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: Levinson Sam (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-05-14	Common Stock	P	23000	$5.7328	Acquired	34500	Indirect
2020-05-14	Common Stock	P	16000	$5.7328	Acquired	16000	Indirect
2020-05-14	Common Stock	P	14334	$5.7328	Acquired	57434	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1253016	Indirect
Common Stock	136782	Indirect
Common Stock	128185	Indirect
Special Voting Stock	4464692	Indirect
Special Voting Stock	1362039	Indirect
Special Voting Stock	1469548	Indirect

Footnotes

F1: The price is the weighted average price for the acquisitions reported on this Form 4. The range of prices for the transactions reported on this Form 4 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: Held through a profit sharing plan at National Financial Services LLC.

F3: Held by the Reporting Person's spouse through a profit sharing plan at National Financial Services LLC of which the Reporting Person is co-trustee.

F4: 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.