Company: CLPR
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001437749-25-013840
Chunk: 66

Company: Clipper Realty Inc.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 66
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-one basis. Excludes, 41,610, 47,724, 51,509 and 25,000 LTIP units which will vest in 2026, 2027, 2028 and 2033 generally subject to continued employment through the vesting date. |

<div align='center'>49

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</div>

Related Party Transaction Approval Policy

Our Board has adopted a written related party transaction approval policy (the “Related Party Transaction Policy”) pursuant to which an independent committee (which may be a standing or ad hoc committee) of our Board will review and approve, or take such other action as it may deem appropriate with respect to, the following transactions:

| ● | a transaction in which we are a participant, which involves an amount exceeding $120,000 and in which any of our directors, officers or 5% stockholders, or any other “related person” as defined in Item 404 of SEC Regulation S-K (“Item 404”), has or will have a direct or indirect material interest; |

| ● | any material amendment, modification or extension of the Company’s tax protection agreement, services agreements or continuing investors registration rights agreement; and |

| ● | any other transaction that meets the related party disclosure requirements of the SEC as set forth in Item 404. |

This policy sets forth factors to be considered by an independent committee in determining whether to approve any such transaction, including the nature of our involvement in the proposed transaction, whether we have demonstrable business reasons to enter into the proposed transaction, whether the proposed transaction would impair the independence of a director and whether the proposed transaction involves any potential reputational or other risk issues.

To simplify the administration of the approval process under the Related Party Transaction Policy, an independent committee may, where appropriate, establish guidelines for certain types of related party transactions or designate certain types of such transactions that will be deemed pre-approved. This policy also provides that the following transactions are deemed pre-approved:

| ● | decisions on compensation or benefits for, or the hiring or retention of, our directors and executive officers, if approved by the applicable committee of the Board; |

| ● | indemnification and advancement of expenses pursuant to our charter, bylaws or an indemnification agreement; and |

| ● | transactions where the related person’s interest or benefit arises solely from such person’s ownership of our securities, and other holders of such securities receive the same benefit on a pro rata basis. |

If our Board appoints an ad