Company: CLPR
Filing Date: 2025-01-23
Form Type: S-3
Source: 0001437749-25-001690
Chunk: 8

Company: Clipper Realty Inc.
Filing Date: 2025-01-23
Form: S-3
Chunk 8
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immer, can pursue investment opportunities related to excluded assets, which include (i) for-sale condominium or cooperative conversion or development projects, (ii) projects that would require us to obtain guarantees from third parties or to backstop obligations of other parties, or (iii) land acquisitions, without first offering them to our company. In addition, our board of directors has established a conflict of interest and business ethics policy that is designed to work together with the Investment Policy.

Our charter provides that we renounce any interest or expectancy in, or right to be offered or to participate in, any business opportunity identified in any investment policy (including the Investment Policy) or agreement with any of our directors or officers unless the policy or agreement contemplates that the director or officer must first present, communicate or offer such business opportunity to us. See “Certain Provisions of Maryland Law and of Our Charter and Bylaws—Competing Interests and Activities of our Directors and Officers.”

Clipper Equity, which includes the real estate business of David Bistricer in which our company did not invest in connection with our formation transactions, owns interests in and controls and manages entities that own interests in multi-family and commercial properties in the New York metropolitan area. Each of David Bistricer, our Co-Chairman and Chief Executive Officer, and JJ Bistricer, our Chief Operating Officer, is an officer of Clipper Equity. Each of Sam Levinson, our Co-Chairman of our board of directors and the Chairman of our Investment Committee, and Jacob Schwimmer, our Chief Property Management Officer, has ownership interests in properties controlled by Clipper Equity. The employment agreements of David Bistricer, Jacob Schwimmer and JJ Bistricer with the Company acknowledge that each such executive provides services to other businesses affiliated with David Bistricer (including Clipper Equity in the case of David Bistricer and JJ Bistricer), that such responsibilities preclude the executives from devoting substantially all of their time to our company, and that there may be certain potential conflicts of interest or duties associated with their roles at our company and these affiliated entities.

Policies with Respect to Financing and Other Activities

Our board of directors is authorized, without approval of our common stockholders, to cause us to issue additional shares of our stock or to raise capital through the issuance of equity or debt securities, including shares of preferred stock, options, warrants and other rights on terms and for consideration as our board of directors in its sole discretion may determine. In addition,