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

Role: Director
Signature: /s/ Harmon Spolan
Stock symbol: CLPR
Transactions as of: Mar 24, 2023
Transactions value $: $0
Form type: 4
Date filed: 3/28/2023, 04:33 PM
Previous filing: Mar 30, 2022
Next filing: Apr 5, 2024

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	+4.5K	+45.86%	$0.00	14.3K	Mar 24, 2023	Common Stock	4.5K		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 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.

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 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.