Burger Richard N 4

What Happened Richard N. Burger, a director of Clipper Realty Inc. (CLPR), received a grant of 7,961 long‑term incentive plan units ("LTIP Units") on February 26, 2026. The award was reported at a $0.00 price (an equity grant/award, not a cash purchase). LTIP Units are a derivative compensation vehicle that can convert into operating partnership units ("OP Units") upon vesting and those OP Units are redeemable for cash equal to the Company's common stock price or, at the Company's election, for shares of common stock.

Key Details

• Transaction date: 2026-02-26; Transaction type: Award/Grant (code A); Reported price: $0.00.
• Units granted: 7,961 LTIP Units (derivative award).
• Shares/units owned after transaction: Not specified in the provided filing excerpt.
• Vesting schedule (footnote): LTIP Units vest 25% on each of March 31, June 30, September 30 and December 31, 2026.
• Conversion/redemption: LTIP Units convert into OP Units upon vesting; each OP Unit is redeemable for cash equal to a share of the Company’s common stock or, at the Company’s election, one share of common stock. Conversion/redemption rights have no expiration.
• Filing timeliness: No late filing was indicated in the information provided.

Context This transaction is a compensation grant (an award of LTIP Units), not an open‑market purchase or sale. Such grants are routine for executives and directors as part of long‑term incentive compensation; they become economically meaningful as units vest and are converted/redeemed. For retail investors, awards are informative about how insiders are being compensated but do not by themselves indicate immediate buying or selling of company stock.