Company: ALCE
Filing Date: 2025-06-30
Form Type: 10-Q
Source: 0001213900-25-059349
Chunk: 163

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-30
Form: 10-Q
Item: Part I, Item 8
Chunk 163
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 company’s board of directors. These transactions are recorded as a net liability of $0.3 million on the Consolidated
Balance Sheet.

Nordic ESG:

In January of 2024, the Company
issued 310,600 shares of restricted common stock valued at $30.75 per share to Nordic ESG and Impact Fund SCSp (“Nordic ESG”)
as settlement of AEG’s €8m note. This resulted in Nordic ESG becoming a 10% shareholder. As of March 31, 2024 Nordic ESG was
a 9.7% shareholder; As of December 31, 2024 Nordic ESG was a 6.5% shareholder, and as of March 31, 2025 Nordic ESG was a 3.1% shareholder.

Sponsor:

On March 19, 2024 we entered
into a settlement agreement with the Clean Earth Acquisitions Sponsor LLC (“Sponsor”) and SPAC Sponsor Capital Access (“SCA”)
pursuant to which, among other things, we agreed to repay Sponsor’s debt to SCA, related to the Sponsor’s SPAC entity extensions,
in the amount of $1.4 million and issue 225,000 shares of restricted common stock valued at $0.47 per share to SCA. As of March 31, 2024
and 2025, Sponsor was an 11% and 1% shareholder, respectively.

D&O:

In connection with the Business
Combination Closing, the Company entered into indemnification agreements (each, an “Indemnification Agreement”) with its directors
and executive officers. Each Indemnification Agreement provides for indemnification and advancements by the Company of certain expenses
and costs if the basis of the indemnitee’s involvement in a matter was by reason of the fact that the indemnitee is or was a director,
officer, employee, or agent of the Company or any of its subsidiaries or was serving at the Company’s request in an official capacity
for another entity, in each case to the fullest extent permitted by the laws of the State of Delaware.

On January 28, 2025, John
McQuillan, a Class I director of the Company, resigned from the Company’s Board of Directors (the “Board”) effective
immediately.

On January 28, 2025, Rolf
Wikborg was elected to the Board effective immediately. The Board assessed the independence of Mr