Ronald J. Artinian - Apr 6, 2023 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
Apr 6, 2023
Transactions value $
$7,500
Form type
4
Date filed
4/10/2023, 12:17 PM
Previous filing
Mar 13, 2023
Next filing
Mar 26, 2024

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 $7.5K +1K +0.21% $7.50 487K Apr 6, 2023 Direct F1
holding FREVS Common Stock, par value $0.01 per share 4.35K Apr 6, 2023 By Son F1, F2
holding FREVS Common Stock, par value $0.01 per share 52.5K Apr 6, 2023 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 -1K -50% $0.00 1K Apr 6, 2023 Common Stock, par value $0.01 per share 5K $7.50 Direct F1, F3, F4
* 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 $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.
F4 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.