Company: CLPR
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001437749-25-013840
Chunk: 60

Company: Clipper Realty Inc.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 60
---
 incentive awards of (a) $535,000 in the form of 109,184 LTIP units that will vest on January 1, 2027 and (b) $1,610,000 in the form of 360,987 LTIP units that will vest on ratably on December 12, 2025 through December 12 2033, both generally subject to his continued service as a director. In 2024, we granted each of our non-employee directors (including Mr. Levinson), additional compensation of $25,290 in the form of 5,300 LTIP units, of which 1,325 LTIP units vested on each of March 31, June 30, September 30, and December 31, 2024. Mr. Levinson held 840,367 unvested LTIP units as of December 31, 2024; none of our other non-employee directors held any unvested LTIP units as of December 31, 2024. |

<div align='center'>46</div>

| (2) | The amounts in this column represent the payment of quarterly cash distributions in 2024, with respect to outstanding LTIP units. As of December 31, 2024, Mr. Levinson owned 1,371,785 LTIP units; Messrs. Lorber and Ivanhoe each owned 21,279 LTIP units; Messrs. Burger and Spolan each owned 19,612 LTIP units; and Mr. Verrone owned 5,300 LTIP units. |

Effective August 2015, we adopted a compensation program for our directors pursuant to which we pay customary fees to each of our non-employee directors, including an initial $75,000 base cash retainer (an initial $80,000 for Mr. Levinson, updated as in (1) above) and other Board and committee fees as determined from time to time, including an additional fee for the Chairman of each of our Board committees ($10,000) and for the non-executive Co-Chairman of our Board ($50,000). Mr. Levinson’s retainer and other fees are paid in the form of LTIP unit awards, at Mr. Levinson’s election with Board approval. In 2024, as discussed above, we granted 5,300 LTIP units to each of our non-employee directors. All non-employee director LTIP unit awards were granted pursuant to the