Document:

Exhibit 10.1

 

Employment
AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (the “Agreement”),
dated as of September 15, 2017, is made and entered into by and between AMREP Corporation (the “Company”), an
Oklahoma corporation, and Clifford R. Martin (the “Executive”).

 

WHEREAS, the Company believes it is in the
best interests of the Company that the Executive continue in employment with the Company through the Termination Date (defined
below) and be in a position to provide assessment and advice to the Company and its Affiliates without concern that the Executive
might be unduly distracted by the personal uncertainties and risks created by any earlier change in employment status.

 

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, the Company and the Executive agree as follows:

 

1.            Definitions.
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:

 

1.1.          “Affiliate”
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 “control” (including the terms “controlled by” and
“under common control with”) 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.

 

1.2.          “Board”
means the board of directors of the Company (including any successor thereto).

 

1.3.          “Cause”
means (i) indictment, commission of, or the entry of a plea of guilty or no contest to, (A) a felony or (B) any crime (other
than a felony) that causes the Company or any of its Affiliates public disgrace or disrepute, or adversely affects the Company’s
or any of its Affiliates’ operations or financial performance or the relationship the Company has with its Affiliates, customers
and suppliers; (ii) commission of an act of gross negligence, willful misconduct, fraud, embezzlement, theft or material dishonesty
with respect to the Company or any of its Affiliates; (iii) breach of the Executive’s fiduciary duty of loyalty to the Company
or any of its Affiliates; (iv) alcohol abuse or use of controlled substances (other than prescription drugs taken in accordance
with a physician’s prescription); (v) breach of any agreement with the Company or any of its Affiliates, including this Agreement
and the Restrictive Covenant Agreement; (vi) material breach of any Company policy; (vii) excessive absence from the Company, other
than regular vacations, business travel and approved leaves of absence; (viii) impeding, endeavoring to influence, obstructing,
or failing to materially cooperate with an investigation authorized by the Board or similar governing body of any of its Affiliates,
a self-regulatory organization or a governmental department or agency; (ix) refusal to perform the lawful directives of the Board,
executive management or the responsibilities as an employee and officer of the Company; or (x) engaging in such other behavior
detrimental to the interests of the Company.

 

1.4.          “Code”
means the Internal Revenue Code of 1986.

 

1.5.          “Disability”
means a condition entitling the Executive to benefits under the Company’s long term disability plan, policy or arrangement;
provided, however, that if no such plan, policy or arrangement is then maintained by the Company and applicable to the Executive,
“Disability” will mean the Executive’s inability to perform the essential duties of his position due to a mental
or physical condition, with or without a reasonable accommodation. Termination as a result of a Disability will not be construed
as a termination by the Company “without Cause.”

 

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1.6.          “Person”
means any individual, firm, corporation, partnership, limited liability company, joint venture, association, governmental authority,
unincorporated organization, trust, association or other entity.

 

1.7.          “Severance
Plan” means the AMREP Corporation Severance Plan effective March 6, 2014, as amended and as may be amended after the
date hereof.

 

1.8.          “Termination
Date” means the earlier of (i) the date two business days after the filing of the Company’s annual report on Form
10-K for the year ended April 30, 2018; (ii) on the date following written notice from the Company that Executive’s employment
with the Company has been or will be terminated, (iii) on the effective date of the Executive resigning from the Company, (iv)
on the date of his death or (v) on the date of his Disability, as reasonably determined by the Company.

 

2.            Duration
of Agreement. This Agreement is effective on the date set forth above and shall terminate on the Termination Date. Unless terminated
or amended in writing by the parties, this Agreement will govern the Executive’s continued employment by the Company until
the Termination Date.

 

3.            Position;
Duties. The Executive will be employed as the Company’s Treasurer, reporting directly to the Company’s Chief Financial
Officer. In such position, the Executive shall perform such duties and shall have such authority consistent with such position
as may be assigned to him from time to time by the Chief Financial Officer and consistent with historical practice with respect
to the Executive. The Executive shall devote his best efforts and all of his business time and services to the Company and its
Affiliates. The Executive shall not, in any capacity, engage in other business activities or perform services for any other Person
without the prior written consent of the Chief Financial Officer. The Executive shall be paid a salary of $182,000 per year effective
at the beginning of the Company’s next payroll cycle on or after the date hereof. The Executive agrees to provide no less
than 30 days’ written notice to the Company prior to the effective date of the Executive resigning from the Company.

 

4.            Termination.
The Executive’s employment with the Company shall terminate on the Termination Date. Upon cessation of his employment with
the Company for any reason, unless otherwise consented to in writing by the Board, the Executive shall resign immediately from
any and all officer, director, manager and other positions he then holds with the Company or its Affiliates. Upon any cessation
of his employment with the Company, the Executive shall be entitled only to such compensation and benefits as described in this
Section 4. Upon cessation of his employment with the Company for any reason, the Company shall pay to the Executive (i) all accrued
and unpaid base salary of the Executive through the date of such cessation of employment at the time such base salary would otherwise
be paid according to the Company’s usual payroll practices and (ii) any accrued but unused vacation of the Executive through
the date of such cessation of employment in accordance with the Company’s policies.

 

4.1.          Termination
without Cause. If the Executive’s employment by the Company ceases after the date hereof due to a termination by the
Company without Cause or ceases on the date two business days after the filing of the Company’s annual report on Form 10-K
for the year ended April 30, 2018:

 

4.1.1.          if
the Executive is eligible for benefits under the Severance Plan, the Company shall pay to the Executive the amounts due to the
Executive pursuant to the Severance Plan as in effect on the date hereof and in accordance with the provisions of the Severance
Plan; 

 

4.1.2.          the
Company shall pay to the Executive the amount equal to (i) twenty thousand dollars ($20,000) minus (ii) the amount equal to (A)
the number of months (including partial months) starting on September 15, 2017 and ending on the Termination Date multiplied by
(B) one thousand dollars ($1,000); and

 

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4.1.3.          any
vesting, restrictions or conditions on the sale of any stock awards made to the Executive that occurred prior to the date hereof
(collectively, “Equity Awards”) shall lapse or otherwise be deemed fully vested, accelerated or otherwise satisfied,
as the case may be. The previous sentence shall be deemed an amendment to any such Equity Award.

 

Except as otherwise provided in this Section
4.1, all compensation and benefits will cease at the time of the Executive’s cessation of employment with the Company and
neither the Company nor any of its Affiliates will have any further liability or obligation by reason of such cessation of employment.
The payments and benefits described in this Section 4.1 are in lieu of, and not in addition to, any other plan, program or policy
maintained by the Company or any of its Affiliates. Notwithstanding anything to the contrary in this Agreement, the payments described
in Section 4.1 are conditioned on: (a) the Executive’s execution and delivery to the Company, and the expiration of all applicable
statutory revocation periods without revocation by the Executive, by the sixtieth (60th) day following the effective
date of his cessation of employment, of a general release of claims against the Company and its Affiliates substantially in the
form attached hereto as Exhibit A (subject to any changes requested by the Company, the “Release”); and
(b) the Executive’s continued compliance with the provisions of the Restrictive Covenant Agreement (as defined below). The
benefits described in Section 4.1 will commence to be paid on the first payroll period following the sixty (60) day period described
above. Notwithstanding any other provision of this Agreement to the contrary, it is intended that any severance amount shall be
intended to satisfy either (1) the safe harbor set forth in the regulations issued under Code section 409A (Treas. Regs. 1.409A-1(n)(2)(ii))
or (2) be treated as a Short-term Deferral as that term is defined under Code section 409A (Treas. Regs. 1.409A-1(b)(4)).

 

4.2.          Other
Terminations. If the Executive’s employment with the Company ceases for any reason other than as described in Section
4.1 above, then the Company’s obligation to the Executive will be limited solely to the payment to the Executive of (i) all
accrued and unpaid base salary of the Executive through the date of such cessation of employment at the time such base salary would
otherwise be paid according to the Company’s usual payroll practices and (ii) any accrued but unused vacation of the Executive
through the date of such cessation of employment in accordance with the Company’s policies. All compensation and benefits
will cease at the time of such cessation of employment and, except as otherwise provided by COBRA, neither the Company nor any
of its Affiliates will have any further liability or obligation by reason of such termination. The foregoing will not be construed
to limit the Executive’s right to payment or reimbursement for claims incurred prior to the date of such termination under
any insurance contract funding an employee benefit plan, policy or arrangement of the Company in accordance with the terms of such
insurance contract. From and after the date hereof and other than as provided in Section 4.1.1, the Executive shall not be eligible
for severance benefits under any plan, program or policy maintained by the Company or any of its Affiliates and the Executive shall
be deemed not to be an Eligible Employee (as defined in the Severance Plan).

 

5.            Adjustments
to Payments.

 

5.1.          If
any payment or benefit the Executive would receive pursuant to this Agreement or otherwise (all such payments or benefits hereinafter,
“Payment”), would (i) constitute a “parachute payment” within the meaning of Section 280G
of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise
Tax”), then such Payment shall be reduced to an amount determined by the Company in good faith to be the maximum amount
that may be provided to the Executive without resulting in any portion of such Payment being subject to the Excise Tax (the amount
of such reduction, the “Cutback Amount”). If a reduction in payments or benefits constituting “parachute
payments” is necessary so that the Payment equals the Cutback Amount, the Executive shall be entitled to select which Payments
(of those that are not considered to be deferred compensation under Section 409A of the Code) shall be reduced hereunder; provided
that, if the Executive fails to so select promptly, the Company shall select which Payments (of those that are not considered to
be deferred compensation under Section 409A of the Code) will be reduced. Payments that are considered to be deferred compensation
under Section 409A of the Code shall be reduced only to the extent that the complete reduction of the Payments in the preceding
sentence is insufficient to eliminate the imposition of the excise tax imposed under Section 4999 of the Code.

 

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5.2.          If
the Company believes that Section 5.1 may be applicable, it shall appoint a nationally recognized accounting firm to make the determinations
required hereunder and perform the foregoing calculations.  The Company shall bear all expenses with respect to the determinations
by such accounting firm required to be made hereunder.  The accounting firm engaged to make the determinations hereunder shall
provide its calculations, together with detailed supporting documentation, to the Company and the Executive within fifteen (15)
days after the date on which right to a Payment is triggered (if requested at that time by the Company).  Any good faith determinations
of the accounting firm made hereunder shall be final, binding and conclusive upon the Company and Executive.

 

6.            Restrictive
Covenants. The Executive acknowledges and agrees to abide by the terms of, and agrees that his employment by the Company is
contingent upon his valid and binding execution of, the Employee Confidential Information, Restrictive Covenant and Invention Assignment
Agreement attached as Exhibit B (the “Restrictive Covenant Agreement”). The Executive acknowledges that
the terms of the Restrictive Covenant Agreement shall continue to remain in full-force and effect following the cessation of the
Executive’s employment with the Company for any reason.

 

7.            Miscellaneous.

 

7.1.          Cooperation.
The Executive further agrees that, subject to reimbursement of his reasonable expenses, he will cooperate fully with the Company
and its Affiliates with respect to any matter (including litigation, investigations or governmental proceedings) in which the Executive
was in any way involved during his employment with the Company. The Executive shall render such cooperation in a timely manner
on reasonable notice from the Company, so long as the Company exercises commercially reasonable efforts to schedule and limit its
need for the Executive’s cooperation under this Section 7.1 so as not to interfere with the Executive’s other personal
and professional commitments.

 

7.2.          Section
409A.

 

7.2.1.          Notwithstanding
anything to the contrary in this Agreement, no portion of the benefits or payments to be made under Section 4.1.2 hereof
will be payable until the Executive has a “separation from service” from the Company within the meaning of Section
409A of the Code. In addition, if at the time of the Executive’s separation from service within the meaning of Section 409A
of the Code, the Company determines that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i)
of the Code, then to the extent compliance with the requirements of Treas. Reg. § 1.409A-3(i)(2) (or any successor provision)
is necessary to avoid the application of an additional tax under Section 409A of the Code to payments due to the Executive upon
or following his “separation from service”, then notwithstanding anything to the contrary in this Agreement (or any
otherwise applicable plan, policy, agreement or arrangement), any such payments that are otherwise due within six (6) months following
the Executive’s “separation from service” (taking into account the preceding sentence of this paragraph) will
be deferred without interest and paid to the Executive in a lump sum immediately following such six (6) month period. This paragraph
should not be construed to prevent the application of Treas. Reg. § 1.409A-1(b)(9)(iii) (or any successor provision) to amounts
payable hereunder. For purposes of the application of Section 409A of the Code, each payment in a series of payments will be deemed
a separate payment. 

 

7.2.2.          Notwithstanding
anything to the contrary in this Agreement, except to the extent any expense, reimbursement or in-kind benefit provided to the
Executive does not constitute a “deferral of compensation” within the meaning of Section 409A of the Code, and its
implementing regulations and guidance, (i) the amount of expenses eligible for reimbursement or in-kind benefits provided to the
Executive during any calendar year will not affect the amount of expenses eligible for reimbursement or in-kind benefits provided
to the Executive in any other calendar year, (ii) the reimbursements for expenses for which the Executive is entitled to be reimbursed
shall be made on or before the last day of the calendar year following the calendar year in which the applicable expense is incurred
and (iii) the right to payment or reimbursement or in-kind benefits hereunder may not be liquidated or exchanged for any other
benefit.

