<SEC-DOCUMENT>0000897101-22-000388.txt : 20220411
<SEC-HEADER>0000897101-22-000388.hdr.sgml : 20220411
<ACCEPTANCE-DATETIME>20220411101727
ACCESSION NUMBER:		0000897101-22-000388
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20220411
DATE AS OF CHANGE:		20220411

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMREP CORP.
		CENTRAL INDEX KEY:			0000006207
		STANDARD INDUSTRIAL CLASSIFICATION:	LAND SUBDIVIDERS & DEVELOPERS (NO CEMETERIES) [6552]
		IRS NUMBER:				590936128
		STATE OF INCORPORATION:			OK
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-16466
		FILM NUMBER:		22818744

	BUSINESS ADDRESS:	
		STREET 1:		850 WEST CHESTER PIKE
		STREET 2:		SUITE 205
		CITY:			HAVERTOWN
		STATE:			PA
		ZIP:			19083
		BUSINESS PHONE:		610-487-0905

	MAIL ADDRESS:	
		STREET 1:		850 WEST CHESTER PIKE
		STREET 2:		SUITE 205
		CITY:			HAVERTOWN
		STATE:			PA
		ZIP:			19083

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KARABOTS NICK G
		CENTRAL INDEX KEY:			0000918213
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NICK G KARABOTS
		DATE OF NAME CHANGE:	19940127
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>amrep220486_13da.htm
<DESCRIPTION>AMENDMENT NO. 34 TO SCHEDULE 13D
<TEXT>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><BR STYLE="clear: both">
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<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, D.C. 20549</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE 13D/A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Amendment No. 34)*</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>AMREP CORPORATION</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Issuer)</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Common Stock, $0.10 par value</U></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Title of Class of Securities)</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>032159105</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(CUSIP Number)</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Estate of Nicholas G. Karabots</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">P.O. Box 736</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Ft. Washington, PA 19034</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(215) 643-5800</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">__________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;(Name, Address and Telephone Number of Person
Authorized</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">to Receive Notices and Communications)</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>March 28, 2022</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Date of Event which Requires Filing of this Statement)</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of &sect;240.13d-l (e), &sect;240.13d-l
(f) or &sect;240.13d-l(g), check the following box. [ ]</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">NOTE: Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. See &sect;240.13d- 7 for other parties to whom copies are to be sent.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information
which would alter disclosures provided in a prior cover page.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The information required on the remainder of this cover page shall not
be deemed to be &#8220;filed&#8221; for the purpose of Section 18 of the Securities Exchange Act of 1934 (&#8220;Act&#8221;) or otherwise
subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">CUSIP No. 032159105</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1.&nbsp;&nbsp;&nbsp;&nbsp;Names of Reporting Persons.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT><BR>
&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Estate of Nicholas
G. Karabots<SUP>(<FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT>)</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">2.&nbsp;&nbsp;&nbsp;&nbsp;Check the Appropriate Box if a Member of a Group
(See Instructions)</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">3.&nbsp;&nbsp;&nbsp;&nbsp;SEC Use Only..............................................................</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">4.&nbsp;&nbsp;&nbsp;&nbsp;Source of Funds (See Instructions) OO</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">5.&nbsp;&nbsp;&nbsp;&nbsp;Check if Disclosure of Legal Proceedings Is Required
Pursuant to Items</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2(d) or 2(e)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">6.&nbsp;&nbsp;&nbsp;&nbsp;Citizenship or Place of Organization</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Number of Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Sole
Voting Power</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Reporting Person&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Shared
Voting Power</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: .6in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;0</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">9. Sole Dispositive Power</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">11. Aggregate Amount Beneficially Owned by Each Reporting Person</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">12.&nbsp;&nbsp;&nbsp;Check if the Aggregate Amount in Row (11) Excludes
Certain Shares</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">13.&nbsp;&nbsp;&nbsp;Percent of Class Represented by Amount in Row (11)&nbsp;&nbsp;&nbsp;0.0%<SUP>(<FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT>)
</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">14.&nbsp;&nbsp;&nbsp;Type of Reporting Person (See Instructions) OO</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT>
The Estate of Nicholas G. Karabots acquired the shares owned by Nicholas G. Karabots when Mr. Karabots passed away on February 1, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT>
Based on <FONT STYLE="font-size: 9pt">7,336,370</FONT> shares of Common Stock (as defined below) outstanding as of March 7, 2022 as reported
by the Issuer in its Form 10-Q for the quarterly period ended January 31, 2022.</P>

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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">CUSIP No. 032159105</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1.&nbsp;&nbsp;&nbsp;&nbsp;Names of Reporting Persons.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT><BR>
&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">2.&nbsp;&nbsp;&nbsp;&nbsp;Check the Appropriate Box if a Member of a Group
(See Instructions)</P>

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">3.&nbsp;&nbsp;&nbsp;&nbsp;SEC Use Only..............................................................</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">4.&nbsp;&nbsp;&nbsp;&nbsp;Source of Funds (See Instructions) OO</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">5.&nbsp;&nbsp;&nbsp;&nbsp;Check if Disclosure of Legal Proceedings Is Required
Pursuant to Items</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2(d) or 2(e)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">6.&nbsp;&nbsp;&nbsp;&nbsp;Citizenship or Place of Organization</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Number of Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Sole
Voting Power</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Reporting Person&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Shared
Voting Power</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: .6in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;0</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">9. Sole Dispositive Power</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">11. Aggregate Amount Beneficially Owned by Each Reporting Person</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">12.&nbsp;&nbsp;&nbsp;Check if the Aggregate Amount in Row (11) Excludes
Certain Shares</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">13.&nbsp;&nbsp;&nbsp;Percent of Class Represented by Amount in Row (11)&nbsp;&nbsp;&nbsp;0%<SUP>(2)
</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">14.&nbsp;&nbsp;&nbsp;Type of Reporting Person (See Instructions) IN</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">CUSIP No. 032159105</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1.&nbsp;&nbsp;&nbsp;&nbsp;Names of Reporting Persons.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT><BR>
&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">2.&nbsp;&nbsp;&nbsp;&nbsp;Check the Appropriate Box if a Member of a Group
(See Instructions)</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">3.&nbsp;&nbsp;&nbsp;&nbsp;SEC Use Only..............................................................</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">4.&nbsp;&nbsp;&nbsp;&nbsp;Source of Funds (See Instructions) OO</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">5.&nbsp;&nbsp;&nbsp;&nbsp;Check if Disclosure of Legal Proceedings Is Required
Pursuant to Items</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2(d) or 2(e)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">6.&nbsp;&nbsp;&nbsp;&nbsp;Citizenship or Place of Organization</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Number of Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Sole
Voting Power</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Reporting Person&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Shared
Voting Power</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: .6in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">9. Sole Dispositive Power</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">11. Aggregate Amount Beneficially Owned by Each Reporting Person</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">12.&nbsp;&nbsp;&nbsp;Check if the Aggregate Amount in Row (11) Excludes
Certain Shares</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">13.&nbsp;&nbsp;&nbsp;Percent of Class Represented by Amount in Row (11)&nbsp;&nbsp;&nbsp;0%<SUP>(2)
</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">14.&nbsp;&nbsp;&nbsp;Type of Reporting Person (See Instructions) IN</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">CUSIP No. 032159105</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1.&nbsp;&nbsp;&nbsp;&nbsp;Names of Reporting Persons.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT><BR>
&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">2.&nbsp;&nbsp;&nbsp;&nbsp;Check the Appropriate Box if a Member of a Group
(See Instructions)</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">3.&nbsp;&nbsp;&nbsp;&nbsp;SEC Use Only..............................................................</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">4.&nbsp;&nbsp;&nbsp;&nbsp;Source of Funds (See Instructions) OO</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">5.&nbsp;&nbsp;&nbsp;&nbsp;Check if Disclosure of Legal Proceedings Is Required
Pursuant to Items</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2(d) or 2(e)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">6.&nbsp;&nbsp;&nbsp;&nbsp;Citizenship or Place of Organization</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Number of Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Sole
Voting Power</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Reporting Person&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Shared
Voting Power</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: .6in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">9. Sole Dispositive Power</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">11. Aggregate Amount Beneficially Owned by Each Reporting Person</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">12.&nbsp;&nbsp;&nbsp;Check if the Aggregate Amount in Row (11) Excludes
Certain Shares</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">13.&nbsp;&nbsp;&nbsp;Percent of Class Represented by Amount in Row (11)&nbsp;&nbsp;&nbsp;0%<SUP>(2)</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">14.&nbsp;&nbsp;&nbsp;Type of Reporting Person (See Instructions) IN</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">CUSIP No. 032159105</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1.&nbsp;&nbsp;&nbsp;&nbsp;Names of Reporting Persons.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT><BR>
&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">2.&nbsp;&nbsp;&nbsp;&nbsp;Check the Appropriate Box if a Member of a Group
(See Instructions)</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">3.&nbsp;&nbsp;&nbsp;&nbsp;SEC Use Only..............................................................</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">4.&nbsp;&nbsp;&nbsp;&nbsp;Source of Funds (See Instructions) OO</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">5.&nbsp;&nbsp;&nbsp;&nbsp;Check if Disclosure of Legal Proceedings Is Required
Pursuant to Items</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2(d) or 2(e)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">6.&nbsp;&nbsp;&nbsp;&nbsp;Citizenship or Place of Organization</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Number of Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Sole
Voting Power</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Reporting Person&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Shared
Voting Power</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: .6in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">9. Sole Dispositive Power</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">11. Aggregate Amount Beneficially Owned by Each Reporting Person</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">12.&nbsp;&nbsp;&nbsp;Check if the Aggregate Amount in Row (11) Excludes
Certain Shares</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">13.&nbsp;&nbsp;&nbsp;Percent of Class Represented by Amount in Row (11)&nbsp;&nbsp;&nbsp;0%<SUP>(2)
</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">14.&nbsp;&nbsp;&nbsp;Type of Reporting Person (See Instructions) IN</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">CUSIP No. 032159105</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1.&nbsp;&nbsp;&nbsp;&nbsp;Names of Reporting Persons.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT><BR>
&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glendi Publications,
Inc. 59-2235938</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">2.&nbsp;&nbsp;&nbsp;&nbsp;Check the Appropriate Box if a Member of a Group
(See Instructions)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<B>&nbsp;</B>[
].............................................................</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">3.&nbsp;&nbsp;&nbsp;&nbsp;SEC Use Only..............................................................</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">4.&nbsp;&nbsp;&nbsp;&nbsp;Source of Funds (See Instructions) OO</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">5.&nbsp;&nbsp;&nbsp;&nbsp;Check if Disclosure of Legal Proceedings Is Required
Pursuant to Items</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2(d) or 2(e)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">6.&nbsp;&nbsp;&nbsp;&nbsp;Citizenship or Place of Organization</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Number of Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Sole
Voting Power <FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>3</SUP></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Reporting Person&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Shared
Voting Power</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: .6in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">9. Sole Dispositive Power</FONT> <SUP>(2)</SUP></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">11. Aggregate Amount Beneficially Owned by Each Reporting Person</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">12.&nbsp;&nbsp;&nbsp;Check if the Aggregate Amount in Row (11) Excludes
Certain Shares</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">13.&nbsp;&nbsp;&nbsp;Percent of Class Represented
by Amount in Row (11)&nbsp;&nbsp;&nbsp;0.0%</FONT> <FONT STYLE="font-size: 11pt"><SUP>(2)</SUP></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">14.&nbsp;&nbsp;&nbsp;Type of Reporting Person (See Instructions) CO</P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3]</SUP></FONT>
The Estate of Nicholas G. Karabots had sole voting and dispositive power with respect to all shares held by Glendi Publications,
Inc.</P>







