AGREEMENT made as of October 1, l993 by and between AMREP CORPORATION (the "Company"), an
Oklahoma corporation, and MOHAN VACHANI ("Executive"), an individual residing at 1 Diablo View Drive,
W I T N E S S E T H:
WHEREAS, the Company presently employs Executive as a Senior Vice President-Chief Financial Officer and
desires that Executive continue in the Company's employ for the term and on the terms and conditions hereinafter
set forth, and Executive is willing to do so.
NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the parties
hereby agree as follows:
1. EMPLOYMENT. The Company agrees to continue to employ, and does hereby employ, Executive as Senior
Vice President-Chief Financial Officer, and Executive hereby accepts
such employment, for the Term, with the duties and compensation and upon the terms and conditions contained
hereafter in this Agreement.
2. TERM. Unless earlier ended as hereinafter in this Agreement provided, the term of Executive's employment
(the "TERM") shall continue to and end on September 30, l995.
3. OFFICES AND DUTIES. (a) During the Term, Executive shall be a Senior Vice President and Chief
Financial Officer of the Company and also shall be General Manager of the Company's Pacific Operations.
Executive shall perform his services subject only to the direction and control of the Company's Board of
Directors ("BOARD") and of the Chairman of the Board and President. Executive shall not be required to
perform any duties other than those which are consistent with his status as a Senior Vice President of the
(b) During the Term, Executive shall devote his full working time and energies to the business and affairs of the
Company. Executive agrees during the Term to use his best efforts, skill and abilities to promote the Company's
interests; to serve as a director of the Company for so long as elected; to serve as a director and officer of any