Document:

exv10w8

Exhibit 10.8

AMERESCO, INC.

Nonstatutory 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] [consultant] [director] 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 not 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

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thereto, all in form suitable for transfer of the Offered Shares to the Company. Promptly
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:

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(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 (1) 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 (2) 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.	 	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.

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	9.	 	No Rights to Employment or Other Status.

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, or consultant or advisor to, or in any relationship with, 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

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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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Exhibit 10.9

Ameresco, Inc.

Restricted Stock Agreement

Granted Under 2000 Stock Incentive Plan

AGREEMENT made this ___ day of                     , 2001, between Ameresco, Inc., a Delaware
corporation (the “Company”), and                      (the “Participant”).

For valuable consideration, receipt of which is acknowledged, the parties hereto agree as follows:

	1.	 	Purchase of Shares.
	 
	 	 	The Company shall issue and sell to the Participant, and the Participant shall purchase from
the Company, subject to the terms and conditions set forth in this Agreement and in the
Company’s 2000 Stock Incentive Plan (the “Plan”), ___ shares (the “Shares”) of common
stock, $.0001 par value, of the Company (“Common Stock”), at a purchase price of $___
per share. The aggregate purchase price for the Shares shall be paid by the Participant by
check payable to the order of the Company or such other method as may be acceptable to the
Company. Upon receipt by the Company of payment for the Shares, the Company shall issue to
the Participant one or more certificates in the name of the Participant for that number of
Shares purchased by the Participant. The Participant agrees that the Shares shall be
subject to the Purchase Option set forth in Sections 2 and 5 of this Agreement and the
restrictions on transfer set forth in Section 4 of this Agreement.
	 
	2.	 	Purchase Option.

	 	(a)	 	In the event that the Participant ceases to be employed by the Company for any
reason or no reason, with or without cause, prior to «Vest» the Company shall have the
right and option (the “Purchase Option”) to purchase from the Participant, for a sum of
$0.0167 per share (the “Option Price”), some or all of the Unvested Shares (as defined
below).
	 
	 	 	 	“Unvested Shares” means the total number of Shares multiplied by the
Applicable Percentage at the time the Purchase Option becomes exercisable by
the Company. The “Applicable Percentage” shall be (i) 100% during the
twelve-month period ending «First», (ii) 80% from and after «First», less
5% for each three months of employment with the Company completed by the
Participant from and after «First», and (iii) zero percent (0%) on and after
«Vest». Shares that are not Unvested Shares are referred to herein as
“Vested Shares.”
	 
	 	(b)	 	For purposes of this Agreement, employment with the Company shall include
employment with a parent or subsidiary of the Company.

 

 

	3.	 	Exercise of Purchase Option and Closing.

	 	(a)	 	The Company may exercise the Purchase Option by delivering or mailing to the
Participant (or his estate), within 60 days after the termination of the employment of
the Participant with the Company, a written notice of exercise of the Purchase Option.
Such notice shall specify the number of Shares to be purchased. If and to the extent
the Purchase Option is not so exercised by the giving of such a notice within such
60-day period, the Purchase Option shall automatically expire and terminate effective
upon the expiration of such 60-day period.
	 
	 	(b)	 	Within 10 days after delivery to the Participant of the Company’s notice of the
exercise of the Purchase Option pursuant to subsection (a) above, the Participant (or
his estate) shall, pursuant to the provisions of the Joint Escrow Instructions referred
to in Section 7, tender to the Company at its principal offices the certificate or
certificates representing the Shares which the Company has elected to purchase in
accordance with the terms of this Agreement, duly endorsed in blank or with duly
endorsed stock powers attached thereto, all in form suitable for the transfer of such
Shares to the Company. Promptly following its receipt of such certificate or
certificates, the Company shall pay to the Participant the aggregate Option Price for
such Shares (provided that any delay in making such payment shall not invalidate the
Company’s exercise of the Purchase Option with respect to such Shares).
	 
	 	(c)	 	After the time at which any 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 Shares or permit the Participant to
exercise any of the privileges or rights of a stockholder with respect to such Shares,
but shall, in so far as permitted by law, treat the Company as the owner of such
Shares.
	 
	 	(d)	 	The Option Price may be payable, at the option of the Company, in cancellation
of all or a portion of any outstanding indebtedness of the Participant to the Company
or in cash (by check) or both.
	 