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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">CUSIP No. 032159105</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1.&nbsp;&nbsp;&nbsp;&nbsp;Names of Reporting Persons.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT><BR>
&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kappa Media Group,
Inc. 23-3047713</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">2.&nbsp;&nbsp;&nbsp;&nbsp;Check the Appropriate Box if a Member of a Group
(See Instructions)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<B>&nbsp;</B>[
].............................................................</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">3.&nbsp;&nbsp;&nbsp;&nbsp;SEC Use Only..............................................................</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">4.&nbsp;&nbsp;&nbsp;&nbsp;Source of Funds (See Instructions) OO</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">5.&nbsp;&nbsp;&nbsp;&nbsp;Check if Disclosure of Legal Proceedings Is Required
Pursuant to Items</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2(d) or 2(e)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">6.&nbsp;&nbsp;&nbsp;&nbsp;Citizenship or Place of Organization</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Number of Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Sole
Voting Power<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>4</SUP></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Reporting Person&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Shared
Voting Power</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: .6in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">9. Sole Dispositive Power <SUP>(3)</SUP></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">11. Aggregate Amount Beneficially Owned by Each Reporting Person</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">12.&nbsp;&nbsp;&nbsp;Check if the Aggregate Amount in Row (11) Excludes
Certain Shares</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">13.&nbsp;&nbsp;&nbsp;Percent of Class Represented
by Amount in Row (11)&nbsp;&nbsp;&nbsp;0</FONT><FONT STYLE="font-size: 11pt"><SUP>(2)</SUP></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">14.&nbsp;&nbsp;&nbsp;Type of Reporting Person (See Instructions) CO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">--------------------------------------------------------------------------------</P>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4</SUP></FONT>
The Estate of Nicholas G. Karabots had sole voting and dispositive power with respect to all shares held by Kappa Media Group,
Inc.</P>






