ENPHASE ENERGY, INC. (NASDAQ:ENPH) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

ME Staff 8-k

6 years ago

ENPHASE ENERGY, INC. (NASDAQ:ENPH) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02.

Appointment of Chief Operating Officer

On April 25, 2019, Jeff McNeil, age 57, was appointed by the board of directors to serve as the Vice President and Chief Operating Officer of Enphase Energy, Inc. (Enphase or the Company). In this role, Mr. McNeil is the Company’s principal operating officer and continues to report to Enphase’s President and Chief Executive Officer. Mr. McNeil first joined Enphase as Vice President of Quality and Customer Support in January 2018. Prior to that, Mr. McNeil served as the Senior Vice President of Operations and Regulatory at Energous Corporation, a developer of wireless charging technology, from December 2015 to January 2018. From 1994 through December 2015, Mr. McNeil held various positions at Cypress Semiconductor Corporation in its manufacturing and operations organization. There, he was most recently the Senior Vice President of Operations, where he led the global supply chain, logistics, and back end manufacturing organizations. Mr. McNeil holds a bachelor’s degree in chemical engineering from San Jose State University.

There are no family relationships between Mr. McNeil and any director, executive officer, or any person nominated or chosen by the Company to become a director or executive officer. There are no transactions in which Mr. McNeil has an interest requiring disclosure on the part of the Company under Item 404(a) of Regulation S-K promulgated under the Securities Exchange Act of 1934, as amended.

Mr. McNeil’s current annual base salary is $316,260.00 and he is eligible for an additional annual bonus opportunity target of 75% of his base salary. Mr. McNeil is not entitled to any additional compensation as a result of his appointment by the board of directors as the Vice President and Chief Operating Officer.

Additionally, Mr. McNeil is a Tier III Participant under the Company’s Severance and Change in Control Benefit Plan, previously filed with the Securities and Exchange Commission as Exhibit 10.50 to the Quarterly Report on Form 10-Q for the quarter ended March 31, 2013. The Company has also entered into its standard form of indemnification agreement with Mr. McNeil, previously filed with the Securities and Exchange Commission as Exhibit 10.1 to the Registration Statement on Form S-1/A on August 24, 2011.

About ENPHASE ENERGY, INC. (NASDAQ:ENPH)

Enphase Energy, Inc. is a provider of energy management solutions. The Company is engaged in designing, developing, manufacturing and selling microinverter systems for the solar photovoltaic industry. Its semiconductor-based microinverter system converts direct current (DC) electricity to alternating current (AC) electricity. Its microinverter system consists of three components: Enphase microinverters, an Envoy gateway and Enlighten cloud-based software. Its Enphase microinverters provide power conversion at the individual solar module level by a digital architecture that incorporates custom application specific integrated circuits (ASIC), specialized power electronics devices, and an embedded software subsystem. Envoy bi-directional communications gateway provides collecting and sending data to Enlighten software. Enlighten cloud-based software provides the capabilities to remotely monitor, manage, and maintain an individual system or a fleet of systems.

About ENPHASE ENERGY, INC. (NASDAQ:ENPH)