X0306 4 2022-10-12 0 0000036840 FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY FREVS 0001737296 Aslanian Richard 4 WEST RED OAK LANE SUITE 303 WHITE PLAINS NY 10604 1 0 0 0 Common Stock, par value $0.01 per share 2022-10-12 4 M 0 15200 8 A 25400 D Option to Purchase 8 2022-10-12 4 M 0 15200 0 D 2028-05-02 Common Stock, par value $0.01 per share 15200 3800 D 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. 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. 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. /s/ Richard J. Aslanian 2022-10-13