KREIDER LAWRENCE E 4

What Happened
Lawrence E. Kreider, Chief Financial Officer of Clipper Realty Inc. (CLPR), was granted 71,686 long-term incentive plan units (LTIP Units) on February 24, 2026. The units were awarded at $0.00 per unit (derivative award), so there was no cash paid. These LTIP Units convert into an equivalent number of Operating Partnership units (OP Units) upon vesting; OP Units are redeemable for cash equal to the Company’s common stock price or, at the Company’s election, one share of common stock.

Key Details

• Transaction date: 2026-02-24; Transaction type: Award/Grant (code A); Price reported: $0.00 per unit.
• Units granted: 71,686 LTIP Units (derivative award). Reported total value: $0 (derivative).
• Vesting: LTIP Units will vest in full on January 1, 2029 (per footnote). Conversion/redemption rights have no expiration.
• Shares/units owned after transaction: not disclosed in the provided filing excerpt.
• Filing: Form 4 filed on 2026-02-26 (appears timely based on the reported transaction date).
• Footnotes: F1 explains LTIP Units convert to OP Units which are redeemable for cash or stock; F2 notes full vesting date and that conversion/redemption rights do not expire.

Context: This was an equity award (long-term incentive), not an open-market purchase or sale. Such grants are a compensation mechanism that vests in the future and do not represent an immediate buy/sell market signal. The award is a derivative grant that becomes economically meaningful upon vesting and conversion/redeeming.