Company: ALCE
Filing Date: 2025-06-06
Form Type: 10-K
Source: 0001213900-25-052242
Chunk: 1375

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-06
Form: 10-K
Item: Item 3
Chunk 1375
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 monthly on each Installment Date (as defined in the Convertible Note) commencing on the earlier of July 18, 2024 and the
effective date of the initial registration statement required to be filed pursuant to the Registration Rights Agreement (as defined below)
in an amount equal the sum of (A) the lesser of (x) $216,000 and (y) the outstanding principal amount of the Convertible Note, (B) interest
due and payable under the Convertible Note and (C) other amounts specified in the Convertible Note (such sum being the “Installment
Amount”); provided, however, if on any Installment Date, no failure to meet the Equity Conditions (as defined in the Convertible
Note) exits pursuant to the Convertible Note, the Company may pay all or a portion of the Installment Amount with shares of its common
stock. The portion of the Installment Amount paid with common stock shall be based on the Installment Conversion Price. “Installment
Conversion Price” means the lower of (i) the Conversion Price (defined below) and (ii) the greater of (x) 92% of the average of
the two (2) lowest daily VWAPs (as defined in the Convertible Note) in the ten (10) trading days immediately prior to each conversion
date and (y) $1.75. “Equity Conditions Failure” means that on any day during the period commencing twenty (20) trading days
prior to the applicable Installment Notice Date or Interest Date (each as defined in the Convertible Note) through the later of the applicable
Installment Date or Interest Date and the date on which the applicable shares of Common Stock are actually delivered to the Holder, the
Equity Conditions have not been satisfied (or waived in writing by the Holder). The Convertible Note is convertible, at the option of
the Investor, at any time, into such number of shares of Common Stock of the Company equal to the principal amount of the Convertible
Note plus all accrued and unpaid interest at a conversion price equal to $0.48 (the “Conversion Price”). The Conversion Price
is subject to full ratchet antidilution protection, subject to a floor conversion price of $1.75 per share. The Convertible Note may not
be converted and shares of Common Stock may not be issued under the Convertible Note if, after giving effect to the conversion or issuance,
the Investor together with its affiliates would beneficially