Document:

Exhibit 10.4

 

Execution Copy

 

RELEASE AGREEMENT

 

This Release Agreement, dated as of February
9, 2015 (the “Release Agreement”), is made by American Republic Investment Co., a Delaware corporation
(“Seller”) in favor of Kable Media Services, Inc., a Delaware corporation (“KMS”),
Kable Distribution Services, Inc., a Delaware corporation (“KDS”), Kable News Company, Inc., an Illinois
corporation (“KNC”), Kable News International, Inc., a Delaware corporation (“KNI”),
Kable Distribution Services of Canada, Ltd., a Canadian corporation incorporated in Ontario, Canada (“KDSC”),
and Kable Product Services, Inc., a Delaware corporation (“KPS” and together with KMS, KDS, KNC, KNI
and KDSC, the “Company Group” and together with Seller, the “Parties”, and
each, a “Party”).

 

WITNESSETH:

 

WHEREAS, Seller owns all of the issued
and outstanding shares of capital stock of KMS;

 

WHEREAS, KMS owns all of the issued and
outstanding shares of capital stock of KDS, KNC and KPS;

 

WHEREAS, KDS owns all of the issued and
outstanding shares of capital stock of KNI, and KNC owns all of the issued and outstanding shares of capital stock of KDSC;

 

WHEREAS, Seller, KPS Holdco, LLC, a Pennsylvania
limited liability company (“Products Buyer”), and DFI Holdings, LLC, a Pennsylvania limited liability
company (“Distribution Buyer” and together with Products Buyer, collectively, “Buyers”),
are entering into a Stock Purchase Agreement, dated as of the date hereof (the “Purchase Agreement”),
pursuant to which Products Buyer shall acquire all of the issued and outstanding shares of capital stock of KPS and Distribution
Buyer shall acquire all of the issued and outstanding shares of capital stock of KMS, and will thereby become the direct or indirect
owners of the Company Group (the “Transaction”);

 

WHEREAS, all capitalized terms used but not
otherwise defined in this Release Agreement have the meanings ascribed to them in the Purchase Agreement;

 

WHEREAS, as part of the Transaction, Seller
and its Affiliates are releasing the Company Group from any Intercompany Agreements and Intercompany Accounts (as such terms are
hereinafter defined);

 

WHEREAS, in connection with the Transaction,
Seller, Buyers, Michael P. Duloc and the Company Group are entering into the Transaction Agreements to which they are a respective
signatory, as set forth therein; and

 

WHEREAS, as a material part of and as
a condition to the Transaction, the Parties are required to enter into and deliver this Release Agreement.

 

    	 

    	 

    

  

NOW, THEREFORE, in consideration of the
premises set forth above and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the Parties agree as follows:

 

1.           Release of the Company Group and
its Affiliates.

 

(a)          Effective as of the Closing, Seller,
for itself and on behalf of (A) its parent AMREP Corporation and the direct and indirect subsidiaries of AMREP Corporation, including
Kable Staffing Resources LLC, Palm Coast Data Holdco, Inc., Palm Coast Data LLC and FulCircle Media LLC and (B) each officer, director,
successor or assign of, respectively, Seller, its parent AMREP Corporation and the direct and indirect subsidiaries of AMREP Corporation,
including Kable Staffing Resources LLC, Palm Coast Data Holdco, Inc., Palm Coast Data LLC and FulCircle Media LLC (collectively,
“Releasors”), hereby irrevocably and unconditionally releases, waives and forever discharges the Company
Group, each Member of the Company Group, their respective Affiliates and the direct and indirect subsidiaries, Affiliates, employees,
officers, directors, stockholders, members, agents, representatives, successors and assigns of the Company Group and their respective
Affiliates (collectively, “Releasees”) (provided, however, that the term “Releasees” shall
not include any Buyer or Michael P. Duloc except in his capacity as an employee, officer and director of the Company Group) of
and from any and all actions, causes of action, suits, losses, liabilities, rights, debts, dues, sums of money, accounts, reckonings,
obligations, costs, expenses, liens, bonds, bills, specialties, covenants, contracts, controversies, agreements, promises, variances,
trespasses, damages, judgments, executions, claims, and demands, of every kind and nature whatsoever, whether now known or unknown,
foreseen or unforeseen, matured or unmatured, suspected or unsuspected, unanticipated as well as anticipated, that now exist or
may hereafter accrue based on matters now unknown as well as known, in law, admiralty or equity (collectively, “Claims”),
which any of such Releasors ever had, now have or hereafter can, shall or may have against any of such Releasees for, upon or by
reason of any matter, cause, conduct, event, occurrence, omission or thing whatsoever, existing or occurring before the Closing.

