Clipper Realty Inc. — Director's Dealing 2025

Apr 21, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Clipper Realty Inc. (CLPR)
CIK: 0001649096
Period of Report: 2025-03-12

Reporting Person: KREIDER LAWRENCE E (Chief Financial Officer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-03-12	Long Term Incentive Plan Units	$	A	51509	Acquired		Common Stock (51509)	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.

F2: The LTIP Units will vest in full on January 1, 2028. The rights to convert LTIP Units into OP Units and redeem OP Units do not have expiration dates.