[Form 4] Ameresco, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Nicole E. Bulgarino, President - Federal & Utility at Ameresco, Inc. (AMRC), reported acquisitions on 09/10/2025. She acquired 875 shares of Class A Common Stock at a $0 price and now beneficially owns 58,421 shares directly. The filing also reports 875 restricted stock units (RSUs) granted, representing rights to 875 shares that vest over two years with 25% vesting on each six-month anniversary; after the grant she beneficially owns 2,625 RSU-equivalent shares directly. The transactions were reported by attorney-in-fact on 09/12/2025.

Positive

• 875 RSUs granted aligns executive incentives with shareholder value through time-based vesting
• Direct ownership increased to 58,421 shares, signaling continued management stake in Ameresco (AMRC)
• Clear vesting schedule (25% every six months over two years) supports retention and predictable dilution

Negative

• None.

Insights

Securities Analyst

TL;DR: Insider received 875 RSUs and 875 shares, modestly increasing direct ownership and aligning compensation with shareholder value.

The reported grant and acquisition are routine executive compensation events common for senior officers. The immediate addition of 875 shares at $0 likely reflects settlement of equity awards rather than a market purchase. The RSU vesting schedule spreads dilution and ties realized value to continued service over two years with staggered six-month cliffs. The net direct ownership of 58,421 shares and 2,625 RSU-equivalents is material for governance and alignment but not likely material to valuation alone given typical company market capitalizations.

Corporate Governance Expert

TL;DR: Grant structure uses RSUs with staged vesting, a standard retention mechanism for senior management.

The filing discloses standard equity-based compensation with 25% vesting each six months over two years, which promotes retention and performance alignment. Reporting by attorney-in-fact and clear disclosure of ownership amounts meets Section 16 transparency requirements. There are no unusual acceleration clauses or derivative holdings disclosed that would raise governance flags.

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)
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	58,421	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

How many Ameresco (AMRC) shares does Nicole E. Bulgarino beneficially own after the reported transactions?

She beneficially owns 58,421 shares of Class A Common Stock directly following the reported transactions.

What equity awards were reported on the Form 4 for AMRC?

The Form 4 reports acquisition of 875 Class A shares and grant of 875 restricted stock units (RSUs) on 09/10/2025.

What is the vesting schedule for the RSUs reported for AMRC?

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

At what price were the shares and RSUs reported?

Both the acquired shares and the RSU underlying shares are reported with a $0 price in the transaction fields.

Who filed the Form 4 for Nicole Bulgarino and when was it signed?

The Form 4 was signed by an attorney-in-fact, David J. Corrsin, on 09/12/2025.