<SEC-DOCUMENT>0001144204-17-048515.txt : 20170918
<SEC-HEADER>0001144204-17-048515.hdr.sgml : 20170918
<ACCEPTANCE-DATETIME>20170918164748
ACCESSION NUMBER:		0001144204-17-048515
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20170914
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Submission of Matters to a Vote of Security Holders
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170918
DATE AS OF CHANGE:		20170918

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMREP CORP.
		CENTRAL INDEX KEY:			0000006207
		STANDARD INDUSTRIAL CLASSIFICATION:	PERIODICALS:  PUBLISHING OR PUBLISHING AND PRINTING [2721]
		IRS NUMBER:				590936128
		STATE OF INCORPORATION:			OK
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-04702
		FILM NUMBER:		171090299

	BUSINESS ADDRESS:	
		STREET 1:		620 WEST GERMANTOWN PIKE
		STREET 2:		SUITE 175
		CITY:			PLYMOUTH MEETING
		STATE:			PA
		ZIP:			19462
		BUSINESS PHONE:		610-487-0905

	MAIL ADDRESS:	
		STREET 1:		620 WEST GERMANTOWN PIKE
		STREET 2:		SUITE 175
		CITY:			PLYMOUTH MEETING
		STATE:			PA
		ZIP:			19462

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMREP CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN REALTY & PETROLEUM CORP
		DATE OF NAME CHANGE:	19671019
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v475261_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>PURSUANT TO SECTION 13 OR 15(d) OF THE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Date of Report (Date of earliest event
reported):&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 14, 2017&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 100%; border-bottom: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>AMREP
    CORPORATION</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(Exact name of Registrant as specified in its charter)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 33%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Oklahoma</B></FONT></TD>
    <TD STYLE="width: 34%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1-4702</B></FONT></TD>
    <TD STYLE="width: 33%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>59-0936128</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(State or other jurisdiction of</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(Commission File</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(IRS Employer</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>incorporation)</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Number)</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Identification No.)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="vertical-align: top; width: 58%; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>620 West Germantown Pike, Suite 175</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Plymouth Meeting, PA</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 42%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>19462</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(Address of principal executive offices)</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(Zip Code)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Registrant's telephone number, including
area code:&nbsp;&nbsp;<U>(610) 487-0905</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(Former name or former address, if changed since last report)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (see General Instruction
A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Emerging growth company &#9;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. &#9;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5.02 Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">On September 14, 2017, Christopher
V. Vitale was appointed as President and Chief Executive Officer of AMREP Corporation (the &ldquo;Company&rdquo;) effective as
of September 15, 2017. In connection with his appointment, Mr. Vitale&rsquo;s annual base salary will be increased to $300,000
as of September 18, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">On September 14, 2017, Robert E. Wisniewksi
announced his retirement as Executive Vice President and Chief Financial Officer of the Company effective as of September 15, 2017
and James M. McMonagle was appointed as Vice President and Chief Financial Officer of the Company effective as of September 15,
2017. In connection with his appointment, Mr. McMonagle&rsquo;s annual base salary will be increased to $190,000 as of September
18, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Prior to being appointed President
and Chief Executive Officer of the Company, Mr. Vitale, age 41, had been Executive Vice President, Chief Administrative Officer
and General Counsel of the Company since September 2014. From March 2013 to September 2014, Mr. Vitale was Vice President and General
Counsel of the Company. From April 2012 to March 2013, he was Vice President, Legal at Franklin Square Holdings, L.P. and, from
2011 to March 2012, he was Assistant Vice President, Legal at Franklin Square Holdings, L.P., a national sponsor and distributor
of investment products, where he was responsible for securities matters, corporate governance and general corporate matters. During
2011, Mr. Vitale was the Chief Administrative Officer at WorldGate Communications, Inc.&nbsp;(&ldquo;WorldGate&rdquo;), and from
2009 to 2011 he was Senior Vice President, General Counsel and Secretary at WorldGate, a provider of digital voice and video phone
services and video phones. In 2012, WorldGate filed a voluntary petition for relief under Chapter 7 of the United States Bankruptcy
Code in the United States Bankruptcy Court for the District of Delaware. Prior to joining WorldGate, Mr. Vitale was an attorney
with the law firms of Morgan, Lewis &amp; Bockius LLP and Sullivan &amp; Cromwell LLP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Prior to being appointed Vice President
and Chief Financial Officer of the Company, Mr. McMonagle, age 50, had been Vice President, Finance of the Company since February
2017. Prior to joining the Company, Mr. McMonagle had been Director of Finance of The Lloyd Group, Inc., a technology services
firm, from August 2015 to November 2016. From February 2012 to July 2015, Mr. McMonagle was Vice President, Finance of SnapOne,
Inc., a cloud-based mobile software company. Prior to February 2012, Mr. McMonagle held various senior accounting and financial
positions for private and publicly traded companies in multiple industries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">On September 14, 2017, the Company
awarded 10,000 restricted shares of common stock of the Company under the AMREP Corporation 2016 Equity Compensation Plan (the
&ldquo;Plan&rdquo;) to Mr. Vitale and 4,500 restricted shares of common stock of the Company under the Plan to Mr. McMonagle. The
awards of restricted shares of common stock will vest approximately one-third on September 14, 2018, one-third on September 14,
2019 and one-third on September 14, 2020, subject to the continued employment of the officer on each vesting date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">On September 15, 2017, the Company
entered into an employment agreement with Clifford R. Martin, Treasurer of the Company. Pursuant to the agreement, (1) Mr. Martin&rsquo;s
annual salary will be $182,000 as of September 18, 2017; (2) if Mr. Martin remains a full-time employee through the date two business
days after the filing of the Company&rsquo;s annual report on Form 10-K for the year ended April 30, 2018 or if the Company terminates
Mr. Martin&rsquo;s employment prior to such date, (a) he would be eligible for severance under the Company&rsquo;s severance plan;
(b) he would receive an additional stay bonus equal to (i) $20,000 minus (ii) the amount equal to (A) the number of months (including
partial months) starting on September 15, 2017 and ending on the termination date multiplied by (B) one thousand dollars ($1,000);
and (c) any vesting requirements or other restrictions or conditions on the sale of any stock awards made to Mr. Martin will lapse
or otherwise be deemed fully vested, accelerated or otherwise satisfied. &nbsp;The foregoing description of the employment agreement
is a summary only and is qualified in all respects by the provisions of the employment agreement, which is attached hereto as Exhibit
10.1 and is incorporated by reference herein.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">A copy of the press release announcing
the appointment of Mr. Vitale, the retirement of Mr. Wisniewksi and the appointment of Mr. McMonagle is attached hereto as Exhibit
99.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Item 5.07 Submission
of Matters to a Vote of Security Holders.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The 2017 Annual Meeting of Shareholders
of the Company was held on September 14, 2017. At the meeting, shareholders holding an aggregate of 4,179,410 shares of common
stock, par value $.10, of the Company out of a total of 8,089,204 shares outstanding and entitled to vote, were present in person
or represented by proxy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">At the meeting, Theodore J. Gaasche
and Albert V. Russo were elected as directors of the Company in Class III by the final votes set forth opposite their names, to
hold office until the 2020 Annual Meeting of Shareholders and until their successors are elected and qualified:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Votes&nbsp;For</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Votes Withheld</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Broker&nbsp;Non-Votes</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 34%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">Theodore J. Gaasche&#9;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 20%; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">3,799,932</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 20%; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">379,478</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 20%; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">0</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">Albert V. Russo&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">3,801,695</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">377,715</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">0</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">In addition, the following proposal
was voted on and approved at the meeting:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; border-bottom: Black 1pt solid; text-indent: 0">Proposal</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Votes&nbsp;For</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Votes Against</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Abstentions</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Broker&nbsp;Non-Votes</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 32%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">Advisory vote&nbsp;on the compensation paid to the Company&rsquo;s named executive officers&#9;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">3,788,572</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">382,150</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">8,688</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">0</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Item 9.01&nbsp;Financial
Statements and Exhibits.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">(d) Exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 15%; padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Exhibit Number</U></FONT></TD>
    <TD STYLE="width: 85%; padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Description</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><A HREF="v475261_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.1</FONT></A></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="v475261_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Employment Agreement, dated September 15, 2017, between Clifford R. Martin and AMREP Corporation.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><A HREF="v475261_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">99.1</FONT></A></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="v475261_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Press Release, dated September 18, 2017, issued by AMREP Corporation.</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AMREP Corporation</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; width: 50%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 3%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 30%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 17%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Date: September 18, 2017</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Christopher V. Vitale</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name: Christopher V. Vitale</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Title: President and Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>EXHIBIT INDEX&nbsp;</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Exhibit Number</U></FONT></TD>
    <TD STYLE="width: 85%; padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Description</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><A HREF="v475261_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.1</FONT></A></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="v475261_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Employment Agreement, dated September 15, 2017, between Clifford R. Martin and AMREP Corporation.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><A HREF="v475261_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">99.1</FONT></A></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="v475261_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Press Release, dated September 18, 2017, issued by AMREP Corporation.</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>v475261_ex10-1.htm
<DESCRIPTION>EX-10.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><B>Exhibit 10.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Employment
AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">THIS EMPLOYMENT AGREEMENT (the &ldquo;<U>Agreement</U>&rdquo;),
dated as of September 15, 2017, is made and entered into by and between AMREP Corporation (the &ldquo;<U>Company</U>&rdquo;), an
Oklahoma corporation, and Clifford R. Martin (the &ldquo;<U>Executive</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">WHEREAS, the Company believes it is in the
best interests of the Company that the Executive continue in employment with the Company through the Termination Date (defined
below) and be in a position to provide assessment and advice to the Company and its Affiliates without concern that the Executive
might be unduly distracted by the personal uncertainties and risks created by any earlier change in employment status.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">NOW, THEREFORE, in consideration of the mutual
covenants, terms and conditions set forth herein, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Company and the Executive agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>.
