Document:

exv10w23

Exhibit 10.23

AMERESCO, INC.

EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT AGREEMENT (the “Agreement”) made as of the 4th day of June, 2010, is entered
into by Ameresco, Inc., a Delaware corporation (the “Company”), and Michael T. Bakas (the
“Employee”).

     In consideration of the mutual covenants and promises contained in this Agreement, and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by
the parties to this Agreement, the parties agree as follows:

     1. Effective Date. This Agreement shall become effective (the “Effective Date”) upon
the closing of the Company’s initial underwritten public offering of common stock pursuant to a
registration statement under the Securities Act of 1933 pursuant to which the Employee sells shares
of common stock of the Company (a “Qualifying IPO”) and shall be of no force or effect prior to any
such closing. If there is no closing of a Qualifying IPO prior to December 31, 2010, this
Agreement shall terminate and be null and void.

     2. Term of Employment. The Company hereby agrees to employ the Employee, and the
Employee hereby accepts employment with the Company, upon the terms set forth in this Agreement,
for the period commencing on the Effective Date and ending three (3) years thereafter (such period,
as it may be extended, the “Employment Period”), unless sooner terminated in accordance with the
provisions of Section 5.

     3. Position. The Employee shall serve as Senior Vice President, Renewable Energy.
The Employee shall be subject to the supervision of, shall report directly and exclusively to, and
shall have such authority as is delegated to the Employee by, the Company’s Board of Directors (the
“Board”) or the Company’s Chief Executive Officer (“CEO”).

     The Employee hereby accepts such employment and agrees to undertake the duties and
responsibilities inherent in such position and such other duties and responsibilities as the Board
or the CEO shall from time to time reasonably assign to the Employee consistent with the Employees
position. The Employee agrees to devote his or her entire business time, attention and energies to
the business and interests of the Company during the Employment Period. The Employee agrees to
abide by the rules, regulations, personnel practices and policies of the Company and any changes
therein which may be adopted from time to time by the Company to the extent not inconsistent with
the other terms of this Agreement.

     4. Compensation and Benefits.

          4.1 Salary. The Company shall pay the Employee, in periodic installments in
accordance with the Company’s customary payroll practices, a base salary at a rate of $218,070 per
annum. Such salary shall be subject to increase but not decrease as determined by the Board or the
CEO.

          4.2 Bonus. The Employee shall be eligible to participate in any annual bonus plan
established by the Company for employees in comparable positions.

 

 

          4.3 Fringe Benefits. The Employee shall be entitled to participate in all bonus and
benefit programs that the Company establishes and makes available to its employees, if any, to the
extent that Employee’s position, tenure, salary, age, health and other qualifications make him or
her eligible to participate. The Employee shall be entitled to four (4) weeks paid vacation per
year, to be taken at such times as may be approved by the Board or the CEO.

          4.4 Reimbursement of Expenses. The Company shall reimburse the Employee for all
reasonable travel, entertainment and other expenses incurred or paid by the Employee in connection
with, or related to, the performance of his or her duties, responsibilities or services under this
Agreement, in accordance with policies and procedures, and subject to limitations, adopted by the
Company from time to time, and in accordance with the terms set forth on Exhibit B.

          4.5 Withholding. All salary, bonus and other compensation payable to the Employee
shall be subject to applicable withholding taxes.

     5. Termination of Employment Period. The employment of the Employee by the Company
pursuant to this Agreement shall terminate upon the occurrence of any of the following:

          5.1 Expiration of the Employment Period.

          5.2 At the election of the Company, for Cause (as defined on Exhibit A), upon at least
30 days’ prior written notice by the Company to the Employee, which notice shall identify the Cause
upon which the termination is based, provided, that the Employee does not cure the basis
for such Cause within such 30-day period.

          5.3 At the election of either party, upon not less than two weeks’ prior written notice of
termination.

          5.4 At the election of the Employee for Good Reason (as defined on Exhibit A), upon at
least 30 days’ prior written notice to the Company identifying the Good Reason upon which the
termination is based, provided that the Company does not cure the basis for such Good
Reason within such 30-day period.

          5.5 Upon the death or disability of the Employee. As used in this Agreement, the term
“disability” shall mean the inability of the Employee, due to a physical or mental disability, for
a period of 90 days, whether or not consecutive, during any 360-day period (or such longer period
as may be required by law) to perform the services contemplated under this Agreement, with
reasonable accommodation as that term is defined under state or federal law. A determination of
disability shall be made by a physician satisfactory to both the Employee and the Company,
provided that if the Employee and the Company do not agree on a physician, the
Employee and the Company shall each select a physician and these two together shall select a third
physician, whose determination as to disability shall be binding on all parties.

     6. Effect of Termination.

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          6.1 At-Will Employment. If the Employment Period expires pursuant to Section 2
hereof, then, unless the Company notifies the Employee to the contrary, the Employee shall continue
his or her employment on an at-will basis following the expiration of the Employment Period. Such
at-will employment relationship may be terminated by either party at any time and shall not be
governed by the terms of this Agreement.

