Sam Levinson - Mar 28, 2022 Form 4 Insider Report for Clipper Realty Inc. (CLPR)

Role: Director, 10%+ Owner
Signature: /s/ Sam Levinson
Stock symbol: CLPR
Transactions as of: Mar 28, 2022
Transactions value $: $0
Form type: 4
Date filed: 3/30/2022, 01:43 PM
Previous filing: Jan 10, 2022
Next filing: Jul 27, 2022

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	CLPR	Long Term Incentive Plan Units	Award	$0	+23.9K		$0.00	23.9K	Mar 28, 2022	Common Stock	23.9K		Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Represents long term incentive plan units ("LTIP Units"), a class of units of Clipper Realty L.P. (the "Operating Partnership"), a direct subsidiary of Clipper Realty Inc. (the "Company"). The LTIP Units are convertible by the reporting person, upon the vesting date, into an equivalent number of units of limited partnership units ("OP Units") of the Operating Partnership. Each OP Unit is redeemable at the request of the holder for cash in an amount equal to the price of a share of common stock of the Company or, at the election of the Company, one share of its common stock.
F2	The LTIP Units will vest 25% on each of March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022. The rights to convert LTIP Units into OP Units and redeem OP Units do not have expiration dates.

Content

Represents long term incentive plan units ("LTIP Units"), a class of units of Clipper Realty L.P. (the "Operating Partnership"), a direct subsidiary of Clipper Realty Inc. (the "Company"). The LTIP Units are convertible by the reporting person, upon the vesting date, into an equivalent number of units of limited partnership units ("OP Units") of the Operating Partnership. Each OP Unit is redeemable at the request of the holder for cash in an amount equal to the price of a share of common stock of the Company or, at the election of the Company, one share of its common stock.

The LTIP Units will vest 25% on each of March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022. The rights to convert LTIP Units into OP Units and redeem OP Units do not have expiration dates.