Capitalized terms shall have the meanings set forth or referred to in this Section, or in the Section in which they first appear
in the Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Affiliate</U>&rdquo;
of a Person means any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by,
or is under common control with, such Person. The term &ldquo;control&rdquo; (including the terms &ldquo;controlled by&rdquo; and
&ldquo;under common control with&rdquo;) means the direct or indirect power to direct or cause the direction of the management
and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Board</U>&rdquo;
means the board of directors of the Company (including any successor thereto).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Cause</U>&rdquo;
means (i)&nbsp;indictment, commission of, or the entry of a plea of guilty or no contest to, (A) a felony or (B) any crime (other
than a felony) that causes the Company or any of its Affiliates public disgrace or disrepute, or adversely affects the Company&rsquo;s
or any of its Affiliates&rsquo; operations or financial performance or the relationship the Company has with its Affiliates, customers
and suppliers; (ii)&nbsp;commission of an act of gross negligence, willful misconduct, fraud, embezzlement, theft or material dishonesty
with respect to the Company or any of its Affiliates; (iii) breach of the Executive&rsquo;s fiduciary duty of loyalty to the Company
or any of its Affiliates; (iv) alcohol abuse or use of controlled substances (other than prescription drugs taken in accordance
with a physician&rsquo;s prescription); (v) breach of any agreement with the Company or any of its Affiliates, including this Agreement
and the Restrictive Covenant Agreement; (vi) material breach of any Company policy; (vii) excessive absence from the Company, other
than regular vacations, business travel and approved leaves of absence; (viii) impeding, endeavoring to influence, obstructing,
or failing to materially cooperate with an investigation authorized by the Board or similar governing body of any of its Affiliates,
a self-regulatory organization or a governmental department or agency; (ix) refusal to perform the lawful directives of the Board,
executive management or the responsibilities as an employee and officer of the Company; or (x) engaging in such other behavior
detrimental to the interests of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Code</U>&rdquo;
means the Internal Revenue Code of 1986.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Disability</U>&rdquo;
means a condition entitling the Executive to benefits under the Company&rsquo;s long term disability plan, policy or arrangement;
provided, however, that if no such plan, policy or arrangement is then maintained by the Company and applicable to the Executive,
&ldquo;Disability&rdquo; will mean the Executive&rsquo;s inability to perform the essential duties of his position due to a mental
or physical condition, with or without a reasonable accommodation. Termination as a result of a Disability will not be construed
as a termination by the Company &ldquo;without Cause.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Person</U>&rdquo;
means any individual, firm, corporation, partnership, limited liability company, joint venture, association, governmental authority,
unincorporated organization, trust, association or other entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Severance
Plan</U>&rdquo; means the AMREP Corporation Severance Plan effective March 6, 2014, as amended and as may be amended after the
date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Termination
Date</U>&rdquo; means the earlier of (i) the date two business days after the filing of the Company&rsquo;s annual report on Form
10-K for the year ended April 30, 2018; (ii) on the date following written notice from the Company that Executive&rsquo;s employment
with the Company has been or will be terminated, (iii) on the effective date of the Executive resigning from the Company, (iv)
on the date of his death or (v) on the date of his Disability, as reasonably determined by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Duration
of Agreement</U>. This Agreement is effective on the date set forth above and shall terminate on the Termination Date. Unless terminated
or amended in writing by the parties, this Agreement will govern the Executive&rsquo;s continued employment by the Company until
the Termination Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Position;
Duties</U>. The Executive will be employed as the Company&rsquo;s Treasurer, reporting directly to the Company&rsquo;s Chief Financial
Officer. In such position, the Executive shall perform such duties and shall have such authority consistent with such position
as may be assigned to him from time to time by the Chief Financial Officer and consistent with historical practice with respect
to the Executive. The Executive shall devote his best efforts and all of his business time and services to the Company and its
Affiliates. The Executive shall not, in any capacity, engage in other business activities or perform services for any other Person
without the prior written consent of the Chief Financial Officer. The Executive shall be paid a salary of $182,000 per year effective
at the beginning of the Company&rsquo;s next payroll cycle on or after the date hereof. The Executive agrees to provide no less
than 30 days&rsquo; written notice to the Company prior to the effective date of the Executive resigning from the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>.
The Executive&rsquo;s employment with the Company shall terminate on the Termination Date. Upon cessation of his employment with
the Company for any reason, unless otherwise consented to in writing by the Board, the Executive shall resign immediately from
any and all officer, director, manager and other positions he then holds with the Company or its Affiliates. Upon any cessation
of his employment with the Company, the Executive shall be entitled only to such compensation and benefits as described in this
Section 4. Upon cessation of his employment with the Company for any reason, the Company shall pay to the Executive (i) all accrued
and unpaid base salary of the Executive through the date of such cessation of employment at the time such base salary would otherwise
be paid according to the Company&rsquo;s usual payroll practices and (ii) any accrued but unused vacation of the Executive through
the date of such cessation of employment in accordance with the Company&rsquo;s policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
without Cause</U>. If the Executive&rsquo;s employment by the Company ceases after the date hereof due to a termination by the
Company without Cause or ceases on the date two business days after the filing of the Company&rsquo;s annual report on Form 10-K
for the year ended April 30, 2018:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">4.1.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">if
the Executive is eligible for benefits under the Severance Plan, the Company shall pay to the Executive the amounts due to the
Executive pursuant to the Severance Plan as in effect on the date hereof and in accordance with the provisions of the Severance
Plan; </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; text-align: left">4.1.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Company shall pay to the Executive the amount equal to (i) twenty thousand dollars ($20,000) minus (ii) the amount equal to (A)
the number of months (including partial months) starting on September 15, 2017 and ending on the Termination Date multiplied by
(B) one thousand dollars ($1,000); and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">4.1.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">any
vesting, restrictions or conditions on the sale of any stock awards made to the Executive that occurred prior to the date hereof
(collectively, &ldquo;<U>Equity Awards</U>&rdquo;) shall lapse or otherwise be deemed fully vested, accelerated or otherwise satisfied,
as the case may be. The previous sentence shall be deemed an amendment to any such Equity Award.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Except as otherwise provided in this Section
4.1, all compensation and benefits will cease at the time of the Executive&rsquo;s cessation of employment with the Company and
neither the Company nor any of its Affiliates will have any further liability or obligation by reason of such cessation of employment.
The payments and benefits described in this Section 4.1 are in lieu of, and not in addition to, any other plan, program or policy
maintained by the Company or any of its Affiliates. Notwithstanding anything to the contrary in this Agreement, the payments described
in Section 4.1 are conditioned on: (a) the Executive&rsquo;s execution and delivery to the Company, and the expiration of all applicable
statutory revocation periods without revocation by the Executive, by the sixtieth (60<SUP>th</SUP>) day following the effective
date of his cessation of employment, of a general release of claims against the Company and its Affiliates substantially in the
form attached hereto as <U>Exhibit A</U> (subject to any changes requested by the Company, the &ldquo;<U>Release</U>&rdquo;); and
(b) the Executive&rsquo;s continued compliance with the provisions of the Restrictive Covenant Agreement (as defined below). The
benefits described in Section 4.1 will commence to be paid on the first payroll period following the sixty (60) day period described
above. Notwithstanding any other provision of this Agreement to the contrary, it is intended that any severance amount shall be
intended to satisfy either (1) the safe harbor set forth in the regulations issued under Code section 409A (Treas. Regs. 1.409A-1(n)(2)(ii))
or (2) be treated as a Short-term Deferral as that term is defined under Code section 409A (Treas. Regs. 1.409A-1(b)(4)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
Terminations</U>. If the Executive&rsquo;s employment with the Company ceases for any reason other than as described in Section
4.1 above, then the Company&rsquo;s obligation to the Executive will be limited solely to the payment to the Executive of (i) all
accrued and unpaid base salary of the Executive through the date of such cessation of employment at the time such base salary would
otherwise be paid according to the Company&rsquo;s usual payroll practices and (ii) any accrued but unused vacation of the Executive
through the date of such cessation of employment in accordance with the Company&rsquo;s policies. All compensation and benefits
will cease at the time of such cessation of employment and, except as otherwise provided by COBRA, neither the Company nor any
of its Affiliates will have any further liability or obligation by reason of such termination. The foregoing will not be construed
to limit the Executive&rsquo;s right to payment or reimbursement for claims incurred prior to the date of such termination under
any insurance contract funding an employee benefit plan, policy or arrangement of the Company in accordance with the terms of such
insurance contract. From and after the date hereof and other than as provided in Section 4.1.1, the Executive shall not be eligible
for severance benefits under any plan, program or policy maintained by the Company or any of its Affiliates and the Executive shall
be deemed not to be an Eligible Employee (as defined in the Severance Plan).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustments
to Payments.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any payment or benefit the Executive would receive pursuant to this Agreement or otherwise (all such payments or benefits hereinafter,
&ldquo;<U>Payment</U>&rdquo;), would (i)&nbsp;constitute a &ldquo;parachute payment&rdquo; within the meaning of Section&nbsp;280G
of the Code, and (ii)&nbsp;but for this sentence, be subject to the excise tax imposed by Section&nbsp;4999 of the Code (the &ldquo;<U>Excise
Tax</U>&rdquo;), then such Payment shall be reduced to an amount determined by the Company in good faith to be the maximum amount
that may be provided to the Executive without resulting in any portion of such Payment being subject to the Excise Tax (the amount
of such reduction, the &ldquo;<U>Cutback Amount</U>&rdquo;). If a reduction in payments or benefits constituting &ldquo;parachute
payments&rdquo; is necessary so that the Payment equals the Cutback Amount, the Executive shall be entitled to select which Payments
(of those that are not considered to be deferred compensation under Section 409A of the Code) shall be reduced hereunder; provided
that, if the Executive fails to so select promptly, the Company shall select which Payments (of those that are not considered to
be deferred compensation under Section 409A of the Code) will be reduced. Payments that are considered to be deferred compensation
under Section 409A of the Code shall be reduced only to the extent that the complete reduction of the Payments in the preceding
sentence is insufficient to eliminate the imposition of the excise tax imposed under Section 4999 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Company believes that Section 5.1 may be applicable, it shall appoint a nationally recognized accounting firm to make the determinations
required hereunder and perform the foregoing calculations. &nbsp;The Company shall bear all expenses with respect to the determinations
by such accounting firm required to be made hereunder. &nbsp;The accounting firm engaged to make the determinations hereunder shall
provide its calculations, together with detailed supporting documentation, to the Company and the Executive within fifteen (15)
days after the date on which right to a Payment is triggered (if requested at that time by the Company). &nbsp;Any good faith determinations
of the accounting firm made hereunder shall be final, binding and conclusive upon the Company and Executive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Restrictive
Covenants</U>. The Executive acknowledges and agrees to abide by the terms of, and agrees that his employment by the Company is
contingent upon his valid and binding execution of, the Employee Confidential Information, Restrictive Covenant and Invention Assignment
Agreement attached as <U>Exhibit B</U> (the &ldquo;<U>Restrictive Covenant Agreement</U>&rdquo;). The Executive acknowledges that
the terms of the Restrictive Covenant Agreement shall continue to remain in full-force and effect following the cessation of the
Executive&rsquo;s employment with the Company for any reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Cooperation</U>.