          6.2 Payments Upon Termination. In the event the Employee’s employment is terminated
pursuant to Section 5, the Company shall pay to the Employee the compensation and benefits
otherwise payable to him or her under Section 4 through the last day of his or her actual
employment by the Company, together with the payments described in Sections 6.2(a).

          (a) If the Company terminates the employment of the Employee without Cause or the Employee
terminates his or her employment for Good Reason, the Company shall pay to the Employee with the
termination notice (or in the case of a termination by the Employee, immediately following such
termination) a lump sum severance amount equal to the Employee’s base salary for the remainder of
the Employment Period as of the time of termination.

          6.3 Other. The payment to the Employee of the amounts payable under Sections 6.2(a)
shall be contingent upon the execution and non-revocation by the Employee of a mutual release in a
form reasonably acceptable to the Company and the Employee (the “Release”) within 60 days following
the date of termination and (ii) shall be subject to the terms and conditions set forth on
Exhibit B.

          6.4 Survival. The provisions of Section 7 shall survive the termination of this
Agreement.

     7. Non-Competition and Non-Solicitation.

     (a) Subject to Section 7(c) below, Employee agrees that he or she shall not during the
Employment Period and shall not during the Non-Compete Period (as defined below) after the
termination or expiration of the Employment Period, either directly or indirectly on his or
her own behalf or in association with or on behalf of others:

          (i) engage in any business or enterprise (whether as owner, partner, officer, director,
employee, consultant, investor, lender or otherwise, except as the holder of not more than 1% of
the outstanding stock of a publicly-held company) that is competitive with the Company’s
business, including but not limited to any business or enterprise that develops,
manufactures, markets, or sells any product or renders any service that competes with any product
or service developed, manufactured, marketed, sold or rendered, or planned to be developed,
manufactured, marketed, sold or rendered by the Company or any of its subsidiaries while Employee
was employed by the Company; or

          (ii) directly or indirectly, solicit, entice or induce any employee of the Company to leave
the employ of the Company or solicit, entice or induce for employment (whether as an advisor,
consultant, independent contractor or otherwise) any person who was an

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employee of the Company at the time of the termination or cessation of Employee’s employment
with the Company.

     (b) “Non-Compete Period” means the period commencing upon the termination or cessation of
Employee’s employment with the Company and ending on the later of (i) six months after such
termination or cessation of employment and (ii) three (3) years after the closing of the Company’s
initial underwritten public offering of common stock pursuant to an effective registration
statement under the Securities Act of 1933 (an “IPO”).

     (c) Notwithstanding anything to the contrary herein, Employee shall be bound by the provisions
of Section 7(a) following the termination or cessation of employment only if Employee’s termination
or cessation of employment is voluntary without Good Reason or involuntary for Cause.

     (d) The geographic scope of this Section 7 shall extend worldwide to anywhere the Company or
any of its subsidiaries: (i) is doing business at the time of termination or cessation of
employment; (ii) has done business during the six (6) months prior to the time of termination or
cessation of employment; or (iii) has plans to do business as published in any Company business
plan at the time of termination or cessation of employment.

     (e) Employee agrees that the restrictions in this Agreement are necessary for the protection
of the business and goodwill of the Company. Employee further agrees that it would be impossible
or inadequate to measure and calculate the Company’s damages from any breach of the covenants set
forth in Section 7 of this Agreement. Accordingly, Employee agrees that if Employee breaches any
of such covenants, the Company will have available, in addition to any other right or remedy
available, the right to obtain an injunction from a court of competent jurisdiction restraining
such breach or threatened breach and to specific performance of any such provision of this
Agreement. Employee further agrees that no bond or other security shall be required in obtaining
such equitable relief and Employee consents to the issuance of such injunction and to the ordering
of specific performance.

     (f) Employee acknowledges that the type and periods of restriction imposed in Section 7 of
this Agreement are fair and reasonable and are reasonably required for the protection of the
Company and the goodwill associated with the business of the Company. If one or more of the
provisions contained in this Agreement shall for any reason be held to be excessively broad as to
scope, time, activity or subject so as to be unenforceable at law, Employee agrees that such
provision or provisions should be interpreted by the appropriate judicial body by limiting and
reducing it or them, for such provision or provisions to be enforceable to the maximum extent
allowed under applicable law.

     8. Miscellaneous.

          8.1 Notices. All notices, consents, waivers, and other communications under this
Agreement must be in writing and will be deemed to have been duly given when (a) delivered by hand,
(b) sent by facsimile (with written confirmation of receipt), or (c) when received by the
addressee, if sent by a nationally recognized overnight delivery service (receipt

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requested), in each case to the appropriate addresses and facsimile numbers set forth on the
signature page of this Agreement (or to such other addresses and facsimile numbers as a party may
designate by notice to the other party).

