LORBER HOWARD M

SEC source: 0001437749-26-005934 · rdgdoc.xml · derivative · entry 1

LORBER HOWARD M · CIK 0001053471 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 34,960

Underlying: Common Stock · 7,961 shares

Expires not disclosed

F1 · security: 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.

F2 · derivative.exercise_price: The LTIP Units will vest 25% on each of March 31, 2026, June 30, 2026, September 30, 2026 and December 31, 2026. The rights to convert LTIP Units into OP Units and redeem OP Units do not have expiration dates.

F2 · derivative.exercise_date: The LTIP Units will vest 25% on each of March 31, 2026, June 30, 2026, September 30, 2026 and December 31, 2026. The rights to convert LTIP Units into OP Units and redeem OP Units do not have expiration dates.

F2 · derivative.expiration_date: The LTIP Units will vest 25% on each of March 31, 2026, June 30, 2026, September 30, 2026 and December 31, 2026. The rights to convert LTIP Units into OP Units and redeem OP Units do not have expiration dates.

SEC source: 0001104659-25-119742 · tm2533125-1_4seq1.xml · derivative · entry 5

LORBER HOWARD M · CIK 0001053471 · Director · Executive Chairman · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 20,000

Underlying: Common Stock · 10,000 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Restricted stock units convert into common stock on a one-for-one basis.

F2 · derivative.exercise_date: On December 8, 2022, the reporting person was granted 50,000 restricted stock units, vesting in five equal annual installments beginning on the first anniversary of the grant date.

F2 · derivative.expiration_date: On December 8, 2022, the reporting person was granted 50,000 restricted stock units, vesting in five equal annual installments beginning on the first anniversary of the grant date.

SEC source: 0001104659-25-119742 · tm2533125-1_4seq1.xml · nonDerivative · entry 2

LORBER HOWARD M · CIK 0001053471 · Director · Executive Chairman · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 719,521

SEC source: 0001104659-25-119742 · tm2533125-1_4seq1.xml · nonDerivative · entry 1

LORBER HOWARD M · CIK 0001053471 · Director · Executive Chairman · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 724,626

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: Restricted stock units convert into common stock on a one-for-one basis.

SEC source: 0001437749-25-012511 · rdgdoc.xml · derivative · entry 1

LORBER HOWARD M · CIK 0001053471 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 26,999

Underlying: Common Stock · 5,720 shares

Expires not disclosed

F1 · security: 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.

F2 · derivative.exercise_price: The LTIP Units will vest 25% on each of March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025. The rights to convert LTIP Units into OP Units and redeem OP Units do not have expiration dates.

F2 · derivative.exercise_date: The LTIP Units will vest 25% on each of March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025. The rights to convert LTIP Units into OP Units and redeem OP Units do not have expiration dates.

F2 · derivative.expiration_date: The LTIP Units will vest 25% on each of March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025. The rights to convert LTIP Units into OP Units and redeem OP Units do not have expiration dates.

SEC source: 0001104659-24-127173 · tm2430656-1_4seq1.xml · derivative · entry 5

LORBER HOWARD M · CIK 0001053471 · Director · Executive Chairman · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 30,000

Underlying: Common Stock · 10,000 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Restricted stock units convert into common stock on a one-for-one basis.

F2 · derivative.exercise_date: On December 8, 2022, the reporting person was granted 50,000 restricted stock units, vesting in five equal annual installments beginning on the first anniversary of the grant date.

F2 · derivative.expiration_date: On December 8, 2022, the reporting person was granted 50,000 restricted stock units, vesting in five equal annual installments beginning on the first anniversary of the grant date.

SEC source: 0001104659-24-127173 · tm2430656-1_4seq1.xml · nonDerivative · entry 2

LORBER HOWARD M · CIK 0001053471 · Director · Executive Chairman · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 714,626

SEC source: 0001104659-24-127173 · tm2430656-1_4seq1.xml · nonDerivative · entry 1

LORBER HOWARD M · CIK 0001053471 · Director · Executive Chairman · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 719,731

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: Restricted stock units convert into common stock on a one-for-one basis.

SEC source: 0000950170-24-129385 · ownership.xml · nonDerivative · entry 1

LORBER HOWARD M · CIK 0001053471 · Director · See Remarks

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,358,499

F1 · kind: The reporting person's sale of Douglas Elliman common stock reported herein was matchable under Section 16(b) of the Securities Exchange Act of 1934, to the extent of 100,000 shares, with the reporting person's purchases of: (1) 15,238 shares of Douglas Elliman common stock at a weighted average price of $1.09 per share on July 8, 2024; (2) 82,067 shares of Douglas Elliman common stock at a weighted average price of $1.15 per share on July 9, 2024; and (3) 2,605 shares of Douglas Elliman common stock at a weighted average price of $1.23 per share on July 10, 2024. The reporting person has paid to Douglas Elliman $51,426.58, representing the full amount of the profit realized in connection with the short-swing transaction, less transaction costs.