The Executive further agrees that, subject to reimbursement of his reasonable expenses, he will cooperate fully with the Company
and its Affiliates with respect to any matter (including litigation, investigations or governmental proceedings) in which the Executive
was in any way involved during his employment with the Company. The Executive shall render such cooperation in a timely manner
on reasonable notice from the Company, so long as the Company exercises commercially reasonable efforts to schedule and limit its
need for the Executive&rsquo;s cooperation under this Section 7.1 so as not to interfere with the Executive&rsquo;s other personal
and professional commitments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section
409A</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">7.2.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Notwithstanding
anything to the contrary in this Agreement, no portion of the benefits or payments to be made under <U>Section 4.1.2</U> hereof
will be payable until the Executive has a &ldquo;separation from service&rdquo; from the Company within the meaning of Section
409A of the Code. In addition, if at the time of the Executive&rsquo;s separation from service within the meaning of Section 409A
of the Code, the Company determines that the Executive is a &ldquo;specified employee&rdquo; within the meaning of Section 409A(a)(2)(B)(i)
of the Code, then to the extent compliance with the requirements of Treas. Reg. &sect; 1.409A-3(i)(2) (or any successor provision)
is necessary to avoid the application of an additional tax under Section 409A of the Code to payments due to the Executive upon
or following his &ldquo;separation from service&rdquo;, then notwithstanding anything to the contrary in this Agreement (or any
otherwise applicable plan, policy, agreement or arrangement), any such payments that are otherwise due within six (6) months following
the Executive&rsquo;s &ldquo;separation from service&rdquo; (taking into account the preceding sentence of this paragraph) will
be deferred without interest and paid to the Executive in a lump sum immediately following such six (6) month period. This paragraph
should not be construed to prevent the application of Treas. Reg. &sect; 1.409A-1(b)(9)(iii) (or any successor provision) to amounts
payable hereunder. For purposes of the application of Section 409A of the Code, each payment in a series of payments will be deemed
a separate payment. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">7.2.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Notwithstanding
anything to the contrary in this Agreement, except to the extent any expense, reimbursement or in-kind benefit provided to the
Executive does not constitute a &ldquo;deferral of compensation&rdquo; within the meaning of Section 409A of the Code, and its
implementing regulations and guidance, (i) the amount of expenses eligible for reimbursement or in-kind benefits provided to the
Executive during any calendar year will not affect the amount of expenses eligible for reimbursement or in-kind benefits provided
to the Executive in any other calendar year, (ii) the reimbursements for expenses for which the Executive is entitled to be reimbursed
shall be made on or before the last day of the calendar year following the calendar year in which the applicable expense is incurred
and (iii) the right to payment or reimbursement or in-kind benefits hereunder may not be liquidated or exchanged for any other
benefit.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">7.2.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Anything
to the contrary herein notwithstanding, all benefits or payments provided by the Company to the Executive that would be deemed
to constitute &ldquo;nonqualified deferred compensation&rdquo; within the meaning of Section 409A of the Code are intended to comply
with Section 409A of the Code. Notwithstanding anything to the contrary in this Agreement, distributions may only be made under
this Agreement upon an event and in a manner permitted by Section 409A of the Code or an applicable exemption.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
Agreements</U>. The Executive represents and warrants to the Company that there are no restrictions, agreements, including confidentiality,
non-compete, invention assignment or consulting agreements, or understandings whatsoever to which he is a party that would prevent
or make unlawful his execution of this Agreement, that would be inconsistent or in conflict with this Agreement or the Executive&rsquo;s
obligations hereunder, or that would otherwise prevent, limit or impair the performance by the Executive of his duties under this
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Successors
and Assigns</U>. All of the terms and provisions of this Agreement shall be binding upon and inure to the benefit of and be enforceable
by the respective heirs, executors, administrators, legal representatives, successors and assigns of the parties hereto, except
that the responsibilities and duties of the Executive hereunder are personal to the Executive and may not be assigned by him. The
Company may assign this Agreement to any Affiliate or to any successor to its assets and business by means of liquidation, dissolution,
merger, sale of assets or otherwise. Upon such assignment, the rights and obligations of the Company hereunder shall become the
rights and obligations of such Affiliate or successor. The Company shall require any successor (whether direct or indirect, by
purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company and any assignee
expressly to assume and agree to perform this Agreement in the same manner and to the same extent as the Company would be required
to perform if no such succession or assignment had taken place. For avoidance of doubt, a termination of the Executive&rsquo;s
employment by the Company in connection with a succession or permitted assignment of the Company&rsquo;s rights and obligations
under this Agreement is not a termination &ldquo;without Cause&rdquo; so long as (i) the successor or assignee offers employment
to the Executive (without regard to whether the Executive accepts employment with the successor or assignee) with a salary no less
than the salary payable to the Executive immediately prior to such succession or assignment and at a location consistent with historical
practice with respect to the Executive and (ii) the Executive is eligible to participate in the employee benefit plans, policies
or arrangements maintained by such successor or assignee for its vice president-level employees generally, subject to the terms
and conditions of such plans, policies or arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>. This Agreement shall be governed by and construed in accordance with the internal laws of the Commonwealth of Pennsylvania
without giving effect to any choice or conflict of law provision or rule (whether of the Commonwealth of Pennsylvania or any other
jurisdiction) that would cause the application of laws of any jurisdiction other than those of the Commonwealth of Pennsylvania.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mandatory
Arbitration Provision and Class Action Waiver</U>. The parties hereby mutually agree that any dispute between them arising out
of or relating to this Agreement must be submitted for resolution by binding arbitration in accordance with the most current Employment
Arbitration Rules and Mediation Procedures of the American Arbitration Association (&ldquo;AAA&rdquo;), including the Optional
Appellate Arbitration Rules (&ldquo;Appellate Rules&rdquo;) effective November 1, 2013. A court of competent jurisdiction shall
have the authority to enter a judgment upon the award made pursuant to the arbitration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">HOWEVER, EXECUTIVE UNDERSTANDS THAT EXECUTIVE
SHALL HAVE NO RIGHT OR AUTHORITY TO HAVE ANY DISPUTE ARBITRATED AS A CLASS OR COLLECTIVE ACTION, NOR SHALL EXECUTIVE HAVE ANY RIGHT
OR AUTHORITY TO JOIN ANY SUCH ACTION. FURTHER, THE ARBITRATOR SHALL HAVE NO RIGHT TO CERTIFY, CONSOLIDATE, OR COLLECTIVELY ARBITRATE
MULTIPLE INDEPENDENT CLAIMS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In addition, Executive understands that
nothing in this Agreement shall prevent the Company from applying to courts where necessary to obtain emergency or temporary injunctive
relief in order to prevent irreparable harm pending arbitration of the dispute between the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Binding arbitration under this Agreement
shall be conducted in Montgomery County, Pennsylvania, unless the parties mutually agree to another location. The arbitration shall
be conducted before a neutral arbitrator selected by both parties from the AAA&rsquo;s Employment Dispute Resolution Roster. Costs
of the arbitration will be governed by the AAA&rsquo;s Employment Arbitration Rules and Mediation Procedures. The Federal Rules
of Civil Procedure and any comparable state rules shall not apply to the binding arbitration; however, the parties will be permitted
to conduct discovery in accordance with the Federal Rules of Civil Procedure. The arbitrator shall issue a written opinion setting
forth the factual and legal findings and conclusions on which his or her decision is based.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The arbitrator shall be authorized to award
whatever remedies are allowed by law, but such remedies shall be limited to those that would be available to a party in a court
of law for the claims presented to, and decided by, the arbitrator. Except as may be permitted or required by law, neither a party
nor an arbitrator may disclose the existence, content, or results of any arbitration hereunder without the prior written consent
of all parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">A demand for arbitration must be submitted
within the appropriate statute of limitations period under governing law. Any demand for arbitration made to the Company must be
in writing and delivered by hand or first class mail to 620 West Germantown Pike, Suite 175, Plymouth Meeting, PA 19462, Attention:
Chief Financial Officer, with a copy to 620 West Germantown Pike, Suite 175, Plymouth Meeting, PA 19462, Attention: General Counsel
(or to such other address that may be designated by the Company from time to time in accordance with Section 7.12). The arbitrator
shall resolve all disputes regarding the timeliness or propriety of the demand for arbitration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event that any portion of the Appellate
Rules is deemed invalid, void or unenforceable, the right of either party to appeal from an arbitration award shall be abolished
and the arbitration award shall be final and binding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Waivers</U>.
