Company: CLPR
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001437749-25-013840
Chunk: 104

Company: Clipper Realty Inc.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 104
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17 | Waiver of Jury Trial                                                    | 20 |
|                                  | 3.18 | Waiver of Claims                                                        | 21 |
|                                  | 3.19 | Severability; Entire Agreement                                          | 21 |
|                                  | 3.20 | No Liability With Respect to Tax Qualification or Adverse Tax Treatment | 21 |
|                                  | 3.21 | No Third-Party Beneficiaries                                            | 21 |
|                                  | 3.22 | Successors and Assigns of the Company                                   | 21 |
|                                  | 3.23 | Date of Adoption and Approval of Stockholders                           | 22 |

<div align='center'>CLIPPER REALTY INC.
2025 NON-EMPLOYEE DIRECTOR PLAN

ARTICLE I
GENERAL</div>

1.1Purpose

The purpose of the Clipper Realty Inc. 2025 Non-Employee Director Plan (as amended from time to time, the “Plan”) is to: (1) attract, retain and motivate non-employee directors of the Board of Directors of Clipper Realty Inc., a Maryland corporation (“Clipper Realty”) (each such director, a “Non-Employee Director”); (2) align the interests of such persons with Clipper Realty’s stockholders; and (3) promote ownership of Clipper Realty’s equity.

1.2Definitions of Certain Terms

For purposes of this Plan, the following terms have the meanings set forth below:

1.2.1“Award” means an award made pursuant to the Plan.

1.2.2“Award Agreement” means the written document by which each Award is evidenced, and which may, but need not be (as determined by the Committee) executed or acknowledged by a Grantee as a condition to receiving an Award or the benefits under an Award, and which sets forth the terms and provisions applicable to Awards granted under the Plan to such Grantee. Any reference herein to an agreement in writing will be deemed to include an electronic writing to the extent permitted by applicable law.

1.2.3“Board” means the Board of Directors of Clipper Realty.

1.2.4“Business Combination” has the meaning provided in the definition of Change in Control.

1.2.5“Certificate” means a stock certificate (or other appropriate document or evidence of ownership) representing Shares.

1.2.6“Change in Control” means, except in connection with any initial public offering of the Common Stock, the occurrence of any of the following