F2 · balance_after: Total amount reported reflects the cancellation of 2,965,625 unvested shares of Douglas Elliman common stock subject to vesting on October 21, 2024 in connection with the reporting person's cessation of employment with Douglas Elliman.

SEC source: 0000950170-24-113377 · ownership.xml · derivative · entry 5

LORBER HOWARD M · CIK 0001053471 · Director · President and CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 262,500 shares

Expires 2029-02-27

F7 · kind: Pursuant to the Merger Agreement, each option to purchase an Issuer Share which has a per share exercise price that was less than the Merger Consideration (each, a "Company Option"), and outstanding and unexercised as of immediately prior to the Effective Time was canceled and converted into the right to receive an amount in cash, without interest, equal to the product of (i) the aggregate number of Issuer Shares subject to such Company Option and (ii) the excess, if any, of (x) the Merger Consideration over (y) the per share exercise price of such Company Option. The number and exercise price of the Company Options have been adjusted to give effect to the 5% stock dividend paid to the stockholders of the Company on September 27, 2019.

F7 · price: Pursuant to the Merger Agreement, each option to purchase an Issuer Share which has a per share exercise price that was less than the Merger Consideration (each, a "Company Option"), and outstanding and unexercised as of immediately prior to the Effective Time was canceled and converted into the right to receive an amount in cash, without interest, equal to the product of (i) the aggregate number of Issuer Shares subject to such Company Option and (ii) the excess, if any, of (x) the Merger Consideration over (y) the per share exercise price of such Company Option. The number and exercise price of the Company Options have been adjusted to give effect to the 5% stock dividend paid to the stockholders of the Company on September 27, 2019.

F7 · derivative.exercise_date: Pursuant to the Merger Agreement, each option to purchase an Issuer Share which has a per share exercise price that was less than the Merger Consideration (each, a "Company Option"), and outstanding and unexercised as of immediately prior to the Effective Time was canceled and converted into the right to receive an amount in cash, without interest, equal to the product of (i) the aggregate number of Issuer Shares subject to such Company Option and (ii) the excess, if any, of (x) the Merger Consideration over (y) the per share exercise price of such Company Option. The number and exercise price of the Company Options have been adjusted to give effect to the 5% stock dividend paid to the stockholders of the Company on September 27, 2019.

SEC source: 0000950170-24-113377 · ownership.xml · nonDerivative · entry 4

LORBER HOWARD M · CIK 0001053471 · Director · President and CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

F5 · kind: Disposed in connection with the transactions contemplated by the Merger Agreement, pursuant to which, on October 7, 2024, Merger Sub was merged with and into the Issuer (the "Merger") with the Issuer surviving the Merger as a wholly owned subsidiary of Parent. As a result of the Merger, each Issuer Share was canceled and extinguished and automatically converted into the right to receive an amount in cash equal to $15.00 (the "Merger Consideration").

F6 · kind: Pursuant to the Merger Agreement, each award of restricted stock of the Issuer, excluding any Company Performance-Based RSAs (each, a "Company Time-Based RSA") that was outstanding as of immediately prior to the Effective Time, was canceled and converted into the right to receive an amount in cash, without interest, equal to the product of (i) the aggregate number of Issuer Shares subject to such Company Time-Based RSA and (ii) the Merger Consideration (together with any accrued and unpaid dividends corresponding to the Issuer Shares subject to such Company Time-Based RSA immediately prior to the Effective Time, to the extent provided for under the applicable award agreement).

F5 · shares: Disposed in connection with the transactions contemplated by the Merger Agreement, pursuant to which, on October 7, 2024, Merger Sub was merged with and into the Issuer (the "Merger") with the Issuer surviving the Merger as a wholly owned subsidiary of Parent. As a result of the Merger, each Issuer Share was canceled and extinguished and automatically converted into the right to receive an amount in cash equal to $15.00 (the "Merger Consideration").

F6 · shares: Pursuant to the Merger Agreement, each award of restricted stock of the Issuer, excluding any Company Performance-Based RSAs (each, a "Company Time-Based RSA") that was outstanding as of immediately prior to the Effective Time, was canceled and converted into the right to receive an amount in cash, without interest, equal to the product of (i) the aggregate number of Issuer Shares subject to such Company Time-Based RSA and (ii) the Merger Consideration (together with any accrued and unpaid dividends corresponding to the Issuer Shares subject to such Company Time-Based RSA immediately prior to the Effective Time, to the extent provided for under the applicable award agreement).

F5 · price: Disposed in connection with the transactions contemplated by the Merger Agreement, pursuant to which, on October 7, 2024, Merger Sub was merged with and into the Issuer (the "Merger") with the Issuer surviving the Merger as a wholly owned subsidiary of Parent. As a result of the Merger, each Issuer Share was canceled and extinguished and automatically converted into the right to receive an amount in cash equal to $15.00 (the "Merger Consideration").