No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by
the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach or default
not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after
that waiver. No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from this Agreement
shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege
hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.
Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable
law. However, if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect, such invalidity,
illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable
such term or provision in any other jurisdiction, and this Agreement will be reformed, construed and enforced as though the invalid,
illegal or unenforceable provision had never been herein contained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7.9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Attorneys&rsquo;
Fees</U>. In the event that any party institutes any legal suit, arbitration, action or proceeding against the other party arising
out of or relating to this Agreement, the Release or the Restrictive Covenant Agreement, the prevailing party in the suit, arbitration,
action or proceeding shall be entitled to receive in addition to all other damages to which it may be entitled, the costs incurred
by such party in conducting the suit, action or proceeding, including attorneys&rsquo; fees and expenses and court costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7.10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interpretation</U>.
For purposes of this Agreement, (a) the words &ldquo;include,&rdquo; &ldquo;includes&rdquo; and &ldquo;including&rdquo; shall be
deemed to be followed by the words &ldquo;without limitation&rdquo;; (b) the word &ldquo;or&rdquo; is not exclusive and (c) the
words &ldquo;herein,&rdquo; &ldquo;hereof,&rdquo; &ldquo;hereby,&rdquo; &ldquo;hereto&rdquo; and &ldquo;hereunder&rdquo; refer
to this Agreement as a whole. Unless the context otherwise requires, references herein: (x) to Sections and Exhibits refer to the
Sections of, and Exhibits attached to, this Agreement; (y) to an agreement, instrument or other document means such agreement,
instrument or other document as amended, supplemented and modified from time to time to the extent permitted by the provisions
thereof and (z) to a statute means such statute as amended from time to time and includes any successor legislation thereto and
any regulations promulgated thereunder. This Agreement shall be construed without regard to any presumption or rule requiring construction
or interpretation against the party drafting an instrument or causing any instrument to be drafted. The Exhibits referred to herein
shall be construed with, and as an integral part of, this Agreement to the same extent as if they were set forth verbatim herein.
Each Affiliate of the Company is an intended beneficiary/third party beneficiary of this Agreement and each Affiliate of the Company
shall have the right to enforce any breach of the provisions this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7.11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Survival</U>.
This Agreement will survive the cessation of the Executive&rsquo;s employment to the extent necessary to fulfill the purposes and
intent of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7.12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.
All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed
to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent
by a nationally recognized overnight courier (receipt requested); (c) on the date sent by e-mail of a PDF document (with confirmation
of transmission) if sent during normal business hours of the recipient, and on the next business day if sent after normal business
hours of the recipient; or (d) on the third day after the date mailed, by certified or registered mail, return receipt requested,
postage prepaid. Such communications must be sent to the respective parties at the addresses set forth below (or to such other
address that may be designated by a party from time to time in accordance with this Section 7.12):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Executive: to the address contained in his personnel file.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Company: 620 West Germantown Pike, Suite 175, Plymouth Meeting, PA 19462, Attention: Chief Financial Officer, with a copy to
620 West Germantown Pike, Suite 175, Plymouth Meeting, PA 19462, Attention: General Counsel.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7.13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Withholding</U>.
The Company may withhold from any amounts payable under this Agreement such federal, state, local or foreign taxes as shall be
required to be withheld pursuant to any applicable law or regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7.14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section
Headings</U>. The headings of sections and paragraphs of this Agreement are inserted for convenience only and will not in any way
affect the meaning or construction of any provision of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7.15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.
This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed
to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission
(to which a signed PDF copy is attached) shall be deemed to have the same legal effect as delivery of an original signed copy of
this Agreement. Either party may copy this completed Agreement for electronic storage in a non-editable format, at which time the
paper form of this Agreement may be destroyed. Each party agrees that following the electronic storage of this Agreement, any hardcopy
printout of that electronically stored information will constitute an original of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7.16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire
Agreement; Amendments</U>. This Agreement constitutes the sole and entire agreement of the parties with respect to the subject
matter contained herein, and supersedes all prior and contemporaneous understandings, agreements, representations and warranties,
both written and oral, with respect to such subject matter. This Agreement may only be amended, modified or supplemented by an
agreement in writing signed by each party hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Page Follows</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the Company has caused
this Agreement to be duly executed by its authorized representative, and the Executive has executed this Agreement, in each case
on the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">AMREP Corporation </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Christopher V. Vitale </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 16.25pt">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;Christopher V. Vitale</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 16.25pt">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title: &nbsp;President and Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Clifford R. Martin</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Clifford R. Martin</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">EXHIBIT
A</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">RELEASE
OF CLAIMS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">This RELEASE OF CLAIMS (this &ldquo;<U>Release</U>&rdquo;)
is given as of ______________, 20__ by Clifford R. Martin (the &ldquo;<U>Executive</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">WHEREAS, the Executive&rsquo;s employment
with AMREP Corporation (the &ldquo;<U>Company</U>&rdquo;), an Oklahoma corporation, has terminated; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">WHEREAS, pursuant to Section&nbsp;4.1 of the
Employment Agreement, dated as of September 15, 2017 (the &ldquo;<U>Agreement</U>&rdquo;), by and between the Company and the Executive,
the Company has agreed to pay the Executive certain amounts and to provide certain benefits, subject to his execution and non-revocation
of this Release. All terms used but not defined herein shall have the meanings ascribed to such terms in the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">NOW THEREFORE, in consideration of these premises,
the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, and intending to be legally bound hereby, the Executive agrees as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Consideration</U>.
The Executive acknowledges that: (i)&nbsp;the payments set forth in Section 4.1 of the Agreement constitute full settlement of
all his rights under the Agreement, (ii)&nbsp;he has no entitlement under any other severance or similar plan, program or policy
maintained by the Company or any of its Affiliates and (iii)&nbsp;except as otherwise provided specifically in this Release, the
Company does not and will not have any other liability or obligation to the Executive by reason of the cessation of his employment.
The Executive further acknowledges that, in the absence of his execution of this Release, the payments and benefits specified in
Section&nbsp;4.1 of the Agreement would not otherwise be due to him.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Executive&rsquo;s
Release</U>. The Executive on his own behalf and together with his heirs, assigns, executors, agents and representatives hereby
generally releases and discharges the Company and its predecessors, successors (by merger or otherwise), parents, subsidiaries,
Affiliates and assigns, together with each and every of its and their present, past and future officers, managers, directors, shareholders,
members, general partners, limited partners, employees, attorneys, accountants and agents and the heirs and executors of same (collectively,
the &ldquo;<U>Releasees</U>&rdquo;) from any and all suits, causes of action, complaints, obligations, demands, debts, liabilities,
common law or statutory claims of any kind (including claims for damages, costs, expenses and attorneys&rsquo;, brokers&rsquo;,
accountants&rsquo; and other professionals&rsquo; and consultants&rsquo; fees and expenses), whether in law or in equity, direct
or indirect, known or unknown, suspected or unsuspected, unanticipated as well as anticipated and that now exist or may hereafter
accrue based on matters now unknown as well as known (collectively, &ldquo;<U>Claims</U>&rdquo;), which the Executive ever had
or now has against the Releasees, or any one of them, arising out of or relating to his employment with the Company occurring up
to and including the date of this Release. This Release specifically includes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">2.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
and all Claims for wages and benefits including salary, stock options, stock, royalties, commissions, license fees, health and
welfare benefits, severance pay, bonuses and vacation, paid time off or other time off pay;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">2.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
and all Claims for wrongful discharge, breach of contract, whether express or implied, and Claims for breach of implied covenants
of good faith and fair dealing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">2.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
and all Claims for alleged employment discrimination on the basis of race, color, religion, sex, age, national origin, sexual orientation,
veteran status, disability or handicap, in violation of any federal, foreign, state, or local statute, ordinance, judicial precedent
or executive order, including claims for discrimination under the following statutes: Title VII of the Civil Rights Act of 1964,
42 U.S.C. &sect;2000e <U>et seq.</U>; the Civil Rights Act of 1866, 42&nbsp;U.S.C.&nbsp;&sect;1981; the Civil Rights Act of 1991;
the Age Discrimination in Employment Act, 29&nbsp;U.S.C. &sect;621 <U>et seq</U>.; the Older Workers Benefit Protection Act 29
U.S.C. &sect;&sect; 623, 626 and 630; the Rehabilitation Act of 1972, 29 U.S.C. &sect;701 <U>et seq.</U>; the Americans with Disabilities
Act, 42 U.S.C. &sect;12101 <U>et seq.</U>; the Family and Medical Leave Act of 1993, 29&nbsp;U.S.C. &sect;2601, <U>et seq.</U>;
the Fair Labor Standards Act, 29 U.S.C. &sect;201, <U>et seq.</U>; the Fair Credit Reporting Act, 15 U.S.C. &sect;1681, <U>et seq.</U>;
the Employee Retirement Income Security Act of 1974, 29 U.S.C. &sect;1000, <U>et seq.</U> (&ldquo;<U>ERISA</U>&rdquo;); the Pennsylvania
Human Relations Act; the Pennsylvania Equal Pay Law; the Pennsylvania wage and hour laws; the Pennsylvania Whistleblower Law; the
New Jersey Civil Rights Act; the New Jersey Law Against Discrimination; the New Jersey wage and hour laws; the New Jersey Conscientious
Employee Protection Act; or any other comparable state statute or local ordinance;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">2.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
and all Claims under any federal, foreign, state or local statute relating to employee benefits or pensions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">2.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
and all Claims in tort, including any Claims for assault, battery, misrepresentation, defamation, interference with contract or
prospective economic advantage, intentional or negligent infliction of emotional distress, duress, loss of consortium, invasion
of privacy and negligence; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">2.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
and all Claims for attorneys&rsquo; fees and costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Executive acknowledges that he has received from the Company
all wages, expense reimbursements, accrued but unused vacation, paid time off or other time off pay and incentive compensation
of all types, including deferred or foregone salary or cash or equity compensation, due and owing to the Executive by the Company.
