Company: ALCE
Filing Date: 2025-06-06
Form Type: 10-K
Source: 0001213900-25-052242
Chunk: 1663

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-06
Form: 10-K
Item: Item 4
Chunk 1663
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 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 certain exemptions, including, among other
    things, compensation for board or board committee service);

    ●
    the director or a family
    member of the director is a partner in, controlling shareholder of, or an executive officer of an entity to which the company made,
    or from which the company received, payments in the current or any of the past three fiscal years that exceed 5% of the recipient’s
    consolidated gross revenue for that year or $200,000, whichever is greater (subject to certain exemptions);

    ●
    the director or a family
    member of the director is employed as an executive officer of an entity where, at any time during the past three (3) years, any of
    the executive officers of the company served on the compensation committee of such other entity; or

    ●
    the director or a family
    member of the director is a current partner of the Company’s outside auditor, or at any time during the past three (3) years
    was a partner or employee of the Company’s outside auditor, and who worked on the Company’s audit.

Under such definitions, our
Board has undertaken a review of the independence of