<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">This Amendment No.&nbsp;34 to Schedule&nbsp;13D (&#8220;Amendment No. 34&#8221;)
amends and supplements the prior statement on Schedule&nbsp;13D (the &#8220;Statement&#8221;) as filed by Nicholas G. Karabots and certain
affiliates related to the common stock (the &#8220;Common Stock&#8221;), $.10 par value, of AMREP Corporation, an Oklahoma corporation
(the &#8220;Issuer&#8221;). The Statement has been previously amended by Amendment No. 33 to Schedule 13D filed on October 30, 2020, Amendment
No. 32 to Schedule 13D filed on September 12, 2016, Amendment No. 31 to Schedule 13D filed on March 14, 2014, Amendment No. 30 to Schedule
13D filed on September 18, 2013, Amendment No. 29 to Schedule 13D filed on July 8, 2013, Amendment No. 28 to Schedule 13D filed on April
16, 2013, Amendment No. 27 to Schedule 13D filed on February 1, 2013, Amendment No. 26 to Schedule 13D filed on January 2, 2013, Amendment
No. 25 to Schedule 13D filed on September 18, 2012, Amendment No. 24 to Schedule 13D filed on August 21, 2012, Amendment No. 23 to Schedule
13D filed on May 29, 2012, Amendment No. 22 to Schedule 13D filed on October 7, 2011, Amendment No. 21 to Schedule 13D filed on January,
3, 2011, Amendment No. 20 to Schedule 13D filed on November 10, 2011, Amendment No. 19 to Schedule 13D filed on September 30, 2010, Amendment
No.&nbsp;18 to Schedule&nbsp;13D filed on September&nbsp;9, 2010, Amendment No.&nbsp;17 to Schedule&nbsp;13D filed on May&nbsp;2, 2008,
Amendment No.&nbsp;16 to Schedule&nbsp;13D filed on January&nbsp;11, 2008, Amendment No.&nbsp;15 to Schedule&nbsp;13D filed on October&nbsp;28,
2002, Amendment No.&nbsp;14 to Schedule&nbsp;13D filed on January&nbsp;4, 2002, Amendment No.&nbsp;13 to Schedule&nbsp;13D filed November&nbsp;30,
2001, Amendment No.&nbsp;12 to Schedule&nbsp;13D filed on October&nbsp;24, 2001, Amendment No.&nbsp;11 to Schedule&nbsp;13D filed on June&nbsp;6,
2000, Amendment No.&nbsp;10 to Schedule&nbsp;13D filed on July&nbsp;31, 1996, Amendment No.&nbsp;9 to Schedule&nbsp;13D filed on September&nbsp;25,
1995, Amendment No.&nbsp;8 to Schedule&nbsp;13D filed on January&nbsp;12, 1995, Amendment No.&nbsp;7 to Schedule&nbsp;13D filed on January&nbsp;5,
1995, Amendment No.&nbsp;6 to Schedule&nbsp;13D filed on September&nbsp;15, 1994, Amendment No.&nbsp;5 to Schedule&nbsp;13D filed on June&nbsp;2,
1994, Amendment No.&nbsp;4 to Schedule&nbsp;13D filed on March&nbsp;1, 1994, and Amendment No.&nbsp;3 to Schedule&nbsp;13D filed on January&nbsp;31,
1994. Amendment No.&nbsp;3 to Schedule&nbsp;13D amended and restated the entire text of the Statement on Schedule&nbsp;13D filed on August&nbsp;4,
1993, as amended by Amendment No.&nbsp;1 filed on December&nbsp;22, 1993 and Amendment No.&nbsp;2 filed on January&nbsp;21, 1994. In the
event that any disclosure contained in this Amendment No.&nbsp;34 is inconsistent with the disclosures contained in the Statement, the
disclosures contained herein shall supersede such inconsistent disclosures from the date of this Amendment No.&nbsp;34.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>ITEM 1. SECURITY AND ISSUER</B></P>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">There are no amendments to Item 1 of the Statement pursuant to this Amendment
No. 34.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>ITEM 2. IDENTITY AND BACKGROUND</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Item 2 of the Statement is hereby replaced entirely with the following:</P>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(a) The names of the persons filing this statement are: (i) the Estate
of Nicholas G. Karabots (the &#8220;Karabots Estate&#8221;), (ii) Glendi Publications, Inc., (iii) Kappa Media Group, Inc., (iv) Constance
Kolkka, (v) William J. Bonner, Jr., (vi) Andrea Duloc, and (vii) Despina McNulty (collectively with Constance Kolkka, William J. Bonner,
Jr., and Andrea Duloc, the &#8220;Executors&#8221;).</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(b) The business address of the Karabots Estate, Glendi Publications, Inc.,
the Kappa Media Group, Inc., Constance Kolkka, William J. Bonner, Jr., Andrea Duloc, and Despina McNulty is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">P.O. Box 736, Ft. Washington, PA 19034</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(c): William J. Bonner, Jr., Andrea Duloc, and Despina McNulty are
each senior executives at Kappa Media Group, Inc. and Glendi Publications, Inc. Constance Kolkka is an administrative assistant at
an elementary school in the Colonial School District in Plymouth Meeting, Pennsylvania.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(d): None of the Reporting Persons has, during the last five years, been
convicted in a criminal proceeding.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(e) None of the Reporting Persons has, during the last five years, been
party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is
subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal
or state securities laws or finding any violation with respect to such laws.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(f) Constance Kolkka, William J. Bonner, Jr., Andrea Duloc, and Despina
McNulty are citizens of the United States. Glendi Publications, Inc. is organized under the laws of Delaware. Kappa Media Group, Inc.
is organized under the laws of Pennsylvania.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">There are no amendments to Item 3 of the Statement pursuant to this Amendment
No. 34.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>ITEM 4.&nbsp;&nbsp;PURPOSE OF TRANSACTION</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Item 4 is hereby amended by adding the following paragraph following the
end of the previous disclosures:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">On March 28, 2022, as reported by the Issuer in its Form 8-K filed on the
same day, the Karabots Estate, Glendi Publications, Inc., and Kappa Media Group, Inc. sold, respectively, 102,000, 967,544, and 1,026,517
shares of Common Stock of the Issuer to the Issuer in a privately negotiated transaction at a price of $10.45 per share pursuant to Stock
Purchase Agreements between each of such selling shareholders and the Issuer dated March 27, 2022 (the &#8220;Transaction&#8221;). The
total number of shares of Common Stock sold in the Transaction was 2,096,061 shares.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>ITEM 5. INTEREST IN SECURITIES OF THE ISSUER</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Item 5 of the Statement is hereby amended by deleting the paragraphs (a)
and (b) thereof and inserting the following:</P>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr. Nicholas G. Karabots passed
away on February 1, 2021. Consequently, the Karabots Estate and the Executors of the Karabots Estate (William J. Bonner, Jr., Constance
Kolkka, Andrea Duloc, and Despina McNulty) became beneficial owners of the shares of Common Stock previously reported on this Statement
as owned by Mr. Karabots.&nbsp;The Karabots Estate had sole voting and sole dispositive power over the 102,000 shares of the Common Stock
it owned directly, the 967,544 shares owned indirectly through Glendi Publications, Inc. and the 1,026,517 shares owned indirectly through
Kappa Media Group, Inc. Each of the Executors had shared voting and shared dispositive power as to the 102,000 shares of the Common Stock
owned directly by the Karabots Estate, the 967,544 shares owned indirectly through Glendi Publications, Inc. and the 1,026,517 shares
owned indirectly through Kappa Media Group, Inc.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March 28, 2022, all 2,096,061
shares of the Common Stock then beneficially owned by the Karabots Estate were sold to the Issuer in the Transaction described in Item
4 above. Such shares included 102,000 shares owned directly by the Karabots Estate, 967,544 shares owned indirectly through Glendi Publications,
Inc. and 1,026,517 shares owned indirectly through Kappa Media Group, Inc.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the date of this Amendment
No. 34, none of the Reporting Persons owned any oustanding shares of the Common Stock of the Issuer.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">There are no amendments to Item 6 of the Statement pursuant to this Amendment
No. 34.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>ITEM 7. MATERIAL TO BE FILED AS EXHIBITS</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Item 7 of the Statement pursuant to this Amendment No. 34 is hereby supplemented
as follows:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%; border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><U>Exhibit No. </U></FONT></TD>
    <TD STYLE="width: 76%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><U>Description</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><U>1.</U></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Joint Filing Agreement, dated April 7, 2022.</FONT></TD></TR>
  </TABLE>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><U>2.</U></FONT></TD>
    <TD STYLE="width: 76%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Common Stock Purchase Agreement, dated March 27, 2022, by and between the Estate of Nicholas G. Karabots and AMREP Corporation.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><U>3.</U></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Common Stock Purchase Agreement, dated March 27, 2022, by and between Kappa Media Group, Inc. and AMREP Corporation.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><U>4.</U></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Common Stock Purchase Agreement, dated March 27, 2022, by and between the Glendi Publications, Inc. and AMREP Corporation.</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>SIGNATURE</B></P>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">After reasonable inquiry and to the best of my knowledge and belief, the
undersigned certify that the information set forth in this statement is true, complete and correct.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dated: April 11, 2022</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">ESTATE OF NICHOLAS G. KARABOTS</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 19%"><FONT STYLE="font-size: 10pt">/s/ William J. Bonner, Jr.</FONT></TD>
    <TD STYLE="width: 76%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">William J. Bonner, Jr.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">Executor</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
 <TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Constance Kolkka</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt"> Constance Kolkka</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">Executor</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Andrea Duloc	</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt"> Andrea Duloc	</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">Executor</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Despina McNulty</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">Despina McNulty</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">Executor</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"></FONT> <FONT STYLE="font-size: 10pt">/s/ William J. Bonner, Jr.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"></FONT> <FONT STYLE="font-size: 10pt">William J. Bonner, Jr.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"></FONT> <FONT STYLE="font-size: 10pt">/s/ Constance Kolkka</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"></FONT> <FONT STYLE="font-size: 10pt">Constance Kolkka</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"></FONT> <FONT STYLE="font-size: 10pt">/s/ Andrea Duloc	</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"></FONT> <FONT STYLE="font-size: 10pt">Andrea Duloc	</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"></FONT> <FONT STYLE="font-size: 10pt">/s/ Despina McNulty</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"></FONT> <FONT STYLE="font-size: 10pt">Despina McNulty</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">KAPPA MEDIA GROUP, INC.</FONT> <FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ William J. Bonner, Jr.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">William J. Bonner, Jr.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">Vice President</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Glendi Publications, Inc.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ William J. Bonner, Jr.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">William J. Bonner, Jr.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">Vice President</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>


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<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>amrep220486_ex-1.htm
<DESCRIPTION>OINT FILING AGREEMENT, DATED APRIL 7, 2022.
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: right"><B>Exhibit 1</b></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><U>AGREEMENT OF JOINT FILING</U></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><BR>
&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">Pursuant
to Rule 13d-1(k)(1)(iii) of Regulation 13D-G of the General Rules and Regulations of the Securities and Exchange Commission under the
Securities Exchange Act of 1934, as amended, the undersigned agree that the Amendment No. 34 to the Schedule 13D to which this Exhibit
is attached is filed jointly on behalf of each of them in the capacities set forth below.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dated: April 7, 2022</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">ESTATE OF NICHOLAS G. KARABOTS</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 19%"><FONT STYLE="font-size: 10pt">/s/ William J. Bonner, Jr.</FONT></TD>
    <TD STYLE="width: 76%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">William J. Bonner, Jr.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">Executor</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
 <TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Constance Kolkka</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt"> Constance Kolkka</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">Executor</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Andrea Duloc	</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt"> Andrea Duloc	</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">Executor</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Despina McNulty</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">Despina McNulty</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">Executor</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"></FONT> <FONT STYLE="font-size: 10pt">/s/ William J. Bonner, Jr.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"></FONT> <FONT STYLE="font-size: 10pt">William J. Bonner, Jr.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"></FONT> <FONT STYLE="font-size: 10pt">/s/ Constance Kolkka</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"></FONT> <FONT STYLE="font-size: 10pt">Constance Kolkka</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"></FONT> <FONT STYLE="font-size: 10pt">/s/ Andrea Duloc	</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"></FONT> <FONT STYLE="font-size: 10pt">Andrea Duloc	</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"></FONT> <FONT STYLE="font-size: 10pt">/s/ Despina McNulty</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"></FONT> <FONT STYLE="font-size: 10pt">Despina McNulty</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">KAPPA MEDIA GROUP, INC.</FONT> <FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ William J. Bonner, Jr.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">William J. Bonner, Jr.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">Vice President</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Glendi Publications, Inc.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ William J. Bonner, Jr.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">William J. Bonner, Jr.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">Vice President</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>