The Executive hereby waives all claims or entitlement to any deferred salary, and to any unvested stock option or other unvested
equity grants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Executive acknowledges and represents
that neither the Company nor any of its Affiliates has violated or denied the Executive any right under the Family Medical Leave
Act (including any similar law under state law, &ldquo;FMLA&rdquo;), or any other federal, foreign, state or local law, statute
or ordinance. The Executive acknowledges and agrees that neither the Company nor any of its Affiliates has interfered with, restrained,
or denied the exercise of or the attempt to exercise any rights under the FMLA, and that neither the Company nor any of its Affiliates
has discriminated against or retaliated against the Executive in any way regarding the exercise of any rights under the FMLA. The
Executive further acknowledges and represents that, as of the date of the execution of this Release, the Executive has suffered
no on-the-job or work-related accident or injury, occupational disease or disability whether temporary, permanent, partial, or
total.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Executive expressly re<FONT STYLE="font-family: Times New Roman, Times, Serif">p</FONT>resents
that the Executive has not filed a lawsuit or initiated any other administrative proceeding against any Releasee. The Executive
further promises not to initiate a lawsuit or to bring any other claim against any Releasee arising out of or in any way related
to the Executive&rsquo;s employment by the Company or any of its Affiliates or the termination of that employment, other than an
action to enforce the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Executive understands that nothing
contained in this Agreement limits the Executive&rsquo;s ability to file a charge or complaint with the Equal Employment Opportunity
Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange
Commission or any other federal, state or local governmental agency or commission (&ldquo;Government Agencies&rdquo;); provided,
however, that any claims by the Executive for personal relief in connection with such a charge or investigation (such as reinstatement
or monetary damages) would be barred. The Executive further understands that this Agreement does not limit the Executive&rsquo;s
ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted
by any Government Agency, including providing documents or other information, without notice to the Company. This Agreement does
not limit the Executive&rsquo;s right to receive an award for information provided to any Government Agencies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Notwithstanding anything to the contrary in this Release, the
Executive does not waive or release any Claims for vested rights or benefits under any retirement plan of the Company or any rights
under any vested stock option or other vested equity grants executed by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Acknowledgment</U>.
The Executive understands that the release of Claims contained in this Release extends to all of the aforementioned Claims and
potential Claims which arose on or before the date of this Release, whether now known or unknown, suspected or unsuspected, and
that this constitutes an essential term of this Release. The Executive further understands and acknowledges the significance and
consequences of this Release and of each specific release and waiver, and expressly consents that this Release shall be given full
force and effect to each and all of its express terms and provisions, including those relating to unknown and uncompensated Claims,
if any, as well as those relating to any other Claims specified herein. The Executive hereby waives any right or Claim that the
Executive may have to employment, reinstatement or re-employment with the Company. The Executive agrees to not enter onto the premises
of the Company or any of its Affiliates unless expressly invited to do so by an officer of the Company or such Affiliate, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Remedies</U>.
All remedies at law or in equity shall be available to the Releasees for the enforcement of this Release. This Release may be pleaded
as a full bar to the enforcement of any Claim that the Executive may assert against the Releasees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Challenge</U>.
If the Executive violates any provisions of the Agreement, the Restrictive Covenant Agreement or this Release, no further payments,
rights or benefits under Section 4.1 of the Agreement will be due to the Executive and any such payments, rights or benefits received
by the Executive shall be immediately returned to the Company. In the event that the Company learns within ninety (90) days following
execution of this Release of any conduct or circumstances for which the Executive could have been terminated for Cause (as defined
in the Agreement) had the Company been aware of such conduct or circumstances on the date of termination, no further payments,
rights or benefits under Section 4.1 of the Agreement will be due to the Executive and any such payments, rights or benefits received
by the Executive shall be immediately returned to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Admission of Liability</U>. This Release is not to be construed as an admission of any violation of any federal, state or local
statute, ordinance or regulation or of any duty owed by the Company or any of its Affiliates to the Executive. There have been
no such violations, and the Executive acknowledges that the Company and each of its Affiliates specifically deny any such violations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.
If any term or provision of this Release shall be held to be invalid or unenforceable for any reason, then such term or provision
shall be ineffective to the extent of such invalidity or unenforceability without invalidating the remaining terms or provisions
hereof, and such term or provision shall be deemed modified to the extent necessary to make it enforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Advice
of Counsel; Revocation Period</U>. The Executive is hereby advised to seek the advice of counsel prior to signing this Release.
The Executive hereby acknowledges that the Executive is acting of his own free will, that he has been afforded a reasonable time
to read and review the terms of this Release, and that he is voluntarily executing this Release with full knowledge of its provisions
and effects. The Executive further acknowledges that he has been given at least [TWENTY-ONE (21)/FORTY-FIVE (45)]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT>
days within which to consider this Release and that he has SEVEN (7) days following his execution of this Release to revoke his
acceptance, with this Release not becoming effective until the 7-day revocation period has expired. If the Executive elects to
revoke his acceptance of this Release, this Release shall not become effective and the Executive must provide written notice of
such revocation by certified mail (postmarked no later than seven (7) days after the date the Executive accepted this Release)
to the Company&rsquo;s principal office and addressed to the attention of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties</U>. The Executive represents and warrants that he has not assigned any claim that he purports to release hereunder
and that he has the full power and authority to enter into this Release and bind each of the persons and entities that the Executive
purports to bind. The Executive further represents and warrants that he is bound by, and agrees to be bound by, his post-employment
obligations set forth in the Agreement and the Restrictive Covenant Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interpretation</U>.
For purposes of this Release, (a) the words &ldquo;include,&rdquo; &ldquo;includes&rdquo; and &ldquo;including&rdquo; shall be
deemed to be followed by the words &ldquo;without limitation&rdquo;; (b) the word &ldquo;or&rdquo; is not exclusive and (c) the
words &ldquo;herein,&rdquo; &ldquo;hereof,&rdquo; &ldquo;hereby,&rdquo; &ldquo;hereto&rdquo; and &ldquo;hereunder&rdquo; refer
to this Release as a whole. Unless the context otherwise requires, references herein: (x) to Sections refer to the Sections of
this Release; (y) to an agreement, instrument or other document means such agreement, instrument or other document as amended,
supplemented and modified from time to time to the extent permitted by the provisions thereof and (z) to a statute means such statute
as amended from time to time and includes any successor legislation thereto and any regulations promulgated thereunder. This Release
shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting
an instrument or causing any instrument to be drafted. Each Affiliate of the Company is an intended beneficiary/third party beneficiary
of this Release and each Affiliate of the Company shall have the right to enforce any breach of the provisions this Release.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>. This Release shall be governed by and construed in accordance with the internal laws of the Commonwealth of Pennsylvania
without giving effect to any choice or conflict of law provision or rule (whether of the Commonwealth of Pennsylvania or any other
jurisdiction) that would cause the application of laws of any jurisdiction other than those of the Commonwealth of Pennsylvania.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mandatory
Arbitration Provision; Class Action Waiver</U>: The Company and the Executive hereby mutually agree that any dispute between them
arising out of or relating to this Release must be submitted for resolution by binding arbitration in accordance with the most
current Employment Arbitration Rules and Mediation Procedures of the American Arbitration Association (&ldquo;AAA&rdquo;), including
the Optional Appellate Arbitration Rules (&ldquo;Appellate Rules&rdquo;) effective November 1, 2013. A court of competent jurisdiction
shall have the authority to enter a judgment upon the award made pursuant to the arbitration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><SUP>1</SUP>As applicable
based on the advice of counsel. If 45-day consideration period is applicable, this Release will be revised based on advice of
counsel to comply with applicable law.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">HOWEVER, THE EXECUTIVE UNDERSTANDS THAT
THE EXECUTIVE SHALL HAVE NO RIGHT OR AUTHORITY TO HAVE ANY DISPUTE ARBITRATED AS A CLASS OR COLLECTIVE ACTION, NOR SHALL THE EXECUTIVE
HAVE ANY RIGHT OR AUTHORITY TO JOIN ANY SUCH ACTION. FURTHER, THE ARBITRATOR SHALL HAVE NO RIGHT TO CERTIFY, CONSOLIDATE, OR COLLECTIVELY
ARBITRATE MULTIPLE INDEPENDENT CLAIMS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In addition, the Executive understands
that nothing in this Release shall prevent the Company from applying to courts where necessary to obtain emergency or temporary
injunctive relief in order to prevent irreparable harm pending arbitration of the dispute between the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Binding arbitration under this Release
shall be conducted in Montgomery County, Pennsylvania, unless the Company and the Executive mutually agree to another location.
The arbitration shall be conducted before a neutral arbitrator selected by both parties from the AAA&rsquo;s Employment Dispute
Resolution Roster. Costs of the arbitration will be governed by the AAA&rsquo;s Employment Arbitration Rules and Mediation Procedures.
