AMRC Form 4: Michael Bakas granted 875 RSUs, boosts ownership to 12,759 shares

Rhea-AI Filing Summary

Michael T. Bakas, President - Renewable Fuels at Ameresco, Inc. (AMRC), reported transactions dated 09/10/2025 showing acquisition of 875 shares of Class A Common Stock and grant of 875 Restricted Stock Units (RSUs). The RSUs are each a contingent right to one share and vest over two years with 25% vesting every six months. After the reported transactions, Mr. Bakas directly beneficially owns 12,759 shares of Class A common stock and 2,625 RSUs according to the form.

Positive

• Compensatory equity grant disclosed: 875 RSUs with an explicit vesting schedule over two years
• Increased direct ownership: Reporting person now beneficially owns 12,759 shares and 2,625 RSUs following the transactions

Negative

• None.

Insights

Securities Analyst

TL;DR: Insider received equity-based compensation totaling 875 shares and 875 RSUs, a routine executive grant with modest ownership impact.

The Form 4 shows a non-cash acquisition and a compensatory RSU grant recorded on the same date. The immediate increase of 875 shares and 875 RSUs raises direct ownership to 12,759 shares and 2,625 RSUs. The RSU vesting schedule is explicit and spreads dilution over two years, reducing immediate market impact. No cash consideration is shown.

Corporate Governance Expert

TL;DR: Disclosure aligns with typical executive compensation reporting; vesting schedule and form signature are properly documented.

The filing identifies the reporting person, role and address, specifies the transaction date and provides the RSU vesting mechanics. The signature by an attorney-in-fact is present and dated. This appears to be a standard compensatory equity grant and exercise/conversion disclosure, without indications of unusual timing or related-party complexities in the provided text.

Insider Trade Summary

875 shares exercised/converted

Mixed 2 txns

Insider Bakas Michael T

Role President - Renewable Fuels

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Unit	875	$0.00	--
Exercise	Class A Common Stock	875	$0.00	--

Holdings After Transaction: Restricted Stock Unit — 2,625 shares (Direct); Class A Common Stock — 12,759 shares (Direct)

Footnotes (1)

1. Each RSU represents a contingent right to receive one share of Ameresco, Inc. Class A Common Stock ("Common Stock"). Each RSU vests over two years with 25% vesting on each 6-month anniversary of the applicable grant date.

Form 4 Insider Transactions: What Each Field Means →

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^*

Bakas Michael T

(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 - Renewable Fuels

3. Date of Earliest Transaction (Month/Day/Year)
09/10/2025

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	09/10/2025		M		875	A	$0	12,759	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
Restricted Stock Unit	(1)	09/10/2025		M			875	(2)	(2)	Class A Common Stock	875	$0	2,625	D

Explanation of Responses:

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

2. 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	09/12/2025
	** 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.

FAQ

What did Michael T. Bakas report on Form 4 for Ameresco (AMRC)?

He reported acquisition of 875 Class A common shares and grant of 875 RSUs on 09/10/2025.

How many shares does the reporting person own after the transaction?

The Form 4 shows 12,759 Class A common shares beneficially owned and 2,625 RSUs following the reported transactions.

What is the vesting schedule for the RSUs reported?

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

Was any purchase price disclosed for the acquired securities?

The Form 4 lists a price of $0 for the reported Class A shares and RSUs in the filing.

Who signed the Form 4 filing?

The form was signed by David J. Corrsin, attorney-in-fact on 09/12/2025 according to the signature block.