	 	(e)	 	The Company shall not purchase any fraction of a Share upon exercise of the
Purchase Option, and any fraction of a Share resulting from a computation made pursuant
to Section 2 of this Agreement shall be rounded to the nearest whole Share (with any
one-half Share being rounded upward).
	 
	 	(f)	 	The Company may assign its Purchase Option to one or more persons or entities.

	4.	 	Restrictions on Transfer.
	 
	 	 	The Participant shall not sell, assign, transfer, pledge, hypothecate or otherwise dispose
of, by operation of law or otherwise (collectively “transfer”):

	 	(a)	 	any Shares, or any interest therein, that are subject to the Purchase Option,
except that the Participant may transfer such Shares to or for the benefit of any
spouse,

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	 	 	 	child, grandchild, sibling or parent of the Participant, or to a trust for their
benefit, provided that such Shares shall remain subject to this Agreement
(including without limitation the restrictions on transfer set forth in this Section
4, the Purchase Option and the right of first refusal set forth in Section 5) and
such permitted 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 Agreement; or
	 
	 	(b)	 	any Shares, or any interest therein, that are no longer subject to the Purchase
Option, except in accordance with Section 5 below.

	5.	 	Right of First Refusal.

	 	(a)	 	If the Participant proposes to transfer any Shares that are no longer subject
to the Purchase Option (either because they are no longer Unvested Shares or because
the Purchase Option expired unexercised), 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 he
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 delivery to the Company 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
delivery to the Participant 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 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 5 shall remain subject to this Agreement (including without limitation the
restrictions on transfer set forth in Section 4 and the right of

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	 	 	 	first refusal set forth in this Section 5) 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 Agreement.
	 
	 	(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 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
5:

	 	(1)	 	a 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 this Agreement (including without
limitation the restrictions on transfer set forth in Section 4 and the right of
first refusal set forth in this Section 5) 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 Agreement.

	 	(f)	 	The Company may assign its rights to purchase Offered Shares in any particular
transaction under this Section 5 to one or more persons or entities.
	 
	 	(g)	 	The provisions of this Section 5 shall terminate upon the earlier of the
following events:

	 	(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).

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	 	(h)	 	The Company shall not be required (i) 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 Agreement, or (ii) 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.

	6.	 	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 initial offering.
	 
	7.	 	Escrow.
	 
	 	 	The Participant shall, upon the execution of this Agreement, execute Joint Escrow
Instructions in the form attached to this Agreement as Exhibit A. The Joint Escrow
Instructions shall be delivered to the Secretary of the Company, as escrow agent thereunder.
The Participant shall deliver to such escrow agent a stock assignment duly endorsed in
blank and hereby instructs the Company to deliver to such escrow agent, on behalf of the
Participant, the certificate(s) evidencing the Shares issued hereunder. Such materials
shall be held by such escrow agent pursuant to the terms of such Joint Escrow Instructions.
	 
	8.	 	Restrictive Legends.
	 
	 	 	All certificates representing Shares shall have affixed thereto legends in substantially the
following form, in addition to any other legends that may be required under federal or state
securities laws:

“The shares of stock represented by this certificate are subject to
restrictions on transfer and an option to purchase set forth in a certain
Restricted Stock Agreement between the corporation and the registered owner
of these shares (or his predecessor in interest), and such Agreement is
available for inspection without charge at the office of the Secretary of
the corporation.”

“The shares represented by this certificate have not been registered
under the Securities Act of 1933, as amended, and may not be sold,
transferred or otherwise disposed of in the absence of an effective
registration statement under such Act or an opinion of counsel satisfactory
to the corporation to the effect that such registration is not required.”

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	9.	 	Provisions of the Plan.
	 
	 	 	This Agreement is subject to the terms and provisions of the Plan (including all provisions
regarding the acceleration of vesting of the Shares), a copy of which Plan is furnished to
the Participant with this Agreement.
	 
	10.	 	Investment Representations.
	 
	 	 	The Participant represents, warrants and covenants as follows:

	 	(a)	 	The Participant is purchasing the Shares for his own account for investment
only, and not with a view to, or for sale in connection with, any distribution of the
Shares in violation of the Securities Act, or any rule or regulation under the
Securities Act.
	 
	 	(b)	 	The Participant has had such opportunity as he has deemed adequate to obtain
from representatives of the Company such information as is necessary to permit him to
evaluate the merits and risks of his investment in the Company.
	 
