AMRC · Ameresco, Inc. · Executive Compensation

$25.46 -0.43 (-1.66%) At close · Nov 13 Play latest call Q3 2026 earnings call transcript

Russell 2000 member Rebalance outlook locked

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$1.35B

53.11M

Volume · Nov 13 344.53K Avg daily vol (3M) 656.97K

Named-executive compensation from the company's DEF 14A proxy statements — salary, bonus, stock and option awards, non-equity incentive, and the company-reported total per executive per fiscal year, exactly as disclosed in the Summary Compensation Table.

Fiscal 2025

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
George Sakellaris	Chairman of the Board of Directors and Chief Executive Officer	$1,500,000	$250,000	$155,100	$1,385,999	—	$48,705	$3,339,804
Peter Christakis	Chief Operating Officer Salary for each of the named executive officers have been prorated to reflect the portion of the year for which any increases were in effect. Represents the aggregate fair value on the grant date of RSUs granted to our NEOs calculated in accordance with Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 718, related to time-based vesting. See Note 14 of the “Notes to Consolidated Financial Statements - Stock-Based Compensation and Other Employee Benefits” in our annual report on Form 10-K for the year ended December 31, 2025 This includes time-based and performance-based vesting options. Value is equal to the aggregate grant date fair value of stock options computed in accordance with FASB ASC Topic 718. This amount does not represent the actual amount paid to or realized by the executive officer with respect to this option grant. The assumptions used by us with respect to the valuation of option awards are the same as those set forth in Note 14 to our consolidated financial statements included in our annual report on Form 10-K for the year ended December 31, 2025. For performance-based vesting options reported in this column, the amounts in the table reflect the grant date fair value of such awards based upon the probable outcome of the performance conditions at the grant date calculated in accordance with FASB ASC Topic 718. Assuming the highest level of financial performance conditions were achieved, the value for the performance-based vesting options granted in 2025 included in the “Options Awards” column would be 3,742,564 for Mr. Sakellaris; 759,575 for Mr. Chiplock, 954,540 for each of Mr. Bakas, Mr. Christakis and Mr. Maltezos and Ms. Bulgarino. The amounts reported in All Other Compensation reflect, for each NEO, the amount we contributed to our 401(k) plan and the dollar value of life insurance premiums we paid, as applicable and detailed below. For Mr. Sakellaris, the amount reported also includes the incremental cost of a company-owned vehicle of which he has personal exclusive use, including insurance premiums, excise taxes and depreciation.	$470,000	$80,000	$31,020	$513,598	—	$16,800	$1,111,418
Louis P. Maltezos	Co-President	$540,000	$110,000	$36,190	$346,498	—	$16,800	$1,049,488
Michael T. Bakas	President - Renewable Fuels	$540,000	$80,000	$36,190	$346,498	—	$16,800	$1,019,488
Nicole A. Bulgarino	Co-President	$540,000	$80,000	$36,190	$346,498	—	$16,800	$1,019,488

Fiscal 2024

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
George Sakellaris	Chairman of the Board of Directors, President, and Chief Executive Officer	$1,500,000	—	—	—	—	$48,705	$1,548,705
Michael T. Bakas	President - Renewable Fuels	$466,090	$60,000	—	$987,480	—	$16,800	$1,530,370
Mark Chiplock	Executive Vice President, Chief Financial Officer and Chief Accounting Officer	$390,551	$60,000	—	$813,092	—	$16,800	$1,280,443

