Document:

exv10w6

Exhibit
 10.6

AMERESCO, INC.

2000 Stock Incentive Plan 

 

 

AMERESCO, INC.

2000 Stock Incentive Plan

	1.	 	Purpose
	 
	 	 	The purpose of this 2000 Stock Incentive Plan (the “Plan”) of Ameresco, Inc., a
Delaware corporation (the “Company”), is to advance the interests of the Company’s
stockholders by enhancing the Company’s ability to attract, retain and motivate
persons who make (or are expected to make) important contributions to the Company by
providing such persons with equity ownership opportunities and performance-based
incentives and thereby better aligning the interests of such persons with those of
the Company’s stockholders. Except where the context otherwise requires, the term
“Company” shall include any of the Company’s present or future subsidiary
corporations as defined in Section 424(f) of the Internal Revenue Code of 1986, as
amended, and any regulations promulgated thereunder (the “Code”) and any other
business venture (including, without limitation, joint venture or limited liability
company) in which the Company has a significant interest, as determined by the Board
of Directors of the Company (the “Board”).
	 
	2.	 	Eligibility
	 
	 	 	All of the Company’s employees, officers, directors, consultants and advisors (and
any individuals who have accepted an offer for employment) are eligible to be
granted options, restricted stock awards, or other stock-based awards (each, an
“Award”) under the Plan. Each person who has been granted an Award under the Plan
shall be deemed a “Participant.”
	 
	3.	 	Administration, Delegation

	 	(a)	 	Administration by Board of Directors. The Plan will be
administered by the Board. The Board shall have authority to grant Awards and
to adopt, amend and repeal such administrative rules, guidelines and practices
relating to the Plan as it shall deem advisable. The Board may correct any
defect, supply any omission or reconcile any inconsistency in the Plan or any
Award in the manner and to the extent it shall deem expedient to carry the Plan
into effect and it shall be the sole and final judge of such expediency. All
decisions by the Board shall be made in the Board’s sole discretion and shall
be final and binding on all persons having or claiming any interest in the Plan
or in any Award. No director or person acting pursuant to the authority
delegated by the Board shall be liable for any action or determination relating
to or under the Plan made in good faith.
	 
	 	(b)	 	Appointment of Committees. To the extent permitted by
applicable law, the Board may delegate any or all of its powers under the Plan
to one or more committees or subcommittees of the Board (a “Committee”). If
and

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	 	 	 	when the common stock, $0.0001 par value per share, of the Company (the
“Common Stock”) is registered under the Securities Exchange Act of 1934 (the
“Exchange Act”), the Board shall appoint one such Committee of not less than
two members, each member of which shall be an “outside director” within the
meaning of Section 162(m) of the Code and a “non-employee director” as
defined in Rule 16b-3 promulgated under the Exchange Act. All references in
the Plan to the “Board” shall mean the Board or a Committee of the Board or
the executive officer referred to in Section 3(b) to the extent that the
Board’s powers or authority under the Plan have been delegated to such
Committee or executive officer.

	4.	 	Stock Available for Awards

	 	(a)	 	Number of Shares. Subject to adjustment under Section
8, Awards may be made under the Plan for up to 6,000,000 shares of Common
Stock. If any Award expires or is terminated, surrendered or canceled without
having been fully exercised or is forfeited in whole or in part or results in
any Common Stock not being issued, the unused Common Stock covered by such
Award shall again be available for the grant of Awards under the Plan, subject,
however, in the case of Incentive Stock Options (as hereinafter defined), to
any limitation required under the Code. Shares issued under the Plan may
consist in whole or in part of authorized but unissued shares or treasury shares.
	 
	 	(b)	 	Per-Participant Limit. Subject to adjustment under
Section 8, for Awards granted after the Common Stock is registered under the
Exchange Act, the maximum number of shares of Common Stock with respect to
which Awards may be granted to any Participant under the Plan shall be
1,000,000 per calendar year. The per-Participant limit described in this
Section 4(b) shall be construed and applied consistently with Section 162(m) of
the Code (“Section 162(m)”).

	5.	 	Stock Options

	 	(a)	 	General. The Board may grant options to purchase
Common Stock (each, an “Option”) and determine the number of shares of Common
Stock to be covered by each Option, the exercise price of each Option and the
conditions and limitations applicable to the exercise of each Option, including
conditions relating to applicable federal or state securities laws, as it
considers necessary or advisable. An Option which is not intended to be an
Incentive Stock Option (as hereinafter defined) shall be designated a
“Nonstatutory Stock Option.”
	 
	 	(b)	 	Incentive Stock Options. An Option that the Board
intends to be an “incentive stock option” as defined in Section 422 of the Code
(an “Incentive Stock Option”) shall only be granted to employees of the Company
and shall be subject to and shall be construed consistently with

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	 	 	 	the requirements of Section 422 of the Code. The Company shall have no
liability to a Participant, or any other party, if an Option (or any part
thereof) which is intended to be an Incentive Stock Option is not an
Incentive Stock Option.
	 
