Robert S. Hekemian Jr - Oct 26, 2022 Form 4 Insider Report for FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY (FREVS)

Role
Chief Executive Officer, Director
Signature
/s/ Robert S. Hekemian, Jr.
Stock symbol
FREVS
Transactions as of
Oct 26, 2022
Transactions value $
$251,850
Form type
4
Date filed
10/27/2022, 04:39 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 $208K +19K +12.56% $10.95 170K Oct 26, 2022 Direct F1
transaction FREVS Common Stock, par value $0.01 per share Options Exercise $43.8K +4K +2.35% $10.95 174K Oct 26, 2022 Direct F1
holding FREVS Common Stock, par value $0.01 per share 25.5K Oct 26, 2022 By Trust F1, F2
holding FREVS Common Stock, par value $0.01 per share 11K Oct 26, 2022 By Trusts F1, F3
holding FREVS Common Stock, par value $0.01 per share 1K Oct 26, 2022 By Spouse F1, F4
holding FREVS Common Stock, par value $0.01 per share 102K Oct 26, 2022 By Partnerships F1, F5
holding FREVS Common Stock, par value $0.01 per share 9.24K Oct 26, 2022 By Trusts F1, F6

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 +19K $0.00* 0 Oct 26, 2022 Common Stock, par value $0.01 per share 19K $10.95 Direct F1, F7, F8, F9
transaction FREVS Option to Purchase Disposed to Issuer $0 +4K $0.00* 0 Oct 26, 2022 Common Stock, par value $0.01 per share 4K $10.95 Direct F1, F10, F11, F12
* 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 in trust for which Mr. Hekemian is a beneficiary. Mr. Hekemian disclaims beneficial ownership of these shares except to the extent of his pecuniary interest.
F3 Shares held by certain trusts for the benefit of Mr. Hekemian's nephews, and of which Mr. Hekemian is trustee. Mr. Hekemian disclaims beneficial ownership of these shares.
F4 Shares held by Mr. Hekemian's wife. Mr. Hekemian disclaims beneficial ownership of these shares.
F5 Shares held by certain partnerships in which Mr. Hekemian is a partner. Mr. Hekemian disclaims beneficial ownership of these shares except to the extent of his pecuniary interest.
F6 Shares held in trust by Mr. Hekemian for the benefit of his children. Mr. Hekemian disclaims beneficial ownership of these shares.
F7 This option was granted to Mr. Hekemian in his capacity as a Trustee of FREIT.
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: 3,800 shares vest on September 4, 2015; 3,800 shares vest on September 4, 2016; 3,800 shares vest on September 4, 2017; 3,800 shares vest on September 4, 2018; and 3,800 shares vest on September 4, 2019.
F10 This option was granted to Mr. Hekemian in his capacity as the President and Chief Operating Officer of Hekemian & Co., Inc., the managing agent of FREIT.
F11 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.
F12 The shares underlying the option vest as follows: 800 shares vest on September 4, 2015; 800 shares vest on September 4, 2016; 800 shares vest on September 4, 2017; 800 shares vest on September 4, 2018; and 800 shares vest on September 4, 2019.