On September 4, 2014, the Board approved the grant of an aggregate of 246,000 non-qualified share options under FREIT’s Equity Incentive Plan (“the Plan”) to certain FREIT executive officers, the members of the Board and certain employees of Hekemian & Co., Inc., FREIT’s managing agent. 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 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.

The following table summarizes stock option activity for the nine-month period ended July 31, 2020:

	No. of Options		Weighted Average
	Outstanding		Exercise Price
Options outstanding beginning of period		310,740	$	18.35
Options granted during period		-		-
Options forfeited/cancelled during period		-		-
Options outstanding end of period		310,740	$	18.35
Options vested and expected to vest		308,310
Options exercisable at end of period		268,740

For the nine-month periods ended July 31, 2020 and 2019, compensation expense related to stock options granted amounted to approximately $35,000 and $104,000, respectively. For the three-month periods ended July 31, 2020 and 2019, compensation expense related to stock options granted amounted to approximately $11,000 and $35,000, respectively. At July 31, 2020, there was approximately $83,000 of unrecognized compensation cost relating to outstanding non-vested stock options to be recognized over the remaining weighted average vesting period of approximately 2.3 years.

There was no aggregate intrinsic value of options vested and expected to vest and options exercisable at July 31, 2020 as the exercise price of the options was greater than the market price.