 

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7.2.3.          Anything
to the contrary herein notwithstanding, all benefits or payments provided by the Company to the Executive that would be deemed
to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code are intended to comply
with Section 409A of the Code. Notwithstanding anything to the contrary in this Agreement, distributions may only be made under
this Agreement upon an event and in a manner permitted by Section 409A of the Code or an applicable exemption.

 

7.3.          Other
Agreements. The Executive represents and warrants to the Company that there are no restrictions, agreements, including confidentiality,
non-compete, invention assignment or consulting agreements, or understandings whatsoever to which he is a party that would prevent
or make unlawful his execution of this Agreement, that would be inconsistent or in conflict with this Agreement or the Executive’s
obligations hereunder, or that would otherwise prevent, limit or impair the performance by the Executive of his duties under this
Agreement.

 

7.4.          Successors
and Assigns. All of the terms and provisions of this Agreement shall be binding upon and inure to the benefit of and be enforceable
by the respective heirs, executors, administrators, legal representatives, successors and assigns of the parties hereto, except
that the responsibilities and duties of the Executive hereunder are personal to the Executive and may not be assigned by him. The
Company may assign this Agreement to any Affiliate or to any successor to its assets and business by means of liquidation, dissolution,
merger, sale of assets or otherwise. Upon such assignment, the rights and obligations of the Company hereunder shall become the
rights and obligations of such Affiliate or successor. The Company shall require any successor (whether direct or indirect, by
purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company and any assignee
expressly to assume and agree to perform this Agreement in the same manner and to the same extent as the Company would be required
to perform if no such succession or assignment had taken place. For avoidance of doubt, a termination of the Executive’s
employment by the Company in connection with a succession or permitted assignment of the Company’s rights and obligations
under this Agreement is not a termination “without Cause” so long as (i) the successor or assignee offers employment
to the Executive (without regard to whether the Executive accepts employment with the successor or assignee) with a salary no less
than the salary payable to the Executive immediately prior to such succession or assignment and at a location consistent with historical
practice with respect to the Executive and (ii) the Executive is eligible to participate in the employee benefit plans, policies
or arrangements maintained by such successor or assignee for its vice president-level employees generally, subject to the terms
and conditions of such plans, policies or arrangements.

 

7.5.          Governing
Law. 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.

 

7.6.          Mandatory
Arbitration Provision and Class Action Waiver. The parties hereby mutually agree that any dispute between them arising out
of or relating to this Agreement must be submitted for resolution by binding arbitration in accordance with the most current Employment
Arbitration Rules and Mediation Procedures of the American Arbitration Association (“AAA”), including the Optional
Appellate Arbitration Rules (“Appellate Rules”) effective November 1, 2013. A court of competent jurisdiction shall
have the authority to enter a judgment upon the award made pursuant to the arbitration.

 

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HOWEVER, EXECUTIVE UNDERSTANDS THAT EXECUTIVE
SHALL HAVE NO RIGHT OR AUTHORITY TO HAVE ANY DISPUTE ARBITRATED AS A CLASS OR COLLECTIVE ACTION, NOR SHALL EXECUTIVE HAVE ANY RIGHT
OR AUTHORITY TO JOIN ANY SUCH ACTION. FURTHER, THE ARBITRATOR SHALL HAVE NO RIGHT TO CERTIFY, CONSOLIDATE, OR COLLECTIVELY ARBITRATE
MULTIPLE INDEPENDENT CLAIMS.

 

In addition, Executive understands that
nothing in this Agreement shall prevent the Company from applying to courts where necessary to obtain emergency or temporary injunctive
relief in order to prevent irreparable harm pending arbitration of the dispute between the parties.

 

Binding arbitration under this Agreement
shall be conducted in Montgomery County, Pennsylvania, unless the parties mutually agree to another location. The arbitration shall
be conducted before a neutral arbitrator selected by both parties from the AAA’s Employment Dispute Resolution Roster. Costs
of the arbitration will be governed by the AAA’s Employment Arbitration Rules and Mediation Procedures. The Federal Rules
of Civil Procedure and any comparable state rules shall not apply to the binding arbitration; however, the parties will be permitted
to conduct discovery in accordance with the Federal Rules of Civil Procedure. The arbitrator shall issue a written opinion setting
forth the factual and legal findings and conclusions on which his or her decision is based.

 

The arbitrator shall be authorized to award
whatever remedies are allowed by law, but such remedies shall be limited to those that would be available to a party in a court
of law for the claims presented to, and decided by, the arbitrator. Except as may be permitted or required by law, neither a party
nor an arbitrator may disclose the existence, content, or results of any arbitration hereunder without the prior written consent
of all parties.

 

A demand for arbitration must be submitted
within the appropriate statute of limitations period under governing law. Any demand for arbitration made to the Company must be
in writing and delivered by hand or first class mail to 620 West Germantown Pike, Suite 175, Plymouth Meeting, PA 19462, Attention:
Chief Financial Officer, with a copy to 620 West Germantown Pike, Suite 175, Plymouth Meeting, PA 19462, Attention: General Counsel
(or to such other address that may be designated by the Company from time to time in accordance with Section 7.12). The arbitrator
shall resolve all disputes regarding the timeliness or propriety of the demand for arbitration.

 

In the event that any portion of the Appellate
Rules is deemed invalid, void or unenforceable, the right of either party to appeal from an arbitration award shall be abolished
and the arbitration award shall be final and binding.

 

7.7.          Waivers.
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.

 

7.8.          Severability.
Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable
law. However, if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect, 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, and this Agreement will be reformed, construed and enforced as though the invalid,
illegal or unenforceable provision had never been herein contained.

 

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7.9.          Attorneys’
Fees. In the event that any party institutes any legal suit, arbitration, action or proceeding against the other party arising
out of or relating to this Agreement, the Release or the Restrictive Covenant Agreement, the prevailing party in the suit, arbitration,
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 attorneys’ fees and expenses and court costs.

 

7.10.         Interpretation.
For purposes of this Agreement, (a) the words “include,” “includes” and “including” shall be
deemed to be followed by the words “without limitation”; (b) the word “or” is not exclusive and (c) the
words “herein,” “hereof,” “hereby,” “hereto” and “hereunder” refer
to this Agreement as a whole. Unless the context otherwise requires, references herein: (x) to Sections and Exhibits refer to the
Sections of, and Exhibits attached to, 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 a statute means such statute as amended from time to time and includes any successor legislation thereto and
any regulations promulgated thereunder. This Agreement shall be construed without regard to any presumption or rule requiring construction
or interpretation against the party drafting an instrument or causing any instrument to be drafted. The Exhibits referred to herein
shall be construed with, and as an integral part of, this Agreement to the same extent as if they were set forth verbatim herein.
Each Affiliate of the Company is an intended beneficiary/third party beneficiary of this Agreement and each Affiliate of the Company
shall have the right to enforce any breach of the provisions this Agreement.

 

7.11.         Survival.
This Agreement will survive the cessation of the Executive’s employment to the extent necessary to fulfill the purposes and
intent of this Agreement.

 

7.12.         Notices.
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); (c) on the date sent by e-mail of a PDF document (with confirmation
of transmission) if sent during normal business hours of the recipient, and on the next business day if sent after normal business
hours of the recipient; or (d) 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 addresses set forth below (or to such other
address that may be designated by a party from time to time in accordance with this Section 7.12):

 

		·	Executive: to the address contained in his personnel file.

 

		·	Company: 620 West Germantown Pike, Suite 175, Plymouth Meeting, PA 19462, Attention: Chief Financial Officer, with a copy to
620 West Germantown Pike, Suite 175, Plymouth Meeting, PA 19462, Attention: General Counsel.

 

7.13.         Withholding.
The Company may withhold from any amounts payable under this Agreement such federal, state, local or foreign taxes as shall be
required to be withheld pursuant to any applicable law or regulation.

 

7.14.         Section
Headings. The headings of sections and paragraphs of this Agreement are inserted for convenience only and will not in any way
affect the meaning or construction of any provision of this Agreement.

 

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7.15.         Counterparts.
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 in a non-editable format, 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.

 

7.16.         Entire
Agreement; Amendments. 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.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the Company has caused
this Agreement to be duly executed by its authorized representative, and the Executive has executed this Agreement, in each case
on the date first above written.

 

	 	AMREP Corporation 
	 	 	 
	 	By:	/s/ Christopher V. Vitale 
	 	 	Name:  Christopher V. Vitale
	 	 	Title:  President and Chief Executive Officer

 

	 	/s/ Clifford R. Martin
	 	Clifford R. Martin

 

     

     

    

 

EXHIBIT
A

 

RELEASE
OF CLAIMS

 

This RELEASE OF CLAIMS (this “Release”)
is given as of ______________, 20__ by Clifford R. Martin (the “Executive”).

 

WHEREAS, the Executive’s employment
with AMREP Corporation (the “Company”), an Oklahoma corporation, has terminated; and

 

WHEREAS, pursuant to Section 4.1 of the
Employment Agreement, dated as of September 15, 2017 (the “Agreement”), by and between the Company and the Executive,
the Company has agreed to pay the Executive certain amounts and to provide certain benefits, subject to his execution and non-revocation
of this Release. All terms used but not defined herein shall have the meanings ascribed to such terms in the Agreement.

 

NOW THEREFORE, in consideration of these premises,
the mutual promises contained 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 Executive agrees as follows:

 

1.          Consideration.
The Executive acknowledges that: (i) the payments set forth in Section 4.1 of the Agreement constitute full settlement of
all his rights under the Agreement, (ii) he has no entitlement under any other severance or similar plan, program or policy
maintained by the Company or any of its Affiliates and (iii) except as otherwise provided specifically in this Release, the
Company does not and will not have any other liability or obligation to the Executive by reason of the cessation of his employment.
The Executive further acknowledges that, in the absence of his execution of this Release, the payments and benefits specified in
Section 4.1 of the Agreement would not otherwise be due to him.

 

2.          Executive’s
Release. The Executive on his own behalf and together with his heirs, assigns, executors, agents and representatives hereby
generally releases and discharges the Company and its predecessors, successors (by merger or otherwise), parents, subsidiaries,
Affiliates and assigns, together with each and every of its and their present, past and future officers, managers, directors, shareholders,
members, general partners, limited partners, employees, attorneys, accountants and agents and the heirs and executors of same (collectively,
the “Releasees”) from any and all suits, causes of action, complaints, obligations, demands, debts, liabilities,
common law or statutory claims of any kind (including claims for damages, costs, expenses and attorneys’, brokers’,
accountants’ and other professionals’ and consultants’ fees and expenses), whether in law or in equity, direct
or indirect, known or unknown, suspected or unsuspected, unanticipated as well as anticipated and that now exist or may hereafter
accrue based on matters now unknown as well as known (collectively, “Claims”), which the Executive ever had
or now has against the Releasees, or any one of them, arising out of or relating to his employment with the Company occurring up
to and including the date of this Release. This Release specifically includes:

 

2.1.          any
and all Claims for wages and benefits including salary, stock options, stock, royalties, commissions, license fees, health and
welfare benefits, severance pay, bonuses and vacation, paid time off or other time off pay;

 

2.2.          any
and all Claims for wrongful discharge, breach of contract, whether express or implied, and Claims for breach of implied covenants
of good faith and fair dealing;

 

     

     

    

 

2.3.          any
and all Claims for alleged employment discrimination on the basis of race, color, religion, sex, age, national origin, sexual orientation,
veteran status, disability or handicap, in violation of any federal, foreign, state, or local statute, ordinance, judicial precedent
or executive order, including claims for discrimination under the following statutes: Title VII of the Civil Rights Act of 1964,
42 U.S.C. §2000e et seq.; the Civil Rights Act of 1866, 42 U.S.C. §1981; the Civil Rights Act of 1991;
the Age Discrimination in Employment Act, 29 U.S.C. §621 et seq.; the Older Workers Benefit Protection Act 29
U.S.C. §§ 623, 626 and 630; the Rehabilitation Act of 1972, 29 U.S.C. §701 et seq.; the Americans with Disabilities
Act, 42 U.S.C. §12101 et seq.; the Family and Medical Leave Act of 1993, 29 U.S.C. §2601, et seq.;
the Fair Labor Standards Act, 29 U.S.C. §201, et seq.; the Fair Credit Reporting Act, 15 U.S.C. §1681, et seq.;
the Employee Retirement Income Security Act of 1974, 29 U.S.C. §1000, et seq. (“ERISA”); the Pennsylvania
Human Relations Act; the Pennsylvania Equal Pay Law; the Pennsylvania wage and hour laws; the Pennsylvania Whistleblower Law; the
New Jersey Civil Rights Act; the New Jersey Law Against Discrimination; the New Jersey wage and hour laws; the New Jersey Conscientious
Employee Protection Act; or any other comparable state statute or local ordinance;

 

2.4.          any
and all Claims under any federal, foreign, state or local statute relating to employee benefits or pensions;

 

2.5.          any
and all Claims in tort, including any Claims for assault, battery, misrepresentation, defamation, interference with contract or
prospective economic advantage, intentional or negligent infliction of emotional distress, duress, loss of consortium, invasion
of privacy and negligence; and

 

2.6.          any
and all Claims for attorneys’ fees and costs.