 

(b)          Notwithstanding the provisions
of Section 1(a), the term “Claims” shall not include

 

(i)         any obligations of any Releasee under
the Lease Agreement, dated November 7, 2008, between El Dorado Utilities, Inc. and KPS (as successor-in-interest to Kable Specialty
Packaging Services LLC) or the Offset Claim Agreement, dated as of the date hereof, between Palm Coast Data LLC and Kable Distribution
Services, Inc.;

 

(ii)        any obligations of any Releasee under
the Transaction Agreements;

 

(iii)       any statutory obligations of any
Releasee under the Retirement Plan or any Benefit Plan;

 

(iv)any obligations of any Releasee to
any Releasor solely in the Releasor’s capacity as a holder of securities of any Releasee; and

 

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(v)        any statutory obligations of any Releasee
under applicable Law to defend, indemnify and for advancement of expenses of any Releasor who is or was a director, officer or
employee of Releasee.

 

(c)          Seller, on behalf of itself and
each other Releasor, hereby irrevocably agrees to refrain from directly or indirectly asserting any claim or demand or commencing
(or causing to be commenced) any suit, action, or proceeding of any kind, in any court or before any tribunal, against any Releasee
based upon any Claim. It is understood and agreed by each Party that the release in this Section 1 is a general release
of each Releasee, and it is to be construed in the broadest possible manner consistent with applicable law.

 

(d)          Seller, on behalf of itself and
each other Releasor, represents and warrants that it or another Releasor is the exclusive owner of the Claims and that, as of the
date hereof, no Releasor has assigned, sold, transferred or otherwise conveyed any Claim to any other person or entity. Seller,
on behalf of itself and each other Releasor, represents and warrants that, as of the date of the date hereof, no Releasor has filed
with any court, tribunal or alternative dispute resolution organization any claim, demand, action, joinder or cause of action against
any Releasee. If this warranty and representation should later be found to be untrue, then, in addition to any other relief or
damages to which a Releasee may be entitled, Seller shall, at no cost or expense to any Releasee, immediately file all documents
and take all action necessary to have the claim, action or cause of action dismissed or discontinued with prejudice.

 

(e)          Seller, on behalf of itself and
each other Releasor, understands that it may later discover Claims or facts that may be different than, or in addition to, those
that any Releasor now knows or believes to exist regarding the subject matter of the release contained in this Section 1,
and which, if known at the time of signing this Release Agreement, may have materially affected this Release Agreement and such
Party’s decision to enter into it and grant the release contained in this Section 1. Nevertheless, Seller, on behalf
of itself and each other Releasor, intends to fully, finally and forever settle and release all Claims that now exist, may exist
or previously existed, as set forth in the release contained in this Section 1, whether known or unknown, foreseen or unforeseen,
or suspected or unsuspected, and the release given herein is and will remain in effect as a complete release, notwithstanding the
discovery or existence of such additional or different facts. Seller, on behalf of itself and each other Releasor, hereby waives
any right or Claim that might arise as a result of such different or additional Claims or facts.

 

(f)           For the avoidance of doubt, pursuant
to the release set forth in Section 1(a) hereof but subject to Section 1(b) hereof, all Intercompany Agreements shall
be deemed terminated, void and of no further force and effect, and no Member of the Company Group, on the one hand, or Seller or
any of its Affiliates (other than any Member of the Company Group), on the other hand, shall have any liabilities or obligations
under the Intercompany Agreements whatsoever to each other. For purposes of this Release Agreement, “Intercompany Agreements”
means any liabilities, debts, obligations or amounts owing under any current and prior agreements, contracts, tax sharing agreements,
licenses, leases, commitments, arrangements or understandings, written or oral, by, between or among any Member of the Company
Group, on the one hand, and one or more of Seller or any of its Affiliates (other than any Member of the Company Group), on the
other hand; provided, however, that the term “Intercompany Agreements” shall not include the Intercompany Amount Agreement
or any of the agreements specified in Section 1(b) hereof.

