Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. The Annual Meeting of the Stockholders ofEnphase Energy, Inc. (the "Company") was held onMay 19, 2021 in a virtual meeting format, pursuant to notice duly given (the "Annual Meeting"). At the Annual Meeting, the Company's stockholders approved the 2021 Equity Incentive Plan (the "2021 Plan"). The 2021 Plan was initially adopted by the Company's Board of Directors ("Board") inMarch 2021 . The terms of the 2021 Plan provide for the grant of incentive stock options; nonstatutory stock options; stock appreciation rights; restricted stock awards; restricted stock unit awards; performance stock awards; and other stock awards. As a result of the approval by the stockholders of the 2021 Plan at the Annual Meeting, no additional awards will be granted under the Company's 2011 Equity Incentive Plan (the "2011 Plan"). The total number of shares of the Company's common stock available for issuance under the 2021 Plan is (subject to adjustment for certain changes in the Company's capitalization) comprised of: (A) the sum of (i) 9,530,000 newly reserved shares of common stock and (ii) 5,256,517 Returning Shares (as defined below) as such shares become available from time to time as set forth in the 2021 Plan; minus (B) the number of shares subject to any award granted under the 2011 Plan afterMarch 22, 2021 but prior to the date of the Annual Meeting. "Returning Shares" means (i) shares subject to any outstanding award granted under the 2011 Plan ("Prior Plan Award") that on or following the date of the Annual Meeting are not issued because such Prior Plan Award or any portion thereof expires or otherwise terminates without all of the shares covered by such Prior Plan Award having been issued, or is settled in cash; (ii) shares issued pursuant to a Prior Plan Award that on or following the date of the Annual Meeting are forfeited back to or repurchased by the Company because of a failure to vest; or (iii) shares that on or following the date of the Annual Meeting are reacquired or withheld (or not issued) by the Company to satisfy the purchase price of, or a tax withholding obligation in connection with, a Prior Plan Award that is a Full Value Award (as defined in the 2021 Plan). Eligible participants under the 2021 Plan include the Company's employees (including the Company's executive officers), directors, and consultants. A more detailed summary of the material features of the 2021 Plan, including the terms of awards that may be granted thereunder, is set forth in the Company's definitive proxy statement for the Annual Meeting filed with theSecurities and Exchange Commission onApril 7, 2021 (the "Proxy Statement"). That summary and the foregoing description are qualified in their entirety by reference to the text of the 2021 Plan, a copy of which is incorporated by reference as Exhibit 10.1 hereto. Item 5.03. Amendments to Articles of Incorporation or Bylaws. At the Annual Meeting, the Company's stockholders approved and adopted the Certificate of Amendment (the "Certificate of Amendment"), of the Company's Amended and Restated Certificate of Incorporation, as amended, to increase the total number of authorized shares of the Company's common stock from 200,000,000 shares to 300,000,000 shares. The amendment was effected by filing the Certificate of Amendment with the Secretary of State of theState of Delaware onMay 19, 2021 . A copy of the Certificate of Amendment is attached as Exhibit 3.1 to this Current Report on Form 8-K and is incorporated into this Item 5.03 by reference. Item 5.07. Submission of Matters to a Vote of Security Holders. Proxies for the Annual Meeting were solicited by the Board pursuant to Section 14(a) of the Securities Exchange Act of 1934, as amended, and there was no solicitation in opposition to the Board's solicitations. As ofMarch 22, 2021 , the record date for the Annual Meeting, 135,596,126 shares of Common Stock of the Company were outstanding and entitled to vote at the Annual Meeting, of which 108,448,344 shares of Common Stock of the Company were represented, in person or by proxy, constituting a quorum. The final votes on the proposals presented at the Annual Meeting were as follows: Proposal 1: Election of DirectorsBadrinarayanan Kothandaraman andJoseph Malchow were elected as directors to hold office until the 2024 Annual Meeting of Stockholders by the following vote: Nominee Votes For Votes Withheld Broker Non-Votes Badrinarayanan Kothandaraman 86,242,392 2,436,046 19,769,906 Joseph Malchow 83,308,517 5,369,921 19,769,906
In addition to the directors elected above,
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Proposal 2: Advisory Vote on the Compensation of Named Executive Officers The compensation of Enphase's named executive officers has been approved, on an advisory basis by the following vote:
Votes For Votes Against Abstentions Broker Non-Votes 82,284,852 6,255,085 138,501 19,769,906 Proposal 3: Approval of Certificate of Amendment The amendment to the Amended and Restated Certificate of Incorporation to increase the total number of authorized shares of common stock from 200,000,000 shares to 300,000,000 shares has been approved by the following vote:
Votes For Votes Against Abstentions
104,006,388 4,260,547 181,409
Proposal 4: Approval of the
Votes For Votes Against Abstentions Broker Non-Votes
82,214,275 6,315,517 148,646 19,769,906 Proposal 5: Ratification of Appointment ofDeloitte & Touche LLP The selection by the Audit Committee of the Board ofDeloitte & Touche LLP as the Company's independent registered public accounting firm for the fiscal year endingDecember 31, 2021 was ratified by the following vote:
Votes For Votes Against Abstentions
107,619,104 612,140 217,100 Item 9.01. Financial Statements and Exhibits. (d)Exhibits.
Exhibit Number Description
3.1 Amendment to the Amended and Restated
Certificate of Incorporation of Enphase
Energy, Inc . (1) 10.1 2021 Equity Incentive Plan and forms of
agreement thereunder .(2)
104 Cover Page Interactive Data File (embedded within
the Inline XBRL document)
(1)Previously filed as Exhibit 4.5 to the Registrant's Registration Statement on Form S-8, filed with theSEC onMay 19, 2021 , and incorporated by reference herein. (2)Previously filed as Exhibit 99.1 to the Registrant's Registration Statement on Form S-8, filed with theSEC onMay 19, 2021 , and incorporated by reference herein.
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