Company: CLPR
Filing Date: 2025-12-04
Form Type: S-8
Source: 0001437749-25-036920
Chunk: 2

Company: Clipper Realty Inc.
Filing Date: 2025-12-04
Form: S-8
Chunk 2
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 superseded for purposes of this Registration Statement to the extent that a statement contained in this Registration Statement, or in a subsequently filed document also incorporated by reference herein, modifies or supersedes that statement.

| Item 4. | Description of Securities. |

Not applicable.

| Item 5. | Interests of Named Experts and Counsel. |

Not applicable.

| Item 6. | Indemnification of Directors and Officers. |

Maryland General Corporation Law

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 adverse judgment and is material to the cause of action. |

The Registrant’s charter contains a provision that eliminates the liability of the Registrant’s directors and officers to the maximum extent permitted by Maryland law.

Maryland law requires a Maryland corporation (unless its charter provides otherwise, which the Registrant’s 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 a party by reason of his or her service in that capacity. Maryland law 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 the director or officer in connection with any proceeding to which he or she may be made or threatened to be made a party by reason of their service in those or certain 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 (i) was committed in bad faith or (ii) 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 the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful. |

Under Maryland law, a Maryland corporation also may not indemnify a director or officer in a suit by or on behalf of the corporation in which the director or officer was adjudged liable to the corporation or for a judgment of liability on the basis that personal benefit was improperly received. A court may order indemnification if it determines that the