Sam Levinson - Mar 24, 2023 Form 4 Insider Report for Clipper Realty Inc. (CLPR)

Role
Director, 10%+ Owner
Signature
/s/ Sam Levinson
Stock symbol
CLPR
Transactions as of
Mar 24, 2023
Transactions value $
$0
Form type
4
Date filed
3/28/2023, 04:31 PM
Previous filing
Jul 27, 2022
Next filing
Apr 5, 2023

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 +40K +5.56% $0.00 761K Mar 24, 2023 Common Stock 40K Direct F1, F2
transaction CLPR Long Term Incentive Plan Units Award $0 +95.2K +12.52% $0.00 856K Mar 24, 2023 Common Stock 95.2K Direct F1, F3
* 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 April 30, 2023, June 30, 2023, September 30, 2023 and December 31, 2023. The rights to convert LTIP Units into OP Units and redeem OP Units do not have expiration dates.
F3 The LTIP Units will vest in full on January 1, 2026. The rights to convert LTIP Units into OP Units and redeem OP Units do not have expiration dates.