The Federal Rules of Civil Procedure and any comparable state rules shall not apply to the binding arbitration; however, the parties
will be permitted to conduct discovery in accordance with the Federal Rules of Civil Procedure. The arbitrator shall issue a written
opinion setting forth the factual and legal findings and conclusions on which his or her decision is based.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The arbitrator shall be authorized to award
whatever remedies are allowed by law, but such remedies shall be limited to those that would be available to a party in a court
of law for the claims presented to, and decided by, the arbitrator. Except as may be permitted or required by law, neither a party
nor an arbitrator may disclose the existence, content, or results of any arbitration hereunder without the prior written consent
of the Company and the Executive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">A demand for arbitration must be submitted
within the appropriate statute of limitations period under governing law. Any demand for arbitration made to the Company must be
in writing and delivered by hand or first class mail to 620 West Germantown Pike, Suite 175, Plymouth Meeting, PA 19462, Attention:
Chief Financial Officer, with a copy to 620 West Germantown Pike, Suite 175, Plymouth Meeting, PA 19462, Attention: General Counsel
(or to such other address that may be designated by the Company from time to time). The arbitrator shall resolve all disputes regarding
the timeliness or propriety of the demand for arbitration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In the event that any portion of the Appellate
Rules is deemed invalid, void or unenforceable, the right of either party to appeal from an arbitration award shall be abolished
and the arbitration award shall be final and binding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Facsimile</U>.
A signed copy of this Release delivered by facsimile, e-mail or other means of electronic transmission (to which a signed PDF copy
is attached) shall be deemed to have the same legal effect as delivery of an original signed copy of this Release. Either party
may copy this completed Release for electronic storage in a non-editable format, at which time the paper form of this Release may
be destroyed. Each party agrees that following the electronic storage of this Release, any hardcopy printout of that electronically
stored information will constitute an original of this Release.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">IN WITNESS WHEREOF, the Executive has executed
this Release on the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Clifford R. Martin</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>EXHIBIT
B</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EMPLOYEE CONFIDENTIAL INFORMATION, RESTRICTIVE
COVENANT <BR>
AND INVENTION ASSIGNMENT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dated as of September 15, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in; text-align: left"><U>Employee</U>:</TD><TD STYLE="text-align: justify">Clifford R. Martin</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><U>Employer</U>:</TD><TD>AMREP Corporation (&ldquo;<U>Employer</U>&rdquo;)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In consideration of Employer agreeing to enter into the Employment
Agreement, dated as of the date hereof, by and between the Employer and the Employee, I agree to this Employee Confidential Information,
Restrictive Covenant and Invention Assignment Agreement (this &ldquo;<U>Agreement</U>&rdquo;) as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">This Agreement sometimes refers to my &ldquo;Employment.&rdquo;
I understand that my &ldquo;<U>Employment</U>&rdquo; means the entire period during which I am employed by Employer, including
all times during and after work hours, whether I am actively employed or on any kind of leave or absence, and whether I am employed
full-time or part-time. In addition, it is understood that Employment includes all periods commencing from my start date with Employer
through and including my end date with Employer. Furthermore, I understand that &ldquo;<U>Company</U>&rdquo; means Employer or
any of its affiliates, together with any of their respective predecessors, successors or assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">NOTHING IN THIS AGREEMENT SHALL BE DEEMED
TO CONSTITUTE A PROMISE OR CONTRACT OF EMPLOYMENT FOR A SPECIFIC TERM OR PERIOD. THE EMPLOYMENT RELATIONSHIP IS &ldquo;AT-WILL&rdquo;
AND, THEREFORE, EMPLOYER HAS THE RIGHT TO TERMINATE THE EMPLOYMENT RELATIONSHIP AT ANY TIME, FOR ANY REASON, WITH OR WITHOUT CAUSE
OR PRIOR NOTICE, AT ITS SOLE DISCRETION.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Employer
Confidential Information</U>. During the term of this Agreement, and at all times following the voluntary or involuntary termination
of my Employment for any reason whatsoever, I agree to hold in the strictest confidence, not to use (except for the benefit of
the Company) and not to disclose to any person or entity (directly or indirectly) any Confidential Information that I obtain or
create during my Employment, unless Employer grants me authorization to do otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">I understand that &ldquo;<U>Confidential Information</U>&rdquo;
means all of the Company&rsquo;s business, technical and other proprietary information, as well as any Company information which
is not generally known by the public (other than as a result of a disclosure directly or indirectly by me). Such information is
Confidential Information no matter how I learned of it &ndash; whether disclosed to me, directly or indirectly, in writing, orally,
by drawings or inspection of documents or other tangible property or in any other manner or form, tangible or intangible. I understand
specifically that Confidential Information includes the following types of information:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: -13.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>information belonging to others who have entrusted such information to the Company, as further described in Section 6 below;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: -13.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>information that would not have been known to the public generally other than as a result of a disclosure directly or indirectly
by me;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: -13.5pt">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>information concerning research, inventions, discoveries, developments, scientific information, techniques, processes, formulae,
technology, designs, drawings, engineering, specifications, algorithms, finances, sales or profit figures, financial plans, customer
lists, operations, financial condition, results of operations, projections, strategies, marketing information, employees, prospective
employees, customers, prospective customers, investors, potential investors, business plans, contracts, markets, investing plans,
product plans, marketing, cost information, distribution or sales methods or systems, products, services, production plans, system
implementation plans, business concepts, supplier or vendor information, business procedures or business operations related thereto,
and other financial and business information relating to the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: -13.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>all computer software (in source, object or other code forms and including all programs, modules, routines, interfaces and
controls), data, databases, Internet designs and strategies, files and any documentation protocols and specifications related to
the foregoing;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: -13.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>all know-how and trade secrets;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: -13.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>all unpublished copyrightable material;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: -13.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any use, model, variation, application, reduction to practice, discussion and any other communication or information in, regarding
or relating to, or usable in or with any of the goods or services made, used or sold by the Company; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: -13.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any and all notes, documentation, analyses, compilations, studies, reproductions, copies or other documents prepared by me
or any other person containing or reflecting or based upon, in whole or in part, any such information.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Use
of Confidential Information</U>. I will use Confidential Information solely in connection with my Employment or pursuant to the
written approval of my supervisor, and not for any other purpose, including in any way detrimental to the Company. During the term
of this Agreement, and at all times following the voluntary or involuntary termination of my Employment for any reason whatsoever,
I will maintain the strict confidentiality of any Confidential Information provided to me and will not disclose any part of it
to any other person not currently employed by Employer or any of its affiliates, unless Employer grants me authorization to do
otherwise. I will treat the Confidential Information with the same degree of care as I would my own confidential information, but
in no event with less than reasonable care. I agree not to, other than in the ordinary course of business, directly or indirectly,
copy, take or remove from the Company&rsquo;s premises any of the Company&rsquo;s books, records, files, customer lists, documents
or materials, including any Confidential Information, or copies of any of the foregoing, without the prior written consent of Employer.
The term &ldquo;<U>person</U>&rdquo; as used in this Agreement shall be broadly interpreted to include the media and any corporation,
partnership, group, individual or entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">I understand that nothing contained in this
Agreement limits the Executive&rsquo;s ability to file a charge or complaint with the Equal Employment Opportunity Commission,
the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or
any other federal, state or local governmental agency or commission (&ldquo;Government Agencies&rdquo;). I further understand that
this Agreement does not limit my ability to communicate with any Government Agencies or otherwise participate in any investigation
or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice
to the Company. This Agreement does not limit my right to receive an award for information provided to any Government Agencies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Subpoenas,
etc</U>. If I become required by law or applicable legal process to disclose any Confidential Information, I will provide Employer
with prompt prior written notice of such requirement and the terms of and circumstances surrounding such requirement so that the
Company may seek an appropriate protective order or other remedy, and I will provide such cooperation with respect to obtaining
a protective order or other remedy as the Company shall reasonably request. If, in the absence of a protective order or other remedy
or the receipt of a waiver by the Company, I am legally compelled to disclose Confidential Information to any tribunal or else
stand liable for contempt or suffer other censure or penalty, I may, without liability hereunder, disclose to such tribunal only
that portion of the Confidential Information that is legally required to be disclosed; provided, however, that, if requested in
writing by the Company, I will exercise my best efforts to obtain an appropriate protective order or other reasonable assurance
that confidential treatment will be accorded such Confidential Information by such tribunal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
License to Confidential Information</U>. The Company shall retain the entire right, interest and title to its Confidential Information.
No license outside of my Employment under any patent, copyright, trademark, other intellectual property right or any application
therefor is hereby granted or implied by the provision of Confidential Information to me. I shall not alter or obliterate any trademark
or any other proprietary mark or notice thereof of the Company on any copy of the Confidential Information, and I shall reproduce
any such mark or notice on all copies of the Confidential Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Third
Party Information Held by Employee</U>. I recognize that I may have access to confidential information of former employers or other
persons or entities with whom I have an agreement or duty to keep such information confidential. I will not use any such information
in my Employment, I will not disclose any such information to the Company or any of its directors, managers, officers, agents,
affiliates or other employees, or induce any of them to use any such information, and I will not bring onto the premises of the
Company any such information in any form, unless such person or entity has granted me authorization to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Third
Party Information Held by the Company</U>. I recognize that the Company has received, and in the future shall receive, from other
persons or entities information that is confidential to such person or entity; and, therefore, such persons or entities require
the Company to maintain the confidentiality of such information and to use it only for certain limited purposes. Consistent with
the Company&rsquo;s agreement with such persons or entities, I agree to hold in the strictest confidence, not to use (except as
necessary to carry out my duties for Employer) and not to disclose to any person or entity (directly or indirectly) any such information,
unless Employer grants me authorization to do otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Employer
Property; Return</U>. I will not remove (either physically or electronically) any property belonging to the Company from the Company&rsquo;s
premises, except as required in the ordinary course of my Employment, unless Employer grants me authorization to do so. Promptly
upon the termination of my Employment, and earlier if Employer so requests at any time, I shall deliver to Employer (and shall
not keep copies in my possession or deliver to anyone else) all of the following items:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: -13.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>documents and other materials containing or comprising Confidential Information, including in particular, but not limited to,
all software, records, data, notes, reports, proposals, lists, correspondence, specifications, drawings, blueprints, sketches and
notebooks, whether hard copies or electronic copies; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: -13.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>tangible property and equipment or other materials belonging to the Company (whether or not containing or comprising Confidential
Information) or otherwise relating to the Company, its business, its properties, its investments or its investors, including in
particular, but not limited to, laptop computers, devices, solutions, samples, models, marketing materials, brochures, purchase
order forms and letterhead, and all reproductions and copies of such things.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Securities
Laws</U>. I acknowledge that I am aware that applicable securities laws prohibit any person who has material, non-public information
concerning the Company or any other entities from purchasing or selling any securities of the Company or such other entities, including
AMREP Corporation, or from communicating such information to any other person or entity under circumstances in which it is reasonably
foreseeable that such person is likely to purchase or sell such securities. I acknowledge that I may possess material non-public
information about the Company or its Affiliates and therefore acknowledges and agrees that until the date three (3) months after
the effective date of this Agreement, I will be subject to and will comply with the Company&rsquo;s insider trading policy to the
extent that I am in possession of material non-public information regarding the Company, its Affiliates or its or their securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignment
of Inventions</U>. I shall promptly make full disclosure to Employer of all Inventions and Works. I understand that &ldquo;<U>Inventions</U>&rdquo;
means any and all inventions, original works of authorship (including designs, trademarks, service marks and drawings, whether
manual or electronic), findings, conclusions, data, discoveries, developments, concepts, modeling tools, designs, improvements,
trade secrets, techniques, formulae, processes and know-how, whether or not patentable or registrable under patent, copyright or
similar laws, that I may solely or jointly conceive, develop or reduce to practice, or cause to be conceived, developed or reduced
to practice, during my Employment. I also understand that &ldquo;<U>Works</U>&rdquo; means any original work of authorship that
is made by me (solely or jointly with others) during my Employment. I shall hold all Inventions and Works in trust for Employer.
