Form 4: Ameresco Executive Boosts Stake with Option Exercise, RSU Grants

Ameresco's President of Federal & Utility, Nicole E Bulgarino, reported acquiring 875 shares of common stock and receiving new grants of 20,000 stock options and 4,000 restricted stock units.

Summary

• Nicole E Bulgarino, President Federal & Utility, acquired 875 shares of Ameresco, Inc. Class A Common Stock on March 10, 2026, at a price of $0, bringing her direct beneficial ownership to 59,296 shares.
• She was granted 20,000 stock options on March 10, 2026, with an exercise price of $26.36 per share. These options vest 20% annually over five years from the grant date.
• She also received a grant of 4,000 Restricted Stock Units (RSUs) on March 10, 2026, which vest 25% on each 6-month anniversary over two years.
• Concurrently, 875 Restricted Stock Units were converted into common stock, reducing her RSU holdings to 5,750 units.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive signal, as increased insider ownership and long-term equity incentives generally reflect management's confidence and commitment to the company's future performance.

Positives

• Increased insider ownership (875 shares acquired) signals confidence in the company's future.
• Grant of 20,000 stock options and 4,000 Restricted Stock Units aligns management's incentives with long-term shareholder value creation.

Future Outlook

The vesting schedules for the granted stock options (20% annually over five years) and Restricted Stock Units (25% semi-annually over two years) indicate a long-term incentive structure for the executive, aligning with future performance.

Industry Context

StockSavvy.ai notes that executive compensation packages, particularly those involving equity grants like stock options and restricted stock units, are standard practice in the renewable energy and energy efficiency sector. These grants aim to incentivize long-term performance and align executive interests with shareholder value, a common strategy among peers like Johnson Controls and Siemens Energy.

Comparison to Industry Standards

• The structure of equity grants, including multi-year vesting for stock options (5 years) and RSUs (2 years), is consistent with industry best practices for executive retention and performance incentives in the energy services sector, similar to programs observed at companies like NextEra Energy and Duke Energy.
• The acquisition of common stock at a $0 price typically indicates the conversion of previously vested equity awards, a routine event in executive compensation plans.

Stakeholder Impact

• Shareholders: May view the increased insider ownership and long-term incentives as a positive sign of management alignment.
• Management: The equity grants provide significant long-term incentives tied to company performance.

Next Steps

• Future vesting dates for the 20,000 stock options will occur annually on March 10, 2027, 2028, 2029, and 2030.
• Future vesting dates for the 4,000 Restricted Stock Units will occur semi-annually on September 10, 2026, March 10, 2027, September 10, 2027, and March 10, 2028.

Key Dates

Recommendation

This Form 4 details routine executive compensation and an increase in beneficial ownership, which is generally a neutral to slightly positive signal. It does not present new information that would fundamentally alter the investment thesis for Ameresco, Inc., thus a 'hold' recommendation is appropriate based solely on this filing.

Keywords

Ameresco, AMRC, Form 4, Insider Trading, Stock Options, Restricted Stock Units, Executive Compensation, Beneficial Ownership, Nicole E Bulgarino