Company: ALCE
Filing Date: 2025-06-06
Form Type: 10-K
Source: 0001213900-25-052242
Chunk: 234

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-06
Form: 10-K
Item: Item 1
Chunk 234
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 owns and controls, pursuant to a services agreement between VestCo and Alt Alliance
    LLC.

    (2)
    Other compensation includes
    car allowance (USA) 

    (3)
    Bonuses paid in October
    2023 for the fiscal year ended December 31, 2022.

    (4)
    Includes housing allowance
    effective July 2023.

    (5)
    Mr. Duey resigned from
    the Company effective April 30, 2024.

Employment Agreements.

Vincent Browne

VestCo Corp., a company owned
and controlled by Vincent Browne, entered into a Professional Consulting Agreement with one of our US subsidiaries under which Alternus
pays VestCo a monthly fee of $16,000. This agreement has a five-year initial term.

Additionally, Mr. Browne
entered into an Employment Agreement (the “Browne Employment Agreement”) with an Irish subsidiary of the Company under
which Mr. Browne receives an annual base salary of €120,000 and an annual bonus of up to 100% of his salary based on achieving
certain milestones. In addition, he is eligible to receive certain equity and/or equity-based awards under the Company’s long-term
incentive compensation plan(s), none of which has been issued at this time.

The Company may terminate
the Browne Employment Agreement for “Cause” which is defined as any of the following: (i) the conviction of a felony,
or a crime involving dishonesty or moral turpitude; (ii) fraud, misappropriation or embezzlement; or (iii) willful failure
or gross negligence in the performance of assigned duties, which failure or negligence continues for more than thirty (30) days following
written notice of such failure or negligence. Alternus may terminate the Browne Employment Agreement without Cause at any time by giving
90 days’ advance written notice and shall pay a sum equal to five years of base salary. Mr. Browne may terminate his employment
agreement for Good Reason (as defined in the Browne Employment Agreement) with 90 days’ notice, and Alternus shall be obligated
to pay him severance pay equal to five years of base salary.

Additionally, further to
our earlier Chief Financial Officer, Mr. Joseph E. Duey’s resignation, Mr Browne is currently functioning as the Acting Chief Financial
Officer of the Company, until a