	 	(c)	 	Exercise Price. The Board shall establish the exercise
price at the time each Option is granted and specify it in the applicable
option agreement.
	 
	 	(d)	 	Duration of Options. Each Option shall be exercisable
at such times and subject to such terms and conditions as the Board may specify
in the applicable option agreement.
	 
	 	(e)	 	Exercise of Option. Options may be exercised by
delivery to the Company of a written notice of exercise signed by the proper
person or by any other form of notice (including electronic notice) approved by
the Board together with payment in full as specified in Section 5(f) for the
number of shares for which the Option is exercised.
	 
	 	(f)	 	Payment Upon Exercise. Common Stock purchased upon the
exercise of an Option granted under the Plan shall be paid for as follows:

	 	(1)	 	in cash or by check, payable to the order of
the Company;
	 
	 	(2)	 	except as the Board may, in its sole
discretion, otherwise provide in an option agreement, by (i) delivery
of an irrevocable and unconditional undertaking by a creditworthy
broker to deliver promptly to the Company sufficient funds to pay the
exercise price or (ii) delivery by the Participant to the Company of a
copy of irrevocable and unconditional instructions to a creditworthy
broker to deliver promptly to the Company cash or a check sufficient to
pay the exercise price and any required tax withholding;
	 
	 	(3)	 	when the Common Stock is registered under the
Exchange Act, by delivery of shares of Common Stock owned by the
Participant valued at their fair market value as determined by (or in a
manner approved by) the Board in good faith (“Fair Market Value”),
provided (i) such method of payment is then permitted under applicable
law and (ii) such Common Stock was owned by the Participant at least
six months prior to such delivery;
	 
	 	(4)	 	to the extent permitted by the Board, in its
sole discretion, by (i) delivery of a promissory note of the
Participant to the Company on terms determined by the Board, or (ii)
payment of such other lawful consideration as the Board may determine;
or
	 
	 	(5)	 	by any combination of the above permitted forms
of payment.

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	 	(g)	 	Substitute Options. In connection with a merger or
consolidation of an entity with the Company or the acquisition by the Company
of property or stock of an entity, the Board may grant Options in substitution
for any options or other stock or stock-based awards granted by such entity or
an affiliate thereof. Substitute Options may be granted on such terms as the
Board deems appropriate in the circumstances, notwithstanding any limitations
on Options contained in the other subsections of this Section 5 or in Section
2.

	6.	 	Restricted Stock

	 	(a)	 	Grants. The Board may grant Awards entitling
recipients to acquire shares of Common Stock, subject to the right of the
Company to repurchase all or part of such shares at their issue price or other
stated or formula price (or to require forfeiture of such shares if issued at
no cost) from the recipient in the event that conditions specified by the Board
in the applicable Award are not satisfied prior to the end of the applicable
restriction period or periods established by the Board for such Award (each, a
“Restricted Stock Award”).
	 
	 	(b)	 	Terms and Conditions. The Board shall determine the
terms and conditions of any such Restricted Stock Award, including the
conditions for repurchase (or forfeiture) and the issue price, if any. Any
stock certificates issued in respect of a Restricted Stock Award shall be
registered in the name of the Participant and, unless otherwise determined by
the Board, deposited by the Participant, together with a stock power endorsed
in blank, with the Company (or its designee). At the expiration of the
applicable restriction periods, the Company (or such designee) shall deliver
the certificates no longer subject to such restrictions to the Participant or
if the Participant has died, to the beneficiary designated, in a manner
determined by the Board, by a Participant to receive amounts due or exercise
rights of the Participant in the event of the Participant’s death (the
“Designated Beneficiary”). In the absence of an effective designation by a
Participant, Designated Beneficiary shall mean the Participant’s estate.

	7.	 	Other Stock-Based Awards
	 
	 	 	The Board shall have the right to grant other Awards based upon the Common Stock
having such terms and conditions as the Board may determine, including the grant of shares based upon certain conditions, the grant of securities convertible into
Common Stock and the grant of stock appreciation rights.
	 
	8.	 	Adjustments for Changes in Common Stock and Certain Other Events

	 	(a)	 	Changes in Capitalization. In the event of any stock
split, reverse stock split, stock dividend, recapitalization, combination of shares,

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	 	 	 	reclassification of shares, spin-off or other similar change in
capitalization or event, or any distribution to holders of Common Stock
other than a normal cash dividend, (i) the number and class of securities
available under this Plan, (ii) the per-Participant limit set forth in
Section 4(b), (iii) the number and class of securities and exercise price
per share subject to each outstanding Option, (iv) the repurchase price per
share subject to each outstanding Restricted Stock Award, and (v) the terms
of each other outstanding Award shall be appropriately adjusted by the
Company (or substituted Awards may be made, if applicable) to the extent the
Board shall determine, in good faith, that such an adjustment (or
substitution) is necessary and appropriate. If this Section 8(a) applies
and Section 8(c) also applies to any event, Section 8(c) shall be applicable
to such event, and this Section 8(a) shall not be applicable.
	 
