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

Role: Secretary, Director
Signature: /s/ John A. Aiello
Issuer symbol: FREVS
Transactions as of: 27 Oct 2022
Net transactions value: +$256,500
Form type: 4
Filing time: 28 Oct 2022, 14:49:13 UTC
Next filing: 13 Mar 2023
SEC: View on sec.gov

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	$256,500	+19,000	+380%	$13.50	24,000	27 Oct 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	+19,000		$0.000000^*	0	27 Oct 2022	Common Stock, par value $0.01 per share	19,000	$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.