	 	(c)	 	The Participant has sufficient experience in business, financial and investment
matters to be able to evaluate the risks involved in the purchase of the Shares and to
make an informed investment decision with respect to such purchase.
	 
	 	(d)	 	The Participant can afford a complete loss of the value of the Shares and is
able to bear the economic risk of holding such Shares for an indefinite period.
	 
	 	(e)	 	The Participant understands that (i) the Shares have not been registered under
the Securities Act and are “restricted securities” within the meaning of Rule 144 under
the Securities Act, (ii) the Shares cannot be sold, transferred or otherwise disposed
of unless they are subsequently registered under the Securities Act or an exemption
from registration is then available; (iii) in any event, the exemption from
registration under Rule 144 will not be available for at least one year and even then
will not be available unless a public market then exists for the Common Stock, adequate
information concerning the Company is then available to the public, and other terms and
conditions of Rule 144 are complied with; and (iv) there is now no registration
statement on file with the Securities and Exchange Commission with respect to any stock
of the Company and the Company has no obligation or current intention to register the
Shares under the Securities Act.

	11.	 	Withholding Taxes; Section 83 (b) Election.

	 	(a)	 	The Participant acknowledges and agrees that the Company has the right to
deduct from payments of any kind otherwise due to the Participant any federal, state or
local taxes of any kind required by law to be withheld with respect to the purchase of
the Shares by the Participant or the lapse of the Purchase Option.
	 
	 	(b)	 	The Participant acknowledges that he has been informed of the availability of
making an election in accordance with Section 83(b) of the Internal Revenue

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	 	 	 	Code of 1986, as amended; that such election must be filed with the Internal Revenue
Service within 30 days of the transfer of shares to the Participant; and that the
Participant is solely responsible for making such election.
	 
	 	 	 	THE PARTICIPANT ACKNOWLEDGES THAT IT IS THE PARTICIPANT’S SOLE RESPONSIBILITY AND
NOT THE COMPANY’S TO FILE TIMELY THE ELECTION UNDER SECTION 83(b), EVEN IF THE
PARTICIPANT REQUESTS THE COMPANY OR ITS REPRESENTATIVES TO MAKE THIS FILING ON THE
PARTICIPANT’S BEHALF.

	12.	 	No Rights to Employment.
	 
	 	 	The Participant acknowledges and agrees that the vesting of the Shares pursuant to Section 2
hereof is earned only by continuing service as an employee at the will of the Company (not
through the act of being hired or purchasing shares hereunder). The Participant further
acknowledges and agrees that the transactions contemplated hereunder and the vesting
schedule set forth herein do not constitute an express or implied promise of continued
engagement as an employee or consultant for the vesting period, for any period, or at all.
	 
	13.	 	Severability.
	 
	 	 	The invalidity or unenforceability of any provision of this Agreement shall not affect the
validity or enforceability of any other provision of this Agreement, and each other
provision of this Agreement shall be severable and enforceable to the extent permitted by
law.
	 
	14.	 	Waiver.
	 
	 	 	Any provision for the benefit of the Company contained in this Agreement may be waived,
either generally or in any particular instance, by the Board of Directors of the Company.
	 
	15.	 	Binding Effect.
	 
	 	 	This Agreement shall be binding upon and inure to the benefit of the Company and the
Participant and their respective heirs, executors, administrators, legal representatives,
successors and assigns, subject to the restrictions on transfer set forth in Sections 4 and
5 of this Agreement.
	 
	16.	 	Notice.
	 
	 	 	All notices required or permitted hereunder shall be in writing and deemed effectively given
upon personal delivery or five days after deposit in the United States Post Office, by
registered or certified mail, postage prepaid, addressed to the other party hereto at the
address shown beneath his or its respective signature to this Agreement, or at such other

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	 	 	address or addresses as either party shall designate to the other in accordance with this
Section 16.
	 
	17.	 	Pronouns.
	 
	 	 	Whenever the context may require, any pronouns used in this Agreement shall include the
corresponding masculine, feminine or neuter forms, and the singular form of nouns and
pronouns shall include the plural, and vice versa.
	 
	18.	 	Entire Agreement.
	 
	 	 	This Agreement and the Plan constitute the entire agreement between the parties and
supersede all prior agreements and understandings relating to the subject matter of this
Agreement.
	 
