SPOLAN HARMON 4

What Happened

• Spolan Harmon, a director of Clipper Realty Inc. (CLPR), received a grant of 7,961 long‑term incentive plan units (LTIP Units) on February 24, 2026. The grant is reported as an award/other acquisition (Form 4 code A) with a $0.00 purchase price (derivative award), so no cash was paid by the insider.
• LTIP Units are a class of units in Clipper Realty L.P. that the reporting person can convert, upon vesting, into an equivalent number of Operating Partnership units (OP Units). OP Units are redeemable for cash equal to the price of a share of the Company’s common stock or, at the company’s election, for one share of common stock.

Key Details

• Transaction date: 2026-02-24; Form 4 filed: 2026-02-26 (timely filing).
• Award: 7,961 LTIP Units; reported price: $0.00 (derivative award).
• Vesting: 25% vests on each of March 31, 2026; June 30, 2026; September 30, 2026; and December 31, 2026.
• Conversion/redemption rights: LTIP Units convert to OP Units upon vesting; OP Units can be redeemed for cash equal to a common share price or converted to common stock at the company’s election.
• Shares/units owned after transaction: Not specified in the excerpt of the filing provided.

Context

• This is an equity award (compensation) rather than an open‑market purchase or sale; it does not necessarily signal immediate buying or selling intent by the insider. The economic value to the insider will depend on future vesting and company share price at redemption/conversion.