F6 · price: Pursuant to the Merger Agreement, each award of restricted stock of the Issuer, excluding any Company Performance-Based RSAs (each, a "Company Time-Based RSA") that was outstanding as of immediately prior to the Effective Time, was canceled and converted into the right to receive an amount in cash, without interest, equal to the product of (i) the aggregate number of Issuer Shares subject to such Company Time-Based RSA and (ii) the Merger Consideration (together with any accrued and unpaid dividends corresponding to the Issuer Shares subject to such Company Time-Based RSA immediately prior to the Effective Time, to the extent provided for under the applicable award agreement).

SEC source: 0000950170-24-113377 · ownership.xml · nonDerivative · entry 3

LORBER HOWARD M · CIK 0001053471 · Director · President and CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 2,055,000

F4 · kind: Pursuant to the Merger Agreement, each award of performance-based restricted stock of the Issuer, excluding awards of restricted stock with vesting subject to time-vesting only (each, a "Company Performance-Based RSA") that was outstanding as of immediately prior to the Effective Time (as defined in the Merger Agreement) was canceled and converted into the right to receive an amount in cash, without interest, equal to the product of (i) the aggregate number of Issuer Shares subject to such Company Performance-Based RSA (based on the full number of Issuer Shares subject to such Company Performance-Based RSA) and (ii) the Merger Consideration (as defined below) (together with any accrued and unpaid dividends corresponding to the Issuer Shares subject to such Company Performance-Based RSA immediately prior to the Effective Time, to the extent provided for under the applicable award agreement).

F4 · shares: Pursuant to the Merger Agreement, each award of performance-based restricted stock of the Issuer, excluding awards of restricted stock with vesting subject to time-vesting only (each, a "Company Performance-Based RSA") that was outstanding as of immediately prior to the Effective Time (as defined in the Merger Agreement) was canceled and converted into the right to receive an amount in cash, without interest, equal to the product of (i) the aggregate number of Issuer Shares subject to such Company Performance-Based RSA (based on the full number of Issuer Shares subject to such Company Performance-Based RSA) and (ii) the Merger Consideration (as defined below) (together with any accrued and unpaid dividends corresponding to the Issuer Shares subject to such Company Performance-Based RSA immediately prior to the Effective Time, to the extent provided for under the applicable award agreement).

F4 · price: Pursuant to the Merger Agreement, each award of performance-based restricted stock of the Issuer, excluding awards of restricted stock with vesting subject to time-vesting only (each, a "Company Performance-Based RSA") that was outstanding as of immediately prior to the Effective Time (as defined in the Merger Agreement) was canceled and converted into the right to receive an amount in cash, without interest, equal to the product of (i) the aggregate number of Issuer Shares subject to such Company Performance-Based RSA (based on the full number of Issuer Shares subject to such Company Performance-Based RSA) and (ii) the Merger Consideration (as defined below) (together with any accrued and unpaid dividends corresponding to the Issuer Shares subject to such Company Performance-Based RSA immediately prior to the Effective Time, to the extent provided for under the applicable award agreement).

SEC source: 0000950170-24-113377 · ownership.xml · nonDerivative · entry 2

LORBER HOWARD M · CIK 0001053471 · Director · President and CEO

10b5-1 filing: No plan indicated

Ownership: Indirect · By: Lorber Alpha II Limited Partnership

Disclosed balance after: 0

F1 · kind: The reported securities were disposed of pursuant to the terms of the Agreement and Plan of Merger, dated as of August 21, 2024 (the "Merger Agreement"), by and among the Issuer, JTI (US) Holding Inc. ("Parent") and Vapor Merger Sub Inc. ("Merger Sub"), pursuant to which Merger Sub completed a cash tender offer (the "Offer") for all outstanding shares of the common stock, par value $0.10 per share, of the Issuer (each, an "Issuer Share"), at a purchase price of $15.00 per share, which Offer expired at one minute after 11:59 p.m., Eastern Time on October 4, 2024. These Issuer Shares were tendered for purchase pursuant to the Offer.

F3 · ownership.nature: Lorber Alpha II LLC, a Delaware limited liability company, is the general partner of Lorber Alpha II Limited Partnership, a Nevada limited partnership. The Reporting Person serves as the Managing Member of the Lorber Alpha II LLC and has voting and dispositive power with respect to such shares.

