Equity Incentive Plan

6 Months Ended

Apr. 30, 2024

Equity Incentive Plan [Abstract]

Equity Incentive Plan

Note 13 – Equity Incentive Plan:

On March 22, 2024, in accordance with FREIT’s Equity Incentive Plan (the “Plan”), the Compensation Committee of FREIT’s Board recommended to the Board and the Board approved that for services rendered and to be rendered in Fiscal 2024, in lieu of cash compensation in the amount of $20,000, each director was awarded shares of Common Stock, $0.01 par value, (the “Shares”)

in FREIT. Based on the closing price of FREIT’s Shares on March 22, 2024 of $16.25 per Share, the Board approved an award of 1,230 Shares of FREIT to each director serving on FREIT’s Board. As such, 1,230 Shares were issued to each director on March 22, 2024 and upon issuance were deemed fully paid and non-assessable.

On March 9, 2023, in accordance with the Plan, the Compensation Committee of FREIT’s Board recommended to the Board and the Board approved that for services rendered and to be rendered in Fiscal 2023, in lieu of cash compensation in the amount of $20,000, each director was awarded Shares in FREIT. Based on the closing price of FREIT’s Shares on March 9, 2023 of $15.50 per Share, the Board approved an award of 1,290 Shares of FREIT to each director serving on FREIT’s Board. As such, 1,290 Shares were issued to each director on March 9, 2023 and upon issuance were deemed fully paid and non-assessable. Additionally, the Compensation Committee recommended to the Board and the Board approved other adjustments to the compensation to be paid to directors and the executive officers of FREIT.

As of April 30, 2024, 424,420 shares are available for issuance under the Plan.

The following table summarizes stock option activity for the six and three months ended April 30, 2024 and 2023:

	Six and Three Months Ended April 30,
	2024
	No. of Options		Weighted Average
	Outstanding		Price
Options outstanding at beginning of period		8,440	$	9.21
Options granted during period		—		—
Options forfeited/cancelled during period		—		—
Options exercised during period		—		—
Options outstanding at end of period		8,440	$	9.21
Options vested		8,440
Options exercisable at end of period		8,440

	Six Months Ended April 30,						Three Months Ended April 30,
	2023						2023
	No. of Options			Weighted Average			No. of Options			Weighted Average
	Outstanding			Price			Outstanding			Price
Options outstanding at beginning of period		126,140		$	10.64			13,240		$	8.74
Options granted during period		—			—			—			—
Options forfeited/cancelled during period		—			—			—			—
Options exercised during period		(113,900	)		(10.83	)		(1,000	)		(7.50	)
Options outstanding at end of period		12,240		$	8.84			12,240		$	8.84
Options vested and expected to vest		11,100						11,100
Options exercisable at end of period		3,640						3,640

For the six and three months ended April 30, 2024, compensation expense related to stock options vested amounted to approximately $1,000 and $0, respectively. For the six and three months ended April 30, 2023, compensation expense related to stock options vested amounted to approximately $10,000 and $5,000, respectively. At April 30, 2024, all stock options were fully vested and exercisable with no compensation cost remaining to be recognized. The aggregate intrinsic value of options vested and exercisable at April 30, 2024 was approximately $61,000. For the six and three months ended April 30, 2024, there were no options exercised. For the six and three months ended April 30, 2023, 113,900 and 1,000 options, respectively, were exercised for an aggregate amount of approximately $1.2 million and $7,500, respectively.