Verrone Roberto Angelo 4

What Happened

• Roberto Angelo Verrone, a director of Clipper Realty, reported conversion/exercise of derivative awards on March 6, 2026 that resulted in 11,020 shares acquired at a reported price of $0.00 (total reported cash value $0). The Form 4 shows two related derivative entries for the same shares; a footnote explains these reflect converting vested LTIP Units into OP Units and the Operating Partnership’s election to redeem OP Units for common stock. This was a conversion of previously granted units, not an open‑market purchase or sale.

Key Details

• Transaction date: March 6, 2026; Report filed: March 11, 2026 (appears to be filed after the typical 2-business-day Form 4 window).
• Price per share: $0.00; total cash consideration reported: $0.
• Shares acquired (per filing): 11,020 (file shows two related derivative entries for this amount; footnote clarifies conversion/redemption mechanics).
• Shares owned after transaction: Not specified in the provided filing.
• Footnote F1: LTIP Units were converted to Operating Partnership units (OP Units), and the company elected to redeem OP Units for one share of common stock each; conversion/redemption rights have no expiration date.
• Transaction code: M (exercise or conversion of derivative).

Context

• This is a non‑cash conversion of previously granted long‑term incentive units into common shares — effectively receiving shares in lieu of vested partnership units — rather than a market purchase that signals new cash investment. Such conversions are common when equity compensation vests and do not, by themselves, indicate a change in insider sentiment.