Table of Contents ENPHASE ENERGY, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Equity Awards Activity Stock Options The following table summarizes stock option activity: Weighted- Weighted- Average Number of Average Remaining Aggregate Shares Exercise Price Contractual Intrinsic (1) Outstanding per Share Term Value (In thousands) (Years) (In thousands) Outstanding at December 31, 2020 2,532 $ 1.96 Exercised (267) 2.44 $ 42,091 Canceled (1) 0.83 Outstanding at December 31, 2021 2,264 $ 1.90 Exercised (799) 2.02 $ 197,334 Canceled (1) 8.82 Outstanding at December 31, 2022 1,464 $ 1.83 Exercised (772) 1.68 $ 100,390 Canceled — — Outstanding at December 31, 2023 692 $ 2.01 0.7 $ 90,047 Vested and expected to vest at December 31, 2023 692 $ 2.01 0.7 $ 90,047 Exercisable at December 31, 2023 692 $ 2.01 0.7 $ 90,047 (1) The intrinsic value of options exercised is based upon the value of the Company’s stock at exercise. The intrinsic value of options outstanding, vested and expected to vest, and exercisable as of December 31, 2023 is based on the closing price of the last trading day during the period ended December 31, 2023. The Company’s stock fair value used in this computation was $132.14 per share. The following table summarizes information about stock options outstanding at December 31, 2023: Options Outstanding Options Exercisable Weighted- Weighted- Weighted- Average Average Average Number of Remaining Exercise Number of Exercise Range of Exercise Prices Shares Life Price Shares Price (In thousands) (Years) (In thousands) $0.70 —– $0.84 79 0.5 $ 0.76 79 $ 0.76 $1.29 —– $1.29 558 0.7 1.29 558 1.29 $1.31 —– $5.53 40 1.2 3.75 40 3.75 $14.58 —– $14.58 10 2.3 14.58 10 14.58 $64.17 —– $64.17 5 3.3 64.17 5 64.17 Total 692 0.7 $ 2.01 692 $ 2.01 Enphase Energy, Inc. | 2023 Form 10-K | 114