Fiscal 2023

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
George Sakellaris	Chairman of the Board of Directors, President, and Chief Executive Officer	$1,500,000	—	$424,467	—	—	$46,213	$1,970,680
Britta MacIntosh	Senior Vice President Western Region and UK & Europe Operations Salary for each of the named executive officers have been prorated to reflect the portion of the year for which any increases were in effect, from and after May 1st of the applicable year. Represents the aggregate fair value on the grant date of RSUs granted to our NEOs calculated in accordance with Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 718, related to time-based vesting. See Note 14 of the “Notes to Consolidated Financial Statements - Equity-Based Compensation” in our annual report on Form 10-K for the year ended December 31, 2023. This includes time-based and performance-based vesting options. Value is equal to the aggregate grant date fair value of stock options computed in accordance with FASB ASC Topic 718. This amount does not represent the actual amount paid to or realized by the executive officer with respect to this option grant. The assumptions used by us with respect to the valuation of option awards are the same as those set forth in Note 14 to our consolidated financial statements included in our annual report on Form 10-K for the year ended December 31, 2023. For performance options reported in this column, the amounts in the table reflect the grant date fair value of such awards based upon the probable outcome of the performance conditions at the grant date calculated in accordance with FASB ASC Topic 718. Assuming the highest level of financial performance conditions were achieved, the value for the performance options granted in 2022 included in the “Options Awards” column would be 20,174,450 for Mr. Sakellaris; 2,017,445 for each of Mr. Hole, Mr. Bakas, Ms. Bulgarino, and Ms. MacIntosh. The value of the option awards granted in 2021, does not include the 2019 Performance Options that vested in March 2022 based on the achievement of the performance goals for the period January 1, 2019 to December 31, 2021, as the option awards were disclosed in the 2019 Summary Compensation Table. The amounts reported in All Other Compensation reflect, for each NEO, the amount we contributed to our 401(k) plan and the dollar value of life insurance premiums we paid, as applicable and detailed below. For Mr. Sakellaris, the amount reported also includes the incremental cost of a company-owned vehicle of which he has personal exclusive use, including insurance premiums, excise taxes and depreciation.	$391,529	$136,980	$50,917	—	—	$13,737	$593,163
Nicole A. Bulgarino	President - Federal Solutions and Utility Infrastructure	$443,033	—	$50,917	—	—	$16,740	$510,690
Michael T. Bakas	President - Renewable Fuels	$442,405	—	$50,917	—	—	$16,740	$510,062
Spencer Doran Hole	Former Executive Vice President and Chief Financial Officer Salary for each of the named executive officers have been prorated to reflect the portion of the year for which any increases were in effect. Represents the aggregate fair value on the grant date of RSUs granted to our NEOs calculated in accordance with Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 718, related to time-based vesting. See Note 14 of the “Notes to Consolidated Financial Statements - Stock-Based Compensation and Other Employee Benefits” in our annual report on Form 10-K for the year ended December 31, 2024. This includes time-based and performance-based vesting options. Value is equal to the aggregate grant date fair value of stock options computed in accordance with FASB ASC Topic 718. This amount does not represent the actual amount paid to or realized by the executive officer with respect to this option grant. The assumptions used by us with respect to the valuation of option awards are the same as those set forth in Note 14 to our consolidated financial statements included in our annual report on Form 10-K for the year ended December 31, 2024. For performance-based vesting options reported in this column, the amounts in the table reflect the grant date fair value of such awards based upon the probable outcome of the performance conditions at the grant date calculated in accordance with FASB ASC Topic 718. Assuming the highest level of financial performance conditions were achieved, the value for the performance-based vesting options granted in 2022 included in the “Options Awards” column would be 20,174,450 for Mr. Sakellaris; 2,017,445 for each of Mr. Hole, Mr. Bakas, and Ms. Bulgarino. The amounts reported in All Other Compensation reflect, for each NEO, the amount we contributed to our 401(k) plan and the dollar value of life insurance premiums we paid, as applicable and detailed below. For Mr. Sakellaris, the amount reported also includes the incremental cost of a company-owned vehicle of which he has personal exclusive use, including insurance premiums, excise taxes and depreciation.	$421,261	—	$50,917	—	—	$16,740	$488,918