 

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(g)         For the avoidance of doubt, pursuant
to the release set forth in Section 1(a) hereof, all Intercompany Amounts (as hereinafter defined) owing from any Member
of the Company Group, on the one hand, to Seller or any of its Affiliates (other than the Members of the Company Group), on the
other hand, shall be deemed terminated, extinguished, forgiven, void and of no further force and effect, and no Member of the Company
Group shall have any liabilities or obligations with respect to the Intercompany Amounts whatsoever. For purposes of this Release
Agreement, “Intercompany Amounts” means the liabilities, debts, obligations or amounts owing (including
cash advances, federal and state taxes payable and receivable, intercorporate expense allocations, and other corporate charges
or transactions in goods or services) for, upon or by reason of any matter, cause, conduct, event, occurrence, omission or thing
whatsoever, existing or occurring before the Closing (whether or not reflected in the books and records of Seller or its Affiliates
or any Member of the Company Group) from any Member of the Company Group to Seller or any of its Affiliates (other than any Member
of the Company Group); provided that, the term “Intercompany Amounts” shall include the liabilities, debts, obligations
or amounts owing by any Releasee to any Releasor only to the extent that any such liabilities, debts, obligations, or amounts owing
were not previously transferred, setoff, extinguished or otherwise eliminated under the Intercompany Amount Agreement.

 

2.           Representations and Warranties.
Each Party hereby represents and warrants to the other Party that:

 

(a)         It has the full right, corporate
power and authority to enter into this Release Agreement, to grant the release contained herein and to perform its obligations
hereunder.

 

(b)         The execution of this Release
Agreement by the individual whose signature is set forth at the end of this Release Agreement on behalf of such Party, and the
delivery of this Release Agreement by such Party, have been duly authorized by all necessary corporate action on the part of such
Party.

 

(c)         This Release Agreement has been
executed and delivered by such Party and (assuming due authorization, execution and delivery by the other Party hereto) constitutes
the legal, valid and binding obligation of such Party, enforceable against such Party in accordance with its terms, except as may
be limited by any applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws and equitable principles related
to or affecting creditors’ rights generally or the effect of general principles of equity.

 

EXCEPT FOR THE EXPRESS REPRESENTATIONS
AND WARRANTIES OF THE PARTIES IN THE TRANSACTION AGREEMENTS, (A) NEITHER PARTY HERETO NOR ANY PERSON ON SUCH PARTY’S BEHALF
HAS MADE OR MAKES ANY EXPRESS OR IMPLIED REPRESENTATION OR WARRANTY WHATSOEVER, EITHER ORAL OR WRITTEN, WHETHER ARISING BY LAW,
COURSE OF DEALING, COURSE OF PERFORMANCE, USAGE OF TRADE OR OTHERWISE, ALL OF WHICH ARE EXPRESSLY DISCLAIMED, AND (B) EACH PARTY
HERETO ACKNOWLEDGES THAT, IN ENTERING INTO THIS RELEASE AGREEMENT, IT HAS NOT RELIED UPON ANY REPRESENTATION OR WARRANTY MADE BY
THE OTHER PARTY, OR ANY OTHER PERSON ON SUCH OTHER PARTY’S BEHALF.

 

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3.           Miscellaneous.

 

(a)          Waiver. Any failure of
a Releasor to comply with any of its obligations or agreements herein contained may be waived only in writing by Seller. Any failure
of Seller to comply with any of its obligations or agreements herein contained may be waived only in writing by the Releasors who
are Parties. No waiver granted hereunder shall be deemed a waiver of any subsequent breach or default of the same or similar nature.
No failure or delay by any Party in exercising any right or privilege hereunder shall operate as a waiver thereof, nor shall any
single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or
privilege.

 

(b)          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 facsimile (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):

 

	Company Group: 	
        c/o DFI Holdings, LLC

        3179 Deer Creek Road, 

Collegeville, PA 19426

        Attention: Michael P. Duloc

        Fax: 815-734-5233

         
	
        with a required copy to (which shall not 

constitute notice):

        Fox Rothschild LLP

        2700 Kelly Road, Suite 300

        Warrington, PA 18976

        Attention: Jeffrey H. Nicholas

        Fax: 215-345-7507

	Seller: 	
        c/o AMREP Corporation

        300 Alexander Park, Suite 204

        Princeton, New Jersey 08540

        Attention: General Counsel

        Fax: 609-716-8255

         
	
        with a required copy to (which shall not 

constitute notice):

        Duane Morris LLP

        222 Delaware Avenue

        Suite 1600

        Wilmington, DE 19801

        Attention: Christopher Winter

        Fax: 302-397-2455

         

 

(c)          Governing Law; Consent to Jurisdiction
and Waiver of Jury Trial.

