Richard Schwartz - Oct 25, 2021 Form 4 Insider Report for FREQUENCY ELECTRONICS INC (FEIM)

Role: Director
Signature: /s/Steven Bernstein by power of attorney
Stock symbol: FEIM
Transactions as of: Oct 25, 2021
Transactions value $: -$8
Form type: 4
Date filed: 10/27/2021, 04:40 PM

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	FEIM	Common Stock	Options Exercise	$72.5K	+10K	+15.72%	$7.25	73.6K	Oct 25, 2021	Direct
transaction	FEIM	Common Stock	Tax liability	-$72.5K	-7.18K	-9.75%	$10.10	66.4K	Oct 25, 2021	Direct

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	FEIM	Stock Appreciation Rights	Options Exercise	$0	-10K	-25%	$0.00	30K	Oct 26, 2021	Common Stock	10K	$7.25	Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The reporting person exercised a Stock Appreciation Right based on 10,000 shares of Frequency Electronics common stock, receiving 2,821 shares which is equivalent to the appreciated value of the common stock since the grant date.
F2	Total also reflects the expiration of 10,000 Stock Appreciation Rights previously granted to the reporting person that have expired without being exercised.