	19.	 	Amendment.
	 
	 	 	This Agreement may be amended or modified only by a written instrument executed by both the
Company and the Participant.
	 
	20.	 	Governing Law.
	 
	 	 	This Agreement shall be construed, interpreted and enforced in accordance with the internal
laws of the State of Delaware without regard to any applicable conflicts of laws.
	 
	21.	 	Participant’s Acknowledgements.
	 
	 	 	The Participant acknowledges that he or she: (a) has read this Agreement; (b) has been
represented in the preparation, negotiation, and execution of this Agreement by legal
counsel of the Participant’s own choice or has voluntarily declined to seek such counsel;
(c) understands the terms and consequences of this Agreement; (d) is fully aware of the
legal and binding effect of this Agreement; and (e) understands that the law firm of Hale
and Dorr LLP, is acting as counsel to the Company in connection with the transactions
contemplated by the Agreement, and is not acting as counsel for the Participant.

 - 8 - 

 

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

	 	 	 	 	 	 	 
	 	 	Ameresco, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

George P. Sakellaris
	 	 
	 

	 	 	 	President	 	 
	 

	 	 	 	111 Speen Street, Suite 410	 	 
	 

	 	 	 	Framingham, Massachusetts 01701	 	 
	 
	 	 	 	 	 	 
	 	 	Participant:	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Name	 	 
	 	 	Address	 	 
	 	 	City, State Zip	 	 

 - 9 - 

 

Exhibit A

Ameresco, Inc.

Joint Escrow Instructions

                    , 2001

Secretary

Ameresco, Inc.

111 Speen Street, Suite 410

Framingham, Massachusetts 01701

Dear Sir:

As Escrow Agent for Ameresco, Inc., a Delaware corporation (the “Company”), and the
undersigned person (“Holder”), you are hereby authorized and directed to hold the documents
delivered to you pursuant to the terms of that certain Restricted Stock Agreement (the “Agreement”)
of even date herewith, to which a copy of these Joint Escrow Instructions is attached, in
accordance with the following instructions:

	1.	 	Appointment. Holder irrevocably authorizes the Company to deposit with you any
certificates evidencing Shares (as defined in the Agreement) to be held by you hereunder and
any additions and substitutions to said Shares. Holder does hereby irrevocably constitute and
appoint you as his attorney-in-fact and agent for the term of this escrow to execute with
respect to such Shares all documents necessary or appropriate to make such Shares negotiable
and to complete any transaction herein contemplated. Subject to the provisions of this
paragraph 1 and the terms of the Agreement, Holder shall exercise all rights and privileges of
a stockholder of the Company while the Shares are held by you.

	2.	 	Closing of Purchase.

	 	(a)	 	Upon any purchase by the Company of the Shares pursuant to the Agreement, the
Company shall give to Holder and you a written notice specifying the purchase price for
the Shares, as determined pursuant to the Agreement, and the time for a closing
hereunder (the “Closing”) at the principal office of the Company. Holder and the
Company hereby irrevocably authorize and direct you to close the transaction
contemplated by such notice in accordance with the terms of said notice.
	 
	 	(b)	 	At the Closing, you are directed (a) to date the stock assignment form or forms
necessary for the transfer of the Shares, (b) to fill in on such form or forms the
number of Shares being transferred, and (c) to deliver same, together with the
certificate or certificates evidencing the Shares to be transferred, to the Company
against the simultaneous delivery to you of the purchase price for the Shares being
purchased pursuant to the Agreement.

 

 

	3.	 	Withdrawal. The Holder shall have the right to withdraw from this escrow any Shares
as to which the Purchase Option (as defined in the Agreement) has terminated or expired,
provided, however, that no fraction of a Share will be issued and any such
fraction shall be rounded to the nearest whole Share (with any one-half Share being rounded
upward).
	 
	4.	 	Duties of Escrow Agent.

	 	(a)	 	Your duties hereunder may be altered, amended, modified or revoked only by a
writing signed by all of the parties hereto.
	 
	 	(b)	 	You shall be obligated only for the performance of such duties as are
specifically set forth herein and may rely and shall be protected in relying or
refraining from acting on any instrument reasonably believed by you to be genuine and
to have been signed or presented by the proper party or parties. You shall not be
personally liable for any act you may do or omit to do hereunder as Escrow Agent or as
attorney-in-fact of Holder while acting in good faith and in the exercise of your own
good judgment, and any act done or omitted by you pursuant to the advice of your own
attorneys shall be conclusive evidence of such good faith.
	 