	 	(b)	 	Liquidation or Dissolution. In the event of a proposed
liquidation or dissolution of the Company, the Board shall upon written notice
to the Participants provide that all then unexercised Options will (i) become
exercisable in full as of a specified time at least 10 business days prior to
the effective date of such liquidation or dissolution and (ii) terminate
effective upon such liquidation or dissolution, except to the extent exercised
before such effective date. The Board may specify the effect of a liquidation
or dissolution on any Restricted Stock Award or other Award granted under the
Plan at the time of the grant of such Award.
	 
	 	(c)	 	Recapitalization and Acquisition Events.

	 	(1)	 	Definitions.

	 	(a)	 	A “Recapitalization Event” shall
mean: (i) any merger or consolidation of the Company with or
into another entity as a result of which the Common Stock is
converted into or exchanged for the right to receive cash,
securities or other property, or (ii) any exchange of shares of
the Company for cash, securities or other property pursuant to a
statutory share exchange transaction.
	 
	 	(b)	 	An “Acquisition Event” shall
mean: (i) any merger or consolidation of the Company which
results in the voting securities of the Company outstanding
immediately prior thereto representing immediately thereafter
(either by remaining outstanding or by being converted into
voting securities of the surviving or acquiring entity (the
“Acquiror”)) less than a majority of the combined voting power
of the voting securities of the Company or the Acquiror
outstanding immediately after such merger or consolidation, (ii)
the sale of all or substantially all of the

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	 	 	 	assets of the Company or (iii) the sale of shares of capital
stock of the Company, in a single transaction or series of
related transactions, representing at least 80% of the voting
power of the outstanding securities of the Company.
	 
	 	(c)	 	“Cause” shall mean (i) the
willful and continued failure by an employee of the Company to
substantially perform his or her duties with the Company (other
than any such failure resulting from an employee’s incapacity
due to physical or mental illness or any such actual or
anticipated failure after the issuance of a notice of
termination by an employee for Good Reason as defined below),
provided that a written demand for substantial performance has
been delivered to such employee by the Company specifically
identifying the manner in which the Company believes that such
employee has not substantially performed his or her duties and
has not cured such failure within 30 days after such demand, or
(ii) such employee’s willfully engaging in conduct which is
demonstrably and materially injurious to the Company. For
purposes of this definition, no act or failure to act on the
employee’s part shall be deemed “willful” unless done or omitted
to be done by such employee not in good faith and without
reasonable belief that such action or omission was in the best
interest of the Company.
	 
	 	(d)	 	“Good Reason” shall mean that,
without an employee’s written consent, the occurrence after an
Acquisition Event of any of the following circumstances unless,
in the case of paragraphs (i), (ii) or (iv), such circumstances
are fully corrected prior to the date of termination specified
in any notification of termination given in respect thereof:

	 	(i)	 	any significant
diminution in the employee’s duties or responsibilities
as in effect immediately prior to the Acquisition Event;
	 
	 	(ii)	 	any reduction in
the employee’s annual base salary as in effect on the
date their employment by the Company or as the same may
be increased from time to time;
	 
	 	(iii)	 	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

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	 	 	 	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, or the
failure by the Company to award cash bonuses to its
executives in amounts substantially consistent with
past practice in light of the Company’s financial
performance;
	 
	 	(iv)	 	the failure by
the Company to continue to provide the employee with
benefits substantially similar to those enjoyed by such
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
	 
	 	(v)	 	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.

	 	(2)	 	Effect on Options.

	 	(a)	 	Recapitalization Event.
Upon the occurrence of a Recapitalization Event (regardless of
whether such event also constitutes an Acquisition Event), or
the execution by the Company of any agreement with respect to a
Recapitalization Event (regardless of whether such event will
result in an Acquisition Event), the Board shall provide that
all outstanding Options shall be assumed, or equivalent options
shall be substituted, by the acquiring or succeeding corporation
(or an affiliate thereof); provided that if such
Recapitalization Event also constitutes an Acquisition Event,
except to the extent specifically provided to the contrary in
the instrument evidencing any Option or any

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	 	 	 	other agreement between a Participant and the Company, and if
the Participant continues as an employee, consultant or
advisor of the acquiring or succeeding corporation (or
affiliate thereof) until the one-year anniversary of the date
of the Acquisition Event (“Acquisition Anniversary”), the
number of shares subject to the Option which would have then
vested and become exercisable had the last 24 months (or if
less than 24 months remained, such lesser period) of
scheduled vesting been accelerated shall vest and become
exercisable upon the Acquisition Anniversary, and the
remaining unvested shares shall continue to become vested in
accordance with the original vesting schedule set forth in
such Option. If the Participant was granted the Option as an
employee of the Company and his or her employment with the
Company is terminated by the Company without Cause prior to
the Acquisition Anniversary, or such Participant voluntarily
terminates his or her employment with the Company for Good
Reason prior to the Acquisition Anniversary, then the number of
shares subject to the Option which would have then vested
and become exercisable had the last 24 months (or if less
than 24 months remained, such lesser period) of scheduled
vesting been accelerated shall vest and become exercisable
immediately prior to such Participant’s termination date.
	 
