Company: CLPR
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001437749-25-013840
Chunk: 76

Company: Clipper Realty Inc.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 76
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 in Control will not be deemed to occur solely because any person acquires beneficial ownership of more than 30% of the Company Voting Securities as a result of the acquisition of Company Voting Securities by the Company which reduces the number of Company Voting Securities outstanding; provided that if after such acquisition by the Company such person becomes the beneficial owner of additional Company Voting Securities that increases the percentage of outstanding Company Voting Securities beneficially owned by such person, a Change in Control will then occur.

1.2.9“Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto, and the applicable rulings and regulations thereunder.

1.2.10“Committee” has the meaning set forth in Section 1.3.1.

1.2.11“Common Stock” means the common stock of Clipper Realty, par value $0.01 per share, and any other securities or property issued in exchange therefor or in lieu thereof pursuant to Section 1.6.3.

1.2.12“Company” means Clipper Realty and any Subsidiary, and any successor entity thereto.

1.2.13“Company Voting Securities” has the meaning provided in the definition of Change in Control.

1.2.14“Consent” has the meaning set forth in Section 3.3.2.

1.2.15“Consultant” means any individual (other than a non-employee Director), corporation, partnership, limited liability company or other entity that provides bona fide consulting or advisory services to the Company.

1.2.16“Covered Person” has the meaning set forth in Section 1.3.4.

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1.2.17“Director” means a member of the Board.

1.2.18“Effective Date” has the meaning set forth in Section 3.24.

1.2.19“Employee” means a regular, active employee and/or a prospective employee of the Company, but not including a non-employee Director.

1.2.20“Employment” means a Grantee’s performance of services for the Company, as determined by the Committee. The terms “employ” and “employed” will have their correlative meanings. The Committee in its sole discretion may determine (a) whether and when a Grantee’s leave of absence results in a termination of Employment, (b) whether and when a change in a Grantee’s association