David Hekemian - Oct 25, 2022 Form 4 Insider Report for FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY (FREVS)

Role: Director
Signature: /s/ David B. Hekemian
Stock symbol: FREVS
Transactions as of: Oct 25, 2022
Transactions value $: $285,850
Form type: 4
Date filed: 10/27/2022, 04:37 PM
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	$164K	+15K	+9.16%	$10.95	179K	Oct 25, 2022	Direct	F1
transaction	FREVS	Common Stock, par value $0.01 per share	Options Exercise	$122K	+15.2K	+8.51%	$8.00	194K	Oct 25, 2022	Direct	F1
holding	FREVS	Common Stock, par value $0.01 per share						102K	Oct 25, 2022	By Partnerships and LLCs	F1, F2
holding	FREVS	Common Stock, par value $0.01 per share						17.6K	Oct 25, 2022	By Trust	F1, F3
holding	FREVS	Common Stock, par value $0.01 per share						25.5K	Oct 25, 2022	By Trust	F1, F4
holding	FREVS	Common Stock, par value $0.01 per share						88.9K	Oct 25, 2022	By Foundation	F1, F5
holding	FREVS	Common Stock, par value $0.01 per share						6K	Oct 25, 2022	By Trust	F1, F6
holding	FREVS	Common Stock, par value $0.01 per share						1.92K	Oct 25, 2022	By Spouse	F1, F7

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	Disposed to Issuer	$0	+15K		$0.00^*	0	Oct 25, 2022	Common Stock, par value $0.01 per share	15K	$10.95	Direct	F1, F8, F9
transaction	FREVS	Option to Purchase	Disposed to Issuer	$0	+15.2K		$0.00	3.8K	Oct 25, 2022	Common Stock, par value $0.01 per share	15.2K	$8.00	Direct	F1, F10, F11

* 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 certain partnerships and limited liability companies in which Mr. Hekemian is a partner or member. Mr. Hekemian disclaims beneficial ownership of the shares held by such partnerships and limited liability companies except to the extent of his pecuniary interest therein.
F3	Shares held in by a certain trust for the benefit of Mr. Hekemian's nephews, of which Mr. Hekemian is the trustee. Mr. Hekemian disclaims beneficial ownership of the shares held by such trust.
F4	Shares held in a certain trust, of which Mr. Hekemian is a beneficiary. Mr. Hekemian disclaims beneficial ownership of the shares held by such trust except to the extent of his pecuniary interest therein.
F5	Shares held by the Robert and Mary Jane Hekemian Foundation, Inc., of which Mr. Hekemian is the Vice President/Treasurer. Mr. Hekemian disclaims beneficial ownership of the shares held by the Robert and Mary Jane Hekemian Foundation, Inc.
F6	Shares held in a certain trust for the benefit of Mr. Hekemian's children, of which Mr. Hekemian is the trustee. Mr. Hekemian disclaims beneficial ownership of the shares held by such trust.
F7	Shares held by Mr. Hekemian's wife. Mr. Hekemian disclaims beneficial ownership of the shares held by his wife.
F8	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.
F9	The shares underlying the option vest as follows: 3,000 shares vest on September 4, 2015; 3,000 shares vest on September 4, 2016; 3,000 shares vest on September 4, 2017; 3,000 shares vest on September 4, 2018; and 3,000 shares vest on September 4, 2019.
F10	The original exercise price for the shares underlying this option was $15.50 per share. The exercise price was adjusted to $8 per share pursuant to the terms of FREIT's Equity Incentive Plan under which such option was granted.
F11	The shares underlying the option vest as follows: 3,800 shares vest on May 3, 2019; 3,800 shares vest on May 3, 2020; 3,800 shares vest on May 3, 2021; 3,800 shares vest on May 3, 2022; and 3,800 shares vest on May 3, 2023.