 

(i)          This Release Agreement shall be
governed by and construed in accordance with the internal substantive Laws of the State of New York, without giving effect to any
choice of Law or conflict of Laws rules or provisions (whether of the State of New York or any other jurisdiction) that would cause
the application of the Laws of any jurisdiction other than the State of New York.

 

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(ii)        Each Party irrevocably submits
to the exclusive jurisdiction of the federal courts of the Southern District of New York or the courts of the State of New York
located in the City of New York for the purposes of any suit, action or other proceeding arising out of this Release Agreement
or any transaction contemplated hereby. Each Party further agrees that service of any process, summons, notice or document by U.S.
registered mail to such Party’s respective address set forth in the “Notices” section hereof shall be effective
service of process for any action, suit or proceeding with respect to any matters to which it has submitted to jurisdiction in
this Section. Each Party irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding
arising out of this Release Agreement or the transactions contemplated hereby in federal courts of the Southern District of New
York or the courts of the State of New York located in the City of New York, and hereby further irrevocably and unconditionally
waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has
been brought in an inconvenient forum. EACH PARTY HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING
OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS RELEASE AGREEMENT OR THE ACTIONS
OF SUCH PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT HEREOF.

 

(d)         Counterparts. This Release
Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall
constitute one and the same instrument. Execution and delivery of this Release Agreement by delivery of a facsimile or electronically
recorded copy in .pdf file format bearing a copy of the signature of a Party shall constitute a valid and binding execution and
delivery of this Release Agreement by such Party. Such copies shall constitute enforceable original documents.

 

(e)         Headings. The section headings
contained in this Release Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
of this Release Agreement. 

 

(f)         Entire Agreement. This
Release Agreement embodies the entire agreement and understanding of the Parties hereto in respect of the subject matter herein.
This Release Agreement supersedes all prior agreements and understandings between the Parties with respect to the subject matter
thereof.

 

(g)         Amendment. Any provision
of this Release Agreement may be amended if, and only if, such amendment is in writing and is signed by each Party to this Release
Agreement.

 

(h)         Binding Effect; Benefits.
This Release Agreement shall inure to the benefit of and be binding upon the Parties hereto and their respective successors and
permitted assigns; nothing in this Release Agreement, express or implied, is intended to confer on any Person, other than the Parties
and their respective successors and permitted assigns, the Releasors and the Releasees, any rights, remedies, obligations or liabilities
under or by reason of this Release Agreement. The Parties hereby designate all Releasees as third-party beneficiaries of Section
1 having the right to enforce this Release Agreement.

 

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(i)          Joint Drafting. The Parties
have participated jointly in the negotiation and drafting of this Release Agreement. In the event an ambiguity or question of intent
or interpretation arises, this Release Agreement shall be construed as if drafted jointly by the Parties and no presumption or
burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any of the provisions of this Release
Agreement.

 

(j)          Severability. Whenever
possible, each provision of this Release Agreement shall be interpreted in such manner as to be effective and valid under applicable
Law. If any provision of this Release Agreement is held to be prohibited by or invalid under applicable Law, such provision shall
be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the
remaining provisions of this Release Agreement. Upon such determination that any term or other provision is invalid, illegal or
incapable of being enforced, the Parties hereto shall negotiate in good faith to modify this Release Agreement so as to effect
the original intent of the Parties as closely as possible to the fullest extent permitted by applicable Law in an acceptable manner
to the end that the transactions contemplated hereby are fulfilled to the extent possible.

