Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. OnFebruary 2, 2022 ,Eric Branderiz , Executive Vice President and Chief Financial Officer ofEnphase Energy, Inc. (the "Company"), notified the Company of his intention to retire from his position at the Company, effectiveFebruary 14, 2022 .Mr. Branderiz is retiring for personal reasons and there are no disagreements betweenMr. Branderiz and the Company on any matters relating to the Company's operations, policies, or practices, including accounting principles and practices.Mr. Branderiz will remain in an advisory capacity to the Company throughJune 30, 2022 to assist with the transition of his successor. In connection with his resignation,Mr. Branderiz entered into a separation agreement with the Company onFebruary 5, 2022 . Under the separation agreement, in recognition of his service, and subject toMr. Branderiz granting and not revoking a general release of claims, the Company has agreed to provideMr. Branderiz with the following severance benefits: (a) a lump-sum cash payment of 12 months ofMr. Branderiz's monthly base salary and target annual bonus calculated at 100% of target levels for 2022, less applicable withholdings; (b) Company-paid COBRA premiums for continued health insurance for up to 12 months; and (c) accelerated vesting of all ofMr. Branderiz's outstanding equity awards. The above description ofMr. Branderiz's separation agreement is qualified in its entirety by reference to the full text of the separation agreement, which will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter endedMarch 31, 2022 . OnFebruary 5, 2022 ,Mandy Yang , who is currently serving as the Company's Vice President, Chief Accounting Officer and Corporate Treasurer, was appointed by the Company's Board of Directors to assume the additional role of Chief Financial Officer, effectiveFebruary 15, 2022 . In this role,Ms. Yang will serve as the Company's principal financial officer and principal accounting officer.Ms. Yang , 46, has over 20 years of accounting, financial reporting, treasury, and tax experience. Prior to joining the Company in October of 2018, she was senior director and group controller at Tesla, Inc. fromFebruary 2017 toSeptember 2018 . Prior to that, she held various positions at SunPower Corporation, including senior director and division controller of the global distributed generation division, and concurrently as the chief accounting officer and corporate controller of8point3 Energy Partners . Before that, she served in a variety of senior finance positions atSpansion Inc. Earlier in her career,Ms. Yang was an internal auditor at SYNNEX Corporation and an auditor withDeloitte & Touche .Ms. Yang earned her bachelor's degree in international business fromNational Taiwan University and her M.B.A. degree in finance and accounting from theUniversity of Illinois atUrbana -Champaign . She is a Certified Public Accountant inCalifornia and a Chartered Financial Analyst. No family relationships exist betweenMs. Yang and any of the Company's directors or other executive officers. There are no other arrangements betweenMs. Yang and any other person pursuant to whichMs. Yang was selected as an officer, nor are there any transactions to which the Company is or was a participant and in whichMs. Yang has a material interest subject to disclosure under Item 404(a) of Regulation S-K. Ms. Yang's current annual base salary is$350,000 and she will be eligible for an additional bonus opportunity target at 75% of her base salary. In connection with her new appointment,Ms. Yang will receive 40,000 restricted stock units (RSUs) under the Company's 2021 Equity Incentive Plan, which will vest over four years subject to continued service with the Company. Additionally,Ms. Yang is a Tier III Participant under the Company's Severance and Change in Control Benefit Plan, previously filed with theSecurities and Exchange Commission as Exhibit 10.50 to the Quarterly Report on Form 10-Q for the quarter endedMarch 31, 2013 . The Company has also entered into its standard form of indemnification agreement withMs. Yang , previously filed with theSecurities and Exchange Commission as Exhibit 10.1 to the Registration Statement on Form S-1/A onAugust 24, 2011 . The above descriptions ofMs. Yang's compensation and employment arrangements are qualified in its entirety by reference to her offer letters, which will be filed as exhibits to the Company's Quarterly Report on Form 10-Q for the quarter endedMarch 31, 2022 .
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