Company: ALCE
Filing Date: 2025-06-30
Form Type: 10-Q
Source: 0001213900-25-059349
Chunk: 46

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-30
Form: 10-Q
Item: Part I, Item 1
Chunk 46
---

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. Wikborg under the Company’s Corporate
Governance 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.

On March 21, 2025 the Company
filed an Amended and Restated Certificate of Designation of its Series A Super Voting Preferred Stock, such that 10,000 shares are designated
as Series A and all were issued to Mr. Vincent Browne. 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’s Board
increased the total shares designated as Series A by 50,000 and issued those additional 50,000 shares of Series A Super Voting Preferred
Stock to Mr. Browne.

On April 21, 2025 the Company
issued a total of 61,000,000 shares of restricted common stock valued at $1,830,000, including 11,000,000 shares to Alternus Energy Group
PLC, a related party,