 

(k)         Interpretation. When a
reference is made in this Release Agreement to an Article, Section or Exhibit, such reference will be to an Article or Section
of, or an Exhibit to, this Release Agreement unless otherwise indicated. Whenever the words “include,” “includes”
or “including” are used in this Release Agreement, they will be deemed to be followed by the words “without limitation.”
The words “hereof,” “herein” and “hereunder” and words of similar import when used in this
Release Agreement will refer to this Release Agreement as a whole and not to any particular provision of this Release Agreement.
Unless the context expressly provides otherwise, any approval, determination, election or authorization required to be obtained
from a Party shall be at such Party’s sole discretion. The word “or” is not exclusive. All capitalized terms
used and defined in this Release Agreement shall have the meanings ascribed to them herein. All capitalized terms used but not
otherwise defined in this Release Agreement shall have the meanings ascribed to them in the Purchase Agreement. All terms defined
in this Release Agreement will have such defined meanings when used in any certificate or other document made or delivered pursuant
hereto unless otherwise defined therein. The definitions contained in this Release Agreement are applicable to the singular as
well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such term. Unless
otherwise indicated, any agreement, instrument or statute defined or referred to herein, or in any agreement or instrument that
is referred to herein, means such agreement, instrument or statute as from time to time amended, modified or supplemented, including
(in the case of agreements or instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor
statutes and references to all attachments thereto and instruments incorporated therein. References to a Person are also to its
permitted successors and assigns.

 

(l)          Assignability. This Release
Agreement shall not be assignable by any Party hereto without the prior written consent of the other Party.

 

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(m)        Specific Performance. Each
Party agrees that irreparable damage would occur in the event that any of the provisions of this Release Agreement were not performed
by them in accordance with the terms hereof and that each Party shall be entitled to specific performance of the terms hereof (without
the need to post bond or any other security), in addition to any other remedy at law or equity.

 

(n)         Expenses. Each Party shall
bear its own costs and expenses in connection with this Release Agreement and the transactions contemplated hereby, including all
legal, accounting, financial advisory, consulting and all other fees and expenses of third parties, except where specifically provided
to the contrary.

 

(o)         Disclosure. Company Group
consents to Seller or its Affiliates publicly disclosing this Release Agreement, including by filing such documents with the Securities
and Exchange Commission or the New York Stock Exchange.

 

(p)         Independent Counsel. Each
Party certifies that it has read the terms of this Release Agreement, that it understands the terms of this Release Agreement,
and that it is entering into this Release Agreement of its own volition. Each Party warrants and represents that it has (a) been
represented by an attorney of its choice in connection with the Transaction and received independent legal advice from such attorney
regarding its decision with respect to the advisability of making and entering into this Release Agreement, or (b) had sufficient
time, opportunity and means to engage an attorney of its choice in order to be represented by such attorney in connection with
the Transaction and to receive independent legal advice from such attorney regarding its decision with respect to the advisability
of making and entering into this Release Agreement, and has made a knowing and voluntary decision not to do so.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

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IN WITNESS WHEREOF, the Parties have
caused this Release Agreement to be duly executed and delivered as of the date first written above.

 

	American republic investment co.  
	 
	By:	/s/ Peter M. Pizza	 
	 	Name: Peter M. Pizza  
	 	Title: Vice President  

 

	KABLE MEDIA SERVICES, INC.	KABLE DISTRIBUTION SERVICES OF CANADA, LTD.
	 	 
	By:	/s/ Michael P. Duloc	 	By:	/s/ Michael P. Duloc	 
	 	Name: Michael P. Duloc	 	Name: Michael P. Duloc
	 	Title: President & Chief Executive Officer	 	Title: President & Chief Executive Officer

 

	KABLE DISTRIBUTION SERVICES, INC.	KABLE PRODUCT SERVICES, INC.
	 	 
	By:	/s/ Michael P. Duloc	 	By:	/s/ Michael P. Duloc	 
	 	Name: Michael P. Duloc	 	Name: Michael P. Duloc
	 	Title: President & Chief Executive Officer	 	Title: President & Chief Executive Officer

 

	KABLE NEWS COMPANY, INC.	KABLE NEWS INTERNATIONAL, INC.
	 	 
