Company: CLPR
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001437749-25-013840
Chunk: 45

Company: Clipper Realty Inc.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 45
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 the 2025 Non-Employee Director Plan occurs if:

| ● | during any period of not more than 36 months, individuals who constitute the Board as of the beginning of the period whose appointment or election is endorsed by two-thirds of the incumbent directors no longer constitute a majority of the Board; |

| ● | a person becomes a beneficial owner of our capital stock representing 30% of the voting power of our outstanding capital stock; |

| ● | we merge into another entity, unless (a) more than 50% of the combined voting power of the merged entity or its parent is represented by our voting securities that were outstanding immediately prior to the merger, (b) the Board prior to the merger constitutes at least a majority of the board of directors of the merged entity or its parent following the merger and (c) no person is or becomes the beneficial owner of 30% or more of the combined voting power of the outstanding capital stock eligible to elect directors of the merged entity or its parent; |

| ● | we sell or dispose of all or substantially all of our assets (other than to a Company affiliate); or |

| ● | our stockholders approve a plan of liquidation or dissolution. |

Amendment, Effective Date and Termination of the 2025 Non-Employee Director Plan

Our Board may amend or terminate the 2025 Non-Employee Director Plan at any time, provided that no such amendment may materially adversely impair the rights of a grantee of an award without the grantee’s consent. Our stockholders must approve any amendment if their approval is required in order to comply with the Code, applicable laws, or applicable stock exchange requirements. Unless terminated sooner by our Board or extended with stockholder approval, the 2025 Non-Employee Director Plan will terminate on the day before the tenth anniversary of the Effective Date.

Certain U.S. Federal Income Tax Consequences

The material U.S. Federal Income Tax Consequences under the 2025 Non-Employee Director Plan are substantially similar to the consequences under the 2025 Omnibus Incentive Plan. See “Proposal No. 3, Approval of 2025 Omnibus Incentive Plan — Certain U.S. Federal Income Tax Consequences.”

<div align='center'>Recommendation of the Board of Directors:

OUR BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE“FOR”THE APPROVAL OF THE 2025 NON-EMPLOYEE DIRECTOR PLAN

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EXECUTIVE OFFICERS</div>

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