AMREP CORPORATION (NYSE:AXR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 11, 2019, AMREP Corporation (the “Company”) approved the following compensation for Christopher V. Vitale, the President and Chief Executive Officer of the Company, and James M. McMonagle, the Vice President and Chief Financial Officer of the Company:
| · | Mr. Vitale was awarded a cash bonus of $60,000 and Mr. McMonagle was awarded a cash bonus of $15,000; and |
| · | the Company awarded 7,500 restricted shares of common stock of the Company under the AMREP Corporation 2016 Equity Compensation Plan (the “Plan”) to Mr. Vitale and 1,500 restricted shares of common stock of the Company under the Plan to Mr. McMonagle. The awards of restricted shares of common stock to Messrs. Vitale and McMonagle will vest one-third on July 11, 2020, one-third on July 11, 2021 and one-third on July 11, 2022, subject to the continued employment of the officer on each vesting date. |
About AMREP CORPORATION (NYSE:AXR)
Amrep Corporation is a holding company. The Company, through its subsidiaries, operates through two segments: real estate operations and fulfillment services. The Company conducts its real estate business through AMREP Southwest Inc. (AMREP Southwest) and its subsidiaries, with its activities occurring primarily in the City of Rio Rancho and certain adjoining areas of Sandoval County, New Mexico. The real estate operations include land sales and lease activities. Its fulfillment services is offered through its subsidiary Palm Coast Data LLC (Palm Coast) and its affiliates. Its fulfillment services business performs fulfillment and contact center services, including subscriber list and database management, payment and order processing and accounting, subscriber mailing services, customer service and contact center management, data processing and business intelligence solutions, print and digital marketing solutions, and product fulfillment warehousing, processing and distribution.
