Allan Tubin - Oct 19, 2022 Form 4 Insider Report for FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY (FREVS)

Role: Chief Financial Officer
Signature: /s/ Allan Tubin
Stock symbol: FREVS
Transactions as of: Oct 19, 2022
Transactions value $: $65,700
Form type: 4
Date filed: 10/20/2022, 03:06 PM

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	$65.7K	+6K	+120%	$10.95	11K	Oct 19, 2022	Direct	F1
holding	FREVS	Common Stock, par value $0.01 per share						2.66K	Oct 19, 2022	By Spouse	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	-6K	-100%	$0.00^*	0	Oct 19, 2022	Common Stock, par value $0.01 per share	6K	$10.95	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 Mr. Tubin's spouse, as to which shares Mr. Tubin disclaims beneficial interest.
F3	The original exercise price for the shares underlying this option was $18.45 per share. The exercise price was adjusted to $10.95 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: 1,200 shares vest on September 4, 2015; 1,200 shares vest on September 4, 2016; 1,200 shares vest on September 4, 2017; 1,200 shares vest on September 4, 2018; and 1,200 shares vest on September 4, 2019.