Company: ALCE
Filing Date: 2025-06-06
Form Type: 10-K
Source: 0001213900-25-052242
Chunk: 991

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-06
Form: 10-K
Item: Item 1C
Chunk 991
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10,000 shares are designated as Series A and issued to Mr. Vincent Browne and 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 issued an additional 50,000 shares of Series A to Mr. Browne.

Family Relationships

No family relationship exists
between any of Alternus’ directors and executive officers. There are no arrangements or understandings with major shareholders,
customers, suppliers or others pursuant to which any person referred to above was selected as a director or member of senior management. 

84

Director Independence

We use the definition of
“independence” of The NASDAQ Stock Market to make this determination. NASDAQ Listing Rule 5605(a)(2) provides that an “independent
director” is a person other than an officer or employee of the company or any other individual having a relationship, which, in
the opinion of the Company’s Board, would interfere with the exercise of independent judgment in carrying out the responsibilities
of a director. The NASDAQ listing rules provide that a director cannot be considered independent if:

    ●
    The director is, or at
    any time during the past three years was, an employee of the company;

    ●
    The director or a family
    member of the director accepted any compensation from the company in excess of $120,000 during any period of 12 consecutive months
    within the three years preceding the independence determination (subject to certain exclusions, including, among other things, compensation
    for board or board committee service);

    ●
    A family member of the
    director is, or at any time during the past three years was, an executive officer of the company;

    ●
    The director or a family
    member of the director is a partner in, controlling shareholder of, or an executive officer of an entity to which the company made,
    or from which the company received, payments in the current or any of the past three fiscal years that exceed 5% of the recipient’s
    consolidated gross revenue for that year or $200,000, whichever is greater (subject to certain exclusions);

    ●
    The director or a family
    member of the director is employed as an executive officer of an entity where, at any time during the past three years, any of the
    executive officers