secwatch.observer — SEC 8-K summary
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Issuer:     AMREP CORP. (AXR)
CIK:        0000006207
Form:       8-K
Filed at:   2021-11-02T23:59:59+00:00
Accession:  0001104659-21-133042
Event type: leadership
Sentiment:  neutral
Materiality: 0.50
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/6207/000110465921133042/0001104659-21-133042-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/6207/000110465921133042/tm2131733d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-21-133042

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