 

The Executive acknowledges that he has received from the Company
all wages, expense reimbursements, accrued but unused vacation, paid time off or other time off pay and incentive compensation
of all types, including deferred or foregone salary or cash or equity compensation, due and owing to the Executive by the Company.
The Executive hereby waives all claims or entitlement to any deferred salary, and to any unvested stock option or other unvested
equity grants.

 

The Executive acknowledges and represents
that neither the Company nor any of its Affiliates has violated or denied the Executive any right under the Family Medical Leave
Act (including any similar law under state law, “FMLA”), or any other federal, foreign, state or local law, statute
or ordinance. The Executive acknowledges and agrees that neither the Company nor any of its Affiliates has interfered with, restrained,
or denied the exercise of or the attempt to exercise any rights under the FMLA, and that neither the Company nor any of its Affiliates
has discriminated against or retaliated against the Executive in any way regarding the exercise of any rights under the FMLA. The
Executive further acknowledges and represents that, as of the date of the execution of this Release, the Executive has suffered
no on-the-job or work-related accident or injury, occupational disease or disability whether temporary, permanent, partial, or
total.

 

The Executive expressly represents
that the Executive has not filed a lawsuit or initiated any other administrative proceeding against any Releasee. The Executive
further promises not to initiate a lawsuit or to bring any other claim against any Releasee arising out of or in any way related
to the Executive’s employment by the Company or any of its Affiliates or the termination of that employment, other than an
action to enforce the Agreement.

 

    	 	A-2	 

     

    

 

The Executive understands that nothing
contained in this Agreement limits the Executive’s ability to file a charge or complaint with the Equal Employment Opportunity
Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange
Commission or any other federal, state or local governmental agency or commission (“Government Agencies”); provided,
however, that any claims by the Executive for personal relief in connection with such a charge or investigation (such as reinstatement
or monetary damages) would be barred. The Executive further understands that this Agreement does not limit the Executive’s
ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted
by any Government Agency, including providing documents or other information, without notice to the Company. This Agreement does
not limit the Executive’s right to receive an award for information provided to any Government Agencies.

 

Notwithstanding anything to the contrary in this Release, the
Executive does not waive or release any Claims for vested rights or benefits under any retirement plan of the Company or any rights
under any vested stock option or other vested equity grants executed by the Company.

 

3.            Acknowledgment.
The Executive understands that the release of Claims contained in this Release extends to all of the aforementioned Claims and
potential Claims which arose on or before the date of this Release, whether now known or unknown, suspected or unsuspected, and
that this constitutes an essential term of this Release. The Executive further understands and acknowledges the significance and
consequences of this Release and of each specific release and waiver, and expressly consents that this Release shall be given full
force and effect to each and all of its express terms and provisions, including those relating to unknown and uncompensated Claims,
if any, as well as those relating to any other Claims specified herein. The Executive hereby waives any right or Claim that the
Executive may have to employment, reinstatement or re-employment with the Company. The Executive agrees to not enter onto the premises
of the Company or any of its Affiliates unless expressly invited to do so by an officer of the Company or such Affiliate, as applicable.

 

4.            Remedies.
All remedies at law or in equity shall be available to the Releasees for the enforcement of this Release. This Release may be pleaded
as a full bar to the enforcement of any Claim that the Executive may assert against the Releasees.

 

5.            Challenge.
If the Executive violates any provisions of the Agreement, the Restrictive Covenant Agreement or this Release, no further payments,
rights or benefits under Section 4.1 of the Agreement will be due to the Executive and any such payments, rights or benefits received
by the Executive shall be immediately returned to the Company. In the event that the Company learns within ninety (90) days following
execution of this Release of any conduct or circumstances for which the Executive could have been terminated for Cause (as defined
in the Agreement) had the Company been aware of such conduct or circumstances on the date of termination, no further payments,
rights or benefits under Section 4.1 of the Agreement will be due to the Executive and any such payments, rights or benefits received
by the Executive shall be immediately returned to the Company.

 

6.            No
Admission of Liability. This Release is not to be construed as an admission of any violation of any federal, state or local
statute, ordinance or regulation or of any duty owed by the Company or any of its Affiliates to the Executive. There have been
no such violations, and the Executive acknowledges that the Company and each of its Affiliates specifically deny any such violations.

 

7.            Severability.
If any term or provision of this Release shall be held to be invalid or unenforceable for any reason, then such term or provision
shall be ineffective to the extent of such invalidity or unenforceability without invalidating the remaining terms or provisions
hereof, and such term or provision shall be deemed modified to the extent necessary to make it enforceable.

 

    	 	A-3	 

     

    

 

8.            Advice
of Counsel; Revocation Period. The Executive is hereby advised to seek the advice of counsel prior to signing this Release.
The Executive hereby acknowledges that the Executive is acting of his own free will, that he has been afforded a reasonable time
to read and review the terms of this Release, and that he is voluntarily executing this Release with full knowledge of its provisions
and effects. The Executive further acknowledges that he has been given at least [TWENTY-ONE (21)/FORTY-FIVE (45)]1
days within which to consider this Release and that he has SEVEN (7) days following his execution of this Release to revoke his
acceptance, with this Release not becoming effective until the 7-day revocation period has expired. If the Executive elects to
revoke his acceptance of this Release, this Release shall not become effective and the Executive must provide written notice of
such revocation by certified mail (postmarked no later than seven (7) days after the date the Executive accepted this Release)
to the Company’s principal office and addressed to the attention of the Board.

 

9.            Representations
and Warranties. The Executive represents and warrants that he has not assigned any claim that he purports to release hereunder
and that he has the full power and authority to enter into this Release and bind each of the persons and entities that the Executive
purports to bind. The Executive further represents and warrants that he is bound by, and agrees to be bound by, his post-employment
obligations set forth in the Agreement and the Restrictive Covenant Agreement.

 

10.           Interpretation.
For purposes of this Release, (a) the words “include,” “includes” and “including” shall be
deemed to be followed by the words “without limitation”; (b) the word “or” is not exclusive and (c) the
words “herein,” “hereof,” “hereby,” “hereto” and “hereunder” refer
to this Release as a whole. Unless the context otherwise requires, references herein: (x) to Sections refer to the Sections of
this Release; (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 a statute means such statute
as amended from time to time and includes any successor legislation thereto and any regulations promulgated thereunder. This Release
shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting
an instrument or causing any instrument to be drafted. Each Affiliate of the Company is an intended beneficiary/third party beneficiary
of this Release and each Affiliate of the Company shall have the right to enforce any breach of the provisions this Release.

 

11.           Governing
Law. This Release 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.

 

12.           Mandatory
Arbitration Provision; Class Action Waiver: The Company and the Executive hereby mutually agree that any dispute between them
arising out of or relating to this Release must be submitted for resolution by binding arbitration in accordance with the most
current Employment Arbitration Rules and Mediation Procedures of the American Arbitration Association (“AAA”), including
the Optional Appellate Arbitration Rules (“Appellate Rules”) effective November 1, 2013. A court of competent jurisdiction
shall have the authority to enter a judgment upon the award made pursuant to the arbitration.

 

 

1As applicable
based on the advice of counsel. If 45-day consideration period is applicable, this Release will be revised based on advice of
counsel to comply with applicable law.

    	 	A-4	 

     

    

 

HOWEVER, THE EXECUTIVE UNDERSTANDS THAT
THE EXECUTIVE SHALL HAVE NO RIGHT OR AUTHORITY TO HAVE ANY DISPUTE ARBITRATED AS A CLASS OR COLLECTIVE ACTION, NOR SHALL THE EXECUTIVE
HAVE ANY RIGHT OR AUTHORITY TO JOIN ANY SUCH ACTION. FURTHER, THE ARBITRATOR SHALL HAVE NO RIGHT TO CERTIFY, CONSOLIDATE, OR COLLECTIVELY
ARBITRATE MULTIPLE INDEPENDENT CLAIMS.

 

In addition, the Executive understands
that nothing in this Release shall prevent the Company from applying to courts where necessary to obtain emergency or temporary
injunctive relief in order to prevent irreparable harm pending arbitration of the dispute between the parties.

 

Binding arbitration under this Release
shall be conducted in Montgomery County, Pennsylvania, unless the Company and the Executive mutually agree to another location.
The arbitration shall be conducted before a neutral arbitrator selected by both parties from the AAA’s Employment Dispute
Resolution Roster. Costs of the arbitration will be governed by the AAA’s Employment Arbitration Rules and Mediation Procedures.
The Federal Rules of Civil Procedure and any comparable state rules shall not apply to the binding arbitration; however, the parties
will be permitted to conduct discovery in accordance with the Federal Rules of Civil Procedure. The arbitrator shall issue a written
opinion setting forth the factual and legal findings and conclusions on which his or her decision is based.

 

The arbitrator shall be authorized to award
whatever remedies are allowed by law, but such remedies shall be limited to those that would be available to a party in a court
of law for the claims presented to, and decided by, the arbitrator. Except as may be permitted or required by law, neither a party
nor an arbitrator may disclose the existence, content, or results of any arbitration hereunder without the prior written consent
of the Company and the Executive.

 

A demand for arbitration must be submitted
within the appropriate statute of limitations period under governing law. Any demand for arbitration made to the Company must be
in writing and delivered by hand or first class mail to 620 West Germantown Pike, Suite 175, Plymouth Meeting, PA 19462, Attention:
Chief Financial Officer, with a copy to 620 West Germantown Pike, Suite 175, Plymouth Meeting, PA 19462, Attention: General Counsel
(or to such other address that may be designated by the Company from time to time). The arbitrator shall resolve all disputes regarding
the timeliness or propriety of the demand for arbitration.

 

In the event that any portion of the Appellate
Rules is deemed invalid, void or unenforceable, the right of either party to appeal from an arbitration award shall be abolished
and the arbitration award shall be final and binding.

 

13.         Facsimile.
A signed copy of this Release 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 Release. Either party
may copy this completed Release for electronic storage in a non-editable format, at which time the paper form of this Release may
be destroyed. Each party agrees that following the electronic storage of this Release, any hardcopy printout of that electronically
stored information will constitute an original of this Release.

 

IN WITNESS WHEREOF, the Executive has executed
this Release on the date first above written.

 

	 	 
	 	Clifford R. Martin

 

    	 	A-5	 

     

    

 

EXHIBIT
B

 

EMPLOYEE CONFIDENTIAL INFORMATION, RESTRICTIVE
COVENANT 

AND INVENTION ASSIGNMENT AGREEMENT

 

Dated as of September 15, 2017

 

		Employee:	Clifford R. Martin

 

		Employer:	AMREP Corporation (“Employer”)

 

In consideration of Employer agreeing to enter into the Employment
Agreement, dated as of the date hereof, by and between the Employer and the Employee, I agree to this Employee Confidential Information,
Restrictive Covenant and Invention Assignment Agreement (this “Agreement”) as follows:

 

This Agreement sometimes refers to my “Employment.”
I understand that my “Employment” means the entire period during which I am employed by Employer, including
all times during and after work hours, whether I am actively employed or on any kind of leave or absence, and whether I am employed
full-time or part-time. In addition, it is understood that Employment includes all periods commencing from my start date with Employer
through and including my end date with Employer. Furthermore, I understand that “Company” means Employer or
any of its affiliates, together with any of their respective predecessors, successors or assigns.

 

NOTHING IN THIS AGREEMENT SHALL BE DEEMED
TO CONSTITUTE A PROMISE OR CONTRACT OF EMPLOYMENT FOR A SPECIFIC TERM OR PERIOD. THE EMPLOYMENT RELATIONSHIP IS “AT-WILL”
AND, THEREFORE, EMPLOYER HAS THE RIGHT TO TERMINATE THE EMPLOYMENT RELATIONSHIP AT ANY TIME, FOR ANY REASON, WITH OR WITHOUT CAUSE
OR PRIOR NOTICE, AT ITS SOLE DISCRETION.

 

1.          Employer
Confidential Information. During the term of this Agreement, and at all times following the voluntary or involuntary termination
of my Employment for any reason whatsoever, I agree to hold in the strictest confidence, not to use (except for the benefit of
the Company) and not to disclose to any person or entity (directly or indirectly) any Confidential Information that I obtain or
create during my Employment, unless Employer grants me authorization to do otherwise.

 

I understand that “Confidential Information”
means all of the Company’s business, technical and other proprietary information, as well as any Company information which
is not generally known by the public (other than as a result of a disclosure directly or indirectly by me). Such information is
Confidential Information no matter how I learned of it – whether disclosed to me, directly or indirectly, in writing, orally,
by drawings or inspection of documents or other tangible property or in any other manner or form, tangible or intangible. I understand
specifically that Confidential Information includes the following types of information:

 

		·	information belonging to others who have entrusted such information to the Company, as further described in Section 6 below;

 

		·	information that would not have been known to the public generally other than as a result of a disclosure directly or indirectly
by me;

 

     

     

    

 

		·	information concerning research, inventions, discoveries, developments, scientific information, techniques, processes, formulae,
technology, designs, drawings, engineering, specifications, algorithms, finances, sales or profit figures, financial plans, customer
lists, operations, financial condition, results of operations, projections, strategies, marketing information, employees, prospective
employees, customers, prospective customers, investors, potential investors, business plans, contracts, markets, investing plans,
product plans, marketing, cost information, distribution or sales methods or systems, products, services, production plans, system
implementation plans, business concepts, supplier or vendor information, business procedures or business operations related thereto,
and other financial and business information relating to the Company;

 

		·	all computer software (in source, object or other code forms and including all programs, modules, routines, interfaces and
controls), data, databases, Internet designs and strategies, files and any documentation protocols and specifications related to
the foregoing;

 

		·	all know-how and trade secrets;

 

		·	all unpublished copyrightable material;

 

		·	any use, model, variation, application, reduction to practice, discussion and any other communication or information in, regarding
or relating to, or usable in or with any of the goods or services made, used or sold by the Company; and

 

		·	any and all notes, documentation, analyses, compilations, studies, reproductions, copies or other documents prepared by me
or any other person containing or reflecting or based upon, in whole or in part, any such information.

