Ronald J. Artinian - Nov 1, 2022 Form 4 Insider Report for FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY (FREVS)

Role
Chairman of the Board, Director
Signature
/s/ Ronald J. Artinian
Stock symbol
FREVS
Transactions as of
Nov 1, 2022
Transactions value $
$267,780
Form type
4
Date filed
11/1/2022, 05:03 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 $245K +22.4K +5.79% $10.95 409K Nov 1, 2022 Direct F1
transaction FREVS Common Stock, par value $0.01 per share Options Exercise $22.5K +3K +0.73% $7.50 412K Nov 1, 2022 Direct F1
holding FREVS Common Stock, par value $0.01 per share 4.35K Nov 1, 2022 By Son F1, F2
holding FREVS Common Stock, par value $0.01 per share 52.5K Nov 1, 2022 By IRAs 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 +22.4K $0.00* 0 Nov 1, 2022 Common Stock, par value $0.01 per share 28K $10.95 Direct F1, F3, F4
transaction FREVS Option to Purchase Options Exercise $0 +3K $0.00 2K Nov 1, 2022 Common Stock, par value $0.01 per share 5K $7.50 Direct F1, F5, F6
* 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. Artinian's son, Ronald K. Artinian.
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: 5,600 shares vest on September 4, 2015; 5,600 shares vest on September 4, 2016; 5,600 shares vest on September 4, 2017; 5,600 shares vest on September 4, 2018; and 5,600 shares vest on September 4, 2019.
F5 The original exercise price for the shares underlying this option was $15 per share. The exercise price was adjusted to $7.50 per share pursuant to the terms of FREIT's Equity Incentive Plan under which such option was granted.
F6 The shares underlying this option vest as follows: 1,000 shares vest on March 4, 2020; 1,000 shares vest on March 4, 2021; 1,000 shares vest on March 4, 2022; 1,000 shares vest on March 4, 2023; and 1,000 shares vest on March 4, 2024.