This Agreement does not apply to any Inventions made by me prior to my Employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">I recognize and agree that during my Employment,
Employer solely and exclusively owns all Inventions and Works, as well as any and all inherent and appurtenant moral rights and
intellectual property rights, including all patent rights, copyrights, trademarks, know-how and trade secrets (collectively, &ldquo;<U>Intellectual
Property Rights</U>&rdquo;) related thereto, except as stated in Section 11 below. I hereby, without additional payment or consideration,
assign, transfer and convey to Employer all of my worldwide right, title and interest in and to all Inventions and Intellectual
Property Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">I further recognize and agree that all Works
and which are protectable by copyright (including all original hard copy and electronic drawings and any manuals, instructions
or other written product) are &ldquo;works made for hire,&rdquo; as that term is defined in the United States Copyright Act. However,
to the extent that any Work may not, by operation of any law, be a work made for hire, I hereby, without additional payment or
consideration, assign, transfer and convey to Employer all of my worldwide right, title and interest in and to such Work and all
Intellectual Property Rights relating to it. I will treat all Inventions and Works, as well as any Intellectual Property Rights
related thereto, as Confidential Information, until and unless such Inventions, Works or Intellectual Property Rights are determined
to be excluded from this Agreement by way of Section 11 below</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Further
Assurances</U>. Upon the request of Employer, I shall execute and deliver any and all documents and instruments and do such other
acts that may be necessary or desirable to evidence the assignment and transfer described in Section 9. I shall do the same to
enable Employer to secure its sole and exclusive rights in the Inventions, Works and related Intellectual Property Rights, or to
apply for, prosecute and enforce Intellectual Property Rights with respect to any Inventions or Works, or to obtain any extension,
validation, re-issue, continuance or renewal of any such Intellectual Property Right, in each case in any and all jurisdictions.
I agree to disclose to Employer all pertinent information and data with respect to Inventions, Works and related Intellectual Property
Rights. If Employer is unable for any other reason to secure my signature on any document described above, then I hereby irrevocably
designate and appoint, which appointment is coupled with an interest, Employer and its duly authorized officers and agents as my
agent and attorney in fact, to act for and in my behalf and stead to execute and file any such documents or instruments (including
any applications, assignments and transfers) and to do all other lawfully permitted acts to further the prosecution and issuance
of letters patent or trademark, copyright or other registrations thereon with the same legal force and effect as if executed by
me.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exceptions
to Employer Ownership</U>. The only exception to Employer&rsquo;s ownership of Inventions, Works and Intellectual Property Rights
are ones (a) for which no equipment, supplies, facilities or proprietary intellectual property or trade secret information of Employer
are used and (b) that are developed on my own time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<U>Noncompetition
and Nonsolicitation</U>. For a period from the date of this Agreement through the termination of my Employment with Employer and
for a period from the termination of my Employment with Employer through the last day of the month in which I cease receiving cash
severance benefits from the Company, I hereby agree that, regardless of the reason for termination, without obtaining the prior
written consent of Employer, I will not, nor will any of my affiliates or representatives, (a) on my own behalf, on behalf of any
other party, circumvent, interfere with, or assist any other party in circumventing, or interfering with the business of the Company;
(b) own, manage, operate, finance, conduct business, engage, directly or indirectly, alone or as greater than a 2% shareholder,
partner, officer, director, employee, consultant or advisor, or otherwise in any way participate in or become associated with,
any other business that is competitive with the business of the Company; (c) solicit, attempt to solicit business, do business
with, accept or divert business from or otherwise interfere with the Company&rsquo;s relationship with any person (i) which, during
the time of my employment with Employer was an investor, lender, client, customer or had a business relationship with the Company
or (ii) to which the Company had made a proposal or presentation within the nine-month period prior to my termination of employment;
and (d) employ or solicit for employment any employee of the Company, induce any employee of the Company to terminate such employee&rsquo;s
employment with the Company or offer employment to anyone the Company hires, or hire any person whom I know the Company has offered
employment. Notwithstanding the foregoing sentence, Employer expressly acknowledges that I may accept employment with a large multi-unit
employer that possesses a unit that engages in business that is competitive with the business of the Company; provided, that I
do not work in or with, or give advice to, the unit engaged in the business that is competitive with the business of the Company,
and provided further that I notify the Company in writing no later than the third day after I accept an offer of employment from
the non-competing unit of such a multi-unit employer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-Disparagement</U>.
I agree that I will not, at any time, disparage the Company, any of its Affiliates or any of the people or organizations associated
with it or them currently, in the past, or in the future; and that I will not otherwise do or say anything that would harm their
business or reputation. I shall not hold myself out to any customers or any other third parties as a representative or employee
of the Company or any of its Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Duration</U>.
This Agreement is binding during my Employment and shall survive any termination of my Employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reasonableness
of Restrictions; Remedies</U>. I acknowledge that the restrictions contained in this Agreement are reasonable and necessary to
protect the legitimate interests of the Company, that Employer would not have established an employment relationship with me in
the absence of such restrictions, and that any violation of any provision of this Agreement will cause irreparable harm to the
Company. I represent that my experience and capabilities are such that the non-competition and non-solicitation provisions contained
herein will not prevent me from obtaining employment or otherwise earning a living at the same general level of economic benefit
as earned with Employer. I further represent and acknowledge that (a) I have been advised by Employer to consult my own legal counsel
in respect of this Agreement and (b) that I have had full opportunity, prior to execution of this Agreement, to review thoroughly
this Agreement with my counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">I agree to indemnify and hold the Company
and each of its shareholders, members, directors, managers, officers, agents, affiliate or other employees harmless from any damages,
losses, liabilities, obligations, fines, penalties, diminution in value (based on a multiple of earnings or otherwise), lost profit,
incidental damages, deficiencies, demands, claims, suits, actions, causes of action, assessments, taxes, costs and expenses (including
attorneys&rsquo; fees and expenses) arising out of any breach of this Agreement by me. I acknowledge that money damages are an
inadequate remedy for breach of this Agreement because of the difficulty of ascertaining the amount of damage that will be suffered
in the event that this Agreement is breached. Therefore, the Company shall be entitled to equitable relief, including an injunction
and specific performance, without the necessity of proving actual damages, without the need to post bond or any other security
and without being required to submit proof of economic value of any Confidential Information, in the event of any breach of the
provisions of this Agreement by me, in addition to all other remedies available to the Company at law or in equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">I agree that, in the event the restrictions
contained in this Agreement are not fully complied with, the period of the restrictions shall be extended to commence with the
date of full compliance and to run fully thereafter, reduced only by the length of time, if any, between the cessation of my employment
and the first violation of these restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
failure or delay by the Company in exercising any right, power or privilege hereunder will operate as a waiver thereof, nor will
any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power
or privilege hereunder. This Agreement embodies the entire agreement and understanding between Employer and I with respect to the
subject matter hereof and supersedes all prior discussions, negotiations, agreements and understandings with respect to the subject
matter hereof. The headings used in this Agreement have been inserted for convenience of reference only and do not define or limit
the provisions hereof. This Agreement may not be amended except upon the written consent of Employer and my written consent. No
provision hereof may be waived except upon written consent of Employer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
understand that the restrictive covenants set forth in this Agreement shall be construed as provisions independent of any other
provision in this Agreement or in any other agreement by, between, among, or affecting me and the Company, and the existence of
any claim or cause of action by me against the Company, whether predicated on this Agreement or otherwise, shall not constitute
a defense to the enforcement of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this Agreement, (a) the words &ldquo;include,&rdquo; &ldquo;includes&rdquo; and &ldquo;including&rdquo; shall be deemed
to be followed by the words &ldquo;without limitation&rdquo;; (b) the word &ldquo;or&rdquo; is not exclusive and (c) the words
&ldquo;herein,&rdquo; &ldquo;hereof,&rdquo; &ldquo;hereby,&rdquo; &ldquo;hereto&rdquo; and &ldquo;hereunder&rdquo; refer to this
Agreement as a whole. Unless the context otherwise requires, references herein: (x) to Sections refer to the Sections of this Agreement;
(y) to an agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented and
modified from time to time to the extent permitted by the provisions thereof and (z) to a statute means such statute as amended
from time to time and includes any successor legislation thereto and any regulations promulgated thereunder. This Agreement shall
be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument
or causing any instrument to be drafted. Each affiliate of the Company is an intended beneficiary/third party beneficiary of this
Agreement and each affiliate of the Company shall have the right to enforce any breach of the provisions this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed
to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent
by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail of a PDF document
(with confirmation of transmission) if sent during normal business hours of the recipient, and on the next business day if sent
after normal business hours of the recipient; or (d) on the third day after the date mailed, by certified or registered mail, return