	By:	/s/ Michael P. Duloc	 	By:	/s/ Michael P. Duloc	 
	 	Name: Michael P. Duloc	 	Name: Michael P. Duloc
	 	Title: President & Chief Executive Officer	 	Title: President & Chief Executive Officer

 

Signature Page to Seller Release

(1/1)Exhibit 10.5 

 

 

 

 

Execution Copy

 

 

RELEASE
AGREEMENT

 

This Release
Agreement, dated as of February 9, 2015 (the “Release Agreement”), is made by Kable Media Services,
Inc., a Delaware corporation (“KMS”), Kable Distribution Services, Inc., a Delaware corporation (“KDS”),
Kable News Company, Inc., an Illinois corporation (“KNC”), Kable News International, Inc., a Delaware
corporation (“KNI”), Kable Distribution Services of Canada, Ltd., a Canadian corporation incorporated
in Ontario, Canada (“KDSC”), and Kable Product Services, Inc., a Delaware corporation (“KPS”
and together with KMS, KDS, KNC, KNI and KDSC, the “Company Group”), in favor of American Republic Investment
Co., a Delaware corporation (“Seller” and together with
the Company Group, the “Parties”, and each, a “Party”), and the other Releasees
(defined below), and acknowledged and accepted by KPS Holdco, LLC, a Pennsylvania limited liability company (“Products
Buyer”), and DFI Holdings, LLC, a Pennsylvania limited liability company (“Distribution Buyer”
and together with Products Buyer, collectively, “Buyers”).

 

WITNESSETH:

 

WHEREAS,
Seller owns all of the issued and outstanding shares of capital stock of KMS;

 

WHEREAS,
KMS owns all of the issued and outstanding shares of capital stock of KDS, KNC and KPS;

 

WHEREAS,
KDS owns all of the issued and outstanding shares of capital stock of KNI, and KNC owns all of the issued and outstanding shares
of capital stock of KDSC;

 

WHEREAS,
Seller and Buyers are entering into a Stock Purchase Agreement, dated as of the date hereof (the “Purchase
Agreement”), pursuant to which Products Buyer shall acquire all of the issued and outstanding shares of capital
stock of KPS and Distribution Buyer shall acquire all of the issued and outstanding shares of capital stock of KMS, and will thereby
become the direct or indirect owners of the Company Group (the “Transaction”);

 

WHEREAS, all
capitalized terms used but not otherwise defined in this Release Agreement have the meanings ascribed to them in the Purchase
Agreement;

 

WHEREAS, in connection
with the Transaction, Seller, Buyers, Michael P. Duloc and the Company Group are entering into the Transaction Agreements to which
they are a respective signatory, as set forth therein;

 

WHEREAS, as part
of the Transaction, Seller is assuming material pension liabilities of the Company Group, assigning valuable software and software
licenses held by an Affiliate of Seller to the Company Group, and extending a $2.0 million working capital line of credit to the
Company Group pursuant to the Line of Credit Note;

 

WHEREAS, as part
of the Transaction, Company Group and the other Releasors (as defined herein) are releasing the Seller and its Affiliates and
the other Releasees (as defined herein) from any Intercompany Agreements and Intercompany Accounts (each term as defined herein);
and

 

    	 

    	 

    

 

WHEREAS,
as a material part of and as a condition to the Transaction, the Parties are required to enter into and deliver this Release Agreement.

 

NOW, THEREFORE,
in consideration of the premises set forth above and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the Parties agree as follows:

 

1.            Release
of the Company Group and its Affiliates.

 

(a)            Effective
as of the Closing, each Member of the Company Group, for itself and on behalf of (A) each Affiliate of a Member of the Company
Group and (B) each officer, director, stockholder, member, successor or assign of (i) a Member of the Company Group or (ii) an
Affiliate of a Member of the Company Group (collectively, “Releasors”) hereby irrevocably and unconditionally
releases, waives and forever discharges Seller, its Affiliates and the direct and indirect subsidiaries, Affiliates, employees,
officers, directors, stockholders, members, agents, representatives, successors and assigns of Seller and its Affiliates (collectively,
“Releasees”) of and from any and all actions, causes of action, suits, losses, liabilities, rights,
debts, dues, sums of money, accounts, reckonings, obligations, costs, expenses, liens, bonds, bills, specialties, covenants, contracts,
controversies, agreements, promises, variances, trespasses, damages, judgments, executions, claims, and demands, of every kind
and nature whatsoever, whether now known or unknown, foreseen or unforeseen, matured or unmatured, suspected or unsuspected, unanticipated
as well as anticipated, that now exist or may hereafter accrue based on matters now unknown as well as known, in law, admiralty
or equity (collectively, “Claims”), which any of such Releasors ever had, now have or hereafter can,
shall or may have against any of such Releasees for, upon or by reason of any matter, cause, conduct, event, occurrence, omission
or thing whatsoever, existing or occurring before the Closing.