Fiscal 2022

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
George Sakellaris	Chairman of the Board of Directors, President, and Chief Executive Officer	$1,413,462	—	—	$5,043,613	—	$41,475	$6,498,550
Michael T. Bakas	President - Renewable Fuels	$417,704	$20,000	—	$1,051,997	—	$16,740	$1,506,441
Britta MacIntosh	Senior Vice President Western Region and UK & Europe Operations Salary for each of the named executive officers have been prorated to reflect the portion of the year for which any increases were in effect, from and after May 1st of the applicable year. Represents the aggregate fair value on the grant date of RSUs granted to our NEOs calculated in accordance with Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 718, related to time-based vesting. See Note 14 of the “Notes to Consolidated Financial Statements - Equity-Based Compensation” in our annual report on Form 10-K for the year ended December 31, 2023. This includes time-based and performance-based vesting options. Value is equal to the aggregate grant date fair value of stock options computed in accordance with FASB ASC Topic 718. This amount does not represent the actual amount paid to or realized by the executive officer with respect to this option grant. The assumptions used by us with respect to the valuation of option awards are the same as those set forth in Note 14 to our consolidated financial statements included in our annual report on Form 10-K for the year ended December 31, 2023. For performance options reported in this column, the amounts in the table reflect the grant date fair value of such awards based upon the probable outcome of the performance conditions at the grant date calculated in accordance with FASB ASC Topic 718. Assuming the highest level of financial performance conditions were achieved, the value for the performance options granted in 2022 included in the “Options Awards” column would be 20,174,450 for Mr. Sakellaris; 2,017,445 for each of Mr. Hole, Mr. Bakas, Ms. Bulgarino, and Ms. MacIntosh. The value of the option awards granted in 2021, does not include the 2019 Performance Options that vested in March 2022 based on the achievement of the performance goals for the period January 1, 2019 to December 31, 2021, as the option awards were disclosed in the 2019 Summary Compensation Table. The amounts reported in All Other Compensation reflect, for each NEO, the amount we contributed to our 401(k) plan and the dollar value of life insurance premiums we paid, as applicable and detailed below. For Mr. Sakellaris, the amount reported also includes the incremental cost of a company-owned vehicle of which he has personal exclusive use, including insurance premiums, excise taxes and depreciation.	$362,795	$80,610	—	$1,012,380	—	$13,403	$1,469,188
Nicole A. Bulgarino	President - Federal Solutions and Utility Infrastructure	$421,338	$20,000	—	$951,125	—	$16,740	$1,409,203
Spencer Doran Hole	Former Executive Vice President and Chief Financial Officer Salary for each of the named executive officers have been prorated to reflect the portion of the year for which any increases were in effect. Represents the aggregate fair value on the grant date of RSUs granted to our NEOs calculated in accordance with Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 718, related to time-based vesting. See Note 14 of the “Notes to Consolidated Financial Statements - Stock-Based Compensation and Other Employee Benefits” in our annual report on Form 10-K for the year ended December 31, 2024. This includes time-based and performance-based vesting options. Value is equal to the aggregate grant date fair value of stock options computed in accordance with FASB ASC Topic 718. This amount does not represent the actual amount paid to or realized by the executive officer with respect to this option grant. The assumptions used by us with respect to the valuation of option awards are the same as those set forth in Note 14 to our consolidated financial statements included in our annual report on Form 10-K for the year ended December 31, 2024. For performance-based vesting options reported in this column, the amounts in the table reflect the grant date fair value of such awards based upon the probable outcome of the performance conditions at the grant date calculated in accordance with FASB ASC Topic 718. Assuming the highest level of financial performance conditions were achieved, the value for the performance-based vesting options granted in 2022 included in the “Options Awards” column would be 20,174,450 for Mr. Sakellaris; 2,017,445 for each of Mr. Hole, Mr. Bakas, and Ms. Bulgarino. The amounts reported in All Other Compensation reflect, for each NEO, the amount we contributed to our 401(k) plan and the dollar value of life insurance premiums we paid, as applicable and detailed below. For Mr. Sakellaris, the amount reported also includes the incremental cost of a company-owned vehicle of which he has personal exclusive use, including insurance premiums, excise taxes and depreciation.	$401,201	$20,000	—	$504,361	—	$16,740	$942,302

