---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-21-133042"
form_type: "8-K"
ticker: "AXR"
cik: "0000006207"
company_name: "AMREP CORP."
filed_at: "2021-11-02T23:59:59+00:00"
generated_at: "2026-06-28T15:24:04.661750+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-21-133042
- form_type: 8-K
- ticker: AXR
- cik: 0000006207
- company_name: AMREP CORP.
- filed_at: 2021-11-02T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/6207/000110465921133042/0001104659-21-133042-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/6207/000110465921133042/tm2131733d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-21-133042
- JSON: https://secwatch.observer/filing/0001104659-21-133042.json
- Plain text: https://secwatch.observer/filing/0001104659-21-133042.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.