Company: CLPR
Filing Date: 2025-01-23
Form Type: S-3
Source: 0001437749-25-001690
Chunk: 50

Company: Clipper Realty Inc.
Filing Date: 2025-01-23
Form: S-3
Chunk 50
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 members of the LLC subsidiaries have agreed that in the event of a conflict in the duties owed by our directors and officers to us and our stockholders and the fiduciary duties owed by us, in our capacity as general partner of the managing member, to such non-managing members, we will fulfill our fiduciary duties to such non-managing members by acting in the best interests of our stockholders.

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MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS</div>

This section summarizes the material U.S. federal income tax considerations that you, as a prospective holder of our securities, may consider relevant in connection with the purchase, ownership and disposition of our securities. Blank Rome LLP has acted as our counsel, has reviewed this summary, and is of the opinion that the discussion contained herein is accurate in all material respects. Because this section is a summary, it does not address all aspects of taxation that may be relevant to particular securityholders in light of their personal investment or tax circumstances, or to certain types of securityholders that are subject to special treatment under the U.S. federal income tax laws, such as:

| ● | insurance companies; |

| ● | tax-exempt organizations (except to the limited extent discussed in “—Taxation of Tax-Exempt Stockholders” below); |

| ● | financial institutions or broker-dealers; |

| ● | non-U.S. individuals and foreign corporations (except to the limited extent discussed in “—Taxation of Non-U.S. Stockholders” below); |

| ● | foreign (non-U.S.) governments; |

| ● | U.S. expatriates; |

| ● | persons who mark-to-market our securities; |

| ● | subchapter S corporations; |

| ● | U.S. stockholders (as defined below) whose functional currency is not the U.S. dollar; |

| ● | regulated investment companies and REITs; |

| ● | trusts and estates; |

| ● | holders who receive our securities through the exercise of employee stock options or otherwise as compensation; |

| ● | persons holding our securities as part of a “straddle,” “hedge,” “conversion transaction,” “synthetic security” or other integrated investment; |

| ● | persons subject to the alternative minimum tax provisions of the Code; |

| ● | persons subject to special tax accounting rules as a result of their use of applicable financial statements within the meaning of Section 451(b)(3) of the Code