Fiscal 2021

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
George Sakellaris	President and Chief Executive Officer	$1,163,462	$625,000	—	$5,233,075	—	$24,863	$7,046,400
Nicole A. Bulgarino	Executive Vice President and General Manager, Federal Solutions	$400,038	$80,000	—	$1,046,615	—	$17,474	$1,544,127
Distributed Energy Systems	—	$389,712	$80,000	—	$1,046,615	—	$17,474	$1,533,801
Michael T. Bakas	Executive Vice President,	$389,712	$80,000	—	$1,046,615	—	$17,474	$1,533,801
Britta MacIntosh	Senior Vice President Western Region and UK & Europe Operations Salary for each of the named executive officers have been prorated to reflect the portion of the year for which any increases were in effect, from and after May 1st of the applicable year. Represents the aggregate fair value on the grant date of RSUs granted to our NEOs calculated in accordance with Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 718, related to time-based vesting. See Note 14 of the “Notes to Consolidated Financial Statements - Equity-Based Compensation” in our annual report on Form 10-K for the year ended December 31, 2023. This includes time-based and performance-based vesting options. Value is equal to the aggregate grant date fair value of stock options computed in accordance with FASB ASC Topic 718. This amount does not represent the actual amount paid to or realized by the executive officer with respect to this option grant. The assumptions used by us with respect to the valuation of option awards are the same as those set forth in Note 14 to our consolidated financial statements included in our annual report on Form 10-K for the year ended December 31, 2023. For performance options reported in this column, the amounts in the table reflect the grant date fair value of such awards based upon the probable outcome of the performance conditions at the grant date calculated in accordance with FASB ASC Topic 718. Assuming the highest level of financial performance conditions were achieved, the value for the performance options granted in 2022 included in the “Options Awards” column would be 20,174,450 for Mr. Sakellaris; 2,017,445 for each of Mr. Hole, Mr. Bakas, Ms. Bulgarino, and Ms. MacIntosh. The value of the option awards granted in 2021, does not include the 2019 Performance Options that vested in March 2022 based on the achievement of the performance goals for the period January 1, 2019 to December 31, 2021, as the option awards were disclosed in the 2019 Summary Compensation Table. The amounts reported in All Other Compensation reflect, for each NEO, the amount we contributed to our 401(k) plan and the dollar value of life insurance premiums we paid, as applicable and detailed below. For Mr. Sakellaris, the amount reported also includes the incremental cost of a company-owned vehicle of which he has personal exclusive use, including insurance premiums, excise taxes and depreciation.	$332,531	$322,660	—	$637,660	—	$17,474	$1,310,325
Spencer Doran Hole	Executive Vice President and Chief Financial Officer	$382,096	$80,000	—	$313,985	—	$27,428	$803,509

Fiscal 2020

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
George Sakellaris	President and Chief Executive Officer	$950,481	$500,000	—	—	—	$19,492	$1,469,973
Nicole A. Bulgarino	Executive Vice President and General Manager, Federal Solutions	$380,452	$100,000	—	$338,471	—	$50,926	$869,849
Distributed Energy Systems	—	$366,474	$100,000	—	$338,471	—	$17,585	$822,530
Michael T. Bakas	Executive Vice President,	$366,474	$100,000	—	$338,471	—	$17,585	$822,530
Spencer Doran Hole	Executive Vice President and Chief Financial Officer	$366,306	$80,000	—	—	—	$37,585	$483,891
David J. Corrsin	Executive Vice President and General Counsel	$364,926	$70,000	—	—	—	$17,585	$452,511

