[Form 4] Ameresco, Inc. Insider Trading Activity

Ameresco, Inc. President – Federal & Utility Nicole E. Bulgarino reported equity-based compensation rather than open‑market trades.

Rhea-AI Filing Summary

Ameresco, Inc. President – Federal & Utility Nicole E. Bulgarino reported equity-based compensation rather than open‑market trades. She received a grant of 20,000 stock options with an exercise price of $26.36 per share and 4,000 restricted stock units (RSUs).

According to the filing, the options vest over five years, with 20% vesting on each anniversary of the March 10, 2026 grant date. Each RSU converts into one share of Class A Common Stock and vests over two years, with 25% vesting every six months. On the same date, 875 RSUs were exercised into 875 shares, bringing her direct Class A Common Stock holdings to 59,296 shares and her remaining RSU balance to 5,750 units.

Insider Trade Summary

875 shares exercised/converted

Exercise 4 txns

Insider Bulgarino Nicole E

Role President - Federal & Utility

Type	Security	Shares	Price	Value
Grant/Award	Stock Option (right to purchase)	20,000	$0.00	$0.00
Grant/Award	Restricted Stock Unit	4,000	$0.00	$0.00
Exercise	Restricted Stock Unit	875	$0.00	$0.00
Exercise	Class A Common Stock	875	$0.00	$0.00

Holdings After Transaction: Stock Option (right to purchase) — 20,000 contracts (Direct); Restricted Stock Unit — 5,750 contracts (Direct); Class A Common Stock — 59,296 shares (Direct)

Footnotes (3)

1. F1. Of the shares subject to the option, 20% vest on each of anniversary of the grant date of March 10, 2026 over a period of five years.
2. F2. Each RSU represents a contingent right to receive one share of Ameresco, Inc. Class A Common Stock ("Common Stock").
3. F3. Each RSU vests over two years with 25% vesting on each 6-month anniversary of the applicable grant date.

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Accepted by SEC EDGAR 03/12/2026 - 08:40 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Bulgarino Nicole E

(Last) (First) (Middle)

C/O AMERESCO, INC.

111 SPEEN STREET, SUITE 410

(Street)

FRAMINGHAM MA 01701

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Ameresco, Inc. [ AMRC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President - Federal & Utility

3. Date of Earliest Transaction (Month/Day/Year)
03/10/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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
Class A Common Stock	03/10/2026		M		875	A	$0	59,296	D

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 Securities Underlying Derivative Security (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: 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
Stock Option (right to purchase)	$26.36	03/10/2026		A		20,000		(1)	(1)	Class A Common Stock	20,000	$0	20,000	D
Restricted Stock Unit	(2)	03/10/2026		A		4,000		(3)	(3)	Class A Common Stock	4,000	$0	6,625	D
Restricted Stock Unit	(2)	03/10/2026		M			875	(3)	(3)	Class A Common Stock	875	$0	5,750	D

Explanation of Responses:

1. Of the shares subject to the option, 20% vest on each of anniversary of the grant date of March 10, 2026 over a period of five years.

2. Each RSU represents a contingent right to receive one share of Ameresco, Inc. Class A Common Stock ("Common Stock").

3. Each RSU vests over two years with 25% vesting on each 6-month anniversary of the applicable grant date.

Remarks:

	/s/ David J. Corrsin, attorney-in-fact	03/12/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.