Company: CLPR
Filing Date: 2025-01-23
Form Type: S-3
Source: 0001437749-25-001690
Chunk: 105

Company: Clipper Realty Inc.
Filing Date: 2025-01-23
Form: S-3
Chunk 105
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 registration of the securities being registered hereunder.

|                                |     |   | Amount |
|:-------------------------------|:----|:--|-------:|
| SEC registration fee           |     | $ | 30,620 |
| Printing fees                  |     |   |      * |
| FINRA filing fees              |     |   |      * |
| Transfer agent fees            |     |   |      * |
| Supplemental listing fees      |     |   |      * |
| Legal fees and expenses        |     |   |      * |
| Accountants’ fees and expenses |     |   |      * |
| Miscellaneous                  |     |   |      * |
| Total                          |     | $ | 30,620 |

| * | These fees and expenses are calculated based on the number of issuances and amount of securities offered and accordingly cannot be estimated at this time. |

| Item 15. | Indemnification of Directors and Officers. |

Maryland law permits a Maryland corporation to include in its charter a provision eliminating the liability of its directors and officers to the corporation and its stockholders for money damages except for liability resulting from actual receipt of an improper benefit or profit in money, property or services or active and deliberate dishonesty that is established by a final judgment and is material to the cause of action. Our charter contains such a provision that eliminates such liability to the maximum extent permitted by Maryland law.

The MGCL requires a Maryland corporation (unless its charter provides otherwise, which our charter does not) to indemnify a director or officer who has been successful, on the merits or otherwise, in the defense of any proceeding to which he or she is made or threatened to be made a party by reason of his or her service in that capacity. The MGCL permits a Maryland corporation to indemnify its present and former directors and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to or in which they may be made or are threatened to be made a party or witness by reason of their service in those or other capacities unless it is established that:

| ● | the act or omission of the director or officer was material to the matter giving rise to the proceeding and: |

| o | was committed in bad faith; or |

| o | was the result of active and deliberate dishonesty; |

| ● | the director or officer actually received an improper personal benefit in money, property or services; or |

| ● | in