Table of Contents ENPHASE ENERGY, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Restricted Stock Units The following table summarizes RSU activity: Weighted- Weighted- Average Average Number of Fair Value Remaining Aggregate Shares per Share at Contractual Intrinsic (1) Outstanding Grant Date Term Value (In thousands) (Years) (In thousands) Outstanding at December 31, 2020 3,588 $ 27.61 Granted 1,301 179.88 Vested (1,979) 20.47 $ 364,665 Canceled (124) 88.50 Outstanding at December 31, 2021 2,786 $ 100.73 Granted 1,159 228.88 Vested (1,500) 72.87 $ 321,274 Canceled (192) 150.02 Outstanding at December 31, 2022 2,253 $ 181.01 Granted 1,409 154.63 Vested (1,061) 152.47 $ 185,078 Canceled (269) 184.66 Outstanding at December 31, 2023 2,332 $ 177.64 1.4 $ 308,135 Expected to vest at December 31, 2023 2,331 $ 177.64 1.4 $ 308,126 (1) The intrinsic value of RSUs vested is based upon the value of the Company’s stock when vested. The intrinsic value of RSUs outstanding and expected to vest 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. Enphase Energy, Inc. | 2023 Form 10-K | 115