AMREP Corp. Files 8-K: Leadership & Structure Changes
Ticker: AXR · Form: 8-K · Filed: Jul 22, 2024 · CIK: 6207
Sentiment: neutral
Topics: corporate-governance, leadership-change, filing
TL;DR
AMREP Corp. just filed an 8-K detailing director departures, new elections, and compensation changes. Big internal shakeup.
AI Summary
AMREP Corporation announced on July 18, 2024, a change in its corporate structure and leadership. The company filed an 8-K report detailing the departure of directors, election of new directors, and changes in officer compensation. This filing also includes amendments to its articles of incorporation and bylaws, alongside financial statements and exhibits.
Why It Matters
This filing indicates significant internal changes at AMREP Corporation, potentially impacting its strategic direction and operational management.
Risk Assessment
Risk Level: medium — Changes in corporate leadership and structure can introduce uncertainty and potential shifts in business strategy.
Key Players & Entities
- AMREP Corporation (company) — Filer of the 8-K report
- July 18, 2024 (date) — Earliest event date reported
- 0001104659-24-081503 (filing_id) — Accession number for the filing
FAQ
What specific items are covered in AMREP Corporation's 8-K filing dated July 18, 2024?
The 8-K filing covers the departure of directors or certain officers, election of directors, appointment of certain officers, compensatory arrangements of certain officers, amendments to articles of incorporation or bylaws, change in fiscal year, and financial statements and exhibits.
Who is the filer of this 8-K report?
The filer is AMREP CORPORATION.
What is the SIC code for AMREP Corporation?
The Standard Industrial Classification (SIC) code for AMREP Corporation is 6552, which corresponds to LAND SUBDIVIDERS & DEVELOPERS (NO CEMETERIES).
When is the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on July 18, 2024.
What is AMREP Corporation's business address?
AMREP Corporation's business address is 850 WEST CHESTER PIKE, SUITE 205, HAVERTOWN, PA 19083.
Filing Stats: 723 words · 3 min read · ~2 pages · Grade level 10.1 · Accepted 2024-07-22 16:15:15
Key Financial Figures
- $150,000 — ief Executive Officer of the Company, a $150,000 cash bonus and 7,200 restricted shares
- $55,000 — inance and Accounting of the Company, a $55,000 cash bonus and 1,890 restricted shares
- $375,000 — Company approved a change in salary to $375,000 for Mr. Vitale and to $180,000 for Ms.
- $180,000 — alary to $375,000 for Mr. Vitale and to $180,000 for Ms. Uleau effective as of July 29,
Filing Documents
- tm2419838d1_8k.htm (8-K) — 28KB
- tm2419838d1_ex3-1.htm (EX-3.1) — 71KB
- tm2419838d1_ex3-2.htm (EX-3.2) — 75KB
- 0001104659-24-081503.txt ( ) — 377KB
- axr-20240718.xsd (EX-101.SCH) — 3KB
- axr-20240718_lab.xml (EX-101.LAB) — 33KB
- axr-20240718_pre.xml (EX-101.PRE) — 22KB
- tm2419838d1_8k_htm.xml (XML) — 4KB
02 Departure of Directors or Certain Officers; Election of
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On July 18, 2024, AMREP Corporation (the "Company") awarded (a) Christopher V. Vitale, President and Chief Executive Officer of the Company, a $150,000 cash bonus and 7,200 restricted shares of common stock of the Company under the AMREP Corporation 2016 Equity Compensation Plan that vest as follows: 2,400 shares on July 18, 2025, 2,400 shares on July 18, 2026 and 2,400 shares on July 18, 2027, subject to the continued employment of Mr. Vitale on each vesting date and (b) Adrienne M. Uleau, Vice President, Finance and Accounting of the Company, a $55,000 cash bonus and 1,890 restricted shares of common stock of the Company under the AMREP Corporation 2016 Equity Compensation Plan that vest as follows: 630 shares on July 18, 2025, 630 shares on July 18, 2026 and 630 shares on July 18, 2027, subject to the continued employment of Ms. Uleau on each vesting date. On July 18, 2024, the Company approved a change in salary to $375,000 for Mr. Vitale and to $180,000 for Ms. Uleau effective as of July 29, 2024.
03 Amendments to Articles
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year. On July 18, 2024, the Board of Directors of the Company amended the Bylaws of the Company effective as of July 19, 2024 to implement technical and administrative changes to the prior Bylaws of the Company . The foregoing description of the amendments to the Bylaws is a summary only and is qualified in all respects by the complete text of the Bylaws. A copy of the Bylaws is attached hereto as Exhibit 3.1 and a copy of the Bylaws marked to show the changes discussed above is attached hereto as Exhibit 3.2. Exhibits 3.1 and 3.2 attached hereto are incorporated herein by reference. Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 3.1 Bylaws, as amended. 3.2 Bylaws (marked), as amended. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. AMREP Corporation Date: July 22, 2024 By: /s/ Christopher V. Vitale Name: Christopher V. Vitale Title: President and Chief Executive Officer EXHIBIT INDEX Exhibit Number Description 3.1 Bylaws, as amended. 3.2 Bylaws (marked), as amended. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).