SEC Form 4 · accession 0001463101-18-000036
Enphase Energy, Inc. · ENPH
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Humberto Garcia
Officer — VP and CFO
Period of report
Apr 3, 2018
Accepted (ET)
Apr 4, 2018 · 5:56 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001463101
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Restricted Stock UnitsF1,F2 | Apr 3, 2018 | A | 20,000 | $0.00 | A | 551,124 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Stock UnitsF1,F3,F4,F5 | — | Apr 3, 2018 | A | 15,000 | A | — | — | Common Stock | 15,000 | 15,000 | D |
| Restricted Stock UnitsF1,F3,F6,F5 | — | Apr 3, 2018 | A | 15,000 | A | — | Mar 29, 2019 | Common Stock | 15,000 | 15,000 | D |
Explanation of responses
- F1Issued pursuant to the 2011 Equity Incentive Plan.
- F2The RSUs will vest as follows: 50% on March 29, 2019 and 50% on March 29, 2020, subject to the employee remaining an employee in good standing in the same or a similar role on such vesting dates.
- F3Grant is of performance-based stock units.
- F4Performance shares are eligible to vest on March 29, 2019, based upon the 15-day trailing volume weighted average price per share of Enphase stock as of December 31, 2018 ("VWAP"), as follows: no vesting if VWAP is less than or equal to $3.00; 0% to 150% vesting, calculated linearly, if VWAP is between $3.01 and $6.00.
- F5RSUs expire March 29, 2019 if, or to the extent, vesting conditions are not met.
- F6Performance shares are eligible to vest on March 29, 2019, based upon achievement of 2018 annual CEO goals measured for the year ended December 31, 2018, as follows: no vesting if 2018 CEO goals completed are less than 65% of total goals; 50% vesting if greater than 65% but less than 80% of goals are completed; 100% if greater than 80% but less than 100% of goals are completed; and 150% vesting if greater than 100% of goals are completed.