Company: ALCE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001213900-25-105077
Chunk: 192

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 8
Chunk 192
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 December 31, 2024 and June 30, 2025, there
were 11,200 shares of common stock available to be granted under the 2023 Equity Incentive Plan. As of December 31, 2024 and June 30,
2025 no shares were issued or outstanding under the 2023 Equity Incentive Plan.

On March 21, 2025, Mr. Vincent Browne, our CEO
and Interim CFO and shareholder with majority voting rights, representing 91% of the shares entitled to vote, approved an
amendment to the 2023 Equity Incentive Plan (the “Plan Amendment”) as adopted by the Board upon the recommendation of the
Compensation Committee. The Plan Amendment relates to an increase in the number of shares of Common Stock that shall be available for
the grant of awards under the Plan from 11,200 shares of Common Stock, so that the maximum aggregate number of shares of Common Stock
that may be issued under the Plan is increased each fiscal year (the “Adjustment Date”) by an amount equal to the lesser of
(i) that number of shares equal to 15% of the outstanding shares of Common Stock on the applicable Adjustment Date, less (a) the
number of shares of Common Stock that may be issued under the Plan prior to the Adjustment Date, and (b) the number of shares of
Common Stock that may be issued under any other stock option plan of the Company in effect as of the Adjustment Date; or (ii) such
lesser number of shares of Common Stock as may be determined by the Board.

19. Segment and Geographic Information

Effective January 1, 2024,
the Company adopted Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.
This update requires disclosure of significant segment expenses regularly provided to the Chief Operating Decision Maker (CODM) and enhances
qualitative disclosures about segment operations. The adoption of this ASU did not impact the Company’s consolidated financial position,
results of operations, or cash flows.

The Company has two reportable
segments that consist of PV operations by geographical region, United States Operations and European Operations. The Chief Operating Decision-Maker
(CODM) is the CEO.

Historically, the European
Segment had derived revenues from three sources, Country Renewable Programs, Green Certificates and Long-term Offtake Agreements. The
United States Segment