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<DOCUMENT>
<TYPE>EX-2
<SEQUENCE>3
<FILENAME>amrep220486_ex-2.htm
<DESCRIPTION>COMMON STOCK PURCHASE AGREEMENT, DATED MARCH 27, 2022, BY AND BETWEEN THE ESTATE OF NICHOLAS G. KARABOTS AND AMREP CORPORATION.
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: right"><B>Exhibit 2</b></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">COMMON STOCK PURCHASE AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">This Common Stock Purchase Agreement (the &ldquo;<U>Agreement</U>&rdquo;),
dated as of March 27, 2022 (the &ldquo;<U>Date Hereof</U>&rdquo;), is by and between Estate of Nicholas G. Karabots (&ldquo;Seller&rdquo;),
and AMREP Corporation, an Oklahoma corporation (the &ldquo;<U>Company</U>&rdquo; and together with Seller, the &ldquo;<U>Parties</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">WHEREAS, Seller is the holder of One Hundred
Two Thousand (102,000) shares of common stock, par value $.10, of the Company (the &ldquo;<U>Shares</U>&rdquo;)<U>;</U> and WHEREAS, Seller
desires to sell, and the Company desires to purchase, the Shares on the terms and subject to the conditions set forth in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">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, and intending to be legally bound hereby, the Parties agree as follows as of the Date Hereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><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: 0 0 10pt; text-align: justify">&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: 0 0 10pt; text-align: justify">&ldquo;<U>Person</U>&rdquo; means an individual,
corporation, partnership, joint venture, limited liability entity, governmental authority, unincorporated organization, trust, association
or other entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">&ldquo;<U>Related Persons</U>&rdquo; means,
collectively, jointly and severally, a Person&rsquo;s past and present predecessors, successors, Affiliates, direct and indirect subsidiaries,
and its and their successors-in-interest, executors, heirs, administrators, receivers, trustees, assigns, assignees, insurers, officers,
directors, members (direct and indirect), partners (direct and indirect), owners, past and present shareholders, past and present stockholders,
direct and indirect subsidiaries, employees, agents, attorneys, lenders (and agents related thereto) financial and other advisors, accountants,
consultants and other representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purchase
of Shares</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purchase</U>.
At the Closing (as defined below), the Company hereby agrees to purchase from Seller, and Seller hereby agrees to sell, assign and transfer
to the Company, all of Seller&rsquo;s right, title and interest in and to the Shares at the per Share price of $10.45, for an aggregate
purchase price of One Million Sixty-Five Thousand Nine Hundred and XX/100ths Dollars ($1,065,900.00) (the &ldquo;<U>Purchase Amount</U>&rdquo;),
free and clear of all liens, claims, pledges, security interests, options, purchase rights, charges, restrictions and encumbrances of
any kind. The Purchase Amount shall be paid in cash by wire transfer of immediately available funds to the account to be designated in
writing by Seller prior to the Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Closing</U>.
 The closing of the purchase of the Shares pursuant to this Agreement (the "Closing") shall take place at the offices of the Company, 850 West Chester Pike, Suite 205, Havertown, PA 19083 on March 28, 2022 (the "Closing Date"). On the day of Closing, Seller shall cause its broker to deliver the Shares to Computershare, N.A. ("Computershare"), which delivery may be made through the facilities of the Depository Trust Company Deposit or Withdrawal at Custodian ("DWAC") system. If delivery of the Shares is made by DWAC, the Company shall notify Computershare of the broker name, phone number and number of shares of Shares to be transferred and shall instruct Computershare to accept the DWAC.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties of Seller</U>. Seller hereby makes the following representations and warranties to the Company as of the Date Hereof and
as of the Closing Date, each of which shall survive the closing of the transactions contemplated by this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Ownership
of Shares; Title</U>. Seller is the sole record and beneficial owner of the Shares free and clear of all liens, claims, pledges, security
interests, options, purchase rights, charges, restrictions and encumbrances of any kind. Seller is not a party to or bound by any agreement,
obligation, commitment, order, judgment or decree which prohibits the execution of this Agreement by Seller, or which would prohibit or
restrict in any manner the transfer of the Shares in the manner contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Authority</U>.
Seller is an entity duly organized, validly existing and in good standing under the laws of its jurisdiction of organization. Seller has
the requisite legal capacity and full power and authority to execute, deliver and perform Seller&rsquo;s obligations under this Agreement.
Such execution, delivery and performance have been duly authorized by all necessary action on the part of Seller. This Agreement has been
duly and validly executed and delivered by Seller and constitutes a legal, valid and binding obligation of Seller, enforceable against
Seller in accordance with its terms. Other than filings required under the Securities Exchange Act of 1934, as amended, neither the execution
and delivery by Seller of this Agreement, nor the performance of the transactions performed hereunder by Seller, will require any filing
under, consent, renegotiation or approval by, or conflict with, result in any breach of or constitute a default under (i) any provision
of any law, statute, rule or regulation, or any ruling, writ, injunction, order, judgment or decree of any court or other governmental
authority to which Seller is subject. (ii) the constituent documents of Seller, or (iii) any contract, instrument, governmental permit
or other document to which Seller is subject.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Experience</U>.
By reason of Seller&rsquo;s business or financial experience or the business or financial experience of Seller&rsquo;s professional advisers,
Seller has the capacity to protect Seller&rsquo;s own interests in connection with the sale of the Shares to the Company. Seller acknowledges
that it is a sophisticated investor engaged in the business of assessing and assuming investment risks with respect to securities, including
securities such as the Shares. Seller is capable of evaluating the potential risks and benefits of the sale hereunder of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Information</U>.
Seller understands, acknowledges and agrees that the Company is privy to material non-public information regarding the Company (the &ldquo;<U>Non-Public
Information</U>&rdquo;), which Non-Public Information may be material to a reasonable investor, such as Seller, when making investment
disposition decisions, including the decision to enter into this Agreement, and Seller&rsquo;s decision to enter into this Agreement is
being made with full recognition and acknowledgment that the Company is privy to the Non-Public Information, irrespective of whether such
Non-Public Information has been provided to Seller. Seller acknowledges that Seller is selling the Shares to the Company pursuant to this
Agreement without any reliance on the Company, Seller has received all of the information that Seller considers necessary or appropriate
for deciding whether to sell the Shares hereunder. Seller has had an opportunity
to ask questions and receive answers from the Company regarding the business, properties, prospects and financial condition of the Company
and to <I>seek </I>from the Company such additional information as Seller has deemed necessary to verify the accuracy of any such information
furnished or otherwise made available to Seller by or on behalf of the Company. Neither the Company nor any of the Company&rsquo;s Related
Persons shall have any liability to Seller or any of Seller&rsquo;s Related Persons, and Seller waives and releases any claim, or potential
claim that it might have against, and covenants not to sue, the Company or any of the Company&rsquo;s Related Persons, whether under applicable
securities laws or otherwise, with respect to the nondisclosure of Non-Public Information in connection with the transactions contemplated
hereby. Seller and the Company understand and acknowledge that neither Party would enter into this Agreement in the absence of the representations
and warranties set forth in this Section 3, and that such representations and warranties are a fundamental inducement to the Parties in
entering into this Agreement.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Independent
Counsel and Advisors</U>. Seller hereby acknowledges that Seller has had sufficient time and opportunity in which to consider the terms
of this Agreement and to consult with an attorney and tax and financial advisors of Seller&rsquo;s own choosing concerning the terms hereof
and any tax consequences of the transactions contemplated hereby. Seller further acknowledges that Seller has read and understands the
terms of this Agreement, that it represents the product of arms&rsquo; length bargaining between the Parties, that Seller signs it voluntarily
and without coercion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Brokers or Finders</U>. Seller has not incurred and will not incur, directly or indirectly, as a result of any action taken or permitted
to be taken by or on behalf of Seller, any liability for brokerage or finders&rsquo; fees or agents&rsquo; commissions or similar charges
in connection with the execution and performance of the transactions contemplated by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties of Seller</U>. The Company hereby makes the following representations and warranties to the Seller as of the Date Hereof
and as of the Closing Date, each of which shall survive the closing of the transactions contemplated by this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Authority</U>.
The Company is an entity duly organized, validly existing and in good standing under the laws of its jurisdiction of organization. The
Company has the requisite legal capacity and full power and authority to execute, deliver and perform the Company&rsquo;s obligations
under this Agreement. Such execution, delivery and performance have been duly authorized by all necessary action on the part of the Company.
This Agreement has been duly and validly executed and delivered by Company and constitutes a legal, valid and binding obligation of the
Company, enforceable against the Company in accordance with its terms. Neither the execution and delivery by the Company of this Agreement,
nor the performance of the transactions performed hereunder by the Company, will require any filing under, consent, renegotiation or approval
by, or conflict with, result in any breach of or constitute a default under (i) any provision of any law, statute, rule or regulation,
or any ruling, writ, injunction, order, judgment or decree of any court or other governmental authority to which the Company is subject,
(ii) the constituent documents of the Company, or (iii) any contract, instrument, governmental permit or other document to which the Company
is subject.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Information</U>.
The Company&rsquo;s reports and other filings made with the Securities and Exchange Commission since April 30, 2021 (the &ldquo;Company
SEC Reports&rdquo;) at the time they were filed, conformed in all material respects to the requirements of the Securities Act of 1933,
as amended, or the Securities Exchange Act of 1934, as amended , as the case may be, and the rules and regulations promulgated thereunder, each as in effect on
the date so filed, and did not, at the time they were filed contain any untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements made, in the light of the circumstances under which they were made therein, not misleading.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses
and Cooperation</U>. Each Party shall bear all of its own expenses in connection with the negotiation and execution of this Agreement
and the transactions contemplated hereby. Each Party shall, on the reasonable request and at the sole cost and expense of the other Party,
take, execute, acknowledge and deliver all such further acts, documents and instruments necessary to give full effect to this Agreement
or acknowledge the agreements concluded or contained in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification</U>.
Seller shall defend, indemnify and hold harmless the Company and the Company&rsquo;s Related Persons from and against any and all actions,
suits, claims, demands, debts, complaints, bills, diminution in value of property, security interests, judgments, liabilities or obligations
of any kind whatsoever, in law or equity, and causes of action of every kind and nature. or otherwise (including claims for damages, costs,
expenses, and attorneys&rsquo;, brokers&rsquo;, accountants&rsquo;, and other professionals&rsquo; and consultants&rsquo; fees and expenses)
(and the cost of enforcing any right to indemnification hereunder and the cost of pursuing any insurance providers that are incurred by
the Company and the Company&rsquo;s Related Persons) that arise out of or result from a breach by Seller or any of its Related Persons
of any representation, warranty, agreement, covenant or obligation under this Agreement. The Company shall defend, indemnify and hold
harmless the Seller and the Seller&rsquo;s Related Persons from and against any and all actions, suits, claims, demands, debts, complaints,
bills, diminution in value of property, security interests, judgments, liabilities or obligations of any kind whatsoever, in law or equity,
and causes of action of every kind and nature, or otherwise (including claims for damages, costs, expenses, and attorneys&rsquo;, brokers&rsquo;,
accountants&rsquo; and other professionals&rsquo; and consultants&rsquo; fees and expenses) (and the cost of enforcing any right to indemnification
hereunder and the cost of pursuing any insurance providers that are incurred by the Seller and the Seller&rsquo;s Related Persons) that
