X0306 4 2020-04-14 0001649096 Clipper Realty Inc. CLPR 0001107706 BISTRICER DAVID 4611 TWELFTH AVENUE BROOKLYN NY 11219 1 1 1 Co-Chairman and CEO Long Term Incentive Plan Units 2020-04-14 4 A 0 52632 0 A Common Stock 52632 52632 D Long Term Incentive Plan Units 2020-04-14 4 A 0 90000 0 A Common Stock 90000 90000 D 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. The LTIP Units will vest in full on January 1, 2021. The rights to convert LTIP Units into OP Units and redeem OP Units do not have expiration dates. The LTIP Units will vest in full on January 1, 2023. The rights to convert LTIP Units into OP Units and redeem OP Units do not have expiration dates. /s/ David Bistricer 2020-04-14