Clipper Realty Inc. — Director's Dealing 2018

Mar 20, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Clipper Realty Inc. (CLPR)
CIK: 0001649096
Period of Report: 2018-03-16

Reporting Person: Levinson Sam (Director, 10% Owner)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-03-16	Long Term Incentive Plan Units	$	A	16667	Acquired		Common Stock (16667)	Direct

Footnotes

F1: Represents long term incentive plan units ("LTIP Units"), a class of units of Clipper Realty L.P. (the "Operating Partnership"), a direct subsidiary of Clipper Realty, Inc. (the "Company"). The LTIP Units are convertible by the reporting person, upon the vesting date, into an equivalent number of units of limited partnership units ("OP Units") of the Operating Partnership. Each OP Unit is redeemable at the request of the holder for cash in an amount equal to the price of a share of common stock of the Company or, at the election of the Company, one share of its common stock. The LTIP Units will vest 25% on each of March 31, 2018, June 30, 2018, September 30, 2018 and December 31, 2018. The rights to convert LTIP Units into OP Units and redeem OP Units do not have expiration dates.