arise out of or result from a breach by the Company or any of its Related Persons of any representation, warranty, agreement, covenant
or obligation under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 3.25pt; text-align: justify">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law: Jurisdiction</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. Any legal suit, action
or proceeding arising out of or related to this Agreement or the matters contemplated hereunder shall be instituted exclusively in the
federal courts of the United States located in the city of Philadelphia, Pennsylvania or the courts of the Commonwealth of Pennsylvania
located in Delaware County<SUB>,</SUB> Pennsylvania, and each Party irrevocably submits to the exclusive jurisdiction of such courts in
any such suit, action or proceeding and waives any objection based on improper venue or forum non conveniens. Service of process, summons,
notice or other document by mail to such Party&rsquo;s address set forth herein shall be effective service of process for any suit, action
or other proceeding brought in any such court. Each Party irrevocably and unconditionally waives any right it may have to a trial by jury
in respect of any legal action arising out of or relating to this Agreement or the transactions contemplated hereby.</P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">8.&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;
or (c) 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 following addresses (or to such other address that may be designated by a Party from time
to time in accordance with this Section 7):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Seller: P.O. Box 736, 40 East Skippack Pike, Fort Washington, PA 19036.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Company: 850 West Chester Pike, Suite 205, Havertown, PA 19083.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire
Agreement</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.
Each Party and its counsel has reviewed this Agreement and has participated in its drafting and, accordingly, no Party shall attempt to
invoke the normal rule of construction to the effect that ambiguities are to be resolved against the drafting Party in any interpretation
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignment</U>.
No Party may assign any of its rights or delegate any of its obligations hereunder without the prior written consent of the other Party.
Any purported assignment or delegation in violation of this paragraph shall be null and void. No assignment or delegation shall relieve
any Party of any of its obligations hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver</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: 0 0 10pt; text-align: justify; text-indent: 0.5in">9.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.
If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">9.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Attorneys&rsquo;
Fees</U>. In the event that any Party institutes any legal suit, action or proceeding against any other Party arising out of or relating
to this Agreement, the prevailing Party in the suit, 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 reasonable attorneys&rsquo;
fees and expenses and court costs.</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">9.6&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) &ldquo;may&rdquo; means has the right, but not the obligation to do
something and &ldquo;may not&rdquo; means does not have the right to do something; (c) &ldquo;will&rdquo; and &ldquo;shall&rdquo; are
expressions of command and not merely expressions of future intent or expectation; (d) &ldquo;written&rdquo;
or &ldquo;in writing&rdquo; is used for emphasis in certain circumstances, but that will not derogate from the general application of
the notice requirements set forth in Section 7 in those and other circumstances; (e) singular use of words shall include the plural and
vice versa; (f) use of a specific gender imports the other gender(s); (g) unless the context expressly provides otherwise, any approval,
determination, election or authorization required to be obtained from a Party shall be at such Party&rsquo;s sole discretion; (h) any
reference to a number of days shall refer to calendar days; (i) the word &ldquo;or&rdquo; is not exclusive; and (j) 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 any law means such law as amended, modified, codified, replaced or reenacted. All remedies,
rights, undertakings, obligations, and agreements contained in this Agreement shall be cumulative, and none of them shall be in limitation
of any other remedy, right, undertaking, obligation or agreement of either Party. The headings in this Agreement are for reference only
and shall not affect the interpretation of this Agreement. The Parties intend that each representation, warranty, acknowledgement<SUB>,</SUB>
agreement and covenant contained herein shall have independent significance. If any Party has breached any representation, warranty, acknowledgement,
agreement or covenant contained herein in any respect, the fact that there exists another representation, warranty, acknowledgement, agreement
or covenant relating to the same subject matter (regardless of the relative levels of specificity) that the Party has not breached shall
not detract from or mitigate the fact that the Party is in breach of such representation, warranty, acknowledgement, agreement or covenant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">9.7&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, 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: 0 0 10pt; text-align: center"><I>[Signature Page Follows]</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">IN WITNESS WHEREOF, each Party has caused this
Common Stock Purchase Agreement to be duly executed by its authorized representative as of the Date Hereof.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Estate of Nicholas G. Karabots</P>
     <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">By: <U>/s/ Williams J. Bonner, Jr.</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21.35pt">Name: Williams J. Bonner, Jr.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21.35pt">Title: Executor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21.35pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">By: <U> /s/ Andrea Duloc</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21.35pt">Name: Andrea Duloc</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21.35pt">Title: Executor</P>
       <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21.35pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">By: <U> /s/ Constance Kolkka</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21.35pt">Name: Constance Kolkka</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21.35pt">Title: Executor</P>
     <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21.35pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">By: <U>/s/ Despina McNulty</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21.35pt">Name: Despina McNulty</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21.35pt">Title: Executor</P></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">AMREP Corporation</P>
     <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">By:<U>/s/ Christopher V. Vitale</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 26.3pt">Name: Christopher V. Vitale</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 26.3pt">Title: President</P></TD></TR>
  </TABLE>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3
<SEQUENCE>4
<FILENAME>amrep220486_ex-3.htm
<DESCRIPTION>?COMMON STOCK PURCHASE AGREEMENT, DATED MARCH 27, 2022, BY AND BETWEEN KAPPA MEDIA GROUP, INC. AND AMREP CORPORATION.
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: right"><B>Exhibit 3</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">This Common Stock Purchase Agreement (the &ldquo;<U>Agreement</U>&rdquo;),
dated as of March 27, 2022 (the &ldquo;<U>Date Hereof</U>&rdquo;), is by and between Kappa Media Group, Inc., a Pennsylvania corporation
(&ldquo;Seller&rdquo;), and AMREP Corporation, an Oklahoma corporation (the &ldquo;<U>Company</U>&rdquo; and together with Seller, the
&ldquo;<U>Parties</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">WHEREAS, Seller is the holder of One Million
Twenty-Six Thousand Five Hundred Seventeen (1,026,517) shares of common stock, par value $.10, of the Company (the &ldquo;<U>Shares</U>&rdquo;);
and WHEREAS, Seller desires to sell, and the Company desires to purchase, the Shares on the terms and subject to the conditions set forth
in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">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, and intending to be legally bound hereby, the Parties agree as follows as of the Date Hereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Definitions</U></FONT>. 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: 0 0 10pt; text-align: justify">&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: 0 0 10pt; text-align: justify">&ldquo;<U>Person</U>&rdquo; means an individual,
corporation, partnership, joint venture, limited liability entity, governmental authority, unincorporated organization, trust, association
or other entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">&ldquo;<U>Related Persons</U>&rdquo; means,
collectively, jointly and severally, a Person&rsquo;s past and present predecessors, successors, Affiliates, direct and indirect subsidiaries,
and its and their successors-in-interest, executors, heirs, administrators, receivers, trustees, assigns, assignees, insurers, officers,
directors, members (direct and indirect), partners (direct and indirect), owners, past and present shareholders, past and present stockholders,
direct and indirect subsidiaries, employees, agents, attorneys, lenders (and agents related thereto) financial and other advisors, accountants,
consultants and other representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Purchase of Shares</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">2.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Purchase</U></FONT>. At the Closing (as defined below), the Company
hereby agrees to purchase from Seller, and Seller hereby agrees to sell, assign and transfer to the Company, all of Seller&rsquo;s right,
title and interest in and to the Shares at the per Share price of $10.45, for an aggregate purchase price of Ten Million Seven Hundred
Twenty-Seven Thousand One Hundred Two and 65/100ths Dollars ($10,727,102.65) (the &ldquo;Purchase Amount&rdquo;), free and clear of all
liens, claims, pledges, security interests, options, purchase rights, charges, restrictions and encumbrances of any kind. The Purchase
Amount shall be paid in cash by wire transfer of immediately available funds to the account to be designated in writing by Seller prior
to the Closing.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">2.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Closing</U></FONT>. The closing of the purchase of the Shares pursuant
to this Agreement (the &ldquo;<U>Closing</U>&rdquo;) shall take place at the offices of the Company, 850 West Chester Pike, Suite 205,
Havertown, PA 19083 on March 28, 2022 (the &ldquo;<U>Closing Date</U>&rdquo;). On the day of Closing, Seller shall cause its broker to
deliver the Shares to Computershare, N.A. (&ldquo;<U>Computershare</U>&rdquo;), which delivery may be made through the facilities of the
Depository Trust Company Deposit or Withdrawal at Custodian (&ldquo;DWAC&rdquo;) system. If delivery of the Shares is made by DWAC, the
Company shall notify Computershare of the broker name, phone number and number of shares of Shares to be transferred and shall instruct
Computershare to accept the DWAC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Representations and Warranties of Seller</U></FONT>. Seller
hereby makes the following representations and warranties to the Company as of the Date Hereof and as of the Closing Date, each of which
shall survive the closing of the transactions contemplated by this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">3.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Ownership of Shares; Title</U></FONT>. Seller is the sole record and
beneficial owner of the Shares free and clear of all liens, claims, pledges, security interests, options, purchase rights, charges, restrictions
and encumbrances of any kind. Seller is not a party to or bound by any agreement, obligation, commitment, order, judgment or decree which
prohibits the execution of this Agreement by Seller, or which would prohibit or restrict in any manner the transfer of the Shares in the
manner contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">3.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Authority</U></FONT>. Seller is an entity duly organized, validly existing
and in good standing under the laws of its jurisdiction of organization. Seller has the requisite legal capacity and full power and authority
to execute, deliver and perform Seller&rsquo;s obligations under this Agreement. Such execution, delivery and performance have been duly
authorized by all necessary action on the part of Seller. This Agreement has been duly and validly executed and delivered by Seller and
constitutes a legal, valid and binding obligation of Seller, enforceable against Seller in accordance with its terms. Other than filings
required under the Securities Exchange Act of 1934, as amended, neither the execution and delivery by Seller of this Agreement, nor the
performance of the transactions performed hereunder by Seller, will require any filing under, consent, renegotiation or approval by, or
conflict with, result in any breach of or constitute a default under (i) any provision of any law, statute, rule or regulation, or any
ruling, writ, injunction, order, judgment or decree of any court or other governmental authority to which Seller is subject, (ii) the
constituent documents of Seller, or (iii) any contract, instrument, governmental permit or other document to which Seller is subject.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">3.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Experience</U></FONT>. By reason of Seller&rsquo;s business or financial
experience or the business or financial experience of Seller&rsquo;s professional advisers, Seller has the capacity to protect Seller&rsquo;s
own interests in connection with the sale of the Shares to the Company. Seller acknowledges that it is a sophisticated investor engaged