	 	 	 	For purposes hereof, an Option shall be considered to be
assumed if, following consummation of the Recapitalization
Event, the Option confers the right to purchase, for each
share of Common Stock subject to the Option immediately prior
to the consummation of the Recapitalization Event, the
consideration (whether cash, securities or other property)
received as a result of the Recapitalization Event by holders
of Common Stock for each share of Common Stock held
immediately prior to the consummation of the Recapitalization
Event (and if holders were offered a choice of consideration,
the type of consideration chosen by the holders of a majority
of the outstanding shares of Common Stock); provided,
however, that if the consideration received as a
result of the Recapitalization Event is not solely common
stock of the acquiring or succeeding corporation (or an
affiliate thereof), the Company may, with the consent of the
acquiring or succeeding corporation, provide for the
consideration to be received upon the exercise of Options to
consist solely of common stock of the acquiring or succeeding
corporation (or an affiliate thereof) equivalent

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	 	 	 	in fair market value to the per share consideration received
by holders of outstanding shares of Common Stock as a result
of the Recapitalization Event.
	 
	 	(b)	 	Acquisition Event that is not
a Recapitalization Event. In the event of an Acquisition
Event that does not also constitute a Recapitalization Event,
except to the extent specifically provided to the contrary in
the instrument evidencing any Option or any other agreement
between a Participant and the Company, and if the Participant
continues as an employee, consultant or advisor of the acquiring
or succeeding corporation (or affiliate thereof) until the
Acquisition Anniversary, the number of shares subject to the
Option which would have then vested and become exercisable had
the last 24 months (or if less than 24 months remained, such
lesser period) of scheduled vesting been accelerated shall vest
and become exercisable upon the Acquisition Anniversary, and the
remaining unvested shares shall continue to become vested in
accordance with the original vesting schedule set forth in such
Option. If the Participant was granted the Option as an
employee of the Company and his or her employment with the
Company is terminated by the Company without Cause prior to the
Acquisition Anniversary or such Participant voluntarily
terminates his or her employment with the Company for Good
Reason prior to the Acquisition Anniversary, then the number of
shares subject to the Option which would have then vested and
become exercisable had the last 24 months (or if less than 24
months remained, such lesser period) of scheduled vesting been
accelerated shall vest and become exercisable immediately prior
to such Participant’s termination date.

	 	(3)	 	Effect on Restricted Stock Awards.

	 	(a)	 	Recapitalization Event that
is not an Acquisition Event. Upon the occurrence of a
Recapitalization Event that is not an Acquisition Event, the
repurchase and other rights of the Company under each
outstanding Restricted Stock Award shall inure to the benefit of
the Company’s successor and shall apply to the cash, securities
or other property which the Common Stock was converted into or
exchanged for pursuant to such Recapitalization Event in the
same manner and to the same extent as they applied to the Common
Stock subject to such Restricted Stock Award.

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	 	(b)	 	Acquisition Event. In
the event of an Acquisition Event (regardless of whether such
event also constitutes a Recapitalization Event), except to the
extent specifically provided to the contrary in the instrument
evidencing any Restricted Stock Award or any other agreement
between a Participant and the Company, and if the Participant
continues as an employee, consultant or advisor of the acquiring
or succeeding corporation (or affiliate thereof) until the
Acquisition Anniversary, then the vesting schedule of such
Restricted Stock Award shall be accelerated in part so that the
number of shares which would have become free from conditions or
restrictions had the last 24 months (or if less than 24 months
remained, such lesser period) of scheduled release from
conditions or restrictions been accelerated shall become free
from such conditions or restrictions, and the remaining
restricted shares shall continue to become free from conditions
or restrictions in accordance with the original schedule set
forth in such Restricted Stock Award. If the Participant was
granted the Restricted Stock Award as an employee of the Company
and his or her employment with the Company is terminated by the
Company without Cause prior to the Acquisition Anniversary or
such Participant voluntarily terminates his or her employment
with the Company for Good Reason prior to the Acquisition
Anniversary, then the vesting schedule of such Participant’s
Restricted Stock Award shall be accelerated in part so that the
number of shares that would have become free from conditions or
restrictions had the last 24 months (or if less than 24 months
remained, such lesser period) of scheduled release from
conditions or restrictions been accelerated shall become free
from such conditions or restrictions immediately prior to such
Participant’s termination date.

