Company: CLPR
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001437749-25-013840
Chunk: 52

Company: Clipper Realty Inc.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 52
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 which is scheduled to vest on January 1, 2027,and (iii) 631,727 LTIP units granted on December 12, 2024 as a special long-term equity incentive award, which is scheduled to vest ratably from December 12, 2025 through December 12, 3033. |

| (4) | Represents the following awards, which are generally subject to continued employment through the vesting date: (i) 192,500 and 82,500 LTIP units granted on April 27, 2022 and June 15, 2022 as long-term equity incentive awards, which is scheduled to vest on January 1, 2033; (ii) 65,836 LTIP units granted on March 14, 2023 as a long-term equity incentive award, which is scheduled to vest on January 1, 2026; (iii) 51,020 LTIP units granted on March 12, 2024 as a long-term equity incentive award, which is scheduled to vest on January 1, 2027, and (v) 451,233 LTIP units granted on December 12, 2024 as a special long-term equity incentive award, which is scheduled to vest ratably from December 12, 2025 through December 12, 3033.. |

Employment Agreements

On August 3, 2015, we entered into, through our operating partnership, employment agreements with each of our named executive officers. Under the employment agreements, Mr. David Bistricer serves as Chief Executive Officer of the Company, Mr. J.J. Bistricer serves as Chief Operating Officer of the Company, and Mr. Schwimmer serves as Chief Property Management Officer of the Company. The term of each employment agreement is for an unspecified duration and constitutes “at will” employment.

Each employment agreement provides for, among other things: (i) an initial annual base salary of $500,000 for Mr. David Bistricer, $250,000 for Mr. J.J. Bistricer and $200,000 for Mr. Schwimmer, (ii) an annual incentive award, with a target award opportunity of 50% of annual base salary for Mr. David Bistricer, 100% of annual base salary for Mr. J.J. Bistricer and 75% of annual base salary for Mr. Schwimmer, with the actual amount to be earned