SEC source: 0000950170-24-113377 · ownership.xml · nonDerivative · entry 1

LORBER HOWARD M · CIK 0001053471 · Director · President and CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 849,500

F1 · kind: The reported securities were disposed of pursuant to the terms of the Agreement and Plan of Merger, dated as of August 21, 2024 (the "Merger Agreement"), by and among the Issuer, JTI (US) Holding Inc. ("Parent") and Vapor Merger Sub Inc. ("Merger Sub"), pursuant to which Merger Sub completed a cash tender offer (the "Offer") for all outstanding shares of the common stock, par value $0.10 per share, of the Issuer (each, an "Issuer Share"), at a purchase price of $15.00 per share, which Offer expired at one minute after 11:59 p.m., Eastern Time on October 4, 2024. These Issuer Shares were tendered for purchase pursuant to the Offer.

F2 · shares: Reflects the correction of an immaterial error in the balance reported in the Reporting Person's Form 4 filed on May 28, 2024.

SEC source: 0000950170-24-082750 · ownership.xml · nonDerivative · entry 3

LORBER HOWARD M · CIK 0001053471 · Director · Chairman, President & CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 5,405,538

F3 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $1.225 to $1.23, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote.

SEC source: 0000950170-24-082750 · ownership.xml · nonDerivative · entry 2

LORBER HOWARD M · CIK 0001053471 · Director · Chairman, President & CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 5,402,933

F2 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $1.13 to $1.17, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote.

SEC source: 0000950170-24-082750 · ownership.xml · nonDerivative · entry 1

LORBER HOWARD M · CIK 0001053471 · Director · Chairman, President & CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 5,320,866

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $1.07 to $1.12, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote.

SEC source: 0000950170-24-065602 · ownership.xml · nonDerivative · entry 1

LORBER HOWARD M · CIK 0001053471 · Director · President and CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 2,863,701

F1 · price: Represents withholdings of shares as payment of the reporting person's tax liabilities incident to the vesting of 62,500 shares of restricted stock, which were awarded to reporting person on May 27, 2020 and were previously reported at the time of the grant. The shares withheld were valued at $10.895 per share, which represented the average of the low ($10.80) and high ($10.99) stock prices of the Issuer's Common Stock on May 24, 2024, the last trading day before the date of vesting.

SEC source: 0001437749-24-011258 · rdgdoc.xml · derivative · entry 1

LORBER HOWARD M · CIK 0001053471 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 21,279

Underlying: Common Stock · 5,300 shares

Expires not disclosed

F1 · security: 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.

F2 · derivative.exercise_price: The LTIP Units will vest 25% on each of March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024. The rights to convert LTIP Units into OP Units and redeem OP Units do not have expiration dates.

F2 · derivative.exercise_date: The LTIP Units will vest 25% on each of March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024. The rights to convert LTIP Units into OP Units and redeem OP Units do not have expiration dates.

F2 · derivative.expiration_date: The LTIP Units will vest 25% on each of March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024. The rights to convert LTIP Units into OP Units and redeem OP Units do not have expiration dates.

SEC source: 0000950170-24-024893 · ownership.xml · nonDerivative · entry 1

LORBER HOWARD M · CIK 0001053471 · Director · Chairman, President & CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 5,305,538

F1 · price: On February 29, 2024, the Issuer granted the Reporting Person a restricted stock award of 1,325,000 shares of Issuer Common Stock pursuant to Issuer's 2021 Management Incentive Plan. The award will vest in four equal annual installments commencing on December 15, 2024, subject to the Reporting Person's continued employment through each such vesting date or earlier vesting upon the Reporting Person's death or disability, termination of employment without cause or resignation for good reason or change-of-control.

SEC source: 0000950170-24-020492 · ownership.xml · nonDerivative · entry 2

LORBER HOWARD M · CIK 0001053471 · Director · President and CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 2,889,982

F2 · price: Represents withholdings of shares as payment of the reporting person's tax liabilities incident to the vesting of (a) the 212,500 shares of performance-based restricted stock referenced in footnote 1 and (b) 212,500 shares of restricted stock, which were awarded to reporting person on February 24, 2021 (62,500 shares), March 1, 2022 (75,000 shares) and February 15, 2023 (75,000 shares) and were previously reported at the time of the grant. The shares withheld were valued at $11.2025 per share, which represented the average of the low ($11.105) and high ($11.30) stock prices of the Issuer's Common Stock on February 23, 2024, the last trading day before the date of vesting.

SEC source: 0000950170-24-020492 · ownership.xml · nonDerivative · entry 1

LORBER HOWARD M · CIK 0001053471 · Director · President and CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 3,064,678

F1 · price: The Reporting Person received performance-based restricted stock grants of 250,000, 300,000 and 300,000 shares, respectively, on February 24, 2021, March 1, 2022 and February 15, 2023. Each performance-based restricted stock grant vested, or will vest, in four installments on February 24 of each of the four calendar years subsequent to the grant date, based upon the Issuer achieving certain performance targets and the Reporting Person being continuously employed by Vector Group Ltd. The amount reported represents the third vesting of the 2021 award (62,500 shares), the second vesting of the 2022 award (75,000 shares) and the first vesting of the 2023 award (75,000 shares).

