Company: ALCE
Filing Date: 2025-06-06
Form Type: 10-K
Source: 0001213900-25-052242
Chunk: 206

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-06
Form: 10-K
Item: Item 1
Chunk 206
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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 United States 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.

In July of 2023, John Thomas,
one of our directors, entered into a Consulting Services Agreement with one of our United States 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.

    Year Ended December 31, 
  
    Transactions with Directors 
    2024  
    2023 

    (in thousands) 
  
    Loan from Vestco, a related party to Board member and CEO Vincent Browne 
    $      -  
    $210 
  
    Final payment made to Vestco on November 16, 2023 
     -  
     (210)
  
    Total 
    $-  
    $- 

    Year Ended December 31, 
  
    Director’s remuneration 
    2024  
    2023 

    (in thousands) 
  
    Remuneration in respect of services as directors 
    $292  
    $385 
  
    Remuneration in respect to long term incentive schemes 
     -  
     - 
  
    Total 
    $292  
    $385 

F-55

    26.
    Subsequent Events

Management has evaluated
subsequent events that have occurred through the date the financial statements were issued and has determined that there were no subsequent
events that required recognition or disclosure in the financial statements as of and for the year ended December 31, 2024, except
as disclosed below.

On January 2, 2025, 3i converted
$1,588,693 of the October Convertible Note into 2,118,262 shares of unrestricted common stock valued at $0.75 per share.

On January 8, 2025, 3i converted
$202,500 of the October Convertible Note into 270,000 shares of unrestricted common stock valued at $0.75 per share.

On