	 	(c)	 	You are hereby expressly authorized to disregard any and all warnings given by
any of the parties hereto or by any other person or Company, excepting only orders or
process of courts of law, and are hereby expressly authorized to comply with and obey
orders, judgments or decrees of any court. In case you obey or comply with any such
order, judgment or decree of any court, you shall not be liable to any of the parties
hereto or to any other person, firm or Company by reason of such compliance,
notwithstanding any such order, judgment or decree being subsequently reversed,
modified, annulled, set aside, vacated or found to have been entered without
jurisdiction.
	 
	 	(d)	 	You shall not be liable in any respect on account of the identity, authority or
rights of the parties executing or delivering or purporting to execute or deliver the
Agreement or any documents or papers deposited or called for hereunder.
	 
	 	(e)	 	You shall be entitled to employ such legal counsel and other experts as you may
deem necessary properly to advise you in connection with your obligations hereunder and
may rely upon the advice of such counsel.
	 
	 	(f)	 	Your rights and responsibilities as Escrow Agent hereunder shall terminate if
(i) you cease to be Secretary of the Company or (ii) you resign by written notice to
each party. In the event of a termination under clause (i), your successor as
Secretary shall become Escrow Agent hereunder; in the event of a termination under
clause (ii), the Company shall appoint a successor Escrow Agent hereunder.
	 
	 	(g)	 	If you reasonably require other or further instruments in connection with these
Joint Escrow Instructions or obligations in respect hereto, the necessary parties
hereto shall join in furnishing such instruments.

 

 

	 	(h)	 	It is understood and agreed that should any dispute arise with respect to the
delivery and/or ownership or right of possession of the securities held by you
hereunder, you are authorized and directed to retain in your possession without
liability to anyone all or any part of said securities until such dispute shall have
been settled either by mutual written agreement of the parties concerned or by a final
order, decree or judgment of a court of competent jurisdiction after the time for
appeal has expired and no appeal has been perfected, but you shall be under no duty
whatsoever to institute or defend any such proceedings.
	 
	 	(i)	 	These Joint Escrow Instructions set forth your sole duties with respect to any
and all matters pertinent hereto and no implied duties or obligations shall be read
into these Joint Escrow Instructions against you.
	 
	 	(j)	 	The Company shall indemnify you and hold you harmless against any and all
damages, losses, liabilities, costs, and expenses, including attorneys’ fees and
disbursements, for anything done or omitted to be done by you as Escrow Agent in
connection with this Agreement or the performance of your duties hereunder, except such
as shall result from your gross negligence or willful misconduct.

	5.	 	Notice. Any notice required or permitted hereunder shall be given in writing and
shall be deemed effectively given upon personal delivery or upon deposit in the United States
Post Office, by registered or certified mail with postage and fees prepaid, addressed to each
of the other parties thereunto entitled at the following addresses, or at such other addresses
as a party may designate by ten days’ advance written notice to each of the other parties
hereto.

	 	 	 
	COMPANY:

	 	Ameresco, Inc.
	 

	 	111 Speen Street, Suite 410
	 

	 	Framingham, Massachusetts 01701
	 

	 	Attention: President
	 
	 	 
	HOLDER:

	 	Notices to Holder shall be sent to the address set forth
below Holder’s signature below.
	 
	 	 
	ESCROW AGENT:

	 	Secretary
	 

	 	Ameresco, Inc.
	 

	 	111 Speen Street, Suite 410
	 

	 	Framingham, Massachusetts 01701

	6.	 	Miscellaneous.

	 	(a)	 	By signing these Joint Escrow Instructions, you become a party hereto only for
the purpose of said Joint Escrow Instructions, and you do not become a party to the
Agreement.
	 
	 	(b)	 	This instrument shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and permitted assigns.

 

 

	 	 	 	 	 	 	 
	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 
	 	 	Ameresco, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	 	 	George P. Sakellaris	 	 
	 

	 	 	 	President	 	 
	 
	 	 	 	 	 	 
	 	 	Holder:	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Name	 	 
	 	 	Address	 	 
	 	 	City, State Zip	 	 
	 
	 	 	 	 	 	 
	 	 	Date Signed:                                         
	 
	 	 	 	 	 	 
	Escrow Agent:

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