SEC source: 0000950170-24-016083 · ownership.xml · nonDerivative · entry 1

LORBER HOWARD M · CIK 0001053471 · Director · President and CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 2,852,178

F1 · price: On February 13, 2024, the Issuer awarded the Reporting Person a restricted stock grant of 412,000 shares of the Issuer's Common Stock pursuant to the Issuer's 2023 Management Incentive Plan. The restricted shares vest in four equal annual installments on February 24, 2025, February 24, 2026, February 24, 2027 and February 24, 2028, provided the Reporting Person is then still an employee of the Issuer, subject to earlier vesting upon his death or disability, termination of employment without cause or resignation for good reason and change-of-control.

SEC source: 0000950170-23-071257 · ownership.xml · nonDerivative · entry 1

LORBER HOWARD M · CIK 0001053471 · Director · Chairman, President & CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 3,980,538

F1 · price: Represents withholdings of shares as payment of the Reporting Person's payroll tax liabilities incident to the vesting of 656,250 shares of restricted stock, which were awarded to reporting person on December 31, 2021 and March 14, 2023. The shares withheld were valued at $2.53 per share, which represented the average of the low ($2.42) and high ($2.64) stock prices of the Issuer's Common Stock on December 15, 2023, the date of vesting.

F2 · balance_after: Adjusted to reflect the impact of share rounding from the 5% stock dividend, which was paid by the Issuer on June 30,2023.

SEC source: 0001104659-23-125358 · tm2332731d1_4.xml · derivative · entry 5

LORBER HOWARD M · CIK 0001053471 · Director · Executive Chairman · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 40,000

Underlying: Common Stock · 10,000 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Restricted stock units convert into common stock on a one-for-one basis.

F2 · derivative.exercise_date: On December 8, 2022, the reporting person was granted 50,000 restricted stock units, vesting in five equal annual installments beginning on the first anniversary of the grant date.

F2 · derivative.expiration_date: On December 8, 2022, the reporting person was granted 50,000 restricted stock units, vesting in five equal annual installments beginning on the first anniversary of the grant date.

SEC source: 0001104659-23-125358 · tm2332731d1_4.xml · nonDerivative · entry 2

LORBER HOWARD M · CIK 0001053471 · Director · Executive Chairman · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 709,731

SEC source: 0001104659-23-125358 · tm2332731d1_4.xml · nonDerivative · entry 1

LORBER HOWARD M · CIK 0001053471 · Director · Executive Chairman · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 714,836

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: Restricted stock units convert into common stock on a one-for-one basis.

SEC source: 0000950170-23-044028 · ownership.xml · nonDerivative · entry 1

LORBER HOWARD M · CIK 0001053471 · Director · Chairman, President & CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 4,248,619

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.0536 to $2.08, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote.

F2 · balance_after: All shares have been adjusted to reflect 5% stock dividend, which was paid by the Issuer on June 30, 2023.

SEC source: 0000950170-23-025021 · ownership.xml · nonDerivative · entry 1

LORBER HOWARD M · CIK 0001053471 · Director · President and CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 2,440,178

F1 · price: Represents withholdings of shares as payment of the reporting person's tax liabilities incident to the vesting of 62,500 shares of restricted stock, which were awarded to reporting person on May 27, 2020. The shares withheld were valued at $11.855 per share, which represented the average of the low ($11.75) and high ($11.96) stock prices of the Issuer's Common Stock on May 26, 2023, the last trading day before the date of vesting, which was on a non-trading day (Saturday).

SEC source: 0001437749-23-008196 · rdgdoc.xml · derivative · entry 1

LORBER HOWARD M · CIK 0001053471 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 15,979

Underlying: Common Stock · 4,500 shares

Expires not disclosed

F1 · security: 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.

F2 · derivative.exercise_price: The LTIP Units will vest 25% on each of April 30, 2023, June 30, 2023, September 30, 2023 and December 31, 2023. The rights to convert LTIP Units into OP Units and redeem OP Units do not have expiration dates.

F2 · derivative.exercise_date: The LTIP Units will vest 25% on each of April 30, 2023, June 30, 2023, September 30, 2023 and December 31, 2023. The rights to convert LTIP Units into OP Units and redeem OP Units do not have expiration dates.

F2 · derivative.expiration_date: The LTIP Units will vest 25% on each of April 30, 2023, June 30, 2023, September 30, 2023 and December 31, 2023. The rights to convert LTIP Units into OP Units and redeem OP Units do not have expiration dates.

SEC source: 0000950170-23-008549 · ownership.xml · nonDerivative · entry 1

LORBER HOWARD M · CIK 0001053471 · Director · Chairman, President & CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,998,685

F1 · price: On March 14, 2023, the Issuer granted the Reporting Person a restricted stock award of 1,250,000 shares of Issuer Common Stock pursuant to Issuer's 2021 Management Incentive Plan. The award will vest in four equal annual installments commencing on December 15, 2023, subject to the Reporting Person's continued employment through each such vesting date or earlier vesting upon the Reporting Person's death or disability, termination of employment without cause or resignation for good reason or change-of-control.

