Clipper Realty Inc. 4
4 · Clipper Realty Inc. · Filed Apr 21, 2017
Insider Transaction Report
Form 4
SCHWIMMER JACOB
Chief Property Mgmt Officer
Transactions
- Award
Long Term Incentive Plan Units
2017-04-19+11,111→ 11,111 totalFrom: 2018-01-01→ Common Stock (11,111 underlying)
Footnotes (1)
- [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 of January 1, 2018, 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 rights to convert LTIP Units into OP Units and redeem OP Units do not have expiration dates.