Company: ALCE
Filing Date: 2025-06-06
Form Type: 10-K
Source: 0001213900-25-052242
Chunk: 529

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-06
Form: 10-K
Item: Item 1A
Chunk 529
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 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.

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 this agreement was assigned
to the Company and amended such that VestCo’s monthly fee increased by $10,000.

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 this agreement was assigned to the Company and amended such that Mr. Thomas’
monthly fee was increased by $8,090.

Series A Super Voting Preferred:

On February 18, 2025, the
board of directors declared the formation of and approved the issuance of an aggregate of 1 share of Series A Super Voting Preferred
Stock, par value $0.0001 per share (“Series A”). On February 18, 2025, the Company issued the 1 share of Series A to Mr.
Vincent Browne, our CEO. On March 21, 2025 the Company filed an Amended and Restated Certificate of Designation of its Series A, such
that 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. Brow