Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-18

Clipper Realty Inc. (CLPR)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$2,047,372
David Bistricer total, FY2025
CEO pay percentile vs peers
CEO-to-median pay ratio
98.25%
Say-on-pay support, latest vote
Companies that benchmark against CLPR
2 companies name CLPR as a compensation peer

Each company listed discloses CLPR in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named CLPR in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
David Bistricer$630,000$0$835,000$0$0$0$582,372$2,047,372
Chief Executive Officer and Co-Chairman of the Board
J. Josef Bistricer425,0000250,0000307,0000587,4581,569,458
Chief Operating Officer
Jacob Schwimmer325,0000250,0000300,0000416,5941,291,594
Chief Property Management Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
David Bistricer$2,047,372$3,450,307$2,025,552−1,402,935
J. Josef Bistricer1,569,4584,125,9761,754,589−2,556,518
Jacob Schwimmer1,291,5943,111,7001,824,812−1,820,106

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
David BistricerRSU2025-03-12117,841$535,000
J. Josef BistricerRSU2025-03-1255,066250,000
Jacob SchwimmerRSU2025-03-1255,066250,000
David BistricerRSU2025-03-1266,079300,000
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
David Bistricer$835,000$0$00.0%
J. Josef Bistricer250,000000.0%
Jacob Schwimmer250,000000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
BistricerRSU813,188$3,106,378
BistricerRSU1,174,6404,487,125
Jacob SchwimmerRSU853,0323,254,804
05

Incentive-plan design — the Compensation Discussion & Analysis

We seek to align the interests of our named executive officers with the interests of our stockholders by providing a portion of our named executive officers compensation in the form of at-risk awards tied to our short-term and long-term strategy and measurable performance. In addition, a portion of our executives compensation is given in the form of equity that vests ratably over several years to encourage retention and further reinforce stockholder alignment.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultant
Clawback policytrue
Anti-hedgingTrue
Anti-pledgingFalse
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-1730,337,150539,50023,92698.25%Passed
20232023-06-1534,002,0741,255,49816,76596.44%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-1798.25%a
20232023-06-1596.44%b

a. Approved under the standard stated in the filing — “If you elect to abstain from voting on this proposal, the abstention will have no effect on the result of the vote, although your shares will be considered present for determining the presence of a quorum, with respect to this proposal.”.

b. Approved under the standard stated in the filing — “If you elect to abstain from voting on this proposal, the abstention will have no effect on the result of the vote, although your shares will be considered present for determining the presence of a quorum, with respect to this proposal.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)
CEO total compensation
Median employee compensation
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Sam LevinsonNot independent · Investment (Chair)$760,000$0$0$584,890$1,344,890
Howard M. LorberIndependent · Audit (Chair) · Compensation (Chair) · Nominating/Governance95,00025,9700010,259131,229
Robert J. IvanhoeIndependent · Nominating/Governance (Chair) · Investment85,00025,9700010,259121,229
Richard N. BurgerIndependent · Audit · Compensation75,00025,970009,626110,596
Harmon S. SpolanIndependent · Audit · Compensation · Nominating/Governance75,00025,970009,626110,596
Roberto A. VerroneNot independent · Investment75,00025,970004,188105,158
David BistricerEmployee director · Investment00000
09

Board fee structure and ownership guideline

Annual cash retainer$75,000
Annual equity retainer
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$405,000
Equity awards (grant-date value)$889,850
All other compensation$628,848
Total cost of the board$1,923,698

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Clipper Realty Inc.2025David Bistricer$630,000$835,000$0$0$2,047,372

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, David BistricerDEF 14A2026-04-300001437749-26-014021Section “Summary Compensation Table”. As printed: 2,047,372. Filing ↗machine: span 239614–239623
2Section 01, J. Josef BistricerDEF 14A2026-04-300001437749-26-014021Section “Summary Compensation Table”. As printed: 1,569,458. Filing ↗machine: span 248793–248802
3Section 01, Jacob SchwimmerDEF 14A2026-04-300001437749-26-014021Section “Summary Compensation Table”. As printed: 1,291,594. Filing ↗machine: span 257979–257988
4Section 03, David Bistricer RSUDEF 14A0001437749-26-014021Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
5Section 03, J. Josef Bistricer RSUDEF 14A2026-04-300001437749-26-014021Section “EXECUTIVE COMPENSATION &” · grants of plan-based awards table. Filing ↗machine: t61 · r4 · c8 · span 247251–247258
6Section 03, Jacob Schwimmer RSUDEF 14A2026-04-300001437749-26-014021Section “EXECUTIVE COMPENSATION &” · grants of plan-based awards table. Filing ↗machine: t61 · r7 · c8 · span 256437–256444
7Section 03, David Bistricer RSUDEF 14A0001437749-26-014021Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
8Section 07, pay ratio10-K2026-02-260001437749-26-005856Section “CEO Pay Ratio”. As printed: —. Filing ↗
9Section 08, Sam LevinsonDEF 14A2026-04-300001437749-26-014021Section “Director Compensation”. As printed: 1,344,890. Filing ↗machine: t72 · r1 · c15 · span 339590–339599
10Section 08, Howard M. LorberDEF 14A2026-04-300001437749-26-014021Section “Director Compensation”. As printed: 131,229. Filing ↗machine: t72 · r2 · c15 · span 342044–342051
11Section 08, Robert J. IvanhoeDEF 14A2026-04-300001437749-26-014021Section “Director Compensation”. As printed: 121,229. Filing ↗machine: t72 · r4 · c15 · span 346949–346956
12Section 08, Richard N. BurgerDEF 14A2026-04-300001437749-26-014021Section “Director Compensation”. As printed: 110,596. Filing ↗machine: t72 · r3 · c15 · span 344496–344503
13Section 08, Harmon S. SpolanDEF 14A2026-04-300001437749-26-014021Section “Director Compensation”. As printed: 110,596. Filing ↗machine: t72 · r5 · c15 · span 349397–349404
14Section 08, Roberto A. VerroneDEF 14A2026-04-300001437749-26-014021Section “Director Compensation”. As printed: 105,158. Filing ↗machine: t72 · r6 · c15 · span 351850–351857
15Section 08, David BistricerDEF 14A2026-04-300001437749-26-014021Section “Director Compensation”. As printed: 0. Filing ↗
16Section 06, 2026 voteForm 8-K2026-06-180001437749-26-021171Item 5.07 · say-on-pay result. As reported: 98.25% (votes for as printed: 30,337,150). Filing ↗
17Section 06, 2023 voteForm 8-K2023-06-150001437749-23-017575Item 5.07 · say-on-pay result. As reported: 96.44% (votes for as printed: 34,002,074). Filing ↗
18Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
19Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
20Section 09b board cost (computed)ComputedcomputedCash 405,000 + equity 889,850 + all other 628,848 = 1,923,698, summed across the director compensation table rows.machine: formula: Σ = 1,923,698
21Clipper Realty Inc. (subject), Section 10b CEO totalDEF 14A2026-04-300001437749-26-014021CEO total compensation as printed in Clipper Realty Inc.'s own proxy. As printed: 2,047,372. Filing ↗machine: span 239614–239623