 

(b)          Notwithstanding
the provisions of Section 1(a), the term “Claims” shall not include:

 

(i)            any
obligations of any Releasee under the Lease Agreement, dated November 7, 2008, between El Dorado Utilities, Inc. and KPS (as successor-in-interest
to Kable Specialty Packaging Services LLC);

(ii)            any
obligations of any Releasee under the Transaction Agreements;

 

(iii)            any
statutory obligations of any Releasee under the Retirement Plan or any Benefit Plan;

 

(iv)            any obligations of any Releasee
to any Releasor solely in the Releasor’s capacity as a holder of securities of any Releasee; and

 

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(v)            any
statutory obligations of any Releasee under applicable Law to defend, indemnify and for advancement of expenses of any Releasor
who is or was a director, officer or employee of Releasee.

 

(c)           Each
Member of the Company Group, on behalf of itself and each other Releasor, hereby irrevocably agrees to refrain from directly or
indirectly asserting any claim or demand or commencing (or causing to be commenced) any suit, action, or proceeding of any kind,
in any court or before any tribunal, against any Releasee based upon any Claim. It is understood and agreed by each Party that
the release in this Section 1 is a general release of each Releasee, and it is to be construed in the broadest possible
manner consistent with applicable law.

 

(d)           Each
Member of the Company Group, on behalf of itself and each other Releasor, represents and warrants that it or another Releasor
is the exclusive owner of the Claims and that, as of the date hereof, no Releasor has assigned, sold, transferred or otherwise
conveyed any Claim to any other person or entity. Each Member of the Company Group, on behalf of itself and each other Releasor,
represents and warrants that, as of the date of the date hereof, no Releasor has filed with any court, tribunal or alternative
dispute resolution organization any claim, demand, action, joinder or cause of action against any Releasee. If this warranty and
representation should later be found to be untrue, then, in addition to any other relief or damages to which a Releasee may be
entitled, each Member of the Company Group shall, at no cost or expense to any Releasee, immediately file all documents and take
all action necessary to have the claim, action or cause of action dismissed or discontinued with prejudice.

 

(e)           Each
Member of the Company Group, on behalf of itself and each other Releasor, understands that it may later discover Claims or facts
that may be different than, or in addition to, those that any Releasor now knows or believes to exist regarding the subject matter
of the release contained in this Section 1, and which, if known at the time of signing this Release Agreement, may have
materially affected this Release Agreement and such Party’s decision to enter into it and grant the release contained in
this Section 1. Nevertheless, each Member of the Company Group, on behalf of itself and each other Releasor, intends to
fully, finally and forever settle and release all Claims that now exist, may exist or previously existed, as set forth in the
release contained in this Section 1, whether known or unknown, foreseen or unforeseen, or suspected or unsuspected, and
the release given herein is and will remain in effect as a complete release, notwithstanding the discovery or existence of such
additional or different facts. Each Member of the Company Group, on behalf of itself and each other Releasor, hereby waives any
right or Claim that might arise as a result of such different or additional Claims or facts.

 

(f)           For
the avoidance of doubt, pursuant to the release set forth in Section 1(a) hereof but subject to Section 1(b) hereof,
all Intercompany Agreements shall be deemed terminated, void and of no further force and effect, and no Member of the Company
Group, on the one hand, or Seller or any of its Affiliates (other than any Member of the Company Group), on the other hand, shall
have any liabilities or obligations under the Intercompany Agreements whatsoever to each other. For purposes of this Release Agreement,
“Intercompany Agreements” means any liabilities, debts, obligations or amounts owing under any current and
prior agreements, contracts, tax sharing agreements, licenses, leases, commitments, arrangements or understandings, written or
oral, by, between or among one or more Members of the Company Group, on the one hand, and one or more of Seller or any of its
Affiliates (other than any Member of the Company Group), on the other hand; provided, however, that the term “Intercompany
Agreements” shall not include the Intercompany Amount Agreement, any of the agreements specified in Section 1(b) or the
Offset Claim Agreement, dated as of the date hereof, between Palm Coast Data LLC and Kable Distribution Services, Inc.