 

2.         Use
of Confidential Information. I will use Confidential Information solely in connection with my Employment or pursuant to the
written approval of my supervisor, and not for any other purpose, including in any way detrimental to the Company. During the term
of this Agreement, and at all times following the voluntary or involuntary termination of my Employment for any reason whatsoever,
I will maintain the strict confidentiality of any Confidential Information provided to me and will not disclose any part of it
to any other person not currently employed by Employer or any of its affiliates, unless Employer grants me authorization to do
otherwise. I will treat the Confidential Information with the same degree of care as I would my own confidential information, but
in no event with less than reasonable care. I agree not to, other than in the ordinary course of business, directly or indirectly,
copy, take or remove from the Company’s premises any of the Company’s books, records, files, customer lists, documents
or materials, including any Confidential Information, or copies of any of the foregoing, without the prior written consent of Employer.
The term “person” as used in this Agreement shall be broadly interpreted to include the media and any corporation,
partnership, group, individual or entity.

 

I understand that nothing contained in this
Agreement limits the Executive’s ability to file a charge or complaint with the Equal Employment Opportunity Commission,
the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or
any other federal, state or local governmental agency or commission (“Government Agencies”). I further understand that
this Agreement does not limit my ability to communicate with any Government Agencies or otherwise participate in any investigation
or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice
to the Company. This Agreement does not limit my right to receive an award for information provided to any Government Agencies.

 

    	 	B-2	 

     

    

 

3.          Subpoenas,
etc. If I become required by law or applicable legal process to disclose any Confidential Information, I will provide Employer
with prompt prior written notice of such requirement and the terms of and circumstances surrounding such requirement so that the
Company may seek an appropriate protective order or other remedy, and I will provide such cooperation with respect to obtaining
a protective order or other remedy as the Company shall reasonably request. If, in the absence of a protective order or other remedy
or the receipt of a waiver by the Company, I am legally compelled to disclose Confidential Information to any tribunal or else
stand liable for contempt or suffer other censure or penalty, I may, without liability hereunder, disclose to such tribunal only
that portion of the Confidential Information that is legally required to be disclosed; provided, however, that, if requested in
writing by the Company, I will exercise my best efforts to obtain an appropriate protective order or other reasonable assurance
that confidential treatment will be accorded such Confidential Information by such tribunal.

 

4.          No
License to Confidential Information. The Company shall retain the entire right, interest and title to its Confidential Information.
No license outside of my Employment under any patent, copyright, trademark, other intellectual property right or any application
therefor is hereby granted or implied by the provision of Confidential Information to me. I shall not alter or obliterate any trademark
or any other proprietary mark or notice thereof of the Company on any copy of the Confidential Information, and I shall reproduce
any such mark or notice on all copies of the Confidential Information.

 

5.          Third
Party Information Held by Employee. I recognize that I may have access to confidential information of former employers or other
persons or entities with whom I have an agreement or duty to keep such information confidential. I will not use any such information
in my Employment, I will not disclose any such information to the Company or any of its directors, managers, officers, agents,
affiliates or other employees, or induce any of them to use any such information, and I will not bring onto the premises of the
Company any such information in any form, unless such person or entity has granted me authorization to do so.

 

6.          Third
Party Information Held by the Company. I recognize that the Company has received, and in the future shall receive, from other
persons or entities information that is confidential to such person or entity; and, therefore, such persons or entities require
the Company to maintain the confidentiality of such information and to use it only for certain limited purposes. Consistent with
the Company’s agreement with such persons or entities, I agree to hold in the strictest confidence, not to use (except as
necessary to carry out my duties for Employer) and not to disclose to any person or entity (directly or indirectly) any such information,
unless Employer grants me authorization to do otherwise.

 

7.          Employer
Property; Return. I will not remove (either physically or electronically) any property belonging to the Company from the Company’s
premises, except as required in the ordinary course of my Employment, unless Employer grants me authorization to do so. Promptly
upon the termination of my Employment, and earlier if Employer so requests at any time, I shall deliver to Employer (and shall
not keep copies in my possession or deliver to anyone else) all of the following items:

 

		·	documents and other materials containing or comprising Confidential Information, including in particular, but not limited to,
all software, records, data, notes, reports, proposals, lists, correspondence, specifications, drawings, blueprints, sketches and
notebooks, whether hard copies or electronic copies; and

 

		·	tangible property and equipment or other materials belonging to the Company (whether or not containing or comprising Confidential
Information) or otherwise relating to the Company, its business, its properties, its investments or its investors, including in
particular, but not limited to, laptop computers, devices, solutions, samples, models, marketing materials, brochures, purchase
order forms and letterhead, and all reproductions and copies of such things.

 

    	 	B-3	 

     

    

 

8.          Securities
Laws. I acknowledge that I am aware that applicable securities laws prohibit any person who has material, non-public information
concerning the Company or any other entities from purchasing or selling any securities of the Company or such other entities, including
AMREP Corporation, or from communicating such information to any other person or entity under circumstances in which it is reasonably
foreseeable that such person is likely to purchase or sell such securities. I acknowledge that I may possess material non-public
information about the Company or its Affiliates and therefore acknowledges and agrees that until the date three (3) months after
the effective date of this Agreement, I will be subject to and will comply with the Company’s insider trading policy to the
extent that I am in possession of material non-public information regarding the Company, its Affiliates or its or their securities.

 

9.          Assignment
of Inventions. I shall promptly make full disclosure to Employer of all Inventions and Works. I understand that “Inventions”
means any and all inventions, original works of authorship (including designs, trademarks, service marks and drawings, whether
manual or electronic), findings, conclusions, data, discoveries, developments, concepts, modeling tools, designs, improvements,
trade secrets, techniques, formulae, processes and know-how, whether or not patentable or registrable under patent, copyright or
similar laws, that I may solely or jointly conceive, develop or reduce to practice, or cause to be conceived, developed or reduced
to practice, during my Employment. I also understand that “Works” means any original work of authorship that
is made by me (solely or jointly with others) during my Employment. I shall hold all Inventions and Works in trust for Employer.
This Agreement does not apply to any Inventions made by me prior to my Employment.

 

I recognize and agree that during my Employment,
Employer solely and exclusively owns all Inventions and Works, as well as any and all inherent and appurtenant moral rights and
intellectual property rights, including all patent rights, copyrights, trademarks, know-how and trade secrets (collectively, “Intellectual
Property Rights”) related thereto, except as stated in Section 11 below. I hereby, without additional payment or consideration,
assign, transfer and convey to Employer all of my worldwide right, title and interest in and to all Inventions and Intellectual
Property Rights.

 

I further recognize and agree that all Works
and which are protectable by copyright (including all original hard copy and electronic drawings and any manuals, instructions
or other written product) are “works made for hire,” as that term is defined in the United States Copyright Act. However,
to the extent that any Work may not, by operation of any law, be a work made for hire, I hereby, without additional payment or
consideration, assign, transfer and convey to Employer all of my worldwide right, title and interest in and to such Work and all
Intellectual Property Rights relating to it. I will treat all Inventions and Works, as well as any Intellectual Property Rights
related thereto, as Confidential Information, until and unless such Inventions, Works or Intellectual Property Rights are determined
to be excluded from this Agreement by way of Section 11 below

 

10.         Further
Assurances. Upon the request of Employer, I shall execute and deliver any and all documents and instruments and do such other
acts that may be necessary or desirable to evidence the assignment and transfer described in Section 9. I shall do the same to
enable Employer to secure its sole and exclusive rights in the Inventions, Works and related Intellectual Property Rights, or to
apply for, prosecute and enforce Intellectual Property Rights with respect to any Inventions or Works, or to obtain any extension,
validation, re-issue, continuance or renewal of any such Intellectual Property Right, in each case in any and all jurisdictions.
I agree to disclose to Employer all pertinent information and data with respect to Inventions, Works and related Intellectual Property
Rights. If Employer is unable for any other reason to secure my signature on any document described above, then I hereby irrevocably
designate and appoint, which appointment is coupled with an interest, Employer and its duly authorized officers and agents as my
agent and attorney in fact, to act for and in my behalf and stead to execute and file any such documents or instruments (including
any applications, assignments and transfers) and to do all other lawfully permitted acts to further the prosecution and issuance
of letters patent or trademark, copyright or other registrations thereon with the same legal force and effect as if executed by
me.

 

    	 	B-4	 

     

    

 

11.         Exceptions
to Employer Ownership. The only exception to Employer’s ownership of Inventions, Works and Intellectual Property Rights
are ones (a) for which no equipment, supplies, facilities or proprietary intellectual property or trade secret information of Employer
are used and (b) that are developed on my own time.

 

12.         Noncompetition
and Nonsolicitation. For a period from the date of this Agreement through the termination of my Employment with Employer and
for a period from the termination of my Employment with Employer through the last day of the month in which I cease receiving cash
severance benefits from the Company, I hereby agree that, regardless of the reason for termination, without obtaining the prior
written consent of Employer, I will not, nor will any of my affiliates or representatives, (a) on my own behalf, on behalf of any
other party, circumvent, interfere with, or assist any other party in circumventing, or interfering with the business of the Company;
(b) own, manage, operate, finance, conduct business, engage, directly or indirectly, alone or as greater than a 2% shareholder,
partner, officer, director, employee, consultant or advisor, or otherwise in any way participate in or become associated with,
any other business that is competitive with the business of the Company; (c) solicit, attempt to solicit business, do business
with, accept or divert business from or otherwise interfere with the Company’s relationship with any person (i) which, during
the time of my employment with Employer was an investor, lender, client, customer or had a business relationship with the Company
or (ii) to which the Company had made a proposal or presentation within the nine-month period prior to my termination of employment;
and (d) employ or solicit for employment any employee of the Company, induce any employee of the Company to terminate such employee’s
employment with the Company or offer employment to anyone the Company hires, or hire any person whom I know the Company has offered
employment. Notwithstanding the foregoing sentence, Employer expressly acknowledges that I may accept employment with a large multi-unit
employer that possesses a unit that engages in business that is competitive with the business of the Company; provided, that I
do not work in or with, or give advice to, the unit engaged in the business that is competitive with the business of the Company,
and provided further that I notify the Company in writing no later than the third day after I accept an offer of employment from
the non-competing unit of such a multi-unit employer.

 

13.         Non-Disparagement.
I agree that I will not, at any time, disparage the Company, any of its Affiliates or any of the people or organizations associated
with it or them currently, in the past, or in the future; and that I will not otherwise do or say anything that would harm their
business or reputation. I shall not hold myself out to any customers or any other third parties as a representative or employee
of the Company or any of its Affiliates.

 

14.         Duration.
This Agreement is binding during my Employment and shall survive any termination of my Employment.

 

15.         Reasonableness
of Restrictions; Remedies. I acknowledge that the restrictions contained in this Agreement are reasonable and necessary to
protect the legitimate interests of the Company, that Employer would not have established an employment relationship with me in
the absence of such restrictions, and that any violation of any provision of this Agreement will cause irreparable harm to the
Company. I represent that my experience and capabilities are such that the non-competition and non-solicitation provisions contained
herein will not prevent me from obtaining employment or otherwise earning a living at the same general level of economic benefit
as earned with Employer. I further represent and acknowledge that (a) I have been advised by Employer to consult my own legal counsel
in respect of this Agreement and (b) that I have had full opportunity, prior to execution of this Agreement, to review thoroughly
this Agreement with my counsel.

 

    	 	B-5	 

     

    

 

I agree to indemnify and hold the Company
and each of its shareholders, members, directors, managers, officers, agents, affiliate or other employees harmless from any damages,
losses, liabilities, obligations, fines, penalties, diminution in value (based on a multiple of earnings or otherwise), lost profit,
incidental damages, deficiencies, demands, claims, suits, actions, causes of action, assessments, taxes, costs and expenses (including
attorneys’ fees and expenses) arising out of any breach of this Agreement by me. I acknowledge that money damages are an
inadequate remedy for breach of this Agreement because of the difficulty of ascertaining the amount of damage that will be suffered
in the event that this Agreement is breached. Therefore, the Company shall be entitled to equitable relief, including an injunction
and specific performance, without the necessity of proving actual damages, without the need to post bond or any other security
and without being required to submit proof of economic value of any Confidential Information, in the event of any breach of the
provisions of this Agreement by me, in addition to all other remedies available to the Company at law or in equity.

 

I agree that, in the event the restrictions
contained in this Agreement are not fully complied with, the period of the restrictions shall be extended to commence with the
date of full compliance and to run fully thereafter, reduced only by the length of time, if any, between the cessation of my employment
and the first violation of these restrictions.

