SEC Form 4 · accession 0001437749-17-006963
Clipper Realty Inc. · CLPR
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Jacob Bistricer
Officer — Chief Operating Officer
Period of report
Apr 19, 2017
Accepted (ET)
Apr 21, 2017 · 4:08 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001649096
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Long Term Incentive Plan UnitsF1 | — | Apr 19, 2017 | A | 100,000 | A | Jan 1, 2023 | — | Common Stock | 100,000 | 100,000 | D |
Explanation of responses
- F1Represents 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 of January 1, 2023, 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 rights to convert LTIP Units into OP Units and redeem OP Units do not have expiration dates.