John A. Aiello - Oct 27, 2022 Form 4 Insider Report for FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY (FREVS)

Role
Secretary, Director
Signature
/s/ John A. Aiello
Stock symbol
FREVS
Transactions as of
Oct 27, 2022
Transactions value $
$256,500
Form type
4
Date filed
10/28/2022, 02:49 PM
Next filing
Mar 13, 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 +380% $13.50 24K Oct 27, 2022 Direct F1

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 $0.00* 0 Oct 27, 2022 Common Stock, par value $0.01 per share 19K $13.50 Direct F1, F2, F3
* 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 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.
F3 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.