Company: CLPR
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001437749-25-013840
Chunk: 103

Company: Clipper Realty Inc.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 103
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 provision to be enforceable, such provision will be deemed to be modified to the minimum extent necessary to modify such scope in order to make such provision enforceable hereunder. The Plan and any Award Agreements contain the entire agreement of the parties with respect to the subject matter thereof and supersede all prior agreements, promises, covenants, arrangements, communications, representations and warranties between them, whether written or oral with respect to the subject matter thereof.

3.21No Liability With Respect to Tax Qualification or Adverse Tax Treatment

Notwithstanding anything to the contrary contained herein, in no event will the Company be liable to a Grantee on account of an Award’s failure to (a) qualify for favorable United States or foreign tax treatment or (b) avoid adverse tax treatment under United States or foreign law, including, without limitation, Section 409A.

3.22No Third-Party Beneficiaries

Except as expressly provided in an Award Agreement, neither the Plan nor any Award Agreement will confer on any person other than the Company and the Grantee of any Award any rights or remedies thereunder. The exculpation and indemnification provisions of Section 1.3.4 will inure to the benefit of a Covered Person’s estate and beneficiaries and legatees.

3.23Successors and Assigns of the Company

The terms of the Plan will be binding upon and inure to the benefit of the Company and any successor entity, including as contemplated by Section 3.6.

3.24Date of Adoption and Approval of Stockholders

The Plan was adopted by the Board on April 18, 2025 and was approved by Clipper Realty’s stockholders on [ ], 2025 (the “Effective Date”).

<div align='center'>A-26

APPENDIX B

CLIPPER REALTY INC.

2025 NON-EMPLOYEE DIRECTOR PLAN</div>

| ARTICLE I GENERAL                |      |                                                                         |  1 |
|                                  |  1.1 | Purpose                                                                 |  1 |
|                                  |  1.2 | Definitions of Certain Terms                                            |  1 |
|                                  |  1.3 | Administration                                                          |  4 |
|                                  |  1.4 | Persons Eligible for Awards                                             |  7 |
|                                  |  1.5 | Types of Awards Under Plan                                              |  7 |
|                                  |  1.6 | Shares of Common Stock Available for Awards                             |