RONALD J. ARTINIAN - 01 Nov 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
Issuer symbol: FREVS
Transactions as of: 01 Nov 2022
Net transactions value: +$267,780
Form type: 4
Filing time: 01 Nov 2022, 17:03:11 UTC
Next filing: 31 Jan 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	$245,280	+22,400	+5.8%	$10.95	409,038	01 Nov 2022	Direct	F1
transaction	FREVS	Common Stock, par value $0.01 per share	Options Exercise	$22,500	+3,000	+0.73%	$7.50	412,038	01 Nov 2022	Direct	F1
holding	FREVS	Common Stock, par value $0.01 per share						4,350	01 Nov 2022	By Son	F1, F2
holding	FREVS	Common Stock, par value $0.01 per share						52,504	01 Nov 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	+22,400		$0.000000^*	0	01 Nov 2022	Common Stock, par value $0.01 per share	28,000	$10.95	Direct	F1, F3, F4
transaction	FREVS	Option to Purchase	Options Exercise	$0	+3,000		$0.000000	2,000	01 Nov 2022	Common Stock, par value $0.01 per share	5,000	$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.