 

16.           Miscellaneous.

 

(a)          No
failure or delay by the Company in exercising any right, power or privilege hereunder will operate as a waiver thereof, nor will
any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power
or privilege hereunder. This Agreement embodies the entire agreement and understanding between Employer and I with respect to the
subject matter hereof and supersedes all prior discussions, negotiations, agreements and understandings with respect to the subject
matter hereof. The headings used in this Agreement have been inserted for convenience of reference only and do not define or limit
the provisions hereof. This Agreement may not be amended except upon the written consent of Employer and my written consent. No
provision hereof may be waived except upon written consent of Employer.

 

(b)          I
understand that the restrictive covenants set forth in this Agreement shall be construed as provisions independent of any other
provision in this Agreement or in any other agreement by, between, among, or affecting me and the Company, and the existence of
any claim or cause of action by me against the Company, whether predicated on this Agreement or otherwise, shall not constitute
a defense to the enforcement of this Agreement.

 

(c)          For
purposes of this Agreement, (a) the words “include,” “includes” and “including” shall be deemed
to be followed by the words “without limitation”; (b) the word “or” is not exclusive and (c) the words
“herein,” “hereof,” “hereby,” “hereto” and “hereunder” 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 a statute means such statute as amended
from time to time and includes any successor legislation thereto and any regulations promulgated thereunder. This Agreement shall
be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument
or causing any instrument to be drafted. Each affiliate of the Company is an intended beneficiary/third party beneficiary of this
Agreement and each affiliate of the Company shall have the right to enforce any breach of the provisions this Agreement.

 

    	 	B-6	 

     

    

 

(d)          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); (c) on the date sent by facsimile or e-mail of a PDF document
(with confirmation of transmission) if sent during normal business hours of the recipient, and on the next business day if sent
after normal business hours of the recipient; or (d) 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 addresses set forth below
(or to such other address that may be designated by a party from time to time in accordance with this Section 16(d)):

 

		·	Employee: to the address contained in his personnel file.

 

		·	Employer: 620 West Germantown Pike, Suite 175, Plymouth Meeting, PA 19462, Attention: Chief Financial Officer, with a copy
to 620 West Germantown Pike, Suite 175, Plymouth Meeting, PA 19462, Attention: General Counsel.

 

(e)          This
Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania, without giving effect
to any choice of law or conflicts of laws provisions or rule of any jurisdiction that would cause the substantive laws of any other
jurisdiction to apply.

 

(f)          The
parties hereby mutually agree that any dispute between them arising out of or relating to this Agreement must be submitted for
resolution by binding arbitration in accordance with the most current Employment Arbitration Rules and Mediation Procedures of
the American Arbitration Association (“AAA”), including the Optional Appellate Arbitration Rules (“Appellate
Rules”) effective November 1, 2013. A court of competent jurisdiction shall have the authority to enter a judgment upon the
award made pursuant to the arbitration.

 

HOWEVER, I UNDERSTAND THAT I SHALL HAVE
NO RIGHT OR AUTHORITY TO HAVE ANY DISPUTE ARBITRATED AS A CLASS OR COLLECTIVE ACTION, NOR SHALL I HAVE ANY RIGHT OR AUTHORITY TO
JOIN ANY SUCH ACTION. FURTHER, THE ARBITRATOR SHALL HAVE NO RIGHT TO CERTIFY, CONSOLIDATE, OR COLLECTIVELY ARBITRATE MULTIPLE INDEPENDENT
CLAIMS.

 

In addition, I understand that nothing
in this Agreement shall prevent the Company from applying to courts where necessary to obtain emergency or temporary injunctive
relief in order to prevent irreparable harm pending arbitration of the dispute between the parties.

 

Binding arbitration under this Agreement
shall be conducted in Montgomery County, Pennsylvania, unless the parties mutually agree to another location. The arbitration shall
be conducted before a neutral arbitrator selected by both parties from the AAA’s Employment Dispute Resolution Roster. Costs
of the arbitration will be governed by the AAA’s Employment Arbitration Rules and Mediation Procedures. The Federal Rules
of Civil Procedure and any comparable state rules shall not apply to the binding arbitration; however, the parties will be permitted
to conduct discovery in accordance with the Federal Rules of Civil Procedure. The arbitrator shall issue a written opinion setting
forth the factual and legal findings and conclusions on which his or her decision is based.

  

    	 	B-7	 

     

    

 

The arbitrator shall be authorized to award
whatever remedies are allowed by law, but such remedies shall be limited to those that would be available to a party in a court
of law for the claims presented to, and decided by, the arbitrator. Except as may be permitted or required by law, neither a party
nor an arbitrator may disclose the existence, content, or results of any arbitration hereunder without the prior written consent
of all parties.

 

A demand for arbitration must be submitted
within the appropriate statute of limitations period under governing law. Any demand for arbitration made to the Company must be
in writing and delivered by hand or first class mail to 620 West Germantown Pike, Suite 175, Plymouth Meeting, PA 19462, Attention:
Chief Financial Officer, with a copy to 620 West Germantown Pike, Suite 175, Plymouth Meeting, PA 19462, Attention: General Counsel
(or to such other address that may be designated by the Company from time to time in accordance with Section 16(d)). The arbitrator
shall resolve all disputes regarding the timeliness or propriety of the demand for arbitration.

 

In the event that any portion of the Appellate
Rules is deemed invalid, void or unenforceable, the right of either party to appeal from an arbitration award shall be abolished
and the arbitration award shall be final and binding.

 

(g)          I
may not assign or otherwise transfer this Agreement or any of my rights or obligations hereunder without the prior written consent
of Employer. Employer reserves the right to assign its rights under this Agreement, including to any purchaser of all or any portion
of its assets (including by way of merger, consolidation or purchase of assets). This Agreement shall be binding upon and inure
to the benefit of Employer and my benefit, and our successors and permitted assigns. If any portion or provision of this Agreement
shall to any extent be held to be invalid, illegal or unenforceable by a court of competent jurisdiction or by an arbitrator in
accordance with Section 16(f), (i) then the remainder of this Agreement, or the application of such portion or provision in circumstances
other than those as to which it is so determined invalid, illegal or unenforceable, shall not be affected thereby, and each portion
and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by applicable law and (ii) the parties
agree that the court or arbitrator making such determination shall have the power to delete, amend or reduce the duration or scope
of, the provision thus determined to be invalid, illegal or unenforceable to the extent necessary for said provision to be determined
valid, legal and enforceable, such deletion or reduction to apply only with respect to the operation of this Agreement in the particular
jurisdiction or arbitration in which such determination is made.

 

(h)          Nothing
contained in this Agreement shall be construed as giving me any right to be retained in the employ of Employer or any of its affiliates.

 

(i)          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.

 

[Signature Page Follows]

 

    	 	B-8	 

     

    

 

I HAVE READ THIS AGREEMENT CAREFULLY AND
I UNDERSTAND AND ACCEPT THE OBLIGATIONS THAT IT IMPOSES UPON ME WITHOUT RESERVATION, AND HEREBY ACKNOWLEDGE RECEIPT OF A COPY OF
SUCH AGREEMENT. OTHER AS STATED HEREIN, NO PROMISES OR REPRESENTATIONS HAVE BEEN MADE TO ME TO INDUCE ME TO SIGN THIS AGREEMENT.
I SIGN THIS AGREEMENT VOLUNTARILY AND FREELY AND INTENDING TO BE LEGALLY BOUND. 

 

I UNDERSTAND THAT BY SIGNING THIS AGREEMENT
I AM WAIVING THE ABILITY TO FILE A LAWSUIT IN COURT TO CHALLENGE ANY ACTION THAT IS COVERED BY THIS AGREEMENT. 

 

	 	/s/ Clifford R. Martin
	 	Clifford R. Martin
	 	 
	 	Dated: September 15, 2017

  

Agreed and acknowledged as of September 15, 2017:

 

AMREP Corporation

 

	By:	 /s/ Christopher V. Vitale 	 
	 	Name: Christopher V. Vitale	 
	 	Title:  President and Chief Executive Officer	 

 

    	 	B-9Exhibit 10.1

 

AGREEMENT

This Agreement (the “Agreement”) is entered into effective as of September 15, 2017 (the “Effective Date”), by and between Medizone International, Inc., a Nevada corporation (the “Company”), and David A. Dodd, a resident of the State of South Carolina (“Executive”).

RECITALS

A.          The Company desires to employ Executive as its Chief Executive Officer and to obtain Executive’s service as a member of the Board of Directors of the Company and Executive desires to be employed by the Company as its Chief Executive Officer and to serve as a member of the Board of Directors.

B.          The Company and Executive desire to enter into this Agreement to establish the terms of Executive’s employment on the terms and conditions more fully described and set forth herein.

AGREEMENT

NOW,          THEREFORE, in consideration of the mutual promises herein, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Company and Executive hereby agree as follows:

1.          Term. This Agreement shall be effective commencing September 15, 2017 (the “Effective Date”) and Executive’s employment shall continue hereunder until the second anniversary of the Effective Date, unless terminated earlier pursuant to Section 5 of this Agreement; provided, that, on such second anniversary of the Effective Date and on each annual anniversary of the Effective Date thereafter (such second anniversary date and each annual anniversary thereafter, being a “Renewal Date”), this Agreement shall be deemed to be automatically extended, upon the same terms and conditions, for successive periods of one (1) year each, unless either party provides written notice to the other party of its intention not to extend the term of this Agreement at least 90 days prior to the applicable Renewal Date. The period during which Executive is employed by Company hereunder is hereinafter referred to as the “Employment Term.”

2.          Position and Duties.

2.1          Position. During the Employment Term, Executive shall serve as the Chief Executive Officer of Company, with the title “Chief Executive Officer.” As Chief Executive Officer, Executive shall be the principal executive officer of Company and shall have such duties, authority and responsibility as shall be determined from time to time by the Board, which duties, authority and responsibility shall be customary for persons occupying such position in companies of like size and type. All of the members of Company’s executive management team shall report directly to Executive, except to the extent he determines otherwise. At each annual meeting of Company shareholders during the Employment Term, Company shall nominate Executive to serve as a member of the Board. Executive shall not receive any additional

compensation for services as a member of the Board. Executive shall, if requested, also serve as an officer or director of any affiliate of Company for no additional compensation.

2.2          Duties. Executive shall devote substantially all of Executive’s business time and attention to the performance of Executive’s duties hereunder and will not engage in any other business, profession or occupation for compensation or otherwise which would conflict or materially interfere with the performance of such services either directly or indirectly without the prior written consent of the Board. Notwithstanding the foregoing, Executive will be permitted to (a) with the prior written consent of the Board (not to be unreasonably withheld) act or serve as a director, trustee, committee member or principal of any type of business, civic or charitable organization as long as such activities are disclosed in writing to the Board in accordance with Company’s conflict of interest policy, and (b) purchase or own less than two percent (2%) of the publicly traded securities of any entity; provided, that such ownership represents a passive investment and that Executive is not a controlling person of, or a member of a group that controls, such entity; and provided further, that the activities described in clauses (a) and (b) of this Section 2.2, in each case and in the aggregate, do not materially interfere with the performance of Executive’s material duties and responsibilities to Company as provided hereunder, including, but not limited to, the obligations set forth in this Section 2. Executive has disclosed all such business, civic and charitable organizations for which he serves as of the date of this Agreement, and the Board has acknowledged that, as of the date of this Agreement, the same do not currently conflict with, and are not expected to interfere with, Executive’s duties hereunder.

3.          Place of Performance. The Company’s current principal executive office is located in Kalamazoo, Michigan. Given the existing remote location of key executives of the Company and the future potential of moving the US corporate headquarters to support the growth of the business, the Executive will not be required to relocate or establish Kalamazoo as the Executive’s principal place of employment. However, the Executive will be required to establish a consistent presence in the executive office to ensure the effective and efficient operation of the business. The Executive will be required to travel on Company business during the Employment Term.

4.          Compensation.

4.1          Base Salary. Company shall pay Executive an annual base salary at the rate of $250,000 payable in substantially equal installments in accordance with Company’s customary payroll practices regarding the payment of base salary to executives but no less frequently than monthly (except to the extent Executive has properly deferred such base salary pursuant to a Company deferred compensation plan or arrangement, if any). Executive’s base salary shall be reviewed at least annually by the Compensation Committee of the Board (the “Compensation Committee”) and the Compensation Committee may, but shall not be required to, increase the base salary during the Employment Term, subject to approval of a majority of independent Board members. Executive’s annual base salary, as in effect from time to time, is hereinafter referred to as “Base Salary.”

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4.2          Annual Bonus.

(a)          For each completed fiscal year of Company (“Fiscal Year”) during the Employment Term, Executive shall have the opportunity to earn an annual bonus based on achievement of annual performance goals established by the Compensation Committee in its good faith discretion (an “Annual Bonus”) with a target amount equal to 65% of Base Salary as in effect at the beginning of the applicable Fiscal Year (the “Target Bonus”) for superior achievement of the applicable performance goals for such Fiscal Year, as determined by the Compensation Committee in its good faith discretion and approved by a majority of independent Board members.

(b)          The Annual Bonus earned by Executive for any particular Fiscal Year, if any, will be paid by the end of the first calendar month of the next Fiscal Year (except to the extent Executive has properly deferred the Annual Bonus pursuant to a Company deferred compensation plan or arrangement, if any).

(c)          An Annual Bonus shall not be deemed earned by Executive until the Compensation Committee has determined Executive’s entitlement to such Annual Bonus in accordance with the terms of the applicable Annual Bonus plan, the full Board has approved the Annual Bonus, and Executive has met the applicable employment requirement.