receipt requested, postage prepaid. Such communications must be sent to the respective parties at the addresses set forth below
(or to such other address that may be designated by a party from time to time in accordance with this Section 16(d)):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Employee: to the address contained in his personnel file.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Employer: 620 West Germantown Pike, Suite 175, Plymouth Meeting, PA 19462, Attention: Chief Financial Officer, with a copy
to 620 West Germantown Pike, Suite 175, Plymouth Meeting, PA 19462, Attention: General Counsel.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania, without giving effect
to any choice of law or conflicts of laws provisions or rule of any jurisdiction that would cause the substantive laws of any other
jurisdiction to apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
parties hereby mutually agree that any dispute between them arising out of or relating to this Agreement must be submitted for
resolution by binding arbitration in accordance with the most current Employment Arbitration Rules and Mediation Procedures of
the American Arbitration Association (&ldquo;AAA&rdquo;), including the Optional Appellate Arbitration Rules (&ldquo;Appellate
Rules&rdquo;) effective November 1, 2013. A court of competent jurisdiction shall have the authority to enter a judgment upon the
award made pursuant to the arbitration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">HOWEVER, I UNDERSTAND THAT I SHALL HAVE
NO RIGHT OR AUTHORITY TO HAVE ANY DISPUTE ARBITRATED AS A CLASS OR COLLECTIVE ACTION, NOR SHALL I HAVE ANY RIGHT OR AUTHORITY TO
JOIN ANY SUCH ACTION. FURTHER, THE ARBITRATOR SHALL HAVE NO RIGHT TO CERTIFY, CONSOLIDATE, OR COLLECTIVELY ARBITRATE MULTIPLE INDEPENDENT
CLAIMS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In addition, I understand that nothing
in this Agreement shall prevent the Company from applying to courts where necessary to obtain emergency or temporary injunctive
relief in order to prevent irreparable harm pending arbitration of the dispute between the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Binding arbitration under this Agreement
shall be conducted in Montgomery County, Pennsylvania, unless the parties mutually agree to another location. The arbitration shall
be conducted before a neutral arbitrator selected by both parties from the AAA&rsquo;s Employment Dispute Resolution Roster. Costs
of the arbitration will be governed by the AAA&rsquo;s Employment Arbitration Rules and Mediation Procedures. The Federal Rules
of Civil Procedure and any comparable state rules shall not apply to the binding arbitration; however, the parties will be permitted
to conduct discovery in accordance with the Federal Rules of Civil Procedure. The arbitrator shall issue a written opinion setting
forth the factual and legal findings and conclusions on which his or her decision is based.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The arbitrator shall be authorized to award
whatever remedies are allowed by law, but such remedies shall be limited to those that would be available to a party in a court
of law for the claims presented to, and decided by, the arbitrator. Except as may be permitted or required by law, neither a party
nor an arbitrator may disclose the existence, content, or results of any arbitration hereunder without the prior written consent
of all parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">A demand for arbitration must be submitted
within the appropriate statute of limitations period under governing law. Any demand for arbitration made to the Company must be
in writing and delivered by hand or first class mail to 620 West Germantown Pike, Suite 175, Plymouth Meeting, PA 19462, Attention:
Chief Financial Officer, with a copy to 620 West Germantown Pike, Suite 175, Plymouth Meeting, PA 19462, Attention: General Counsel
(or to such other address that may be designated by the Company from time to time in accordance with Section 16(d)). The arbitrator
shall resolve all disputes regarding the timeliness or propriety of the demand for arbitration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event that any portion of the Appellate
Rules is deemed invalid, void or unenforceable, the right of either party to appeal from an arbitration award shall be abolished
and the arbitration award shall be final and binding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
may not assign or otherwise transfer this Agreement or any of my rights or obligations hereunder without the prior written consent
of Employer. Employer reserves the right to assign its rights under this Agreement, including to any purchaser of all or any portion
of its assets (including by way of merger, consolidation or purchase of assets). This Agreement shall be binding upon and inure
to the benefit of Employer and my benefit, and our successors and permitted assigns. If any portion or provision of this Agreement
shall to any extent be held to be invalid, illegal or unenforceable by a court of competent jurisdiction or by an arbitrator in
accordance with Section 16(f), (i) then the remainder of this Agreement, or the application of such portion or provision in circumstances
other than those as to which it is so determined invalid, illegal or unenforceable, shall not be affected thereby, and each portion
and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by applicable law and (ii) the parties
agree that the court or arbitrator making such determination shall have the power to delete, amend or reduce the duration or scope
of, the provision thus determined to be invalid, illegal or unenforceable to the extent necessary for said provision to be determined
valid, legal and enforceable, such deletion or reduction to apply only with respect to the operation of this Agreement in the particular
jurisdiction or arbitration in which such determination is made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing
contained in this Agreement shall be construed as giving me any right to be retained in the employ of Employer or any of its affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed
to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission
(to which a signed PDF copy is attached) shall be deemed to have the same legal effect as delivery of an original signed copy of
this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">[<I>Signature Page Follows</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>I HAVE READ THIS AGREEMENT CAREFULLY AND
I UNDERSTAND AND ACCEPT THE OBLIGATIONS THAT IT IMPOSES UPON ME WITHOUT RESERVATION, AND HEREBY ACKNOWLEDGE RECEIPT OF A COPY OF
SUCH AGREEMENT. OTHER AS STATED HEREIN, NO PROMISES OR REPRESENTATIONS HAVE BEEN MADE TO ME TO INDUCE ME TO SIGN THIS AGREEMENT.
I SIGN THIS AGREEMENT VOLUNTARILY AND FREELY AND INTENDING TO BE LEGALLY BOUND. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>I UNDERSTAND THAT BY SIGNING THIS AGREEMENT
I AM WAIVING THE ABILITY TO FILE A LAWSUIT IN COURT TO CHALLENGE ANY ACTION THAT IS COVERED BY THIS AGREEMENT. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Clifford R. Martin</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Clifford R. Martin</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Dated: September 15, 2017</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Agreed and acknowledged as of September 15, 2017:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AMREP Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;/s/ Christopher V. Vitale </FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name: Christopher V. Vitale</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President and Chief Executive Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>v475261_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>Exhibit 99.1</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 5%; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">FOR:</FONT></TD>
    <TD STYLE="width: 95%; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">AMREP Corporation</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">620 W. Germantown Pike, Suite 175</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Plymouth Meeting, PA 19462</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">CONTACT:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">James McMonagle</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Vice President and Chief Financial Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">(610) 487-0902</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMREP ANNOUNCES APPOINTMENTS OF </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL
OFFICER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Plymouth Meeting, Pennsylvania, September
18, 2017 &ndash; AMREP Corporation (the &ldquo;Company&rdquo;) (NYSE: AXR) today announced that Christopher Vitale has been appointed
as President and Chief Executive Officer of AMREP. In addition, James McMonagle, Jr. has been appointed as Vice President and Chief
Financial Officer of AMREP, with Robert Wisniewski retiring as Chief Financial Officer of AMREP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Vitale had been AMREP&rsquo;s Executive
Vice President, Chief Administrative Officer and General Counsel since September 2014 and was AMREP&rsquo;s Vice President and
General Counsel from 2013 to 2014. In commenting on Mr. Vitale&rsquo;s promotion, Edward B. Cloues, II, Chairman of AMREP, said
that the Board of Directors believes that Mr. Vitale is well qualified to assume the leadership role at the Company. &ldquo;Chris
has been managing AMREP&rsquo;s operations since 2014 as our principal executive officer and has been at the center of our efforts
to restructure and simplify our business portfolio and balance sheet. He has effectuated continuing positive change at AMREP and,
with AMREP now in a position to begin expanding its operations and grow its business, the Board is confident that Chris will successfully
lead us through the next stage of our business growth.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to being appointed Vice President
and Chief Financial Officer of AMREP, Mr. McMonagle had been Vice President, Finance of the Company since February 2017. Prior
to joining AMREP, Mr. McMonagle had been Director of Finance of The Lloyd Group, Inc., a technology services firm, and Vice President,
Finance of SnapOne, Inc., a cloud-based mobile software company. Mr. McMonagle has held various other senior accounting and financial
positions for private and publicly traded companies in multiple industries earlier in his career.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Jim has demonstrated strong leadership
during his time with AMREP and is ready to assume the full oversight of our finance and accounting function,&rdquo; said&nbsp;Mr.
Cloues. &ldquo;He was recruited to join AMREP by Bob Wisniewski, who had worked with him previously. Chris, Bob and I believe that
Jim will be a great asset to AMREP as we further streamline the finance and accounting function and expand the operations of the
Company. We thank Bob for assuming the role of Chief Financial Officer during the past year and for his experienced guidance in
many areas, and we wish him well in his retirement.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>About AMREP</B> &ndash; AMREP Corporation,
through its subsidiaries, is primarily engaged in two business segments: its Real Estate business operated by AMREP Southwest Inc.
and its subsidiaries is a major holder of real estate in the Rio Rancho, New Mexico area and its Fulfillment Services business
operated by Palm Coast Data LLC and its affiliates provides subscription fulfillment, contact center and related services to publishers,
membership organizations, government agencies and others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>





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