Company: ALCE
Filing Date: 2025-06-06
Form Type: 10-K
Source: 0001213900-25-052242
Chunk: 1897

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-06
Form: 10-K
Item: Item 5
Chunk 1897
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incentive compensation plan(s), none of which has been issued at this time.

The Company may terminate
the Browne Employment Agreement for “Cause” which is defined as any of the following: (i) the conviction of a felony,
or a crime involving dishonesty or moral turpitude; (ii) fraud, misappropriation or embezzlement; or (iii) willful failure
or gross negligence in the performance of assigned duties, which failure or negligence continues for more than thirty (30) days following
written notice of such failure or negligence. Alternus may terminate the Browne Employment Agreement without Cause at any time by giving
90 days’ advance written notice and shall pay a sum equal to five years of base salary. Mr. Browne may terminate his employment
agreement for Good Reason (as defined in the Browne Employment Agreement) with 90 days’ notice, and Alternus shall be obligated
to pay him severance pay equal to five years of base salary.

Additionally, further to
our earlier Chief Financial Officer, Mr. Joseph E. Duey’s resignation, Mr Browne is currently functioning as the Acting Chief Financial
Officer of the Company, until a suitable replacement is sought or appointed by the Company and its board of directors.

79

Joseph E. Duey

The Company and Mr. Duey
entered into an employment agreement under which Mr. Duey receives an annual base salary of $250,000 and a cash bonus of up to 100%
of his salary based on achieving certain milestones. In addition, he is eligible to receive certain equity and/or equity-based awards
under the Company’s long-term incentive compensation plan(s), none of which has been issued at this time. Mr. Duey resigned effective
April 30, 2024.

Taliesin Durant

The Company and Ms. Durant
entered into an employment agreement under which Ms. Durant receives an annual base salary of $190,000 and a cash bonus of up to
100% of her salary based on achieving certain milestones. In addition, she is eligible to receive certain equity and/or equity-based
awards under the Company’s long-term incentive compensation plan(s), none of which has been issued at this time. This agreement
has a five-year initial term.

The Company may terminate
her employment agreement for “Cause” which is defined as any of the following: (i) the conviction of a felony, or a