BISTRICER DAVID 4

What Happened

• David Bistricer, a reported 10% owner of Clipper Realty Inc. (CLPR), received two long‑term incentive plan unit (LTIP Unit) awards on Feb 24, 2026. The grants total 255,967 LTIP Units (91,964 + 164,003), recorded as awards at $0.00 (derivative awards, transaction code A). These LTIP Units are not common shares today but are convertible into Operating Partnership units (OP Units) upon vesting; OP Units can be redeemed for cash equal to the company’s common share price or, at the company’s election, converted into common shares.

Key Details

• Transaction date(s) and price(s): Feb 24, 2026; two awards of 91,964 and 164,003 LTIP Units, $0.00 per unit (award).
• Vesting: one grant vests in full on Jan 1, 2027; the other vests in full on Jan 1, 2029. Conversion/redemption rights have no expiration date.
• Shares owned after transaction: not specified in this Form 4.
• Filing timeliness: Report filed Feb 26, 2026 for Feb 24, 2026 transactions — appears to be timely (Form 4 is typically due within two business days).
• Note: Reporting person is a 10% owner (significant shareholder), and these are derivative LTIP awards rather than open‑market purchases or sales.

Context

• These LTIP Units are awards under a long‑term incentive plan and do not represent immediately tradeable common stock; value to the holder depends on future vesting and the company’s common share price at conversion/redemption. As a 10% owner rather than a typical officer trade, this filing reports compensation/award activity rather than a routine buy or sell.