in the business of assessing and assuming investment risks with respect to securities, including securities such as the Shares. Seller
is capable of evaluating the potential risks and benefits of the sale hereunder of the Shares.</P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">3.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Information</U></FONT>. Seller understands, acknowledges and agrees
that the Company is privy to material non-public information regarding the Company (the &ldquo;<U>Non-Public Information</U>&rdquo;),
which Non-Public Information may be material to a reasonable investor, such as Seller, when making investment disposition decisions, including
the decision to enter into this Agreement, and Seller&rsquo;s decision to enter into this Agreement is being made with full recognition
and acknowledgment that the Company is privy to the Non-Public Information, irrespective of whether such Non-Public Information has been
provided to Seller. Seller acknowledges that Seller is selling the Shares to theCompany pursuant to this Agreement without
any reliance on the Company. Seller has received all of the information that Seller considers necessary or appropriate for deciding whether
to sell the Shares hereunder. Seller has had an opportunity to ask questions and receive answers from the Company regarding the business,
properties, prospects and financial condition of the Company and to seek from the Company such additional information as Seller has deemed
necessary to verify the accuracy of any such information furnished or otherwise made available to Seller by or on behalf of the Company.
Neither the Company nor any of the Company&rsquo;s Related Persons shall have any liability to Seller or any of Sellers Related Persons,
and Seller waives and releases any claim, or potential claim, that it might have against, and covenants not to sue, the Company or any
of the Company&rsquo;s Related Persons, whether under applicable securities laws or otherwise, with respect to the nondisclosure of Non-Public
Information in connection with the transactions contemplated hereby. Seller and the Company understand and acknowledge that neither Party
would enter into this Agreement in the absence of the representations and warranties set forth in this Section 3, and that such representations
and warranties are a fundamental inducement to the Parties in entering into this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">3.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Independent Counsel and Advisors</U></FONT>. Seller hereby acknowledges
that Seller has had sufficient time and opportunity in which to consider the terms of this Agreement and to consult with an attorney and
tax and financial advisors of Seller&rsquo;s own choosing concerning the terms hereof and any tax consequences of the transactions contemplated
hereby. Seller further acknowledges that Seller has read and understands the terms of this Agreement, that it represents the product of
arms&rsquo; length bargaining between the Parties, that Seller signs it voluntarily and without coercion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">3.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>No Brokers or Finders</U></FONT>. Seller has not incurred and will
not incur, directly or indirectly, as a result of any action taken or permitted to be taken by or on behalf of Seller, any liability for
brokerage or finders&rsquo; fees or agents&rsquo; commissions or similar charges in connection with the execution and performance of the
transactions contemplated by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Representations and Warranties of Seller</U></FONT>. The Company
hereby makes the following representations and warranties to the Seller as of the Date Hereof and as of the Closing Date, each of which
shall survive the closing of the transactions contemplated by this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">4.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Authority</U></FONT>. The Company is an entity duly organized, validly
existing and in good standing under the laws of its jurisdiction of organization. The Company has the requisite legal capacity and full
power and authority to execute, deliver and perform the Company&rsquo;s obligations under this Agreement. Such execution, delivery and
performance have been duly authorized by all necessary action on the part of the Company. This Agreement has been duly and validly executed
and delivered by Company and constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance
with its terms. Neither the execution and delivery by the Company of this Agreement, nor the performance of the transactions performed
hereunder by the Company, will require any filing under, consent, renegotiation or approval by, or conflict with, result in any breach
of or constitute a default under (i) any provision of any law, statute, rule or regulation, or any ruling, writ, injunction, order, judgment
or decree of any court or other governmental authority to which the Company is subject, (ii) the constituent documents of the Company,
or (iii) any contract, instrument, governmental permit or other document to which the Company is subject.</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">4.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Information</U></FONT>. The Company&rsquo;s reports and other filings
made with the Securities and Exchange Commission since April 30, 2021 (the &ldquo;Company SEC Reports&rdquo;) at the time they werefiled, conformed in all material respects to
the requirements of the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended , as the case may be, and
the rules and regulations promulgated thereunder, each as in effect on the date so filed, and did not, at the time they were filed contain
any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in the light
of the circumstances under which they were made therein, not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Expenses and Cooperation</U></FONT>. Each Party shall bear all
of its own expenses in connection with the negotiation and execution of this Agreement and the transactions contemplated hereby. Each
Party shall, on the reasonable request and at the sole cost and expense of the other Party, take, execute, acknowledge and deliver all
such further acts, documents and instruments necessary to give full effect to this Agreement or acknowledge the agreements concluded or
contained in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Indemnification</U></FONT>. Seller shall defend, indemnify and
hold harmless the Company and the Company&rsquo;s Related Persons from and against any and all actions, suits, claims, demands, debts,
complaints, bills, diminution in value of property, security interests, judgments, liabilities or obligations of any kind whatsoever,
in law or equity, and causes of action of every kind and nature, or otherwise (including claims for damages, costs, expenses, and attorneys&rsquo;,
brokers&rsquo;, accountants&rsquo;, and other professionals&rsquo; and consultants&rsquo; fees and expenses) (and the cost of enforcing
any right to indemnification hereunder and the cost of pursuing any insurance providers that are incurred by the Company and the Company&rsquo;s
Related Persons) that arise out of or result from a breach by Seller or any of its Related Persons of any representation, warranty, agreement,
covenant or obligation under this Agreement. The Company shall defend, indemnify and hold harmless the Seller and the Seller&rsquo;s Related
Persons from and against any and all actions, suits, claims, demands, debts, complaints, bills, diminution in value of property, security
interests, judgments, liabilities or obligations of any kind whatsoever, in law or equity, and causes of action of every kind and nature,
or otherwise (including claims for damages, costs, expenses, and attorneys&rsquo;, brokers&rsquo;, accountants&rsquo; and other professionals&rsquo;
and consultants&rsquo; fees and expenses) (and the cost of enforcing any right to indemnification hereunder and the cost of pursuing any
insurance providers that are incurred by the Seller and the Seller&rsquo;s Related Persons) that arise out of or result from a breach
by the Company or any of its Related Persons of any representation, warranty, agreement, covenant or obligation under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 3.25pt; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Governing Law: Jurisdiction</U></FONT>. 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. Any legal suit, action or proceeding arising out of
or related to this Agreement or the matters contemplated hereunder shall be instituted exclusively in the federal courts of the United
States located in the city of Philadelphia, Pennsylvania or the courts of the Commonwealth of Pennsylvania located in Delaware County,
Pennsylvania, and each Party irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding and
waives any objection based on improper venue or forum non conveniens. Service of process, summons, notice or other document by mail to
such Party&rsquo;s address set forth herein shall be effective service of process for any suit, action or other proceeding brought in
any such court. Each Party irrevocably and unconditionally waives any right it may have to a trial by jury in respect of any legal action
arising out of or relating to this Agreement or the transactions contemplated hereby.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Notices</U></FONT>. All notices, requests, consents, claims<SUB>;</SUB>
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; or (c) 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 following addresses (or to such other address that may be designated
by a Party from time to time in accordance with this Section 7):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.55pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Seller: P.O. Box 736, 40 East Skippack Pike, Fort Washington, PA 19036.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.55pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Company: 850 West Chester Pike, Suite 205, Havertown, PA 19083.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Miscellaneous</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">9.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Entire Agreement</U></FONT>. 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. Each Party and its counsel has reviewed this Agreement
and has participated in its drafting and, accordingly, no Party shall attempt to invoke the normal rule of construction to the effect
that ambiguities are to be resolved against the drafting Party in any interpretation of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">9.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Assignment</U></FONT>. No Party may assign any of its rights or delegate
any of its obligations hereunder without the prior written consent of the other Party. Any purported assignment or delegation in violation
of this paragraph shall be null and void. No assignment or delegation shall relieve any Party of any of its obligations hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">9.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Waiver</U>.</FONT> 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: 0 0 10pt; text-align: justify; text-indent: 0.5in">9.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Severability</U></FONT>. If any term or provision of this Agreement
is invalid, illegal or unenforceable in any jurisdiction, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">9.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Attorneys&rsquo; Fees</U></FONT>. In the event that any Party institutes
any legal suit, action or proceeding against any other Party arising out of or relating to this Agreement, the prevailing Party in the
suit, 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 reasonable attorneys&rsquo; fees and expenses and court costs.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">9.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Interpretation</U></FONT>. 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) &ldquo;may&rdquo; means has the right, but not the obligation to do something and &ldquo;may not&rdquo; means does
not have the right to do something; (c) &ldquo;will&rdquo; and &ldquo;shall&rdquo; are expressions of command and not merely expressions
of future intent or expectation; (d) &ldquo;written&rdquo; or &ldquo;in writing&rdquo; is used for emphasis in certain circumstances,
but that will not derogate from the general application of the notice requirements set forth in Section 7 in those and other circumstances;
(e) singular use of words shall include the plural and vice versa; (f) use of a specific gender imports the other gender(s); (g) unless
the context expressly provides otherwise, any approval, determination, election or authorization required to be obtained from a Party
shall be at such Party&rsquo;s sole discretion; (h) any reference to a number of days shall refer to calendar days; (i) the word &ldquo;or&rdquo;
is not exclusive; and (j) 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 any law means such law as amended, modified,
codified, replaced or reenacted. All remedies, rights, undertakings, obligations, and agreements contained in this Agreement shall be
cumulative, and none of them shall be in limitation of any other remedy, right, undertaking, obligation or agreement of either Party.
The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement. The Parties intend that
each representation, warranty, acknowledgement, agreement and covenant contained herein shall have independent significance. If any Party
has breached any representation, warranty, acknowledgement, agreement or covenant contained herein in any respect, the fact that there
exists another representation, warranty, acknowledgement, agreement or covenant relating to the same subject matter (regardless of the
relative levels of specificity) that the Party has not breached shall not detract from or mitigate the fact that the Party is in breach
of such representation, warranty, acknowledgement, agreement or covenant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">9.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Counterparts</U></FONT>. 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, 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: 0 0 10pt; text-align: center"><I>[Signature Page Follows] </I></P>