	 	(4)	 	Effect on Other Awards.

	 	(a)	 	Recapitalization Event that
is not an Acquisition Event. The Board shall specify the
effect of a Recapitalization Event that is not an Acquisition
Event on any other Award granted under the Plan at the time of
the grant of such Award.
	 
	 	(b)	 	Acquisition Event. In
the event of an Acquisition Event (regardless of whether such
event also constitutes a Recapitalization Event), except to the
extent specifically provided to the contrary in the instrument
evidencing any

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	 	 	 	Award or any other agreement between a Participant and the
Company, and the holder of such other Award continues as an
employee, consultant or advisor of the acquiring or
succeeding corporation (or affiliate thereof) until the
Acquisition Anniversary, then the vesting schedule of such
other Award shall be accelerated in part so that the number
of shares that would have become exercisable, realizable,
vested or free from conditions or restrictions had the last
24 months (or if less than 24 months remained, such lesser
period) of scheduled realization, vesting or release from
conditions or restrictions been accelerated shall become
exercisable, realizable, vested or free from conditions or
restrictions upon the Acquisition Anniversary, and the
remaining unvested shares shall continue to become
exercisable, realizable, vested or free from conditions or
restrictions in accordance with the original schedule set
forth in such Award. If the Participant was granted the
Award as an employee of the Company and his or her employment
with the Company is terminated by the Company without Cause
prior to the Acquisition Anniversary or such Participant
voluntarily terminates his or her employment with the Company
for Good Reason prior to the Acquisition Anniversary, then
the number of shares that would have become exercisable,
realizable, vested, or free from conditions or restrictions
had the last 24 months (or if less than 24 months remained,
such lesser period) of scheduled realization, vesting or
release from conditions or restrictions been accelerated
shall become exercisable, realizable, vested or free from
conditions or restrictions immediately prior to such
Participant’s termination date.

	9.	 	General Provisions Applicable to Awards

	 	(a)	 	Transferability of Awards. Except as the Board may
otherwise determine or provide in an Award, Awards shall not be sold, assigned,
transferred, pledged or otherwise encumbered by the person to whom they are
granted, either voluntarily or by operation of law, except by will or the laws
of descent and distribution, and, during the life of the Participant, shall be
exercisable only by the Participant. References to a Participant, to the
extent relevant in the context, shall include references to authorized
transferees.
	 
	 	(b)	 	Documentation. Each Award shall be evidenced by a
written instrument in such form as the Board shall determine. Such written
instrument may be in the form of an agreement signed by the Company and the
Participant

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	 	 	 	or a written confirming memorandum to the Participant from the Company.
Each Award may contain terms and conditions in addition to those set forth
in the Plan.
	 
	 	(c)	 	Board Discretion. Except as otherwise provided by the
Plan, each Award may be made alone or in addition or in relation to any other
Award. The terms of each Award need not be identical, and the Board need not
treat Participants uniformly.
	 
	 	(d)	 	Termination of Status. The Board shall determine the
effect on an Award of the disability, death, retirement, authorized leave of
absence or other change in the employment or other status of a Participant and
the extent to which, and the period during which, the Participant, the
Participant’s legal representative, conservator, guardian or Designated
Beneficiary may exercise rights under the Award.
	 
	 	(e)	 	Withholding. Each Participant shall pay to the
Company, or make provision satisfactory to the Board for payment of, any taxes
required by law to be withheld in connection with Awards to such Participant no
later than the date of the event creating the tax liability. Except as the
Board may otherwise provide in an Award, when the Common Stock is registered
under the Exchange Act, Participants may satisfy such tax obligations in whole
or in part by delivery of shares of Common Stock, including shares retained
from the Award creating the tax obligation, valued at their Fair Market Value;
provided, however, that the total tax withholding where stock is being used to
satisfy such tax obligations cannot exceed the Company’s minimum statutory
obligations (based on minimum statutory withholding rates for federal and state
tax purposes, including payroll taxes, that are applicable to such supplemental
taxable income). The Company may, to the extent permitted by law, deduct any
such tax obligations from any payment of any kind otherwise due to a
Participant.
	 
	 	(f)	 	Amendment of Award. The Board may amend, modify or
terminate any outstanding Award, including but not limited to, substituting
therefor another Award of the same or a different type, changing the date of
exercise or realization, and converting an Incentive Stock Option to a
Nonstatutory Stock Option, provided that the Participant’s consent to such
action shall be required unless the Board determines that the action, taking
into account any related action, would not materially and adversely affect the
Participant.
	 
	 	(g)	 	Conditions on Delivery of Stock. The Company will not
be obligated to deliver any shares of Common Stock pursuant to the Plan or to
remove restrictions from shares previously delivered under the Plan until (i)
all conditions of the Award have been met or removed to the satisfaction of

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	 	 	 	the Company, (ii) in the opinion of the Company’s counsel, all other legal
matters in connection with the issuance and delivery of such shares have
been satisfied, including any applicable securities laws and any applicable
stock exchange or stock market rules and regulations, and (iii) the
Participant has executed and delivered to the Company such representations
or agreements as the Company may consider appropriate to satisfy the
requirements of any applicable laws, rules or regulations.
	 
