STAVROPOULOS NICKOLAS 4

What Happened

• Nickolas Stavropoulos, a director of Ameresco (AMRC), exercised stock options and sold the resulting shares. He exercised 16,100 options (400 on Feb 19, 15,700 on Feb 20) at $16.33 per share, costing $262,913 in aggregate, and sold those 16,100 shares in open-market transactions for a combined reported proceeds of $549,755 (sales ranged $34.00–$34.53).
• The filing also shows matching derivative “Disposed” entries at $0.00 for the exercised shares (typical when shares are surrendered/withheld in connection with an exercise or tax withholding). Rough arithmetic from reported amounts implies roughly $287k in net proceeds (sales minus exercise cost).

Key Details

• Transaction dates: Feb 19, 2026 (400 shares) and Feb 20, 2026 (15,700 shares).
• Exercise price: $16.33 per share; total exercise cost reported $262,913.
• Sale prices: weighted averages reported ($34.00 on 2/19; $34.15 weighted on 2/20); sales ranged $34.00–$34.53 per footnote. Total sale proceeds reported $549,755.
• Plan/authorization: Sales were executed under a Rule 10b5-1 trading plan adopted Sept 8, 2025 (Footnote F1).
• Vesting note: The options exercised follow a multi-year vesting schedule (20% vested Apr 24, 2020; remainder vested in four annual installments) (Footnote F3).
• Filing: Form 4 was filed Feb 23, 2026 and appears timely for the Feb 19–20 transactions.
• Shares owned after the transactions: not stated in the provided excerpt of the filing.

Context

• This sequence (exercise of options followed by immediate open-market sales under a 10b5-1 plan) is a common way insiders realize option value while complying with prearranged trading rules. The derivative “Disposed” lines at $0.00 typically reflect shares withheld or surrendered to cover taxes/exercise obligations rather than a market sale.