Kothandaraman Badrinarayanan 4

What Happened
Kothandaraman Badrinarayanan, President & CEO and a director of Enphase Energy (ENPH), was reported to have acquired 39,600 shares on 2026-01-22 via a performance-based award (transaction code A). The Form 4 lists the acquisition price as $0.00 for a reported total of $0, reflecting that these shares were awarded rather than purchased on the open market.

Key Details

• Transaction date: 2026-01-22; Form 4 filed 2026-01-23 (timely filing).
• Transaction type/code: Award/Grant (A).
• Shares acquired: 39,600; reported acquisition price: $0.00; reported value: $0.
• Vesting/conditions: These shares were earned under a performance-based stock unit award originally granted Jan 14, 2025, certified by the Compensation Committee on Jan 22, 2026, and are scheduled to vest on March 1, 2026, subject to Mr. Kothandaraman’s continued service through that date (Footnote F1).
• Ownership/holding: The filing notes the shares are held directly by a Trust of which the reporting person serves as trustee (Footnote F2).
• Shares owned after transaction: Not specified in the provided filing excerpt.

Context
This was an earned, performance-based equity award—not an open-market buy or sell—so it represents compensation rather than a direct market signal. The Form 4 reports $0 acquisition price for awarded shares; market value would depend on ENPH’s stock price at vesting or sale. The award is subject to future vesting and continued employment, so the shares are not immediately free and tradable until conditions are met.