4.3          Equity Awards.  Executive shall be eligible for equity incentive awards made at the same time as awards are made to other executive management members during the Employment Term. The Compensation Committee shall determine the composition and size of Executive’s equity incentive awards granted for later Fiscal Years during the Employment Term in its discretion. Executive agrees and acknowledges that the actual value of any performance-based award will be based upon performance in relation to the performance goals used for the award. The terms and conditions of each equity incentive award granted to Executive shall be governed by the terms and conditions of the Company’s equity incentive plan and the applicable award agreement evidencing the award, which shall be consistent with the form of award agreement evidencing the grant of similar awards to other executives of the Company as of the applicable grant date. Upon the Effective Date, Executive will be granted the following: 1,000,000 shares of restricted stock that will vest on the date that is six months following the Effective Date and 1,000,000 shares of restricted stock that will vest immediately upon AsepticSure’s commercial entry into the US market. Notwithstanding the foregoing, all shares of restricted stock will vest immediately in the event of a “Change of Control” of the Company (as such term is defined in the Change of Control Agreement being entered into by the Company and Executive on the Effective Date).

4.4          Employee Benefits. During the Employment Term, Executive shall be eligible to participate in all employee benefit plans, practices and programs maintained by the Company, as in effect from time to time, on a basis which is no less favorable than is provided to other executives of the Company, to the extent consistent with applicable law and the terms of the applicable employee benefit plans. Company reserves the right to amend or cancel any

3

employee benefit plans at any time in its sole discretion, subject to the terms of such employee benefit plan and applicable law.

4.5          Vacation. During the Employment Term, Executive shall be eligible for four weeks of paid vacation per calendar year (prorated for partial years) in accordance with Company’s vacation policies, as in effect from time to time.

4.6          Business Expenses. Executive shall be eligible for reimbursement of all reasonable and necessary out-of-pocket business, entertainment and travel expenses incurred by Executive in connection with the performance of Executive’s duties hereunder in accordance with Company’s expense reimbursement policies and procedures for senior executives.

4.7          Indemnification. In the event that Executive is made a party or threatened to be made a party to any action, suit, or proceeding, whether civil, criminal, administrative or investigative (a “Proceeding”), other than any Proceeding initiated by Executive or Company related to any contest or dispute between Executive and Company or any of its affiliates with respect to this Agreement or Executive’s employment hereunder, by reason of the fact that Executive is or was a director or officer of Company, or any affiliate of Company, or is or was serving at the request of Company as a director, officer, member, employee or agent of another corporation or partnership, joint venture, trust or other enterprise, Executive shall be indemnified and held harmless by Company to the maximum extent permitted under Nevada law, as the same exists or may hereafter be amended (if amended to be more favorable to Executive), or to the extent provided in Company’s articles of incorporation and bylaws (including advances) if more favorable to Executive than the provisions of Nevada law, from and against any liabilities, costs, claims and expenses, including all costs and expenses incurred in defense of any Proceeding (including attorney fees). This Section 4.7 shall survive the termination or expiration of this Agreement and of Executive’s employment.

4.8          Clawback Provisions. Notwithstanding any other provisions in this Agreement to the contrary, Executive agrees that incentive-based compensation and other amounts paid to Executive pursuant to this Agreement or any other agreement or arrangement with Company will be subject to clawback under any Company clawback policy that is uniformly applicable to senior executives (including any such policy adopted by Company pursuant to applicable law, government regulation or stock exchange listing requirement), except to the extent the Compensation Committee determines that applicable law, government regulation or stock exchange listing requirement makes it necessary to apply non-uniform treatment.

4.9          Compensation Conversion. Executive shall be eligible to receive equity instead of cash compensation payable under Sections 4.1 and 4.2 in the event the Company needs to conserve cash to operate essential elements of the Company. The Compensation Committee of the Board shall approve all conversions to include timing and size of conversion in its sole discretion.

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5.          Termination.

5.1          Nothing in this Agreement shall be construed to alter the at-will employment relationship between Company and the Executive. Subject to the terms set forth in this Agreement, either Company or Executive may terminate Executive’s employment at any time for any reason, with or without Cause, as defined below; provided, however, that, unless otherwise provided herein, Executive shall be required to give Company at least 90 days’ advance written notice of any termination of Executive’s employment by Executive. Upon termination of Executive’s employment during the Employment Term, Executive shall be eligible to receive the compensation and benefits described in this Section 5 and shall have no further rights to any compensation or any other benefits from Company or any of its affiliates. Upon termination during the Employment Term for any reason, with or without Cause, Executive shall receive: (i) all Base Salary accrued and unpaid as of the date of termination; (ii) any unreimbursed business expenses incurred by Executive on the Company’s behalf; (iii) any unpaid accrued vacation; and (iv) any other amounts required to be paid under any benefit plan or program in which Executive participates or any other amounts mandated by law (the amounts referred to in the preceding clauses (i) through (iv) are referred to hereinafter as the “Accrued Amounts”).

5.2          Termination for Cause. Executive’s employment may be terminated by Company upon simple notice in writing transmitted to Executive, without Company being bound to pay any compensation whatsoever (other than, for the avoidance of doubt, the Accrued Amounts), if termination is for any of the following reasons, each of which constitutes Cause:

(i)          Executive is declared bankrupt or insolvent or makes an assignment of his property or is placed under protective supervision, which situations the Executive acknowledges to be incompatible with the continuation of his employment.

(ii)          Executive breaches the terms of this Agreement in any material respect.

(iii)          Executive fundamentally or materially fails to perform his duties as Chief Executive Officer of Company.

(iv)          There is a conclusive determination that Executive has committed any fraud, theft, embezzlement or other criminal act of a similar nature.

(v)          Executive has committed serious misconduct or willful or gross negligence in the performance of his duties.

(vi)          Executive fails or refuses to follow reasonable directives of the Board.

(vii)          Executive engages in willful or reckless conduct, causing material damage to Company or Company’s business.

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(viii)          Executive misuses or abuses alcohol, drugs or controlled substances.

(ix)          Executive uses or discloses in an unauthorized way the Company’s confidential or trade secret information.

(x)          Executive conducts himself publicly, by speech or behavior, in such a manner as to cause public embarrassment, scandal or ridicule to the Company.

Except for a failure, breach, or refusal which, by its nature, cannot reasonably be expected to be cured, Executive shall have 10 business days from the delivery of written notice by  Company within which to cure any acts constituting Cause; provided however, that, if Company reasonably expects irreparable injury from a delay of 10 business days, Company may give the Executive notice of such shorter period within which to cure as is reasonable under the circumstances, which may include the termination of Executive's employment without notice and with immediate effect.

5.3          Death or Disability.

(a)          The Employment Term and Executive’s employment hereunder shall terminate automatically upon Executive’s death during the Employment Term, and Company or Executive may terminate the Employment Term and Executive’s employment hereunder on account of Executive’s Disability.

(b)          If Executive’s employment is terminated during the Employment Term on account of Executive’s death or Disability, Executive (or Executive’s estate and/or beneficiaries, as the case may be) shall be entitled to receive the following:

(i)          The Accrued Amounts (which amounts shall be paid in accordance with Section 5.1);

(ii)          An amount equal to the bonus awarded to Executive with respect to the Fiscal Year prior to termination of his employment pursuant to this Section 5.3(b) (the “Prior Year Bonus”) to the extent not previously paid to the executive;

(iii)          An amount equal to the Prior Year Bonus multiplied by a fraction, the numerator of which shall be the number of whole months elapsed in the Fiscal Year in which the termination of his employment occurs and the denominator of which shall be 12 (the “Pro Rata Bonus”); and

(iv)          The treatment of any outstanding equity awards shall be determined in accordance with the terms of the applicable equity incentive plans and the applicable award agreements and Section 4.3 of this Agreement.

(c)          For purposes of this Agreement, “Disability” shall mean Executive is entitled to receive long-term disability benefits under Company’s long-term disability plan, or

6

if there is no such plan, the Executive’s inability, due to physical or mental incapacity, to perform the essential functions of his job, for 180 days out of any 365-day period; provided however, in the event that the Company temporarily replaces the Executive, or transfers the Executive’s duties or responsibilities to another individual on account of the Executive’s inability to perform such duties due to a mental or physical incapacity which is, or is reasonably expected to become, a Disability, then the Executive’s employment shall not be deemed terminated by Company and Executive shall not be able to resign with Good Reason as a result thereof. Any question as to the existence of the Executive’s Disability as to which Executive and Company cannot agree shall be determined in writing by a qualified independent physician mutually acceptable to Executive and Company. If Executive and Company cannot agree as to a qualified independent physician, each shall appoint such a physician and those two physicians shall select a third who shall make such determination in writing. The determination of Disability made in writing to Company and Executive shall be final and conclusive for all purposes of this Agreement.

5.4          Good Reason. Executive shall have the right to resign at any time for any of the following reasons, each of which shall constitute “Good Reason”:

(a)          A material reduction of the Executive’s total compensation (including his Base Salary, Annual Bonus opportunities, benefits and stock option grant opportunities) as in effect on the Effective Date or as thereafter increased from time to time, provided such reduction is not warranted and due to Company performance.

(b)          A material, adverse change in Executive's title, authority, duties, or responsibilities (other than temporarily while the Executive is physically or mentally incapacitated or as required by applicable law) taking into account the Company's size, status as a public company, and capitalization as of the date of this Agreement.

(c)          A physical change of one hundred miles or more in the Executive’s principal place of business absent his express, written consent.

(d)          Company's failure to nominate the Executive for election to the Board and to use its best efforts to have him elected and re-elected, as applicable.

The Executive cannot terminate his employment for Good Reason unless he has provided written notice to the Company of the existence of the circumstances providing grounds for termination for Good Reason within 10 days of the initial existence of such grounds and the Company has had at least 15 business days from the date on which such notice is provided to cure such circumstances. If the Executive does not terminate his employment for Good Reason within 30 days after the first occurrence of the applicable grounds, then the Executive will be deemed to have waived his right to terminate for Good Reason with respect to such grounds.

5.5          Termination Without Cause or Resignation for Good Reason. In the event that Executive has a “separation from service” within the meaning of a §409A of the US Internal Revenue Code of 1986, as amended (a “Separation from Service”) as a result of  Company terminating Executive’s employment without Cause or Executive resigning for Good Reason,

7

then: (1) Executive’s right to exercise all then outstanding stock options granted to him shall fully and immediately vest on the effective date of his Separation from Service; (2)  Company shall pay to Executive in a lump sum (less applicable tax withholdings) an amount equal to two times the sum of his then Base Salary and his then target Annual Bonus; and, (3) Company shall purchase up to 18 months of the coverage required under the Consolidated Omnibus Budget Reconciliation Act of 1986 (“COBRA”). All payments due under this Section 5.5 shall be paid in US dollars by the Company no later than 10 business days after the date of the Executive’s Separation from Service unless there is a requirement to delay the payments under this Section 5. for six months to avoid a tax on the Executive under §409A of the US Internal Revenue Code of 1986 (the “Code”), the payment shall be so delayed by six months and one day.

5.6          Resignation of All Other Positions. Upon termination of Executive’s employment hereunder for any reason, Executive shall be deemed to have resigned from all positions that Executive holds as an officer or member of the board of directors (or a committee thereof) of Company or any of its affiliates.

5.7          Return of Property. Executive agrees that all property (including without limitation, all equipment, tangible proprietary information, documents, spreadsheets, records, notes, contracts and computer-generated materials), furnished to or created or prepared by Executive incident to Executive’s employment belongs to the Company and shall be promptly returned to the Company upon termination of Executive’s employment. The parties acknowledge that Executive may use personal property (such as laptops, computers, cell phones, printers, etc.) in the performance of his duties hereunder. To the extent Executive uses his personal property as described, Company acknowledges that such property is the personal property of Executive and Company asserts no ownership interest in or claim to such property. Upon termination of this Agreement and Executive’s employment hereunder, Executive shall retain his personal property; provided, however, that all Company property described in this paragraph that may be contained on such laptops, computers, cell phones, etc., shall be removed from all such devices.

6.          Confidential Information. Executive acknowledges that during the Employment Term, Executive will have access to and learn about Confidential Information, as defined below.

6.1          Definition. For purposes of this Agreement, “Confidential Information” includes, but is not limited to, all information not generally known to the public, in spoken, printed, electronic or any other form or medium, relating directly or indirectly to: information concerning customers or vendors (including special terms and deals), employees, marketing plans, business plans, operations, pricing, promotions, policies, publications, services, strategies, techniques, contracts, transactions, negotiations, trade secrets, financial information, employee lists, internal controls, security procedures, market studies, sales information, customer lists, distributor lists, and buyer lists of Company or its businesses or any existing or prospective customer, supplier, investor or other associated third party, or of any other person or entity that has entrusted information to Company in confidence. Executive understands that the above list is not exhaustive, and that Confidential Information also includes other information that is marked or otherwise identified as confidential or proprietary, or that would otherwise appear to a reasonable person to be confidential or proprietary in the context and circumstances in which the

8

information is known or used. Executive understands and agrees that Confidential Information includes information developed by Executive in the course of Executive’s employment by Company as if Company furnished the same Confidential Information to Executive in the first instance. Confidential Information shall not include information that is generally available to and known by the public at the time of disclosure to Executive; provided that such disclosure is through no direct or indirect fault of Executive or person(s) acting on Executive’s behalf.

