LORBER HOWARD M 4

What Happened
Howard M. Lorber, a director of Clipper Realty Inc. (CLPR), was granted 7,961 long-term incentive plan units (LTIP Units) on 2026-02-24. The units were awarded at $0.00 (no cash paid) and are reported as a derivative award (transaction code A). LTIP Units are not immediately common shares; they convert into operating partnership units (OP Units) upon vesting and OP Units can be redeemed for cash equal to the company’s common share price or, at the company's election, exchanged for common stock.

Key Details

• Transaction date: 2026-02-24; Form 4 filed: 2026-02-26 (timely filing).
• Award: 7,961 LTIP Units; reported acquisition price $0.00 (award/grant).
• Vesting schedule (footnote): 25% vests on each of 2026-03-31, 2026-06-30, 2026-09-30 and 2026-12-31.
• Conversion/redeem rights: LTIP Units convert to OP Units on vesting; OP Units are redeemable for cash equal to the Company’s common share price or, at the Company’s election, for one share of common stock. Conversion/redemption rights have no expiration. (See footnotes F1 and F2.)
• Shares/units owned after transaction: Not specified in the provided excerpt.
• Transaction code: A = Award/Grant (derivative). No sale or purchase of common stock occurred.

Context
LTIP Units are a common form of long-term equity compensation intended for retention and alignment with shareholders. Because these are derivative awards that vest over time and require conversion/redemption to realize value, they are not equivalent to an immediate open-market purchase of common stock. Awards alone are factual disclosures of compensation events and do not, by themselves, indicate the insider’s view of the company’s near-term stock prospects.