Clipper Realty Inc. — Director's Dealing 2020

May 18, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Clipper Realty Inc. (CLPR)
CIK: 0001649096
Period of Report: 2020-05-14

Reporting Person: BISTRICER DAVID (Director, Co-Chairman and CEO, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-05-14	Common Stock	P	106666	$5.7328	Acquired	106666	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	348933	Indirect
Common Stock	248933	Indirect
Common Stock	318262	Indirect
Special Voting Stock	4278058	Direct

Footnotes

F1: The price is the weighted average price for the transactions reported on this line. The range of prices for the transactions reported on this line is between $5.60 and $5.80 per share. Complete information regarding the number of shares purchased at each separate price will be provided upon request by Commission Staff, the Issuer or a security holder of the Issuer.

F2: Represents shares of common stock beneficially held by the Reporting Person through the Morgan Capital Retirement Trust.

F3: Special Voting Stock is a class of stock of the Issuer that does not share in any distribution to stockholders of the Issuer, but gives the holder thereof one vote per share on all matters on which the Issuer's holders of Common Stock vote, subject to certain exceptions. Class B LLC Units are units of certain limited liability companies that are indirect subsidiaries of the Issuer. Each Class B LLC Unit is exchangeable, together with one share of Special Voting Stock, for an amount of cash equal to the fair market value of a share of Common Stock of the Issuer or, at the election of the Issuer, one share of Common Stock. The right to exchange Class B LLC Units, together with Special Voting Stock, does not have an expiration date.