Fiscal 2019

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
George Sakellaris	President and Chief Executive Officer	$800,000	$200,000	—	$2,870,229	—	$27,264	$3,897,493
Spencer Doran Hole	Executive Vice President and Chief Financial Officer	$145,833	$70,000	—	$625,416	—	$17,350	$858,599
Nicole A. Bulgarino	Executive Vice President and General Manager, Federal Solutions	$355,199	$100,000	—	$298,470	—	$57,094	$810,763
Michael T. Bakas	Executive Vice President,	$334,699	$60,000	—	$298,470	—	$17,706	$710,875
Distributed Energy Systems	—	$334,699	$60,000	—	$298,470	—	$17,706	$710,875
David J. Corrsin	Executive Vice President and General Counsel	$341,342	$20,000	—	$298,470	—	$17,706	$677,518
Mark Chiplock	Vice President and Interim Chief Financial Officer	$260,000	$30,000	—	$238,776	—	$17,402	$546,178

Fiscal 2018

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
George Sakellaris	President and Chief Executive Officer	$733,333	$400,000	—	—	—	$35,020	$1,168,353
Nicole A. Bulgarino	Executive Vice President and General Manager, Federal Solutions	$334,090	$140,000	—	$101,030	—	$56,249	$631,369
Mark Chiplock	Vice President and Interim Chief Financial Officer	$241,863	$80,000	—	$217,810	—	$15,361	$555,034
Distributed Energy Systems	—	$314,087	$120,000	—	$101,030	—	$17,667	$552,784
Michael T. Bakas	Executive Vice President,	$314,087	$120,000	—	$101,030	—	$17,667	$552,784

Fiscal 2017

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
George Sakellaris	President and Chief Executive Officer	$664,960	$250,000	—	—	—	$35,218	$950,178
Nicole A. Bulgarino	Executive Vice President and General Manager, Federal Solutions	$311,313	$115,000	—	$140,550	—	$17,648	$584,511
Distributed Energy Systems	—	$289,782	$90,000	—	$70,275	—	$17,546	$467,603

Executive changes

Person	Role	Change	Effective	Filed
Mark Chiplock	Chief Financial Officer and principal financial and accounting officer	Resigned	2026-09-25	2026-09-10
Mark A. Chiplock	Executive Vice President, Chief Financial Officer and Chief Accounting Officer	Resigned	2026-09-25	2026-08-19
David J. Corrsin	Executive Vice President and General Counsel	Retired	2026-08-17	2026-08-19
David J. Corrsin	Class II director	Resigned	2026-08-17	2026-08-19
Brian Cox	class III director	Appointed	2026-08-01	2026-07-27
Frank V. Wisneski	class I director	Appointed	2026-06-04	2026-06-08
Claire Hughes Johnson	class I director	Appointed	2026-06-04	2026-06-08
Louis P. Maltezos	Co-President	Appointed	2026-04-01	2026-03-31
Peter Christakis	Chief Operating Officer	Appointed	2026-04-01	2026-03-31
Nicole A. Bulgarino	Co-President	Appointed	2026-04-01	2026-03-31
Doran Hole	Executive Vice President and Chief Financial Officer	Resigned	2024-08-30	2024-08-05
Mark Chiplock	Executive Vice President and Chief Financial Officer	Appointed	2024-08-31	2024-08-05
Britta MacIntosh	Executive Vice President, West Region and European Operations	Resigned	2023-12-31	2023-10-24
Charles R. Patton	Board of Directors	Appointed	2023-04-24	2023-04-24
Charles R. Patton	class I director	Appointed	2023-04-20	2023-04-24
Douglas I. Foy	Class III director	Retired	2023-01-27	2023-02-01

Leadership

George Sakellaris CEO
Mark Chiplock CFO, Chief Accounting Officer
Peter A. Christakis COO
Peter Christakis COO
Brian Cox Board Member
Charles R. Patton Board Member
Claire Hughes Johnson Board Member
Frank V. Wisneski Board Member

Key facts CIK 1488139 CUSIP 02361E108 13F (30d) 149 filings 129 filers Visit website Investor relations