SEC source: 0000899243-23-006304 · doc4.xml · nonDerivative · entry 2

LORBER HOWARD M · CIK 0001053471 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,466,491

F2 · price: Represents withholdings of shares as payment of the reporting person's tax liabilities incident to the vesting of (a) 137,500 shares of performance-based restricted stock referenced in footnote 1 and (b) 137,500 shares of restricted stock, which were awarded to reporting person on February 24, 2021 (62,500) and March 1, 2022 (75,000) and were previously reported at the time of the grant. The shares withheld were valued at $13.47 per share, which represented the average of the low ($13.19) and high ($13.75) stock prices of the Issuer's Common Stock on February 24, 2023, the date of vesting.

SEC source: 0000899243-23-006304 · doc4.xml · nonDerivative · entry 1

LORBER HOWARD M · CIK 0001053471 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,579,529

F1 · price: The Reporting Person received performance-based restricted stock grants of 250,000 and 300,000 shares, respectively, on February 24, 2021 and March 1, 2022. The 2021 grant vested, or will vest, in four installments (62,500 shares in the case of the 2023 vesting) on February 24, 2022, February 24, 2023, February 24, 2024 and February 24, 2025, based upon the Issuer achieving certain performance targets and the Reporting Person being continuously employed by Vector Group Ltd. This amount represents the second vesting of the award. The 2022 grant vested, or will vest, in four installments (75,000 shares in the case of the 2023 vesting) on February 24, 2023, February 24, 2024, February 24, 2025 and February 24, 2026, based upon the Issuer achieving certain performance targets and the Reporting Person being continuously employed by Vector Group Ltd. This amount represents the first vesting of the award.

SEC source: 0000899243-23-005511 · doc4.xml · nonDerivative · entry 1

LORBER HOWARD M · CIK 0001053471 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,442,029

F1 · price: On February 15, 2023, the Issuer awarded the Reporting Person a restricted stock grant of 300,000 shares of the Issuer's Common Stock pursuant to the Issuer's 2014 Management Incentive Plan. Restricted shares vest in four equal annual installments on February 24, 2024, February 24, 2025, February 24, 2026 and February 24, 2027, provided the Reporting Person is then still an employee of the Issuer, subject to earlier vesting upon his death or disability, termination of employment without cause or resignation for good reason and change-of-control.

SEC source: 0000899243-23-001327 · doc4.xml · derivative · entry 4

LORBER HOWARD M · CIK 0001053471 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common stock · 703,547 shares

Expires 2023-02-26

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0000899243-23-001327 · doc4.xml · nonDerivative · entry 2

LORBER HOWARD M · CIK 0001053471 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,142,029

F1 · price: Represents the closing price of the Issuer's Common Stock on January 6, 2023, the date of exercise.

SEC source: 0000899243-23-001327 · doc4.xml · nonDerivative · entry 1

LORBER HOWARD M · CIK 0001053471 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,818,356

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0000899243-22-038904 · doc4.xml · nonDerivative · entry 1

LORBER HOWARD M · CIK 0001053471 · Director · Chairman, President & CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,748,685

F1 · price: Represents withholdings of shares as payment of the Reporting Person's payroll tax liabilities incident to the vesting of 312,500 shares of restricted stock, which were awarded to reporting person on December 31, 2021. The shares withheld were valued at $3.985 per share, which represented the average of the low ($3.90) and high ($4.07) stock prices of the Issuer's Common Stock on December 15, 2022, the date of vesting.

SEC source: 0001104659-22-125875 · tm2232357-2_4seq1.xml · derivative · entry 1

LORBER HOWARD M · CIK 0001053471 · Director · Executive Chairman · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 50,000

Underlying: Common Stock · 50,000 shares

Expires not disclosed

F1 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one share of the Registrant's common stock.

F2 · derivative.exercise_date: The restricted stock units vest in five equal annual installments beginning December 8, 2023. Vested shares will be delivered within five business days of the scheduled vesting date.

F2 · derivative.expiration_date: The restricted stock units vest in five equal annual installments beginning December 8, 2023. Vested shares will be delivered within five business days of the scheduled vesting date.

SEC source: 0000899243-22-033350 · doc4.xml · nonDerivative · entry 1

LORBER HOWARD M · CIK 0001053471 · Director · Chairman, President & CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,876,341

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.875 to $4.08, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote.

