Company: ALCE
Filing Date: 2025-06-06
Form Type: 10-K
Source: 0001213900-25-052242
Chunk: 2349

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-06
Form: 10-K
Item: Item 7
Chunk 2349
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Gita Shah resigned as Chief Sustainability Officer of the Company, effective immediately. The resignation of Ms. Shah was not the result
of any disagreements with the Company on any matter, including relating to the Company’s operations, policies or practices.

On January 28, 2025, John
McQuillan, a Class I director of Alternus Clean Energy, Inc. (the “Company”), notified the Company that they will resign
from the Company’s Board of Directors (the “Board”) effective immediately. Mr. McQuillan’s decision to resign
from the Board is solely for personal reasons and is not the result of any disagreement with the Company’s operations, policies
or procedures, or any disagreements in respect of accounting principles or financial statement disclosure.

On January 28, 2025, Rolf
S. 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.

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