          8.2 Pronouns. Whenever the context may require, any pronouns used in this Agreement
shall include the corresponding masculine, feminine or neuter forms, and the singular forms of
nouns and pronouns shall include the plural, and vice versa.

          8.3 Entire Agreement. This Agreement constitutes the entire agreement between the
parties and supersedes all prior agreements and understandings, whether written or oral, relating
to the subject matter of this Agreement, provided, however, that this Agreement
does not supercede any Confidential Information, Invention, Non-Solicitation and Non-Competition
Agreement, or similar agreement, between the Company (or any subsidiary) and the Employee, which
shall remain in full force and effect.

          8.4 Amendment. This Agreement may be amended or modified only by a written instrument
executed by both the Company and the Employee.

          8.5 Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the Commonwealth of Massachusetts (without reference to the conflicts of laws
provisions thereof). Any action, suit or other legal proceeding arising under or relating to any
provision of this Agreement shall be commenced only in a court of the Commonwealth of Massachusetts
(or, if appropriate, a federal court located within Massachusetts), and the Company and the
Employee each consents to the jurisdiction of such a court.

          8.6 Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of both parties and their respective successors and assigns, including any corporation with
which, or into which, the Company may be merged or which may succeed to the Company’s assets or
business, provided, however, that the obligations of the Employee are personal and shall not be
assigned by him or her.

          8.7 Waivers. No delay or omission by the Company in exercising any right under this
Agreement shall operate as a waiver of that or any other right. A waiver or consent given by the
Company on any one occasion shall be effective only in that instance and shall not be construed as
a bar or waiver of any right on any other occasion.

          8.8 Captions. The captions of the sections of this Agreement are for convenience of
reference only and in no way define, limit or affect the scope or substance of any section of this
Agreement.

          8.9 Severability. In case any provision of this Agreement shall be invalid, illegal
or otherwise unenforceable, the validity, legality and enforceability of the remaining provisions
shall in no way be affected or impaired thereby.

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     THE EMPLOYEE ACKNOWLEDGES THAT HE/SHE HAS CAREFULLY READ THIS AGREEMENT AND UNDERSTANDS AND
AGREES TO ALL OF THE PROVISIONS IN THIS AGREEMENT.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year set
forth above.

	 	 	 	 	 	 	 

	 	 	AMERESCO, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ George P. Sakellaris 
	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:
	 	
President and CEO
	 	 
	 

	 	Address:
	 	111 Speen Street, Suite 410	 	 
	 

	 	 	 	Framingham, MA 01701	 	 
	 
	 	 	 	 	 	 
	 

	 	Fax No.:
	 	(508) 661-2201	 	 
	 
	 	 	 	 	 	 
	 	 	EMPLOYEE	 	 
	 
	 	 	 	 	 	 
	 	 	Michael T. Bakas	 	 
	 	 	 	 	 
	 	 	Print Name of Employee	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Michael T. Bakas	 	 
	 	 	 	 	 
	 	 	Signature	 	 
	 
	 	 	 	 	 	 
	 

	 	Address:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	 	 	 

	 	 
	 

	 	Fax No.:
	 	 

	 	 
	 

	 	 	 	 

	 	 

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Exhibit A

Definitions

     “Acquisition Event” shall have the meaning set forth in the Company’s 2000 Stock
Incentive Plan, as in effect on the date of this Agreement.

     “Cause” shall mean (i) the willful and continued failure by Employee to substantially
perform his or her duties with the Company (other than any such failure resulting from his or her
incapacity due to physical or mental illness), provided that a written demand for substantial
performance has been delivered to Employee by the Company specifically identifying the manner in
which the Company believes that Employee has not substantially performed his or her duties and
Employee has not cured such failure within 30 days after such demand, or (ii) Employee has
willfully engaged in conduct which is demonstrably and materially injurious to the Company, or
(iii) Employee has materially violated any provision of this Agreement or the express significant
policies of the Company, or (iv) Employee has at any time been convicted (and exhausted all
appeals) of a felony, a crime of moral turpitude, or fraud. For purposes of this definition, no
act or failure to act on Employee’s part shall be deemed “willful” unless done or omitted to be
done by Employee not in good faith and without reasonable belief that such action or omission was
in the best interest of the Company.

     “Good Reason” shall mean that, without Employee’s written consent, the occurrence of
any of the following circumstances unless such circumstances are fully corrected prior to the date
of termination:

     (a) any material reduction in Employee’s annual base salary as in effect on the date of this
Agreement, or as the same may be increased from time to time;

     (b) any requirement by the Company or of any person in control of the Company that the
location at which Employee performs his or her principal duties for the Company be changed to a new
location outside a radius of 40 miles from the location at which Employee performs his or her
principal duties for the Company at the time of the Acquisition Event.

