On September 4, 2014, the Board approved the grant of an aggregate of 246,000 non-qualified share options under FREIT Maryland’s Equity Incentive Plan (“the Plan”) to certain FREIT Maryland executive officers, the members of the Board and certain employees of Hekemian. The options have an exercise price of $18.45 per share, fully vested on September 3, 2019 and will expire 10 years from the date of grant, which will be September 3, 2024.

On November 10, 2016, the Board approved the grant of an aggregate of 38,000 non-qualified share options under the Plan to two members of the Board who were appointed to the Board during Fiscal 2016. The options have an exercise price of $21.00 per share, will vest in equal annual installments over a 5-year period and will expire 10 years from the date of grant, which will be November 9, 2026.

On May 3, 2018, the Board approved the grant of an aggregate of 38,000 non-qualified share options under the Plan to two members of the Board who were appointed to the Board during Fiscal 2018. The options have an exercise price of $15.50 per

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share, will vest in equal annual installments over a 5-year period and will expire 10 years from the date of grant, which will be May 2, 2028.

On March 4, 2019, the Board approved the grant of an aggregate of 5,000 non-qualified share options under the Plan to the Chairman of the Board. The options have an exercise price of $15.00 per share, will vest in equal annual installments over a 5-year period and will expire 10 years from the date of grant, which will be March 3, 2029.

As of July 31, 2021, 442,060 shares are available for issuance under the Plan. As a result of the Reincorporation of FREIT with and into FREIT Maryland as discussed in Note 1 to the condensed consolidated financial statements, there was no impact to the Plan or options previously granted.

The following table summarizes stock option activity for the nine month periods ended July 31, 2021 and 2020:

	Nine Months Ended July 31, 2021				Nine Months Ended July 31, 2020
	No. of Options		Exercise		No. of Options		Exercise
	Outstanding		Price		Outstanding		Price
Options outstanding at beginning of period		310,740	$	18.35		310,740	$	18.35
Options granted during period		-		-		-		-
Options forfeited/cancelled during period		-		-		-		-
Options outstanding at end of period		310,740	$	18.35		310,740	$	18.35
Options vested and expected to vest		308,310				308,310
Options exercisable at end of period		284,940				268,740

For the nine month periods ended July 31, 2021 and 2020, compensation expense related to stock options vested amounted to approximately $35,000 and $35,000, respectively. For the three month periods ended July 31, 2021 and 2020, compensation expense related to stock options vested amounted to approximately $11,000 and $11,000, respectively. At July 31, 2021, there was approximately $36,000 of unrecognized compensation cost relating to outstanding non-vested stock options to be recognized over the remaining weighted average vesting period of approximately 1.5 years.

The aggregate intrinsic value of options vested and expected to vest and options exercisable at July 31, 2021 was approximately $90,000 and $53,000, respectively.