Justin Meng - Oct 12, 2022 Form 4 Insider Report for FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY (FREVS)

Role: Director
Signature: /s/ Justin Meng
Stock symbol: FREVS
Transactions as of: Oct 12, 2022
Transactions value $: $256,500
Form type: 4
Date filed: 10/14/2022, 10:43 AM
Next filing: Jan 31, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	FREVS	Common Stock, par value $0.01 per share	Options Exercise	$257K	+19K	+150.79%	$13.50	31.6K	Oct 12, 2022	Direct	F1
holding	FREVS	Common Stock, par value $0.01 per share						2.4K	Oct 12, 2022	By Wife	F1, F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	FREVS	Option to Purchase	Options Exercise	$0	-19K	-100%	$0.00^*	0	Oct 12, 2022	Common Stock, par value $0.01 per share	19K	$13.50	Direct	F1, F3, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Prior to the reincorporation of First Real Estate Investment Trust of New Jersey, Inc. ("FREIT") from a New Jersey real estate investment trust to a Maryland corporation on July 1, 2021, FREIT's equity securities were beneficial interests in FREIT that were designated as "shares" without par value. In connection with the reincorporation of FREIT as a Maryland corporation, FREIT's shares of beneficial interest were converted to shares of common stock, par value $0.01 per share, on a 1-for-1 basis.
F2	Shares held by an IRA for the benefit of Mr. Meng's wife, Christine Lee Yoon. Mr. Meng disclaims beneficial ownership of the shares held by the IRA.
F3	The original exercise price for the shares underlying this option was $21 per share. The exercise price was adjusted to $13.50 per share pursuant to the terms of FREIT's Equity Incentive Plan under which such option was granted.
F4	The shares underlying the option vest as follows: 3,800 shares vest on September 4, 2017; 3,800 shares vest on September 4, 2018; 3,800 shares vest on September 4, 2019; 3,800 shares vest on September 4, 2020; and 3,800 shares vest on September 4, 2021.