     (c) George Sakellaris is no longer the CEO; or

     (d) any other material breach of this Agreement by the Company or its affiliates or their
respective agents.

 

 

Exhibit B

Payments Subject to Section 409A

     1. Subject to this Exhibit B, any severance payment(s) that may be due under the Agreement
shall begin (or be paid in full as the case may be) only upon the date of the Employee’s
“separation from service” (determined as set forth below) which occurs on or after the termination
of Employee’s employment. The following rules shall apply with respect to distribution of the
severance payment(s), if any, to be provided to Employee under the Agreement, as applicable:

     (a) It is intended that each installment of the severance payment(s) (whether one or more)
under the Agreement provided under shall be treated as a separate “payment” for purposes of Section
409A of the Internal Revenue Code of 1986, as amended, and the guidance issued thereunder (“Section
409A”). Neither the Company nor Employee shall have the right to accelerate or defer the delivery
of any such payments except to the extent specifically permitted or required by Section 409A.

     (b) If, as of the date of Employee’s “separation from service” from the Company, Employee is
not a “specified employee” (within the meaning of Section 409A), then each installment of the
severance payment(s) (whether one or more) shall be made on the dates and terms set forth in the
Agreement.

     (c) If, as of the date of Employee’s “separation from service” from the Company, Employee is a
“specified employee” (within the meaning of Section 409A), then:

          (i) Each installment of the severance payment(s) (whether one or more) due under the Agreement
that, in accordance with the dates and terms set forth herein, will in all circumstances,
regardless of when Employee’s separation from service occurs, be paid within the short-term
deferral period (as defined under Section 409A) shall be treated as a short-term deferral within
the meaning of Treasury Regulation Section 1.409A-1(b)(4) to the maximum extent permissible under
Section 409A; and

          (ii) Each installment of the severance payment(s) (whether one or more) due under the
Agreement that is not described in this Exhibit B, Section 1(c)(i) and that would, absent
this subsection, be paid within the six-month period following Employee’s “separation from service”
from the Company shall not be paid until the date that is six months and one day after such
separation from service (or, if earlier, Employee’s death), with any such installments that are
required to be delayed being accumulated during the six-month period and paid in a lump sum on the
date that is six months and one day following Employee’s separation from service and any subsequent
installments, if any, being paid in accordance with the dates and terms set forth herein; provided,
however, that the preceding provisions of this sentence shall not apply to any installment of
payments if and to the maximum extent that such installment is deemed to be paid under a separation
pay plan that does not provide for a deferral of compensation by reason of the application of
Treasury Regulation Section 1.409A-1(b)(9)(iii) (relating to separation pay upon an involuntary
separation from service). Any installments that qualify for the exception under Treasury
Regulation Section 1.409A-1(b)(9)(iii) must be paid no later than the last day of Employee’s second
taxable year following the taxable year in which the separation from service occurs.

 

 

     2. The determination of whether and when Employee’s separation from service from the Company
has occurred shall be made and in a manner consistent with, and based on the presumptions set forth
in, Treasury Regulation Section 1.409A-1(h). Solely for purposes of this Exhibit B,
Section 2, “Company” shall include all persons with whom the Company would be considered a single
employer as determined under Treasury Regulation Section 1.409A-1(h)(3).

     3. All reimbursements and in-kind benefits provided under the Agreement shall be made or
provided in accordance with the requirements of Section 409A to the extent that such reimbursements
or in-kind benefits are subject to Section 409A, including, where applicable, the requirements that
(i) any reimbursement is for expenses incurred during Employee’s lifetime (or during a shorter
period of time specified in the Agreement), (ii) the amount of expenses eligible for reimbursement
during a calendar year may not affect the expenses eligible for reimbursement in any other calendar
year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the
calendar year following the year in which the expense is incurred and (iv) the right to
reimbursement is not subject to set off or liquidation or exchange for any other benefit.

     4. The Company makes no representation or warranty and shall have no liability to Employee or
to any other person if any of the provisions of the Agreement (including this Exhibit) are
determined to constitute deferred compensation subject to Section 409A but that do not satisfy an
exemption from, or the conditions of, that section.

9exv10w24

Exhibit 10.24

AMERESCO, INC.

CONFIDENTIAL INFORMATION, INVENTION,

NON-SOLICITATION AND NON-COMPETITION AGREEMENT

In consideration of and as a condition of my employment or continued employment by Ameresco, Inc.
(the “Company”), any of its subsidiaries, or any of their respective successors or assigns, and for
other good and valuable consideration, receipt of which is hereby acknowledged, I agree to the
following:

	1.	 	At-Will Employment. Except as otherwise set forth in any separate written Employment
Agreement between me and any Company entity, I understand and acknowledge that my employment
with the Company is on an “at-will” basis and may be terminated at any time, for any reason,
with or without cause, at the option of either the Company or myself. I acknowledge that this
Confidential Information, Invention, Non-Solicitation and Non-Competition Agreement (the
“Agreement”) does not constitute a contract of employment and does not imply that the Company
will continue my employment for any period of time.

