of such awards.

  85. Pay Versus Performance

    | Fair Value of Equity Awards for CEO | 2025 ($) | | As of year-end for awards granted during the year | 3,387,816 | | Year-over-year increase (decrease) of unvested awards granted in prior years | (2,577,964) | | Increase (decrease) from prior fiscal year-end for awards that vested during the year | (1,583,577) | | As of the vest date for awards granted during the year that are vested during the year | — | | Total Equity Award Adjustment | $(773,725) |

  86. Pay Versus Performance

    3No pension benefit plans are offered by Enphase. To calculate the amounts in the “Average Compensation Actually Paid to Non-CEO NEOs” column in the table above for 2025, the following amounts were deducted from and added to (as applicable) the average of the “Total” compensation of our non-CEO named executive officers, as reported in the Summary Compensation Table for 2025:

  87. Pay Versus Performance

    | Year | Average Reported Summary Compensation Table Total for Non-CEO NEOs ($) | Average Reported Value of Equity Awards for Non-CEO NEOs ($)(1) | Average Equity Award Adjustments for Non-CEO NEOs ($)(2) | Average Reported Change in the Actuarial Present Value of Pension Benefits for Non-CEO NEOs ($)(3) | Average Pension Benefit Adjustments for Non-CEO NEOs ($)(3) | Average Compensation Actually Paid to Non-CEO NEOs ($) | | 2025 | 5,293,375 | (4,717,133) | (599,954) | — | — | (23,712) |

  88. Pay Versus Performance

    ________ 1Represents the average grant date fair value of the equity awards to our non-CEO NEOs, as reported in the “Stock Awards” column in the Summary Compensation Table for 2025. 2Represents the average year-over-year change in the fair value of equity awards to our non-CEO NEOs, as itemized in the table below. No awards vested in the year they were granted, and there is no value to report for dividends or other earnings on stock awards in the applicable year prior to the vesting date that were not otherwise reflected in the fair value of such awards.

  89. Pay Versus Performance

    | Average Fair Value of Equity Awards for Non-CEO NEOs | 2025 ($) | | As of year-end for awards granted during the year | 1,806,835 | | Year-over-year increase (decrease) of unvested awards granted in prior years | (1,369,259) | | Increase (decrease) from prior fiscal year-end for awards that vested during the year | (1,037,530) | | As of the vest date for awards granted during the year that are vested during the year | — | | Total Average Equity Award Adjustment | $(599,954) |

  90. Pay Versus Performance

    3No pension benefit plans are offered by Enphase.