Company: ALCE
Filing Date: 2025-06-30
Form Type: 10-Q
Source: 0001213900-25-059349
Chunk: 165

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-30
Form: 10-Q
Item: Part I, Item 8
Chunk 165
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 agreement, such that it was assigned to the Company and VestCo’s
fees increased by $10,000 per month.

In July of 2023, John Thomas,
one of our directors, entered into a Consulting Services Agreement with one of our US subsidiaries under which it pays Mr. Thomas a monthly
fee of $11,000. 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 agreement, such that it was assigned to the Company and the fees increased by $8,090 per month.

    Three Months Ended March 31, 
  
    Director’s remuneration 
    2025  
    2024 

    (in thousands) 
  
    Remuneration in respect of services as directors 
    $135  
    $362 
  
    Remuneration in respect to long-term incentive schemes 
     -  
     - 
  
    Total 
    $135  
    $362 

21. Subsequent Events

Management has evaluated subsequent
events that occurred through the date the financial statements were issued and has determined that there were no subsequent events that
required recognition or disclosure in the financial statements as of and for the period ended March 31, 2025, except as disclosed
below.

In April 2025, the Compensation
Committee and the Board of Directors ratified amendments to each of VestCo Corp. (a company owned and controlled by Mr. Browne) and Mr.
Thomas’ consulting services agreements, such that these agreements were assigned to the Company and VestCo’s fees increased
by $10,000 per month and Mr. Thomas’ fees increased by $8,090 per month, effective January 1, 2025.

On April 21, 2025 the Company
issued a total of 96,820,000 shares of restricted common stock valued at $2,904,600, 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