Company: CLPR
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001437749-25-013840
Chunk: 65

Company: Clipper Realty Inc.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 65
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 as a director. |

| 11. | Represents 22,472 vested LTIP units, which are convertible into common stock on a one-for-one basis. Excludes 2,860 LTIP units which will vest in 2025, generally subject to continued service as a director. |

| 12. | Represents 22,472 vested LTIP units, which are convertible into common stock on a one-for-one basis, and 1,000 shares of common stock. Excludes 2,860 LTIP units which will vest in 2025, generally subject to continued service as a director. |

| 13. | Represents 35,000 shares of common stock, 198,144 vested LTIP units, which are convertible into common stock on a one-for-one basis, and 437,667 shares of special voting stock owned by Jacob Schwimmer and 1,750,667 shares of special voting stock owned by the Schwimmer Family Irrevocable Gift Trust 2. Mr. Schwimmer is the trustee of the Schwimmer Family Irrevocable Gift Trust 2 and has sole voting and investment control over all the shares held by this trust. Excludes 65,836, 55,066, and 275,000 LTIP units owned by Mr. Schwimmer which will vest in 2026, 2027, 2028 and 2033, respectively, and 451,233 LTIP units which will vest ratably from 2025 through 2033, generally subject to continued employment through the vesting date. |

| 14. | Represents 308,129 vested LTIP units, which are convertible into common stock on a one-for-one basis. Excludes 100,000 shares of common stock owned by the Jacob Joseph Bistricer 2017 Trust; Ester Bistricer, the mother of J.J. Bistricer, is the sole trustee of this trust and has sole voting and investment control over all the shares held by this trust. Excludes 51,020, 55,066 and 500,000 LTIP units which will vest in 2027, 2028 and 2033, respectively, and 631,727 LTIP units which will vest ratably from 2025 through 2033 generally subject to continued employment through the vesting date. |

| 15. | Represents 144,683 vested LTIP units, which are convertible into common stock on a one-for