Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Branderiz Eric
  2. Issuer Name and Ticker or Trading Symbol
Enphase Energy, Inc. [ENPH]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
VP & Chief Financial Officer
(Last)
(First)
(Middle)
C/O ENPHASE ENERGY, INC., 47281 BAYSIDE PARKWAY
3. Date of Earliest Transaction (Month/Day/Year)
03/18/2019
(Street)

FREMONT, CA 94538
4. If Amendment, Date Original Filed(Month/Day/Year)
03/20/2019
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 03/18/2019   M   55,000 (1) A $ 0 402,126 (2) D  
Common Stock 03/19/2019   S   21,255 (3) (4) D $ 8.8772 (5) 380,871 D  
Common Stock 03/18/2019   M   25,000 (6) A $ 0 405,871 D  
Common Stock 03/19/2019   S   9,448 D $ 8.877 (5) 396,423 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Restricted Stock Units (7) (8) $ 0 03/18/2019   M     55,000 (1) 03/18/2019(9)   (10) Common Stock 55,000 $ 0 0 D  
Restricted Stock Units (7) (8) $ 0 03/18/2019   M     25,000 (6) 03/18/2019(11)   (10) Common Stock 25,000 $ 0 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Branderiz Eric
C/O ENPHASE ENERGY, INC.
47281 BAYSIDE PARKWAY
FREMONT, CA 94538
      VP & Chief Financial Officer  

Signatures

 /s/ Denis J. Quinlan, Attorney-in-Fact for Eric Branderiz   03/25/2019
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Performance award achieved at 111% of target shares.
(2) Includes 300,000 shares of common stock from a Restricted Stock Units grant filed on June 4, 2018, and inadvertantly reported as Restricted Stock Units on table 1.
(3) This transaction constitutes a matching transaction under Section 16(b) of the Securities Exchange Act. The reporting person has agreed to remit to the Issuer the profits deemed to have resulted from the transaction, which are approximately $1,235.10.
(4) Corrected quantity of shares sold to cover taxes.
(5) The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $8.85 to $9.2014.
(6) Performance award achieved at 50% of target shares. Unearned shares were cancelled.
(7) Issued pursuant to the 2011 Equity Incentive Plan.
(8) Grant is of performance-based stock units.
(9) Performance shares were eligible to vest on March 18, 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, is VWAP is between $3.01 and $6.00.
(10) RSUs expire March 29, 2019 if, or to the extent, vesting conditions are not met.
(11) Performance shares were eligible to vest on March 18, 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.

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