Company: ALCE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001213900-25-105077
Chunk: 59

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 59
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 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.

Also on March 21, 2025, Mr.
Vincent Browne, our CEO and Interim CFO and shareholder with majority voting rights, representing 91% of the shares entitled to vote,
approved (i) an amendment to our Certificate of Incorporation to effect a reverse
stock split of our common stock at a ratio ranging from 1-for-2 and 1-for-500, as determined by our Board of Directors in its sole discretion,
and (ii) an amendment to the Alternus Clean Energy, Inc. 2023 Equity Incentive Plan (the “Plan Amendment”) as adopted by the
Board upon the recommendation of the Compensation Committee. The Plan Amendment relates to an increase in the number of shares of Common
Stock that shall be available for the grant of awards under the Plan from 11,200 shares of Common Stock, so that the maximum aggregate
number of shares of Common Stock that may be issued under the Plan is increased each fiscal year (the “Adjustment Date”) by
an amount equal to the lesser of (i) that number of shares equal to 15% of the outstanding shares of Common Stock on the applicable
Adjustment Date, less (a) the number of shares of Common Stock that may be issued under the Plan prior to the Adjustment