AGREEMENT made as of October 1, l993 by and between AMREP CORPORATION (the "Company"), an
Oklahoma corporation, and HARVEY W. SCHULTZ ("Executive"), an individual residing at 34 Plaza Street
East, Brooklyn, New York.
W I T N E S S E T H:
WHEREAS, the Company presently employs Executive as a Senior Vice President with the responsibility of
being the chief executive officer of Amrep Solutions, Inc. ("Solutions"), and there presently exists an employment
contract between the Company and Executive for a period ending September 30, l994.
WHEREAS, the Company 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 a
Senior Vice President, 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 of the Company
and, for so long as Solutions shall be owned by the Company, and the Board of Directors of the Company
("BOARD") so desires, shall have the responsibility of being the chief executive officer of Solutions. Executive
shall perform his services subject only to the direction and control of the 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 Company.
(b) During the Term, Executive shall devote his full working time and ene