SEC source: 0000899243-22-025429 · doc4.xml · nonDerivative · entry 2

LORBER HOWARD M · CIK 0001053471 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,114,809

F2 · kind: Represents withholdings of shares as payment of the reporting person's payroll tax liabilities incident to the vesting of shares of restricted stock associated with the Award. The shares withheld were valued at $10.44 per share, which represented the average of the low ($10.31) and high ($10.57) stock prices of the Issuer's Common Stock on July 1, 2022, the date of vesting.

F2 · price: Represents withholdings of shares as payment of the reporting person's payroll tax liabilities incident to the vesting of shares of restricted stock associated with the Award. The shares withheld were valued at $10.44 per share, which represented the average of the low ($10.31) and high ($10.57) stock prices of the Issuer's Common Stock on July 1, 2022, the date of vesting.

SEC source: 0000899243-22-025429 · doc4.xml · nonDerivative · entry 1

LORBER HOWARD M · CIK 0001053471 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,213,069

F1 · shares: The Reporting Person received a restricted stock grant on November 10, 2015 (the "Award"). The grant vested equally in seven equal installments of 208,372 shares on November 15, 2016, July 1, 2017, July 1, 2018, July 1, 2019, July 1, 2020, July 1, 2021 and July 1, 2022, based upon the Issuer achieving certain performance targets and the Reporting Person being continuously employed by Vector Group Ltd. This amount includes the seventh and final vesting of the Award.

F1 · price: The Reporting Person received a restricted stock grant on November 10, 2015 (the "Award"). The grant vested equally in seven equal installments of 208,372 shares on November 15, 2016, July 1, 2017, July 1, 2018, July 1, 2019, July 1, 2020, July 1, 2021 and July 1, 2022, based upon the Issuer achieving certain performance targets and the Reporting Person being continuously employed by Vector Group Ltd. This amount includes the seventh and final vesting of the Award.

SEC source: 0000899243-22-025430 · doc4.xml · nonDerivative · entry 1

LORBER HOWARD M · CIK 0001053471 · Director · Chairman, President & CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,776,341

F1 · shares: Represents 54,416 shares of Issuer Common Stock acquired by the Reporting Person as a result of the performance-based vesting on July 1, 2022 of shares of common stock of Vector Group Ltd. ("Vector") held by the Reporting Person (the "Award"). Vector originally distributed shares of Issuer Common Stock, including shares of certain equity awards granted to Vector's officers and other employees, to holders of its common stock on December 29, 2021 in a transaction exempt under Rules 16a-9 and 16b-3 under the Securities Exchange Act of 1934, as amended (the "Distribution"). Shares of Issuer Common Stock issuable to the Reporting Person upon vesting of the Award were not distributed on December 29, 2021 but became issuable to the Reporting Person on July 1, 2022 upon the vesting of the Award.

F2 · shares: (Continued from Footnote 1) The Reporting Person's tax obligations arising from the issuance of Issuer Common Stock upon the vesting of the Award were satisfied by reducing the number of shares of Issuer Common Stock that would otherwise have been distributed to the Reporting Person by 49,770 shares.

F1 · price: Represents 54,416 shares of Issuer Common Stock acquired by the Reporting Person as a result of the performance-based vesting on July 1, 2022 of shares of common stock of Vector Group Ltd. ("Vector") held by the Reporting Person (the "Award"). Vector originally distributed shares of Issuer Common Stock, including shares of certain equity awards granted to Vector's officers and other employees, to holders of its common stock on December 29, 2021 in a transaction exempt under Rules 16a-9 and 16b-3 under the Securities Exchange Act of 1934, as amended (the "Distribution"). Shares of Issuer Common Stock issuable to the Reporting Person upon vesting of the Award were not distributed on December 29, 2021 but became issuable to the Reporting Person on July 1, 2022 upon the vesting of the Award.

F2 · price: (Continued from Footnote 1) The Reporting Person's tax obligations arising from the issuance of Issuer Common Stock upon the vesting of the Award were satisfied by reducing the number of shares of Issuer Common Stock that would otherwise have been distributed to the Reporting Person by 49,770 shares.

SEC source: 0000899243-22-020299 · doc4.xml · nonDerivative · entry 1

LORBER HOWARD M · CIK 0001053471 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,004,697

F1 · price: Represents withholdings of shares as payment of the reporting person's payroll tax liabilities incident to the vesting of 62,500 shares of restricted stock, which were awarded to reporting person on May 27, 2020. The shares withheld were valued at $12.35 per share, which represented the average of the low ($12.23) and high ($12.47) stock prices of the Issuer's Common Stock on May 27, 2022, the date of vesting.

SEC source: 0001437749-22-007627 · rdgdoc.xml · derivative · entry 1

LORBER HOWARD M · CIK 0001053471 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,000

Underlying: Common Stock · 3,000 shares

Expires not disclosed

F1 · security: 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 25% on each of March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022. The rights to convert LTIP Units into OP Units and redeem OP Units do not have expiration dates.

F1 · derivative.exercise_price: 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 25% on each of March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022. The rights to convert LTIP Units into OP Units and redeem OP Units do not have expiration dates.

