Company: ALCE
Filing Date: 2025-06-30
Form Type: 10-Q
Source: 0001213900-25-059349
Chunk: 164

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-30
Form: 10-Q
Item: Part I, Item 8
Chunk 164
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. Wikborg under the Company’s Corporate
Governance Guidelines and the independence standards under Nasdaq rules and has determined that Mr. Wikborg is independent. Along
with their appointment, Mr. Wikborg was appointed to serve on the Audit Committee, as well as the Chair of the Compensation Committee,
and as a member of the Nominating and Corporate Governance Committee of the Company, effective immediately. Mr. Wikborg will serve as
an independent director until the Company’s 2025 annual meeting of stockholders.

On March 21, 2025 the Company
filed an Amended and Restated Certificate of Designation of its Series A Super Voting Preferred Stock, such that 10,000 shares are designated
as Series A and all were issued to Mr. Vincent Browne. Each share of the Series A is entitled to have the right to vote in an amount equal
to 10,000 votes per share, voting with the common stock on all matters as a single class. On April 24, 2025 the Company’s Board
increased the total shares designated as Series A by 50,000 and issued those additional 50,000 shares of Series A Super Voting Preferred
Stock to Mr. Browne.

On April 21, 2025 the Company
issued a total of 61,000,000 shares of restricted common stock valued at $1,830,000, including 11,000,000 shares to Alternus Energy Group
PLC, a related party, 3,000,000 shares to each of our 4 current independent directors (Ms. Bjornov, Mr. Wikborg, Mr. Parker and Mr. Ratner)
and one past director, Mr. Chaudhri, 15,000,000 shares each to Mr. Browne, our CEO, and Mr. Thomas, our executive director, 5,000,000
shares to Ms. Durant, our CLO.

29

Consulting Agreements:

On May 15, 2021 VestCo Corp.,
a company owned and controlled by our Chairman and CEO, Vincent Browne, entered into a Professional Consulting Agreement with one of our
US subsidiaries under which it pays VestCo a monthly fee of $16,000. This agreement has a five-year initial term and automatically extends
for additional one-year terms unless otherwise unilaterally terminated. Effective January 1, 2025, the Compensation Committee and the
Board of Directors ratified an amendment to this consulting services