David Hekemian - May 3, 2023 Form 4 Insider Report for FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY (FREVS)

Role
Director
Signature
/s/ David B. Hekemian
Stock symbol
FREVS
Transactions as of
May 3, 2023
Transactions value $
$30,400
Form type
4
Date filed
5/5/2023, 01:57 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 $30.4K +3.8K +1.81% $8.00 214K May 3, 2023 Direct F1
holding FREVS Common Stock, par value $0.01 per share 102K May 3, 2023 By Partnerships and LLCs F1, F2
holding FREVS Common Stock, par value $0.01 per share 17.6K May 3, 2023 By Trust F1, F3
holding FREVS Common Stock, par value $0.01 per share 25.5K May 3, 2023 By Trust F1, F4
holding FREVS Common Stock, par value $0.01 per share 88.9K May 3, 2023 By Foundation F1, F5
holding FREVS Common Stock, par value $0.01 per share 6K May 3, 2023 By Trust F1, F6
holding FREVS Common Stock, par value $0.01 per share 1.92K May 3, 2023 By Spouse F1, F7

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 -3.8K -100% $0.00* 0 May 3, 2023 Common Stock, par value $0.01 per share 3.8K $8.00 Direct F1, F8, F9
* 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 certain partnerships and limited liability companies in which Mr. Hekemian is a partner or member. Mr. Hekemian disclaims beneficial ownership of the shares held by such partnerships and limited liability companies except to the extent of his pecuniary interest therein.
F3 Shares held in by a certain trust for the benefit of Mr. Hekemian's nephews, of which Mr. Hekemian is the trustee. Mr. Hekemian disclaims beneficial ownership of the shares held by such trust.
F4 Shares held in a certain trust, of which Mr. Hekemian is a beneficiary. Mr. Hekemian disclaims beneficial ownership of the shares held by such trust except to the extent of his pecuniary interest therein.
F5 Shares held by the Robert and Mary Jane Hekemian Foundation, Inc., of which Mr. Hekemian is the Vice President/Treasurer. Mr. Hekemian disclaims beneficial ownership of the shares held by the Robert and Mary Jane Hekemian Foundation, Inc.
F6 Shares held in a certain trust for the benefit of Mr. Hekemian's children, of which Mr. Hekemian is the trustee. Mr. Hekemian disclaims beneficial ownership of the shares held by such trust.
F7 Shares held by Mr. Hekemian's wife. Mr. Hekemian disclaims beneficial ownership of the shares held by his wife.
F8 The original exercise price for the shares underlying this option was $15.50 per share. The exercise price was adjusted to $8 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 May 3, 2019; 3,800 shares vest on May 3, 2020; 3,800 shares vest on May 3, 2021; 3,800 shares vest on May 3, 2022; and 3,800 shares vest on May 3, 2023.