	 	(h)	 	Acceleration. The Board may at any time provide that
any Options shall become immediately exercisable in full or in part, that any
Restricted Stock Awards shall be free of restrictions in full or in part or
that any other Awards may become exercisable in full or in part or free of some
or all restrictions or conditions, or otherwise realizable in full or in part,
as the case may be.

	10.	 	Miscellaneous

	 	(a)	 	No Right To Employment or Other Status. No person
shall have any claim or right to be granted an Award, and the grant of an Award
shall not be construed as giving a Participant the right to continued
employment or any other relationship with the Company. The Company expressly
reserves the right at any time to dismiss or otherwise terminate its
relationship with a Participant free from any liability or claim under the
Plan, except as expressly provided in the applicable Award.
	 
	 	(b)	 	No Rights As Stockholder. Subject to the provisions of
the applicable Award, no Participant or Designated Beneficiary shall have any
rights as a stockholder with respect to any shares of Common Stock to be
distributed with respect to an Award until becoming the record holder of such shares. Notwithstanding the foregoing, in the event the Company effects a
split of the Common Stock by means of a stock dividend and the exercise price
of and the number of shares subject to an Option are adjusted as of the date of
the distribution of the dividend (rather than as of the record date for such
dividend), then an optionee who exercises an Option between the record date and
the distribution date for such stock dividend shall be entitled to receive, on
the distribution date, the stock dividend with respect to the shares of Common
Stock acquired upon such Option exercise, notwithstanding the fact that such shares were not outstanding as of the close of business on the record date for
such stock dividend.
	 
	 	(c)	 	Effective Date and Term of Plan. The Plan shall become
effective on the date on which it is adopted by the Board. No Awards shall be
granted under the Plan after the completion of ten years from the earlier of
(i) the date on which the Plan was adopted by the Board or (ii) the date the
Plan was approved by the Company’s stockholders, but Awards previously granted
may extend beyond that date.

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	 	(d)	 	Amendment of Plan. The Board may amend, suspend or
terminate the Plan or any portion thereof at any time.
	 
	 	(e)	 	Authorization of Sub-Plans. The Board may from time to
time establish one or more sub-plans under the Plan for purposes of satisfying
applicable blue sky, securities or tax laws of various jurisdictions. The
Board shall establish such sub-plans by adopting supplements to this Plan
containing (i) such limitations on the Board’s discretion under the Plan as the
Board deems necessary or desirable or (ii) such additional terms and conditions
not otherwise inconsistent with the Plan as the Board shall deem necessary or
desirable. All supplements adopted by the Board shall be deemed to be part of
the Plan, but each supplement shall apply only to Participants within the
affected jurisdiction and the Company shall not be required to provide copies
of any supplement to Participants in any jurisdiction which is not the subject
of such supplement.
	 
	 	(f)	 	Governing Law. The provisions of the Plan and all
Awards made hereunder shall be governed by and interpreted in accordance with
the laws of the State of Delaware, without regard to any applicable conflicts
of law.

	 	 	 
	 

	 	Adopted by the Board of Directors
	 

	 	on October 27, 2000

-15-exv10w7

Exhibit 10.7

AMERESCO, INC.

Incentive Stock Option Agreement

Granted Under 2000 Stock Incentive Plan

1. Grant of Option.

     This agreement evidences the grant by Ameresco, Inc., a Delaware corporation (the “Company”),
on                      (the “Grant Date”)

 to                      an employee of the Company (the “Participant”),
of an option to purchase, in whole or in part, on the terms provided herein and in the Company’s
2000 Stock Incentive Plan (the “Plan”), a total of                      shares (the “Shares”) of common
stock, $.0001 par value per share, of the Company (“Common Stock”) at $                     per Share. Unless
earlier terminated, this option shall expire on                      (the “Final Exercise Date”).

     It is intended that the option evidenced by this agreement shall be an incentive stock option
as defined in Section 422 of the Internal Revenue Code of 1986, as amended and any regulations
promulgated thereunder (the “Code”). Except as otherwise indicated by the context, the term
“Participant”, as used in this option, shall be deemed to include any person who acquires the right
to exercise this option validly under its terms.

2. Vesting Schedule.

     This option will become exercisable (“vest”) as to 20% of the original number of Shares on the
first anniversary of the Grant Date and as to an additional 5% of the original number of Shares at
the end of each successive three-month period of employment with the Company following the first
anniversary of the Grant Date until the fifth anniversary of the Grant Date.