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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">IN WITNESS WHEREOF, each Party has caused this
Common Stock Purchase Agreement to be duly executed by its authorized representative as of the Date Hereof.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 48%">Kappa Media Group, Inc.</TD>
  <TD STYLE="width: 4%">&nbsp;</TD>
  <TD STYLE="width: 48%">AMREP Corporation</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid">By: /s/ Despina McNulty</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid">By: /s/ Christopher V. Vitale</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Name: Despina McNulty</TD>
  <TD>&nbsp;</TD>
  <TD>Name: Christopher V. Vitale</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Title: President</TD>
  <TD>&nbsp;</TD>
  <TD>Title: President</TD></TR>
</TABLE>

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


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<DOCUMENT>
<TYPE>EX-4
<SEQUENCE>5
<FILENAME>amrep220486_ex-4.htm
<DESCRIPTION>COMMON STOCK PURCHASE AGREEMENT, DATED MARCH 27, 2022, BY AND BETWEEN THE GLENDI PUBLICATIONS, INC. AND AMREP CORPORATION.
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: right"><B>Exhibit 4</b></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">This Common Stock Purchase Agreement (the &ldquo;<U>Agreement</U>&rdquo;),
dated as of March 27, 2022 (the &ldquo;<U>Date Hereof</U>&rdquo;), is by and between Glendi Publications, Inc., a Delaware corporation
(&ldquo;Seller&rdquo;), and AMREP Corporation, an Oklahoma corporation (the &ldquo;<U>Company</U>&rdquo; and together with Seller, the
&ldquo;<U>Parties</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">WHEREAS, Seller is the holder of Nine Hundred
Sixty-Seven Thousand Five Hundred Forty-Four (967,544) shares of common stock, par value $.10, of the Company (the &ldquo;<U>Shares</U>&rdquo;)<U>;</U>
and WHEREAS, Seller desires to sell, and the Company desires to purchase, the Shares on the terms and subject to the conditions set forth
in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">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, and intending to be legally bound hereby, the Parties agree as follows as of the Date Hereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><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: 0 0 10pt; text-align: justify">&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: 0 0 10pt; text-align: justify">&ldquo;<U>Person</U>&rdquo; means an individual,
corporation, partnership, joint venture, limited liability entity, governmental authority, unincorporated organization, trust, association
or other entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">&ldquo;<U>Related Persons</U>&rdquo; means,
collectively, jointly and severally, a Person&rsquo;s past and present predecessors, successors, Affiliates, direct and indirect subsidiaries,
and its and their successors-in-interest, executors, heirs, administrators, receivers, trustees, assigns, assignees, insurers, officers,
directors, members (direct and indirect), partners (direct and indirect), owners, past and present shareholders, past and present stockholders,
direct and indirect subsidiaries, employees, agents, attorneys, lenders (and agents related thereto) financial and other advisors, accountants,
consultants and other representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purchase
of Shares</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">2.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purchase</U>.
At the Closing (as defined below), the Company hereby agrees to purchase from Seller, and Seller hereby agrees to sell, assign and transfer
to the Company, all of Seller&rsquo;s right, title and interest in and to the Shares at the per Share price of $10.45, for an aggregate
purchase price of Ten Million One Hundred Ten Thousand Eight Hundred Thirty-Four and 80/100th Dollars ($10,110,834.80) (the &ldquo;<U>Purchase</U>
Amount&rdquo;), free and clear of all liens, claims, pledges, security interests, options, purchase rights, charges, restrictions and
encumbrances of any kind. The Purchase Amount shall be paid in cash by wire transfer of immediately available funds to the account to
be designated in writing by Seller prior to the Closing.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Closing</U>.
The closing of the purchase of the Shares pursuant to this Agreement (the &ldquo;<U>Closing</U>&rdquo;) shall take place at the offices
of the Company, 850 West Chester Pike, Suite 205, Havertown, PA 19083 on March 28, 2022 (the &ldquo;<U>Closing Date</U>&rdquo;). On the
day of Closing, Seller shall cause its broker to deliver the Shares to Computershare, N.A. (&ldquo;<U>Computershare</U>&rdquo;), which
delivery may be made through the facilities of the Depository Trust Company Deposit or Withdrawal at Custodian (&ldquo;DWAC&rdquo;) system.
If delivery of the Shares is made by DWAC, the Company shall notify Computershare of the broker name, phone number and number of shares
of Shares to be transferred and shall instruct Computershare to accept the DWAC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties of Seller</U>. Seller hereby makes the following representations and warranties to the Company as of the Date Hereof and
as of the Closing Date, each of which shall survive the closing of the transactions contemplated by this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Ownership
of Shares; Title</U>. Seller is the sole record and beneficial owner of the Shares free and clear of all liens, claims, pledges, security
interests, options, purchase rights, charges, restrictions and encumbrances of any kind. Seller is not a party to or bound by any agreement,
obligation, commitment, order, judgment or decree which prohibits the execution of this Agreement by Seller, or which would prohibit or
restrict in any manner the transfer of the Shares in the manner contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Authority</U>.
Seller is an entity duly organized, validly existing and in good standing under the laws of its jurisdiction of organization. Seller has
the requisite legal capacity and full power and authority to execute, deliver and perform Seller&rsquo;s obligations under this Agreement.
Such execution, delivery and performance have been duly authorized by all necessary action on the part of Seller. This Agreement has been
duly and validly executed and delivered by Seller and constitutes a legal, valid and binding obligation of Seller, enforceable against
Seller in accordance with its terms. Other than filings required under the Securities Exchange Act of 1934, as amended, neither the execution
and delivery by Seller of this Agreement, nor the performance of the transactions performed hereunder by Seller, will require any filing
under, consent, renegotiation or approval by, or conflict with, result in any breach of or constitute a default under (i) any provision
of any law, statute, rule or regulation, or any ruling, writ, injunction, order, judgment or decree of any court or other governmental
authority to which Seller is subject, (ii) the constituent documents of Seller, or (iii) any contract, instrument, governmental permit
or other document to which Seller is subject.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Experience</U>.
By reason of Seller&rsquo;s &lsquo;business or financial experience or the business or financial experience of Seller&rsquo;s professional
advisers, Seller has the capacity to protect Seller&rsquo;s own interests in connection with the sale of the Shares to the Company, Seller
acknowledges that it is a sophisticated investor engaged in the business of assessing and assuming investment risks with respect to securities,
including securities such as the Shares. Seller is capable of evaluating the potential risks and benefits of the sale hereunder of the
Shares.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 3.25pt; text-align: justify; text-indent: 26.3pt">3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Information</U>.
Seller understands, acknowledges and agrees that the Company is privy to material non-public information regarding the Company (the &ldquo;<U>Non-Public
Information</U>&rdquo;), which Non-Public Information may be material to a reasonable investor, such as Seller, when making investment
disposition. decisions, including the decision to enter into this Agreement, and Seller&rsquo;s decision to enter into this Agreement
is being made with full recognition andacknowledgment that the Company is privy
to the Non-Public Information, irrespective of whether such Non-Public Information has been provided to Seller. Seller acknowledges that
Seller is selling the Shares to the Company pursuant to this Agreement without any reliance on the Company. Seller has received all of
the information that Seller considers necessary or appropriate for deciding whether to sell the Shares hereunder. Seller has had an opportunity
to ask questions and receive answers from. the Company regarding the business, properties, prospects and financial condition of the Company
and to seek from the Company such additional information as Seller has deemed necessary to verify the accuracy of any such information
furnished or otherwise made available to Seller by or on behalf of the Company. Neither the Company nor any of the Company&rsquo;s Related
Persons shall have any liability to Seller or any of Seller&rsquo;s Related Persons, and Seller waives and releases any claim, or potential
claim, that it might have against, and covenants not to sue, the Company or any of the Company&rsquo;s Related Persons, whether under
applicable securities laws or otherwise, with respect to the nondisclosure of Non-Public Information in connection with the transactions
contemplated hereby. Seller and the Company understand and acknowledge that neither Party would enter into this Agreement in the absence
of the representations and warranties set forth in this Section 3, and that such representations and warranties are a fundamental inducement
to the Parties in entering into this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Independent
Counsel and Advisors</U>. Seller hereby acknowledges that Seller has had sufficient time and opportunity in which to consider the terms
of this Agreement and to consult with an attorney and tax and financial advisors of Seller&rsquo;s own choosing concerning the terms hereof
and any tax consequences of the transactions contemplated hereby. Seller further acknowledges that Seller has read and understands the
terms of this Agreement, that it represents the product of arms&rsquo; length bargaining between the Parties, that Seller signs it voluntarily
and without coercion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Brokers or Finders</U>. Seller has not incurred and will not incur., directly or indirectly, as a result of any action taken or permitted
to be taken by or on behalf of Seller, any liability for brokerage or finders&rsquo; fees or agents&rsquo; commissions or similar charges
in connection with the execution and performance of the transactions contemplated by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties of Seller</U>. The Company hereby makes the following representations and warranties to the Seller as of the Date Hereof
