Company: ALCE
Filing Date: 2025-06-06
Form Type: 10-K
Source: 0001213900-25-052242
Chunk: 228

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-06
Form: 10-K
Item: Item 1
Chunk 228
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 risks. Periodically, the audit committee reviews
our policies with respect to risk assessment, risk management, loss prevention and regulatory compliance. Oversight by the audit committee
includes direct communication with our external auditors, and discussions with management regarding significant risk exposures and the
actions management has taken to limit, monitor or control such exposures. The compensation committee is responsible for assessing whether
any of our compensation policies or programs has the potential to encourage excessive risk-taking. The nominating and corporate governance
committee manages risks associated with the independence of the board of directors, corporate disclosure practices and potential conflicts
of interest. While each committee is responsible for evaluating certain risks and overseeing the management of such risks, the entire
board of directors is regularly informed through committee reports about such risks. Matters of significant strategic risk are considered
by our board of directors as a whole.

Composition of the
Board of Directors

The board of directors is
divided into three classes of directors (Class I, Class II and Class III), with each class serving for staggered three-year terms. Vincent
Browne, John P. Thomas and Aaron T. Ratner constitute the Class III directors;, Nicholas Parker and Tone Bjornov constitute
the Class II directors; Rolf Wikborg constitutes the Class I director. The initial term of the Class II directors shall expire immediately
following the Company’s 2025 annual general meeting at which directors are appointed. The initial term of the Class III directors
shall expire immediately following the Company’s 2026 annual meeting at which directors are appointed. The current term of the
Class I director shall expire immediately following the Company’s 2027 annual general meeting of the Company at which directors
are appointed.

75

Director Independence

The board of directors consists
of six directors, three of whom are “independent” within the meaning of Section 5605(a)(2) of the Nasdaq Listing Rules and
meet the criteria for independence set forth in Rule 10A-3 of the Exchange Act. The Nasdaq listing rules provide that a director cannot
be considered independent if: 

    ●
    the director is, or at
    any time during the past three (3) years was, an employee of the company;

    ●
    the director or a family
    member of the director accepted any compensation from the company in excess of $120,000 during any period of twelve (12) consecutive
    months within the three (3) years preceding the independence determination (subject to