	2.	 	Confidential Information.

	 	(a)	 	Company Information. I agree at all times during the term of my employment
and thereafter, to hold in strictest confidence, and not to use or attempt to use, except
for the benefit of the Company, and not to disclose to any person or entity without
written authorization of the Chief Executive Officer (CEO) or Board of Directors of the
Company, any Confidential Information of the Company. I understand that “Confidential
Information” means any Company proprietary or confidential information, technical data,
trade secrets or know-how, including, but not limited to: research, business plans,
products, product improvements, services, projects, proposals, customer lists and
customers (including, but not limited to, customers of the Company on whom I call or with
whom I become acquainted during the term of my employment), prospective customers,
personnel data, markets, software, developments, inventions, processes, formulas,
technology, designs, drawings, engineering, marketing, distribution and sales methods,
sales and profit figures, finances, techniques, strategies, discoveries, the title and
description of any patents or patent applications and the date of filing of any patents
or patent applications filed by the Company in any country or jurisdiction (until the
same becomes generally available to the public) and

					
	CONFIDENTIAL INFORMATION, INVENTION, 

NON-SOLICITATION AND NON-COMPETITION AGREEMENT
	 	 
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	 	 	 	any other business information disclosed to me by the Company, whether directly or
indirectly, either orally, in writing or by drawings or inspection of documents or other
tangible property. It is understood that Confidential Information does not include
knowledge, skills, or information which is common to the business of the Company or
which is generally known outside the Company. I understand that all confidential
information, which I am exposed to during my employment, whether created by me or by
others, constitutes the exclusive property of the Company and shall not be copied or
removed from Company premises except in the pursuit of the business of the Company.

	 	(b)	 	Former Employer Information. I agree that, during my employment with the
Company, I will not improperly use or disclose any confidential or proprietary
information or trade secrets of any former employer or other person or entity with whom I
have an agreement or duty to keep such information or secrets confidential, if any, and
that I will not bring onto the premises of the Company any unpublished document or
proprietary information belonging to any such employer, person or entity unless consented
to in writing by such employer, person or entity. My employment and contemplated duties
as an employee of the Company do not and will not violate or cause me to be in breach of
any obligation or covenant made to any former employer, and I will not take any action
during my employment with the Company that would be in violation or breach of any legal
obligation that I may have to any former employer.
	 
	 	(c)	 	Third Party Information. I recognize that the Company has received and in
the future will receive from third parties their confidential or proprietary information
subject to a duty on the Company’s part to maintain the confidentiality of such
information and to use it only for certain limited purposes. I agree to hold all such
confidential or proprietary information in the strictest confidence and not to disclose
it to any person or entity or to use it except as necessary in carrying out my work for
the Company, consistent with the Company’s agreement with such third party.

	3.	 	Inventions and Intellectual Property.

	 	(a)	 	Inventions Retained and Licensed. I have attached hereto, as Exhibit A, a
list describing all inventions, original works of authorship, developments, improvements,
and trade secrets which were made by me prior to my employment with the Company
(collectively referred to as “Prior

					
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NON-SOLICITATION AND NON-COMPETITION AGREEMENT
	 	 
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	 	 	 	Inventions”), which belong to me (excluding any Prior Inventions which were assigned to
any former employers or any other third party), which relate to the Company’s proposed
business, products or research and development, and which are not assigned to the
Company hereunder; or, if no such list is attached, I represent that there are no such
Prior Inventions. If in the course of my employment with the Company, I incorporate
into a Company product, process or machine a Prior Invention owned by me or in which I
have an interest, the Company is hereby granted and shall have a nonexclusive,
royalty-free, irrevocable, perpetual, worldwide license to make, have made, modify, use
and sell such Prior Invention as part of or in connection with such product, process or
machine.
	 	(b)	 	Assignment of Inventions. I agree that I promptly will make full written
disclosure to the Company (or any persons designated by it), will hold in trust for the
sole right and benefit of the Company, and hereby assign to the Company, or its designee,
without further compensation, all my right, title, and interest in and to any and all
Inventions (as such term is defined in the following sentence), and any and all rights
and benefits resulting therefrom, that (i) relate to the business of the Company or any
of the products or services being developed, manufactured or sold by the Company; (ii)
result from tasks assigned me by the Company; or (iii) result from the use of premises or
property (whether tangible or intangible) owned, leased or contracted for by the Company.
I further agree that original works of authorship which are made by me (solely or
jointly with others) within the scope of my employment and on behalf of the Company are
the sole property of the Company and constitute “works made for hire” as that term is
defined in the United States Copyright Act; provided, however that this provision shall
in no way apply to original works of authorship which are not made within the scope of my
employment or on behalf of the Company (“Personal Works of Authorship”); and provided,
further, that the Company shall retain the right to review, edit and finally approve any
such Personal Works of Authorship referring to or otherwise discussing the Company or its
business, products, services, employees or customers.
	 