and as of the Closing Date, each of which shall survive the closing of the transactions contemplated by this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Authority</U>.
The Company is an entity duly organized, validly existing and in good standing under the laws of its jurisdiction of organization. The
Company has the requisite legal capacity and full power and authority to execute, deliver and perform the Company&rsquo;s obligations
under this Agreement. Such execution, delivery and performance have been duly authorized by all necessary action on the part of the Company.
This Agreement has been duly and validly executed and delivered by Company. and constitutes a legal, valid and binding obligation of the
Company, enforceable against the Company in accordance with its terms. Neither the execution and delivery by the Company of this Agreement,
nor the performance of the transactions performed hereunder by the Company, will require any filing under, consent, renegotiation or approval
by, or conflict with, result in any breach of or constitute a default under (i) any provision of any law, statute, rule or regulation,
or any ruling, writ, injunction, order, judgment or decree of any court or other governmental authority to which the Company is subject,
(ii) the constituent documents of the Company, or (iii) any contract, instrument, governmental permit or other document to which the Company is subject.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Information</U>.
The Company&rsquo;s reports and other filings made with the Securities and Exchange Commission since April 30, 2021 (the &ldquo;Company
SEC Reports&rdquo;) at the time they were filed, conformed in all material respects to the requirements of the Securities Act of 1933,
as amended, or the Securities Exchange Act of 1934, as amended , as the case may be, and the rules and regulations promulgated thereunder,
each as in effect on the date so filed, and did not, at the time they were filed contain any untrue statement of a material fact or omit
to state a material. fact necessary in order to make the statements made, in the light of the circumstances under which they were made
therein, not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses
and Cooperation</U>. Each Party shall bear all of its own expenses in connection with the negotiation and execution of this Agreement
and the transactions contemplated hereby. Each Party shall, on the reasonable request and at the sole cost and expense of the other Party,
take, execute, acknowledge and deliver all such further acts, documents and instruments necessary to give full effect to this Agreement
or acknowledge the agreements concluded or contained in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification</U>.
Seller shall defend, indemnify and hold harmless the Company and the Company&rsquo;s Related Persons from and against any and all actions,
suits, claims, demands, debts, complaints, bills, diminution in value of property, security interests, judgments, liabilities or obligations
of any kind whatsoever, in law or equity, and causes of action of every kind and nature, or otherwise (including claims for damages,
costs, expenses, and attorneys&rsquo;, brokers&rsquo;, accountants&rsquo; and other professionals&rsquo; and consultants&rsquo; fees
and expenses) (and the cost of enforcing any right to indemnification hereunder and the cost of pursuing any insurance providers that
are incurred by the Company and the Company&rsquo;s Related Persons) that arise out of or result from a breach by Seller or any of its
Related Persons of any representation, warranty, agreement, covenant or obligation under this Agreement. The Company shall defend, indemnify
and hold harmless the Seller and the Seller&rsquo;s Related Persons from &lsquo;and against any and all actions, suits, claims, demands,
debts, complaints, bills, diminution in value of property, security interests, judgments, liabilities or obligations of any kind whatsoever,
in law or equity, and causes of action of every kind and nature, or otherwise (including claims for damages, costs, expenses, and attorneys&rsquo;,
brokers&rsquo;, accountants&rsquo; and other professionals&rsquo; and consultants&rsquo; fees and expenses) (and the cost of enforcing
any right to indemnification hereunder and the cost of pursuing any insurance providers that are incurred by the Seller and the Seller&rsquo;s
Related Persons) that arise out of or result from a breach by the Company or any of its Related Persons of any representation, warranty,
agreement, covenant or obligation under this Agreement.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 3.25pt; text-align: justify">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law Jurisdiction</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. Any legal suit, action
or proceeding arising out of or related to this Agreement or the matters contemplated hereunder shall be instituted exclusively in the
federal courts of the United States located in the city of Philadelphia, Pennsylvania or the courts of the Commonwealth of Pennsylvania
located in Delaware County, Pennsylvania, andeach Party irrevocably submits to the
exclusive jurisdiction of such courts in any such suit, action or proceeding and waives any objection based on improper venue or forum
non conveniens. Service of process, summons, notice or other document by mail to such Party&rsquo;s address set forth herein shall be
effective service of process for any suit, action or other proceeding brought in any such court. Each Party irrevocably and unconditionally
waives any right it may have to a trial by jury in respect of any legal action arising out of or relating to this Agreement or the transactions
contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">8.&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; or (c) 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 following addresses (or to such
other address that may be designated by a Party from time to time in accordance with this Section 7):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Seller: P.O. Box 736, 40 East Skippack Pike, Fort Washington, PA 19036.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Company: 850 West Chester Pike, Suite 205, Havertown, PA 19083.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire
Agreement</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.
Each Party and its counsel has reviewed this Agreement and has participated in its drafting and, accordingly, no Party shall attempt to
invoke the normal rule of construction to the effect that ambiguities are to be resolved against the drafting Party in any interpretation
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignment</U>.
No Party may assign any of its rights or delegate any of its obligations hereunder without the prior written consent of the other Party.
Any purported assignment or delegation in violation of this paragraph shall be null and void. No assignment or delegation shall relieve
any Party of any of its obligations hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver</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>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">9.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.
If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">9.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Attorneys&rsquo;
Fees</U>. In the event that any Party institutes any legal suit, action or proceeding against any other Party arising out of or relating
to this Agreement, the prevailing Party in the suit, 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 reasonable attorneys&rsquo;
fees and expenses and court costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">9.6&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) &ldquo;may&rdquo; means has the right, but not the obligation to do
something and &ldquo;may not&rdquo; means does not have the right to do something; (c) &ldquo;will&rdquo; and &ldquo;shall&rdquo; are
expressions of command and not merely expressions of future intent or expectation; (d) &ldquo;written&rdquo; or &ldquo;in writing&rdquo;
is used for emphasis in certain circumstances, but that will not derogate from the general application of the notice requirements set
forth in Section 7 in those and other circumstances; (e) singular use of words shall include the plural and vice versa; (f) use of a specific
gender imports the other gender(s); (g) unless the context expressly provides otherwise, any approval, determination, election or authorization
required to be obtained from a Party shall be at such Party&rsquo;s sole discretion; (h) any reference to a number of days shall refer
to calendar days; (i) the word &ldquo;or&rdquo; is not exclusive; and (j) 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 any law means such law as amended, modified, codified, replaced or reenacted. All remedies, rights, undertakings, obligations,
and agreements contained in this Agreement shall be cumulative, and none of them shall be in limitation of any other remedy, right, undertaking,
obligation or agreement of either Party. The headings in this Agreement are for reference only and shall not affect the interpretation
of this Agreement. The Parties intend that each representation, warranty, acknowledgement, agreement and covenant contained herein shall
have independent significance. If any Party has breached any representation, warranty, acknowledgement, agreement or covenant contained
herein in any respect, the fact that there exists another representation, warranty, acknowledgement, agreement or covenant relating to
the same subject matter (regardless of the relative levels of specificity) that the Party has not breached shall not detract from or mitigate
the fact that the Party is in breach of such representation, warranty, acknowledgement, agreement or covenant.</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">9.7&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, 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: 0 0 10pt; text-align: center"><I>[Signature Page Follows]</I></P>


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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">IN WITNESS WHEREOF, each Party has caused this
Common Stock Purchase Agreement to be duly executed by its authorized representative as of the Date Hereof.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 48%">Glendi Publications, Inc.</TD>
  <TD STYLE="width: 4%">&nbsp;</TD>
  <TD STYLE="width: 48%">AMREP Corporation</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid">By: /s/ Williams J. Bonner, Jr.</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid">By: /s/ Christopher V. Vitale </TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Name: Williams J. Bonner, Jr.</TD>
  <TD>&nbsp;</TD>
  <TD>Name: Christopher V. Vitale </TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Title: Vice President </TD>
  <TD>&nbsp;</TD>
  <TD>Title: President </TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>

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

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





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