     The right of exercise shall be cumulative so that to the extent the option is not exercised in
any period to the maximum extent permissible it shall continue to be exercisable, in whole or in
part, with respect to all shares for which it is vested until the earlier of the Final Exercise
Date or the termination of this option under Section 3 hereof or the Plan.

3. Exercise of Option.

     (a) Form of Exercise. Each election to exercise this option shall be in writing,
signed by the Participant, and received by the Company at its principal office, accompanied by this
agreement, and payment in full in the manner provided in the Plan. The Participant may purchase
less than the number of shares covered hereby, provided that no partial exercise of this option may
be for any fractional share or for fewer than ten whole shares.

     (b) Continuous Relationship with the Company Required. Except as otherwise provided
in this Section 3, this option may not be exercised unless the Participant, at the time he or she
exercises this option, is, and has been at all times since the Grant Date, an employee, officer or
director of, or consultant or advisor to, the Company or any parent or subsidiary of the Company as
defined in Section 424(e) or (f) of the Code (an “Eligible Participant”).

 

 

     (c) Termination of Relationship with the Company. If the Participant ceases to be an
Eligible Participant for any reason, then, except as provided in paragraphs (d) and (e) below, the
right to exercise this option shall terminate three months after such cessation (but in no event
after the Final Exercise Date), provided that this option shall be exercisable only
to the extent that the Participant was entitled to exercise this option on the date of such
cessation. Notwithstanding the foregoing, if the Participant, prior to the Final Exercise Date,
violates the non-competition or confidentiality provisions of any employment contract,
confidentiality and nondisclosure agreement or other agreement between the Participant and the
Company, the right to exercise this option shall terminate immediately upon written notice to the
Participant from the Company describing such violation.

     (d) Exercise Period Upon Death. If the Participant dies prior to the Final Exercise
Date while he or she is an Eligible Participant and the Company has not terminated such
relationship for “cause” as specified in paragraph (e) below, this option shall be exercisable,
within the period of one year following the date of death of the Participant by the Participant,
provided that this option shall be exercisable only to the extent that this option was exercisable
by the Participant on the date of his or her death, and further provided that this option shall not
be exercisable after the Final Exercise Date.

     (e) Discharge for Cause. If the Participant, prior to the Final Exercise Date, is
discharged by the Company for “cause” (as defined below), the right to exercise this option shall
terminate immediately upon the effective date of such discharge. “Cause” shall mean willful
misconduct by the Participant or willful failure by the Participant to perform his or her
responsibilities to the Company (including, without limitation, breach by the Participant of any
provision of any employment, consulting, advisory, nondisclosure, non-competition or other similar
agreement between the Participant and the Company), as determined by the Company, which
determination shall be conclusive. The Participant shall be considered to have been discharged for
“Cause” if the Company determines, within 30 days after the Participant’s resignation, that
discharge for cause was warranted.

4. Right of First Refusal.

     (a) If the Participant proposes to sell, assign, transfer, pledge, hypothecate or otherwise
dispose of, by operation of law or otherwise (collectively, “transfer”) any Shares acquired upon
exercise of this option, then the Participant shall first give written notice of the proposed
transfer (the “Transfer Notice”) to the Company. The Transfer Notice shall name the proposed
transferee and state the number of such Shares the Participant proposes to transfer (the “Offered
Shares”), the price per share and all other material terms and conditions of the transfer.

     (b) For 30 days following its receipt of such Transfer Notice, the Company shall have the
option to purchase all (but not less than all) of the Offered Shares at the price and upon the
terms set forth in the Transfer Notice. In the event the Company elects to purchase all of the
Offered Shares, it shall give written notice of such election to the Participant within such 30-day
period. Within 10 days after the Participant’s receipt of such notice, the Participant shall
tender to the Company at its principal offices the certificate or certificates representing the
Offered Shares, duly endorsed in blank by the Participant or with duly endorsed stock powers
attached thereto, all in form suitable for transfer of the Offered Shares to the Company. Promptly

- 2 -

 

following receipt of such certificate or certificates, the Company shall deliver or mail to
the Participant a check in payment of the purchase price for the Offered Shares; provided that if
the terms of payment set forth in the Transfer Notice were other than cash against delivery, the
Company may pay for the Offered Shares on the same terms and conditions as were set forth in the
Transfer Notice; and provided further that any delay in making such payment shall not invalidate
the Company’s exercise of its option to purchase the Offered Shares.

     (c) If the Company does not elect to acquire all of the Offered Shares, the Participant may,
within the 30-day period following the expiration of the option granted to the Company under
subsection (b) above, transfer the Offered Shares to the proposed transferee, provided that such
transfer shall not be on terms and conditions more favorable to the transferee than those contained
in the Transfer Notice. Notwithstanding any of the above, all Offered Shares transferred pursuant
to this Section 4 shall remain subject to the right of first refusal set forth in this Section 4
and such transferee shall, as a condition to such transfer, deliver to the Company a written
instrument confirming that such transferee shall be bound by all of the terms and conditions of
this Section 4.

