Bakas Michael T 4

What Happened

• Michael T. Bakas, President – Renewable Fuels at Ameresco, exercised/converting derivative interests for 875 shares and the filing shows a same-day disposition of 875 shares. He was also granted two equity awards on March 10, 2026: 20,000 and 4,000 derivative awards (RSUs). All reported transactions show $0.00 per share (no purchase/sale proceeds reported on the Form 4).

Key Details

• Transaction date: March 10, 2026. Report filed: March 12, 2026 (timely filing).
• Transaction codes: M = exercise/conversion of derivative; A = grant/award (RSUs).
• Reported amounts/prices: 875 shares exercised/converted (acquired) @ $0.00; 875 shares disposed @ $0.00; RSU grants of 20,000 and 4,000 @ $0.00.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnotes/vesting:
  • F1: Option subject vests 20% on each anniversary over five years from March 10, 2026.
  • F2: Each RSU represents the right to one share of Class A common stock.
  • F3: RSUs vest over two years, with 25% vesting every six months.
• The filing does not list cash proceeds or indicate whether the same-day disposition was a sale, tax withholding, or another transfer.

Context

• RSU grants are awards that convert to shares according to the vesting schedule; they are not open-market purchases. The exercise/conversion entry indicates derivative interests were converted to shares; because 875 shares were both acquired and disposed on the same day, this often reflects a sell-to-cover or similar post-exercise action, but the Form 4 here does not specify the reason.
• These transactions are awards/conversions rather than a straight purchase (which is generally considered a stronger bullish signal). As always, awards and option exercises are common executive compensation events and should be weighed alongside other insider activity and company fundamentals.