F1 · derivative.exercise_date: 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 25% on each of March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022. The rights to convert LTIP Units into OP Units and redeem OP Units do not have expiration dates.

F1 · derivative.expiration_date: 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 25% on each of March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022. The rights to convert LTIP Units into OP Units and redeem OP Units do not have expiration dates.

SEC source: 0000899243-22-009208 · doc4.xml · nonDerivative · entry 1

LORBER HOWARD M · CIK 0001053471 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,031,497

F1 · price: On March 1, 2022, the Issuer awarded the Reporting Person a restricted stock grant of 300,000 shares of the Issuer's Common Stock pursuant to the Issuer's 2014 Management Incentive Plan. Restricted shares vest in four equal annual installments on February 24, 2023, February 24, 2024, February 24, 2025 and February 24, 2026, provided the Reporting Person is then still an employee of the Issuer, subject to earlier vesting upon his death or disability, termination of employment without cause or resignation for good reason and change-of-control.

SEC source: 0000899243-22-008187 · doc4.xml · nonDerivative · entry 2

LORBER HOWARD M · CIK 0001053471 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,731,497

F2 · kind: Represents withholdings of shares as payment for payroll tax liabilities incident to the vesting of (a) the 62,500 shares of performance-based restricted stock referenced in footnote 1 and (b) 62,500 shares of time-based restricted stock which were awarded to the Reporting Person on February 24 2021 and were previously reported at the time of grant. The shares withheld were valued at $10.7623 per share, which represented the average of the low ($10.5545) and high ($10.97) stock prices of the Issuer's Common Stock on February 24, 2022, the date of vesting of each respective award.

F2 · price: Represents withholdings of shares as payment for payroll tax liabilities incident to the vesting of (a) the 62,500 shares of performance-based restricted stock referenced in footnote 1 and (b) 62,500 shares of time-based restricted stock which were awarded to the Reporting Person on February 24 2021 and were previously reported at the time of grant. The shares withheld were valued at $10.7623 per share, which represented the average of the low ($10.5545) and high ($10.97) stock prices of the Issuer's Common Stock on February 24, 2022, the date of vesting of each respective award.

SEC source: 0000899243-22-008187 · doc4.xml · nonDerivative · entry 1

LORBER HOWARD M · CIK 0001053471 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,784,772

F1 · shares: The Reporting Person received a performance-based restricted stock grant of 250,000 shares on February 24, 2021. The grant vests equally in four equal installments (62,500 shares) on February 24, 2022, February 24, 2023, February 24, 2024 and February 24, 2025, based upon the Issuer achieving certain performance targets and the Reporting Person being continuously employed by Vector Group Ltd. This amount represents the first vesting of the award.

F1 · price: The Reporting Person received a performance-based restricted stock grant of 250,000 shares on February 24, 2021. The grant vests equally in four equal installments (62,500 shares) on February 24, 2022, February 24, 2023, February 24, 2024 and February 24, 2025, based upon the Issuer achieving certain performance targets and the Reporting Person being continuously employed by Vector Group Ltd. This amount represents the first vesting of the award.

SEC source: 0000899243-22-000230 · doc4.xml · nonDerivative · entry 2

LORBER HOWARD M · CIK 0001053471 · Director · Chairman, President & CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,721,925

F3 · shares: Following the Distribution on December 31, 2021, the Issuer granted the Reporting Person a restricted stock award of 1,250,000 shares of Issuer Common Stock pursuant to Issuer's 2021 Management Incentive Plan. The award will vest in four equal annual installments commencing on December 15, 2022, subject to the Reporting Person's continued employment through each such vesting date or earlier vesting upon the Reporting Person's death or disability, termination of employment without cause or resignation for good reason and change-of-control.

SEC source: 0000899243-22-000230 · doc4.xml · nonDerivative · entry 3

LORBER HOWARD M · CIK 0001053471 · Director · Chairman, President & CEO

10b5-1 filing: Not disclosed

Ownership: Indirect · By: Lorber Alpha II Limited Partnership

Disclosed balance after: 1,314,517

F4 · shares: Represents shares acquired by Lorber Alpha II Limited Partnership in the Distribution. Lorber Alpha II LLC, a Delaware limited liability company, is the general partner of Lorber Alpha II Limited Partnership, a Nevada limited partnership. The Reporting Person serves as the Managing Member of the Lorber Alpha II LLC and has voting and dispositive power with respect to such shares.

F4 · ownership.nature: Represents shares acquired by Lorber Alpha II Limited Partnership in the Distribution. Lorber Alpha II LLC, a Delaware limited liability company, is the general partner of Lorber Alpha II Limited Partnership, a Nevada limited partnership. The Reporting Person serves as the Managing Member of the Lorber Alpha II LLC and has voting and dispositive power with respect to such shares.