	 	 	 	The term “Inventions” shall include, without limitation, all inventions, discoveries,
designs, processes, developments, concepts, formulas, business methods, improvements or
trade secrets, whether or not patentable or registrable under copyright or similar laws,
which I may solely or jointly conceive or develop or reduce to practice, or cause to be

					
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	 	 	 	conceived or developed or reduced to practice, during the period of time I am in the
employ of the Company, including the copyright thereon. All such Inventions and the
benefits thereof shall immediately become the sole and absolute property of the Company
and its assigns, and I shall communicate, without cost or delay, and without publishing
the same, all available information relating to the Inventions (with all necessary plans
and models) to the Company.
	 
	 	(c)	 	Maintenance of Records. I agree to keep and maintain adequate and current
records of all Inventions made by me (solely or jointly with others) during the term of
my employment with the Company. The records will be in the form of notes, sketches,
drawings, and any other format that may be specified by the Company. The records will be
available to and remain the sole property of the Company at all times.
	 
	 	(d)	 	Patent and Copyright Registrations. I agree to assist the Company, or its
designee, at the Company’s expense, in every proper way to secure the Company’s rights in
the Inventions and any copyrights, patents, trademarks or other intellectual property
rights relating thereto in any and all countries, including (i) the disclosure to the
Company of all pertinent information and data with respect thereto, (ii) the execution of
all applications, specifications, oaths, assignments and all other instruments which the
Company shall deem necessary in order to apply for and obtain such rights and in order to
assign and convey to the Company the sole and exclusive right, title and interest in and
to such Inventions, and any copyrights, patents, trademarks or other intellectual
property rights relating thereto, and (iii) the defense of any opposition proceedings in
respect of such applications and any opposition proceedings or petitions or applications
for revocation of such copyrights, patents, trademarks or other intellectual property
rights. I further agree that my obligation to execute or cause to be executed, when it
is in my power to do so, any such instrument or papers shall continue after the
termination of this Agreement. If the Company is unable because of my mental or physical
incapacity to secure my signature to apply for or to pursue any application for any
United States or foreign patents or copyright, trademark or other registrations covering
Inventions assigned to the Company as above, then I hereby irrevocably designate and
appoint the Company and its duly authorized officers and agents as my agent and attorney
in fact, to act for and in my behalf and stead to execute and file any such applications
and to do all other lawfully permitted acts to further the prosecution and

					
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	 	 	 	issuance of letters patent, or copyright, trademark or other registrations thereon with
the same legal force and effect as if executed by me.

	4.	 	Return of Company Property and Documents. I agree that, at the time of leaving the
employ of the Company, I will deliver to the Company (and will not keep in my possession or
deliver to anyone else) any Company property, including but not limited to: mobile telephones,
pagers, computers, devices, records, data, notes, reports, proposals, lists, correspondence,
specifications, drawings, blueprints, sketches, software programs, materials, equipment, other
documents or property, or reproductions of any aforementioned items, whether developed by me
pursuant to my employment with the Company or otherwise belonging to the Company. Upon the
termination of my employment, I agree to sign and deliver to the Company the “Termination
Certification” attached hereto as Exhibit B.

	5.	 	Non-Competition and Non-Solicitation.

	 	(a)	 	I agree that I shall not during my employment with the Company and for a period of
six months after the termination or cessation of such employment, but only if such
termination or cessation of employment is voluntary (unless voluntary for “Good Reason”,
as defined in Section 5(c) hereafter) or involuntary for “Cause” (as defined in Section
5(d) hereafter), either directly or indirectly on my own behalf or in association with or
on behalf of others:

	 	(i)	 	engage in any business or enterprise (whether as owner, partner,
officer, director, employee, consultant, investor, lender or otherwise, except as
the holder of not more than 1% of the outstanding stock of a publicly-held company)
that is competitive with the Company’s business, including but not limited to any
business or enterprise that develops, manufactures, markets, or sells any product
or renders any service that competes with any product or service developed,
manufactured, marketed, sold or rendered, or planned to be developed, manufactured,
marketed, sold or rendered by the Company or any of its subsidiaries while I was
employed by the Company; or
	 
	 	(ii)	 	directly or indirectly, solicit, entice or induce any employee of the
Company to leave the employ of the Company or solicit, entice or induce for
employment (whether as an advisor, consultant, independent contractor or otherwise)
any person who was an

					
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	 	 	 	employee of the Company at the time of the termination or cessation of my
employment with the Company.

	 	(b)	 	The geographic scope of this Section 5 shall extend worldwide to anywhere the
Company or any of its subsidiaries: (i) is doing business at the time of termination or
cessation of employment; (ii) has done business during the six (6) months prior to the
time of termination or cessation of employment; or (iii) has plans to do business as
published in any Company business plan at the time of termination or cessation of
employment.
	 
