AMREP enters CEO employment agreement with Vitale; grants 50,000 stock options

AMREP CORP.

Base salary set at not less than $335,000/year; no change in role as President and CEO.
Severance: 200% of highest base salary plus full equity vesting for termination without Cause or for Good Reason.
Stock option for 50,000 shares at $14.24/share; vests 100% on Nov 1, 2026, or earlier on death/disability/termination without Cause/change in control.
Non-compete covers Albuquerque/Rio Rancho/Santa Fe metro areas and any other areas where AMREP conducted business in last 2 years.
Agreement includes confidentiality, invention assignment, non-solicitation of customers/employees, and indemnification provisions.

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