6.2          Company Creation and Use of Confidential Information. Executive understands and acknowledges that Company has invested, and continues to invest, substantial time, money and specialized knowledge into developing its resources, creating a customer base, generating customer and potential customer lists, training its employees, and improving its offerings in the field of disinfectant technologies. Executive understands and acknowledges that as a result of these efforts, Company has created, and continues to use and create Confidential Information. This Confidential Information provides Company with a competitive advantage over others in the marketplace.

6.3          Disclosure and Use Restrictions. Executive agrees and covenants: (i) to treat all Confidential Information as strictly confidential; (ii) not to directly or indirectly disclose, publish, communicate or make available Confidential Information, or allow it to be disclosed, published, communicated or made available, in whole or part, to any entity or person whatsoever (including other employees of Company not having a need to know and authority to know and use the Confidential Information in connection with the business of Company and, in any event, not to anyone outside of the direct employ of Company except as required in the performance of Executive’s authorized employment duties to Company or with the prior consent of the Board acting on behalf of Company in each instance (and then, such disclosure shall be made only within the limits and to the extent of such duties or consent)); and (iii) not to access or use any Confidential Information, and not to copy any documents, records, files, media or other resources containing any Confidential Information, or remove any such documents, records, files, media or other resources from the premises or control of Company, except as required in the performance of Executive’s authorized employment duties to Company or with the prior consent of the Board acting on behalf of Company in each instance (and then, such disclosure shall be made only within the limits and to the extent of such duties or consent). Nothing herein shall be construed to prevent disclosure of Confidential Information as may be required (i) for Executive’s enforcement of rights or defense of claims under this Agreement or (ii) by applicable law or regulation, or pursuant to the valid order of a court of competent jurisdiction or an authorized government agency, provided that the disclosure does not exceed the extent of disclosure required by such law, regulation or order. Executive shall (if lawful) promptly provide written notice of any such order to the Board.

6.4          Executive understands and acknowledges that Executive’s obligations under this Agreement with regard to any particular Confidential Information shall commence immediately upon Executive first having access to such Confidential Information (whether before or after Executive begins employment by Company) and shall continue during and after Executive’s employment by Company until such time as such Confidential Information has

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become public knowledge other than as a result of Executive’s breach of this Agreement or breach by those acting in concert with Executive or on Executive’s behalf.

6.5          The Defend Trade Secrets Act of 2016 provides immunity from state and federal civil or criminal liability for the disclosure of a trade secret in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney, but in either case only if the disclosure is solely for the purpose of reporting or investigating a suspected violation of law or in a complaint or other document filed with a court in a lawsuit or other proceeding, if the filing of that document is made under seal and any other disclosure of the trade secret Executive makes is only as allowed by the court.

7.          Restrictive Covenants.

7.1          Acknowledgment. Executive acknowledges that in the course of his employment with Company, Executive will have access to and gain knowledge of the trade secrets and other Confidential Information of Company and its subsidiaries. Executive understands that the nature of Executive’s position gives Executive access to and knowledge of Confidential Information and places Executive in a position of trust and confidence with Company. Executive understands and acknowledges that the intellectual or artistic and other services Executive provides to Company are unique, special or extraordinary. Executive further understands and acknowledges that Company’s ability to reserve these for the exclusive knowledge and use of Company is of great competitive importance and commercial value to Company, and that improper use or disclosure by Executive is likely to result in unfair or unlawful competitive activity.

7.2          Non-Competition. Because of Company’s legitimate business interest as described herein and the good and valuable consideration offered to Executive, during the Employment Term and for the Restricted Period (as defined below) thereafter, to run consecutively, beginning on the last day of Executive’s employment with Company, for any reason or no reason and whether employment is terminated at the option of Executive or Company, Executive agrees and covenants that he will not, directly or through another person or entity, engage in Prohibited Activity in the Restricted Area. The “Restricted Period” shall be 12 months.

For purposes of this Section 7, “Restricted Area” means that area necessary to protect Company’s legitimate business needs, including all 50 states, People’s Republic of China, Hong Kong, Australia, New Zealand, Colombia, Mexico, Canada, the United Kingdom, France, Netherlands, Brazil, Argentina, Chile, or any other country where Company is then doing business. “Competitor” means enterprises that compete with Company for market share of products or services in the hospital disinfection or any other field of work for which the Company has licensed or registered intellectual property, including, but not limited to any no-touch disinfectant technology, as well as businesses having a particular product line or service in competition with a Company product line, and also includes any other company engaged in the sale of competing products.

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For purposes of this Section 7, “Prohibited Activity” is activity in which Executive contributes Executive’s knowledge, directly or indirectly, in whole or in part, as an employee, employer, owner, operator, manager, advisor, consultant, agent, employee, partner, director, distributor, stockholder, officer, volunteer, intern or any other similar capacity to a Competitor. During the Restricted Period, Executive shall not (i) own any interest in, control, or participate in any Competitor; or (ii) work for, become employed by, or provide services to (whether as an employee, consultant, independent contractor, officer, director, or board member) any Competitor. Nothing herein shall prohibit Executive from purchasing or owning less than two percent of the publicly traded securities of any corporation, provided that such ownership represents a passive investment and that Executive is not a controlling person of, or a member of a group that controls, such corporation.

This Section 7 does not, in any way, restrict or impede Executive from exercising protected rights to the extent that such rights cannot be waived by agreement or from complying with any applicable law or regulation or a valid order of a court of competent jurisdiction or an authorized government agency, provided that such compliance does not exceed that required by the law, regulation or order. Executive shall promptly provide written notice of any such order to the Board.

7.3          Non-Solicitation. During the Employment Term and for 12 months thereafter, to run consecutively, beginning on the last day of Executive’s employment with Company, for any reason or no reason and whether employment is terminated at the option of Executive or Company, Executive agrees and covenants not to directly or indirectly through another person or entity: (a) induce or solicit any Company employee to leave Company employ or otherwise interfere with such employee’s relationship with Company; provided, however, that nothing shall prohibit Executive from discharging any employee of Company as part of Executive’s regular duties while employed by Company; (b) hire any person who was a Company employee during the last six months of Executive’s employment; or (c) induce or solicit or attempt to influence any Customer, supplier, licensee, licensor, associate, distributor, sales agent, representative, or franchisee of Company about whom Executive has or may have had Confidential Information, or whom Executive, as a result of Executive’s employment with Company, contacted, solicited, or called upon to (i) cease doing business or change detrimentally its relationship with Company, or (ii) provide or purchase goods or services similar to the goods or services provided by it to or purchased by Company. “Customer” means any individual, company or other entity that has bought, buys, or may purchase or otherwise obtain goods or services from Company.

8.          Non-disparagement.

8.1          Executive. Executive agrees and covenants that Executive will not at any time make, publish or communicate to any person or entity or in any public forum any false, derogatory, defamatory or disparaging remarks, comments or statements concerning Company or its businesses, or any of its employees, officers, directors to or on behalf of any and existing or prospective customer, client, supplier, vendor, licensee, licensor, associate, distributor, sales agent, representative, franchisee, investor, competitor or other associated third party.

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8.2          Company. Company agrees and covenants that it will not authorize the making of, nor will the Board or any direct reports to the Chief Executive Officer at any time make, publish or communicate to any person or entity or in any public forum any defamatory or disparaging remarks, comments or statements concerning Executive.

This Section 8 does not, in any way, restrict or impede Executive or Company from exercising protected rights to the extent that such rights cannot be waived by agreement or from complying with any applicable law or regulation or a valid order of a court of competent jurisdiction or an authorized government agency, provided that such compliance does not exceed that required by the law, regulation or order. Executive shall; (if lawful) promptly provide written notice of any such order to the Board. In addition, this Section 8 does not in any way restrict or impede Executive from making good faith statements in internal performance discussions or reviews or denying false statements made by others.

9.          Acknowledgement. Executive acknowledges and agrees that the services to be rendered by Executive to Company are of a special and unique character; that Executive will obtain knowledge and skill relevant to Company’s industry, methods of doing business and marketing strategies by virtue of Executive’s employment; and that the restrictive covenants and other terms and conditions of this Agreement are reasonable and reasonably necessary to protect the legitimate business interest of Company. Executive further acknowledges that the amount of Executive’s compensation reflects, in part, Executive’s obligations and Company’s rights under Section 7, Section 8 and Section 9 of this Agreement; that Executive has no expectation of any additional compensation, royalties or other payment of any kind not otherwise referenced herein in connection herewith; that Executive will not be subject to undue hardship by reason of Executive’s full compliance with the terms and conditions of Section 7, Section 8 and Section 9 of this Agreement or Company’s enforcement thereof.

10.          Remedies. If, at the time of enforcement of any of the obligations in Section 7, a court shall hold that the duration, scope, or area restrictions are unreasonable, the parties agree that the maximum duration, scope, or area reasonable, as determined by the court, shall be substituted and that the court shall enforce the obligations as modified. In the event of a breach or threatened breach by Executive of Section 7, Section 8 or Section 9 of this Agreement, Executive hereby consents and agrees that Company shall be entitled to seek, in addition to other available remedies, a temporary or permanent injunction or other equitable relief against such breach or threatened breach from any court of competent jurisdiction, without the necessity of showing any actual damages or that money damages would not afford an adequate remedy, and without the necessity of posting any bond or other security. The aforementioned equitable relief shall be in addition to, not in lieu of, legal remedies, monetary damages or other available forms of relief. In addition, in the event of an alleged breach or violation by Executive of the obligations in Section 7, the applicable period of restriction shall be tolled until such breach or violation has been cured.

11.          Arbitration. Except as provided above for alleged violations of Sections 7, 8 and 9 of this Agreement, for which immediate equitable relief in an appropriate court of law specified in Section 16 may be sought, and except for claims for benefits under any Company benefit plan

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subject to the Employee Retirement Income Security Act of 1974, as amended, which shall be made and resolved in the manner specified in the claims procedures applicable to the plan at issue, any and all disputes and controversies arising under or in connection with this Agreement shall be settled by arbitration conducted before one arbitrator sitting in the State of Nevada, applying federal and/or Nevada law, or at such other location agreed by the parties hereto, in accordance with the Employment Arbitration Rules and Mediation Procedures of the American Arbitration Association then in effect. The parties shall be entitled to take the following discovery in such proceedings: a total of 20 interrogatories, document requests, or requests for admission; and up to two seven-hour depositions per party, with such discovery to be conducted in accordance with the Federal Rules of Civil Procedure. Upon motion, the arbitrator has the authority to permit additional discovery (and to place limits upon such additional discovery) upon a showing of compelling need by a party. Each party shall be entitled to present the testimony of one or more expert witnesses in such arbitration. The parties may submit post-hearing briefs within 21 days of the close of the arbitration hearing, and the determination of the arbitrator shall be made within 30 days following the receipt of the parties’ post-hearing briefs. The decision of the arbitrator shall be final and binding on the parties. A final judgment may be entered in any court having proper jurisdiction based on the award of the arbitrator. Company shall pay all reasonable fees of professionals and experts and other costs and fees incurred by Executive in connection with any arbitration relating to the interpretation or enforcement of any provision of this Agreement if Executive prevails on any material substantive issue in such proceeding; otherwise, each party shall be responsible for its own such fees and costs, and the costs of the arbitration (AAA fees, arbitrator fees, arbitrator expenses, room costs, etc.) shall be split evenly by the parties.

12.          WAIVER OF JURY TRIAL. TO THE EXTENT APPLICABLE, EACH OF THE PARTIES TO THIS AGREEMENT HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL FOR ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT.

13.          Proprietary Rights.

13.1          Work Product. Executive acknowledges and agrees that all inventions, innovations, improvements, developments, methods, designs, analyses, drawings, reports, and all similar or related information (whether or not patentable) which relate to Company’s or any of its subsidiaries’ actual or anticipated business, research and development, or existing or future products or services, and which are conceived, developed, made, or reduced to practice by Executive, alone or with others, while employed by Company (regardless of when or where the Work Product is prepared or whose equipment or other resources is used in preparing the same), and all printed, physical and electronic copies, all improvements, rights and claims related to the foregoing, and other tangible embodiments thereof (collectively, “Work Product”), as well as any and all rights in and to copyrights, trade secrets, trademarks (and related goodwill), mask works, patents and other intellectual property rights therein arising in any jurisdiction throughout the world and all related rights of priority under international conventions with respect thereto, including all pending and future applications and registrations therefor, and continuations,

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divisions, continuations-in-part, reissues, extensions and renewals thereof (collectively, “Intellectual Property Rights”), shall be the sole and exclusive property of Company. For purposes of this Agreement, Work Product includes, but is not limited to, Company information, including plans, publications, research, strategies, techniques, agreements, documents, contracts, terms of agreements, negotiations, know-how, computer programs, computer applications, software design, web design, work in process, databases, manuals, results, developments, reports, graphics, drawings, sketches, market studies, formulae, notes, communications, algorithms, product plans, product designs, styles, models, audiovisual programs, inventions, unpublished patent applications, original works of authorship, discoveries, experimental processes, experimental results, specifications, customer information, client information, customer lists, client lists, manufacturing information, marketing information, advertising information, and sales information.