	 	(c)	 	The Non-Competition obligations to which I am bound will continue in full force and
effect in the event that I choose to voluntarily terminate my employment with the
Company, unless such voluntary termination is for Good Reason, in which such case the
Non-Competition obligations shall cease at the time of termination of employment. For
this purpose only, “Good Reason” shall mean that, without an employee’s written consent,
the occurrence after an Acquisition Event (as such is defined in the Company’s 2000
Stock Incentive Plan) of any of the following circumstances unless, in the case of
paragraphs (ii) or (iii), such circumstances are fully corrected prior to the date of
termination specified in any notification of termination given in respect thereof:

	 	i.	 	any reduction in the employee’s annual base salary as in
effect on the date of his or her employment by the Company, or as the same may
be increased from time to time;
	 
	 	ii.	 	the failure of the Company to continue in effect any material
compensation or benefit plan in which such employee participates immediately
prior to the Acquisition Event, unless an equitable arrangement (embodied in
an ongoing substitute or alternative plan) has been made with respect to such
plan, or the failure by the Company to continue such employee’s participation
therein (or in such substitute or alternative plan) on a basis not materially
less favorable, both in terms of the amount of benefits provided and the level
of such employee’s participation relative to other participants, as existed at
the time of the Acquisition Event;
	 
	 	iii.	 	the failure by the Company to continue to provide the
employee with benefits substantially similar to those enjoyed by such

					
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	 	 	 	employee under any of the Company’s life insurance, medical, health and
accident, or disability plans in which such employee was participating at the
time of the Acquisition Event, the taking of any action by the Company which
would directly or indirectly substantially reduce such benefits; and

	 	iv.	 	any requirement by the Company or of any person in control of
the Company that the location at which such employee perform his or her
principal duties for the Company be changed to a new location outside a radius
of 40 miles from the location at which such employee performs his or her
principal duties for the Company at the time of the Acquisition Event.

	 	(d)	 	The Non-Competition obligations to which I am bound will continue in full force and
effect in the event that my employment with the Company is involuntarily terminated for
Cause. “Cause” shall mean (i) the willful and continued failure by me to substantially
perform my duties with the Company (other than any such failure resulting from an my
incapacity due to physical or mental illness), provided that a written demand for
substantial performance has been delivered to me by the Company specifically identifying
the manner in which the Company believes that I have not substantially performed my
duties and I have not cured such failure within 30 days after such demand, or (ii) I have
willfully engaged in conduct which is demonstrably and materially injurious to the
Company, or (iii) I have materially violated any provision of this Agreement or the
express significant policies of the Company, or (iv) I have at any time been convicted
of a felony, a crime of moral turpitude, or fraud. For purposes of this definition, no
act or failure to act on my part shall be deemed “willful” unless done or omitted to be
done by me not in good faith and without reasonable belief that such action or omission
was in the best interest of the Company.

	6.	 	Representations and Warranties of Employee. I represent and warrant to the Company
that my employment with the Company and the signing and delivery of this Agreement, and the
fulfillment of the terms of this Agreement, (i) will not constitute a breach of any agreement
or other instrument to which I am a party or by which I am legally bound, and (ii) does not
require the consent of any person or entity. I further represent and warrant that, except as
I have disclosed to the Company in writing, I am not bound by the terms of any employment
contract, restrictive covenant or other agreement preventing me

					
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	 	 	from accepting employment or carrying out my responsibilities for the Company as contemplated.

	7.	 	Equitable Remedies. I agree that the restrictions in this Agreement are necessary
for the protection of the business and goodwill of the Company. I further agree that it would
be impossible or inadequate to measure and calculate the Company’s damages from any breach of
the covenants set forth in Sections 2, 3, 4, 5 and 6 of this Agreement. Accordingly, I agree
that if I breach any of such covenants, the Company will have available, in addition to any
other right or remedy available, the right to obtain an injunction from a court of competent
jurisdiction restraining such breach or threatened breach and to specific performance of any
such provision of this Agreement. I further agree that no bond or other security shall be
required in obtaining such equitable relief and I consent to the issuance of such injunction
and to the ordering of specific performance.

	8.	 	General Provisions.

	 	(a)	 	Limit on Obligations of Company. I understand that this Agreement does not
create an obligation on the Company or any other person or entity to continue my
employment or to exploit any Inventions.
	 
	 	(b)	 	Waiver. The Company reserves the right, in its sole discretion, to waive
any term or provision of this agreement in such circumstances as the Company deems
appropriate. Any waiver by the Company of any provision or a breach of any provision of
this Agreement shall not operate or be construed as a waiver of any subsequent breach of
such provision or any other provision.
	 
	 	(c)	 	Severability. I acknowledge that each provision herein shall be treated as
a separate and independent clause, and the unenforceability or invalidity of any one
clause shall in no way impair the enforceability of any of the other clauses in this
Agreement.
	 
