Ivanhoe Robert Jay 4

What Happened

• Ivanhoe Robert Jay, a director of Clipper Realty Inc. (CLPR), was granted 7,961 long-term incentive plan units ("LTIP Units") on 2026-02-26. The award was reported as a derivative grant (transaction code A) at $0.00 per unit (no cash paid at grant). This is a compensation award, not an open-market purchase or sale.

Key Details

• Transaction date: 2026-02-26; reported on the same date (timely filing).
• Grant: 7,961 LTIP Units; reported price $0.00; total cash exchanged at grant = $0.
• Vesting: LTIP Units vest 25% on each of March 31, 2026; June 30, 2026; September 30, 2026; and December 31, 2026 (per footnote).
• Conversion/redeem rights: LTIP Units are convertible upon vesting into Operating Partnership units ("OP Units"), which are redeemable for cash equal to a share price or, at the Company's election, one share of common stock. The rights to convert/redeem have no expiration (per footnote).
• Shares owned after transaction: not specified in the filing.
• Filing timeliness: filed same day as the transaction (no late filing indicated).

Context

• LTIP Units are a form of equity compensation tied to the company's operating partnership; they are derivative awards that become economically realizable only upon vesting and any subsequent conversion/redeem election. Because this was a grant (not a market purchase or sale), it reflects compensation rather than an immediate signal of buying/selling conviction.