13.2          Work Made for Hire; Assignment. Executive acknowledges and agrees that all writings and documentation of any kind produced by Executive in the course of working for Company are works made for hire (as that term is defined by U.S. Copyright law, 17 U.S.C. § 101) and the property of Company, including without limitation any copyrights in such writings and documentation. To the extent that the foregoing does not apply, Executive hereby irrevocably assigns to Company, for no additional consideration, Executive’s entire right, title and interest in and to all Work Product and Intellectual Property Rights therein, including the right to sue, counterclaim and recover for all past, present and future infringement, misappropriation or dilution thereof, and all rights corresponding thereto throughout the world. Nothing contained in this Agreement shall be construed to reduce or limit Company’s rights, title or interest in any Work Product or Intellectual Property Rights so as to be less in any respect than that Company would have had in the absence of this Agreement.

13.3          Further Assurances; Power of Attorney. Executive shall promptly disclose such Work Product to Company. During and after Executive’s employment, Executive agrees to reasonably cooperate with Company (at Company’s sole expense) to (a) apply for, obtain, perfect and transfer to Company the Work Product as well as an Intellectual Property Right in the Work Product in any jurisdiction in the world; and (b) maintain, protect and enforce the same, including, without limitation, executing and delivering to Company any and all applications, oaths, declarations, affidavits, waivers, assignments and other documents and instruments as shall be requested by Company. Executive hereby irrevocably grants Company a power of attorney to execute and deliver any such documents on Executive’s behalf in Executive’s name and to do all other lawfully permitted acts to transfer the Work Product to Company and further the transfer, issuance, prosecution and maintenance of all Intellectual Property Rights therein, to the full extent permitted by law, if Executive does not promptly cooperate with Company’s request (without limiting the rights Company shall have in such circumstances by operation of law). The power of attorney is coupled with an interest and shall not be affected by Executive’s subsequent incapacity.

13.4          No License. Executive understands that this Agreement does not, and shall not be construed to, grant Executive any license or right of any nature with respect to any Work

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Product or Intellectual Property Rights or any Confidential Information, materials, software or other tools made available to Executive by Company.

14.          Security. Upon (a) voluntary or involuntary termination of Executive’s employment or (b) Company’s request at any time during Executive’s employment, Executive shall (i) provide or return to Company any and all Company property, including keys, key cards, access cards, identification cards, security devices, employer credit cards, network access devices, computers, cell phones, smartphones, PDAs, pagers, fax machines, equipment, speakers, webcams, manuals, reports, files, books, compilations, work product, e-mail messages, recordings, tapes, disks, thumb drives or other removable information storage devices, hard drives, negatives and data and all Company documents and materials belonging to Company and stored in any fashion, including but not limited to those that constitute or contain any Confidential Information or Work Product, that are in the possession or control of Executive, whether they were provided to Executive by Company or any of its business associates or created by Executive in connection with Executive’s employment by Company; and (ii) delete or destroy all copies of any such documents and materials not returned to Company that remain in Executive’s possession or control, including those stored on any non-Company devices, networks, storage locations and media in Executive’s possession or control.

15.          Publicity. During the Employment Term, Executive hereby consents to any and all reasonable and customary uses and displays, by Company and its agents, representatives and licensees, of Executive’s name, voice, likeness, image, appearance and biographical information in, on or in connection with any pictures, photographs, audio and video recordings, digital images, websites, television programs and advertising, other advertising and publicity, sales and marketing brochures, books, magazines, other publications, CDs, DVDs, tapes and all other printed and electronic forms and media throughout the world, at any time during the period of Executive’s employment by Company, for all legitimate commercial and business purposes of Company (“Permitted Uses”), without royalty, payment or other compensation to Executive.

16.          Governing Law; Jurisdiction and Venue. This Agreement, for all purposes, shall be construed in accordance with the laws of Nevada without regard to conflicts of law principles. Subject to Section 12, any action or proceeding by either of the parties to enforce this Agreement shall be brought only in the Court of the Third Judicial District in and for Clark County, Nevada or the U.S. District Court including Clark County in its jurisdiction. The parties hereby irrevocably submit to the exclusive jurisdiction of such courts and waive the defense of inconvenient forum to the maintenance of any such action or proceeding in such venue. In any such proceeding, each of the parties hereby knowingly and willingly waives and surrenders such party’s right to trial by jury and agrees that such litigation shall be tried to a judge sitting alone as the trier of both fact and law, in a bench trial, without a jury.

17.          Entire Agreement. Unless specifically provided herein, this Agreement, in addition to the Change in Control Agreement, contains all of the understandings and representations between Executive and Company pertaining to the subject matter hereof and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to such subject matter. The parties mutually agree

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that this Agreement can be specifically enforced in court and can be cited as evidence in legal proceedings alleging breach of this Agreement.

18.          Modification and Waiver. No provision of this Agreement may be amended or modified unless such amendment or modification is agreed to in writing and signed by Executive and by an individual authorized by the Board. No waiver by either of the parties of any breach by the other party hereto of any condition or provision of this Agreement to be performed by the other party hereto shall be deemed a waiver of any similar or dissimilar provision or condition at the same or any prior or subsequent time, nor shall the failure of or delay by either of the parties in exercising any right, power or privilege hereunder operate as a waiver thereof to preclude any other or further exercise thereof or the exercise of any other such right, power or privilege.

19.          Severability. Should any provision of this Agreement be held by a court of competent jurisdiction to be enforceable only if modified, or if any portion of this Agreement shall be held as unenforceable and thus stricken, such holding shall not affect the validity of the remainder of this Agreement, the balance of which shall continue to be binding upon the parties with any such modification to become a part hereof and treated as though originally set forth in this Agreement. The parties further agree that any such court is expressly authorized to modify any such unenforceable provision of this Agreement in lieu of severing such unenforceable provision from this Agreement in its entirety, whether by rewriting the offending provision, deleting any or all of the offending provision, adding additional language to this Agreement or by making such other modifications as it deems warranted to carry out the intent and agreement of the parties as embodied herein to the maximum extent permitted by law. The parties expressly agree that this Agreement as so modified by the court shall be binding upon and enforceable against each of them. In any event, should one or more of the provisions of this Agreement be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions hereof, and if such provision or provisions are not modified as provided above, this Agreement shall be construed as if such invalid, illegal or unenforceable provisions had not been set forth herein.

20.          Captions. Captions and headings of the sections and paragraphs of this Agreement are intended solely for convenience and no provision of this Agreement is to be construed by reference to the caption or heading of any section or paragraph.

21.          Counterparts. This Agreement may be executed in separate counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument.

22.          Section 409A. To the extent necessary to ensure compliance with Section 409A, the provisions of this Section 22 shall govern in all cases over any contrary or conflicting provision in this Agreement, as follows:

22.1          Interpretation. It is intended that this Agreement comply with the requirements of Section 409A and all guidance issued thereunder by the U.S. Internal Revenue Service with respect to any nonqualified deferred compensation subject to Section 409A. This Agreement shall be interpreted and administered to maximize the exemptions from Section 409A

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and, to the extent this Agreement provides for deferred compensation subject to Section 409A, to comply with Section 409A and to avoid the imposition of tax, interest and/or penalties upon Executive under Section 409A. Company does not, however, assume any economic burdens associated with Section 409A. Although Company intends to administer this Agreement to prevent taxation under Section 409A, it does not represent or warrant that this Agreement complies with any provision of federal, state, local, or non-United States law. Company and its Subsidiaries, and their respective directors, officers, employees and advisers will not be liable to Executive (or any other individual claiming a benefit through Executive) for any tax, interest, or penalties Executive may owe as a result of this Agreement. Neither Company nor its Subsidiaries have any obligation to indemnify or otherwise protect Executive from any obligation to pay taxes under Section 409A.

22.2          409A Exemption. The right to a series of payments under this Agreement will be treated as a right to a series of separate payments. Each such payment that is made within 2 1⁄2 months following the end of the year that contains the Termination Date is intended to be exempt from Section 409A as a short-term deferral within the meaning of the final regulations under Section 409A. Each such payment that is made later than 2 1⁄2 months following the end of the year that contains the Termination Date is intended to be exempt under the two-times exception of Treasury Reg. §1.409A-1(b)(9)(iii), up to the limitation on the availability of that exception specified in the regulation. Then, each payment that is made after the “two-times” exception ceases to be available shall be subject to delay, as necessary, as specified below.

22.3          To the extent necessary to comply with Section 409A, in no event may Executive, directly or indirectly, designate the taxable year of payment. In particular, to the extent necessary to comply with Section 409A, if any payment to Executive under this Agreement is conditioned upon Executive executing and not revoking a release of claims and if the designated payment period for such payment begins in one taxable year and ends in the next taxable year, the payment will be made in the later taxable year.

22.4          Separation from Service. To the extent necessary to comply with Section 409A, references in this Agreement to “termination of employment” or “terminates employment” (and similar references) shall have the same meaning as “separation from service” under Section 409A(a)(2)(A)(i) and any governing Internal Revenue Service guidance and Treasury regulations (“Separation from Service”), and no payment subject to Section 409A that is payable upon a termination of employment shall be paid unless and until (and not later than applicable in compliance with Section 409A) Executive incurs a Separation from Service. In addition, if Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) at the time of Executive’s Separation from Service, any nonqualified deferred compensation subject to Section 409A that would otherwise have been payable on account of, and within the first six months following, Executive’s Separation from Service, and not by reason of another event under Section 409A(a)(2)(A), will become payable on the first business day after six months following the date of Executive’s Separation from Service or, if earlier, the date of the Executive’s death.

22.5          Reimbursement of Expenses. To the extent that any payment of or

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reimbursement by Company to Executive of eligible expenses under this Agreement constitutes a “deferral of compensation” within the meaning of Section 409A (a “Reimbursement”) (i) Executive must request the Reimbursement (with substantiation of the expense incurred) no later than 90 days following the date on which Executive incurs the corresponding eligible expense; (ii) subject to any shorter time period provided in any Company expense reimbursement policy or specifically provided otherwise in this Agreement, Company shall make the Reimbursement to Executive on or before the last day of the calendar year following the calendar year in which Executive incurred the eligible expense; (iii) Executive’s right to Reimbursement shall not be subject to liquidation or exchange for another benefit; (iv) the amount eligible for Reimbursement in one calendar year shall not affect the amount eligible for Reimbursement in any other calendar year; and (v) except as specifically provided otherwise in this Agreement, the period during which Executive may incur expenses that are eligible for Reimbursement is limited to five calendar years following the calendar year in which the Termination Date occurs.

23.          Successors and Assigns. This Agreement is personal to Executive and shall not be assigned by Executive. Any purported assignment by Executive shall be null and void from the initial date of the purported assignment. Company shall require any successor or assign (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of Company to expressly assume, in writing, all of Company’s obligations to Executive hereunder. This Agreement shall inure to the benefit of Company and permitted successors and assigns.

24.          Notice. Notices and all other communications provided for in this Agreement shall be in writing and shall be delivered personally or sent by registered or certified mail, return receipt requested, or by overnight carrier to Company at its principal executive offices, attention Chief Legal Officer, and to Executive, to such address as shall most currently appear on the records of Company (or such other addresses as specified by the parties by like notice).

25.          Representations of Executive. Executive represents and warrants to Company that: (a) Executive’s employment with Company and/or the execution, delivery, and performance of this Agreement by Executive do not and shall not conflict with, breach, violate, or cause a default under any contract, agreement, instrument, order, judgment, or decree to which Executive is a party or by which Executive is bound; and (b) Executive is not a party to or bound by any employment agreement, non-compete agreement, confidentiality agreement, or other post-employment obligation with any other person or entity that would limit Executive’s job duties or obligations with Company in any way.

26.          Withholding. Company shall have the right to withhold from any amount payable hereunder any Federal, state and local taxes in order for Company to satisfy any withholding tax obligation it may have under any applicable law or regulation.

27.          Survival. Upon any expiration or other termination of this Agreement: (i) each of Sections 4.10 (Indemnification), 6 (Confidential Information), 7 (Restrictive Covenants), 8 (Disparagement), 9 (Acknowledgment), 10 (Remedies), 11 (Arbitration), 12 (Waiver of Jury Trial), 13 (Proprietary Rights), 14 (Security), and 22 (Section 409A) shall survive such

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expiration or other termination; and (ii) all of the other respective rights and obligations of the parties hereto shall survive such expiration or other termination to the extent necessary to carry out the intentions of the parties under this Agreement.

28.          Acknowledgment of Full Understanding. EXECUTIVE ACKNOWLEDGES AND AGREES THAT EXECUTIVE HAS FULLY READ, UNDERSTANDS AND VOLUNTARILY ENTERS INTO THIS AGREEMENT. EXECUTIVE ACKNOWLEDGES AND AGREES THAT EXECUTIVE HAS HAD AN OPPORTUNITY TO ASK QUESTIONS AND CONSULT WITH AN ATTORNEY OF EXECUTIVE’S CHOICE BEFORE SIGNING THIS AGREEMENT.

 [SIGNATURES TO FOLLOW]

 

 

 

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IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the date first above written.

“COMPANY”

MEDIZONE INTERNATIONAL, INC., a

Nevada corporation

By:                                                                              

Name:  David A. Esposito

Its: Chairman and Interim CEO

		Address:	
350 East Michigan Ave. Suite 500

Kalamazoo, MI 49007

 Attn:  Chairman and Interim CEO

Phone:            269-370-9275

“EXECUTIVE”

____________________________________

Name: David A. Dodd

		Address:	
___________________________

_____________________________________

_____________________________________

Phone:_________________

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