	 	(d)	 	Interpretation. I acknowledge that the type and periods of restriction
imposed in the provisions of this Agreement are fair and reasonable and are reasonably
required for the protection of the Company and the goodwill associated with the business
of the Company. If one or more of the provisions contained in this Agreement shall for
any reason be held to be excessively broad as to scope, time, activity or subject so as
to be unenforceable at law, I agree that such provision or provisions should be

					
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	 	 	 	interpreted by the appropriate judicial body by limiting and reducing it or them, for
such provision or provisions to be enforceable to the maximum extent allowed under
applicable law.

	 	(e)	 	Survival. My obligations under this Agreement shall survive the
termination of my employment regardless of the manner of such termination and shall be
binding upon my heirs, executors, administrators and legal representatives.
	 
	 	(f)	 	Definition of the Company. The term “Company” in this Agreement shall
include Ameresco, Inc. and any of its parents, subsidiaries, divisions, subdivisions or
affiliates.
	 
	 	(g)	 	Governing Law and Jurisdiction. This Agreement shall be governed by and
interpreted in accordance with laws of the Commonwealth of Massachusetts, without giving
effect to any conflict of laws provisions. Any action, suit or other legal proceeding
which is commenced to resolve any matter arising under or relating to any provision of
this Agreement shall be commenced only in a court of the Commonwealth of Massachusetts
(or, if appropriate, a federal court located within Massachusetts). The parties hereby
consent to personal jurisdiction over them of any court sitting in the Commonwealth of
Massachusetts having jurisdiction over the subject matter of any lawsuit arising out of,
or pertaining to this Agreement. Accordingly, the parties agree that either of them may
commence and have resolved any legal action brought to enforce this Agreement, seek
redress of any alleged breach of this Agreement, and/or seek a declaration of rights
and/or obligations under this Agreement in the federal and state courts within the
Commonwealth of Massachusetts.
	 
	 	(h)	 	Entire Agreement. This Agreement sets forth the entire agreement and
understanding between the Company and me relating to the subject matter herein,
supersedes all prior agreements between the parties, whether written or oral, and merges
all prior discussions between us. No modification of or amendment to this Agreement, nor
any waiver of any rights under this Agreement, will be effective unless in writing signed
by the party to be charged. Any subsequent change or changes in my duties, salary or
compensation will not affect the validity or scope of this Agreement.

					
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	 	(i)	 	Successors and Assigns. This Agreement will be binding upon my heirs,
executors, administrators and other legal representatives, and will be for the benefit of
the Company, its successors, and its assigns. The Company shall have the right to assign
this Agreement to its successors and assigns, and all covenants and agreements hereunder
shall inure to the benefit of and be enforceable by said successors and assigns.
	 
	 	(j)	 	Headings. The headings of the sections of this Agreement are for
convenience of reference only and in no way define, limit or affect the scope of
substance of any section of this Agreement.

I ACKNOWLEDGE THAT I HAVE CAREFULLY READ THIS AGREEMENT AND UNDERSTAND AND AGREE TO ALL ITS
PROVISIONS.

	 	 	 

	Employee Signature:
	 	 
	 

	 	 
	Print Name:
	 	 
	 

	 	 
	Date:
	 	 
	 

	 	 

					
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EXHIBIT A

LIST OF PRIOR INVENTIONS

AND ORIGINAL WORKS OF AUTHORSHIP

	 	 	 	 	 
	 	 	 	 	Identifying Number
	Title	 	Date	 	or Brief Description
	 
	 
	 	 	 	 
	 
	 
	 	 	 	 
	 
	 
	 	 	 	 
	 
	 
	 	 	 	 
	 
	 
	 	 	 	 
	 
	 
	 	 	 	 
	 

	 	 	 

	Employee Signature:
	 	 
	 

	 	 
	Print Name:
	 	 
	 

	 	 
	Date:
	 	 
	 

	 	 

 

 

EXHIBIT B

TERMINATION CERTIFICATION

This is to certify that I do not have in my possession, nor have I failed to return, any mobile
telephones, pagers, computers, devices, records, data, notes, reports, proposals, lists,
correspondence, specifications, drawings, blueprints, sketches, software programs, materials,
equipment, other documents or property, or reproductions of any aforementioned items belonging to
Ameresco, Inc., its subsidiaries, affiliates, or any of their respective successors or assigns
(together, the “Company”).

I further certify that I have complied and will continue to comply with all the terms of the
Company’s Confidential Information, Invention, Non-Solicitation and Non-Competition Agreement
signed by me, including the reporting of any Inventions (as defined therein), conceived or made by
me (solely or jointly with others) covered by that Agreement.

	 	 	 

	Employee Signature:
	 	 
	 

	 	 
	Print Name:
	 	 
	 

	 	 
	Date:

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