     (d) After the time at which the Offered Shares are required to be delivered to the Company for
transfer to the Company pursuant to subsection (b) above, the Company shall not pay any dividend to
the Participant on account of such Offered Shares or permit the Participant to exercise any of the
privileges or rights of a stockholder with respect to such Offered Shares, but shall, in so far as
permitted by law, treat the Company as the owner of such Offered Shares.

     (e) The following transactions shall be exempt from the provisions of this Section 4:

          (1) any transfer of Shares to or for the benefit of any spouse, child, grandchild, sibling or
parent of the Participant, or to a trust for their benefit;

          (2) any transfer pursuant to an effective registration statement filed by the Company under
the Securities Act of 1933, as amended (the “Securities Act”); and

          (3) the sale of all or substantially all of the shares of capital stock of the Company
(including pursuant to a merger or consolidation);

provided, however, that in the case of a transfer pursuant to clause (1) above, such Shares
shall remain subject to the right of first refusal set forth in this Section 4 and such transferee
shall, as a condition to such transfer, deliver to the Company a written instrument confirming that
such transferee shall be bound by all of the terms and conditions of this Section 4 and Section 5
hereof.

     (f) The Company may assign its rights to purchase Offered Shares in any particular transaction
under this Section 4 to one or more persons or entities.

     (g) The provisions of this Section 4 shall terminate upon the earlier of the following events:

- 3 -

 

          (1) the closing of the sale of shares of Common Stock in an underwritten public offering
pursuant to an effective registration statement filed by the Company under the Securities Act; or

          (2) the sale of all or substantially all of the capital stock, assets or business of the
Company, by merger, consolidation, sale of assets or otherwise (other than a merger or
consolidation in which all or substantially all of the individuals and entities who were beneficial
owners of the Common Stock immediately prior to such transaction beneficially own, directly or
indirectly, more than 75% of the outstanding securities entitled to vote generally in the election
of directors of the resulting, surviving or acquiring corporation in such transaction).

     (h) The Company shall not be required (a) to transfer on its books any of the Shares which
shall have been sold or transferred in violation of any of the provisions set forth in this Section
4, or (b) to treat as owner of such Shares or to pay dividends to any transferee to whom any such
Shares shall have been so sold or transferred.

5. Agreement in Connection with Public Offering.

     The Participant agrees, in connection with the initial underwritten public offering of the
Company’s securities pursuant to a registration statement under the Securities Act, (i) not to
sell, make short sale of, loan, grant any options for the purchase of, or otherwise dispose of any
shares of Common Stock held by the Participant (other than those shares included in the offering)
without the prior written consent of the Company or the underwriters managing such initial
underwritten public offering of the Company’s securities for a period of 180 days from the
effective date of such registration statement, and (ii) to execute any agreement reflecting clause
(i) above as may be requested by the Company or the managing underwriters at the time of such
offering.

6. Withholding.

     No Shares will be issued pursuant to the exercise of this option unless and until the
Participant pays to the Company, or makes provision satisfactory to the Company for payment of, any
federal, state or local withholding taxes required by law to be withheld in respect of this option.

7. Nontransferability of Option.

     This option may not be sold, assigned, transferred, pledged or otherwise encumbered by the
Participant, either voluntarily or by operation of law, except by will or the laws of descent and
distribution, and, during the lifetime of the Participant, this option shall be exercisable only by
the Participant.

8. Disqualifying Disposition.

     If the Participant disposes of Shares acquired upon exercise of this option within two years
from the Grant Date or one year after such Shares were acquired pursuant to exercise of this
option, the Participant shall notify the Company in writing of such disposition.

- 4 -

 

9. Provisions of the Plan.

     This option is subject to the terms and provisions of the Plan (including all provisions
regarding the acceleration of vesting of options), a copy of which Plan is furnished to the
Participant with this option.

	10.	 	No Rights to Employment.

     Nothing contained in this agreement or in the Plan shall be construed as giving the
Participant any right to be retained, in any position, as an employee of the Company.

IN WITNESS WHEREOF, the Company has caused this option to be executed under its corporate seal by
its duly authorized officer. This option shall take effect as a sealed instrument.

	 	 	 	 	 
	 	Ameresco, Inc.

 	 
	 	By:  	 	 
	 	 	George P. Sakellaris 	 
	 	 	Chief Executive Officer

111 Speen Street, Suite 410

Framingham, MA 01701 	 

- 5 -

 

	 	 	 	 	 

PARTICIPANT’S ACCEPTANCE

     The undersigned hereby accepts the foregoing option and agrees to the terms and conditions
thereof. The undersigned hereby acknowledges receipt of a copy of the Company’s 2000 Stock
Incentive Plan.

	 	 	 	 	 
	 	Participant:

 	 
	 	Name  	 
	 	Address

City, State, Zip 	 
	 

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