Sam Levinson - 24 Feb 2026 Form 4 Insider Report for Clipper Realty Inc. (CLPR)

Role: Director, 10%+ Owner
Signature: /s/ Sam Levinson
Issuer symbol: CLPR
Transactions as of: 24 Feb 2026
Net transactions value: $0
Form type: 4
Filing time: 26 Feb 2026, 18:40:16 UTC
Previous filing: 31 Dec 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Levinson Sam	Director, 10%+ Owner	4611 TWELFTH AVENUE, BROOKLYN	/s/ Sam Levinson	26 Feb 2026	0001588901

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	+68,973	+4.5%	$0.000000	1,608,156	24 Feb 2026	Common Stock	68,973		Direct	F1, F2
transaction	CLPR	Long Term Incentive Plan Units	Award	$0	+164,003	+10%	$0.000000	1,772,163	24 Feb 2026	Common Stock	164,003		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 March 31, 2026, June 30, 2026, September 30, 2026, and December 31, 2026. 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, 2029. The rights to convert LTIP Units into OP Units and redeem OP Units do not have expiration dates.