Company: CLPR
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001437749-25-013840
Chunk: 54

Company: Clipper Realty Inc.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 54
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 acknowledge that each such named executive officer provides services to Clipper Equity and other entities and businesses affiliated with Mr. David Bistricer (which we refer to as the “affiliated entities”), that such responsibilities preclude each such named executive officer from devoting substantially all of his time to the Company, and that there may be certain potential conflicts of interest or duties associated with their roles at the Company and the affiliated entities. For a further discussion of Clipper Equity, see information under the heading “Certain Relationships and Related Party Transactions—Clipper Equity.”

Other than the employment agreements described above, we do not currently have any agreements, plans or arrangements that provide for severance payments to our named executive officers.

Annual Incentive Awards

We grant any annual incentive awards to the named executive officers pursuant to the Clipper Realty Inc. 2015 Executive Incentive Compensation Plan (the “2015 Incentive Plan”). The 2015 Incentive Plan provides that annual incentive awards may be paid out to participants in either cash or equity-based compensation (the equity-based payouts are made pursuant to the 2015 Omnibus Incentive Plan described below). Annual incentive awards for 2024 and 2023 were paid to our named executive officers in March 2024 and 2023, respectively, as follows: Mr. David Bistricer – 61,224 and 53,381 LTIP units with a grant date fair value equal to $300,000 and $300,000, respectively, and a cash payment of $250,000; Mr. J.J. Bistricer – cash payments of 307,000 and $1,057,000, respectively; and Mr. Schwimmer – cash payments of $300,000 and $950,000, respectively. The LTIP units granted to Mr. David Bistricer in 2024 and 2023 vested on January 1, 2025, and January 1, 2024, respectively, and are reflected in the “Stock Awards” column of the “Summary Compensation Table” and the annual incentive award paid in cash is reflected in the “Non-Equity Incentive Plan Compensation of the “Summary Compensation Table” as 2024 and 2023 compensation, respectively. Mr. J.J. Bistricer and Mr. Schwimmer’s 2024 and 2023 annual incentive awards were paid in cash and are reflected in the “Non-Equity Incentive Plan Compensation” column of