 

    	3

    	 

    

  

(g)           For
the avoidance of doubt, pursuant to the release set forth in Section 1(a) hereof, all Intercompany Amounts (as hereinafter
defined) owing from any of Seller or any of its Affiliates (other than the members of the Company Group), on the one hand, to
any Member of the Company Group, on the other hand, shall be deemed terminated, extinguished, forgiven, void and of no further
force and effect, and none of Seller or any of its Affiliates (other than the members of the Company Group), shall have any liabilities
or obligations with respect to the Intercompany Amounts whatsoever. For purposes of this Release Agreement, “Intercompany
Amounts” means the liabilities, debts, obligations or amounts owing (including cash advances, federal and state
taxes payable and receivable, intercorporate expense allocations, and other corporate charges or transactions in goods or services)
for, upon or by reason of any matter, cause, conduct, event, occurrence, omission or thing whatsoever, existing or occurring before
the Closing (whether or not reflected in the books and records of Seller or its Affiliates or any Member of the Company Group)
from any of Seller or any of its Affiliates (other than the members of the Company Group), on the one hand, to any Member of the
Company Group, on the other hand; provided that, the term “Intercompany Amounts” shall include the liabilities, debts,
obligations or amounts owing by any Releasee to any Releasor only to the extent that any such liabilities, debts, obligations,
or amounts owing were not previously transferred, setoff, extinguished or otherwise eliminated under the Intercompany Amount Agreement.

 

2.           Representations
and Warranties. Each Member of the Company Group hereby represents and warrants that:

 

(a)           It
has the full right, corporate power and authority to enter into this Release Agreement, to grant the release contained herein
and to perform its obligations hereunder.

 

(b)           The
execution of this Release Agreement by the individual whose signature is set forth at the end of this Release Agreement on behalf
of such Company Group member, and the delivery of this Release Agreement by such Party, have been duly authorized by all necessary
corporate action on the part of such Party, and such individual is an authorized signatory of such Party.

 

(c)           This
Release Agreement has been executed and delivered by such Company Group member and (assuming due authorization, execution and
delivery by the other Parties hereto) constitutes the legal, valid and binding obligation of such Company Group member, enforceable
against it in accordance with its terms, except as may be limited by any applicable bankruptcy, insolvency, reorganization, moratorium,
or similar laws and equitable principles related to or affecting creditors’ rights generally or the effect of general principles
of equity.

 

    	4

    	 

    

 

EXCEPT
FOR THE EXPRESS REPRESENTATIONS AND WARRANTIES OF THE PARTIES IN THE TRANSACTION AGREEMENTS, (A) NEITHER PARTY HERETO NOR ANY
PERSON ON SUCH PARTY’S BEHALF HAS MADE OR MAKES ANY EXPRESS OR IMPLIED REPRESENTATION OR WARRANTY WHATSOEVER, EITHER ORAL
OR WRITTEN, WHETHER ARISING BY LAW, COURSE OF DEALING, COURSE OF PERFORMANCE, USAGE OF TRADE OR OTHERWISE, ALL OF WHICH ARE EXPRESSLY
DISCLAIMED, AND (B) EACH PARTY HERETO ACKNOWLEDGES THAT, IN ENTERING INTO THIS RELEASE AGREEMENT, IT HAS NOT RELIED UPON ANY REPRESENTATION
OR WARRANTY MADE BY THE OTHER PARTY, OR ANY OTHER PERSON ON SUCH OTHER PARTY’S BEHALF.

 

3.            Miscellaneous.

 

(a)           Waiver.
Any failure of a Releasor to comply with any of its obligations or agreements herein contained may be waived only in writing by
Seller. Any failure of Seller to comply with any of its obligations or agreements herein contained may be waived only in writing
by the Releasors who are Parties. No waiver granted hereunder shall be deemed a waiver of any subsequent breach or default of
the same or similar nature. No failure or delay by any Party in exercising any right or privilege hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise
of any other right, power or privilege.

 

(b)           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 facsimile (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):

 

	Company Group:	c/o
                           DFI Holdings, LLC

        3179 Deer
        Creek Road, 

Collegeville, PA 19426

        Attention: Michael
        P. 

Duloc

        Fax: 815-734-5233

         

         
	with a
                           required copy to (which shall not constitute notice):

        Fox Rothschild LLP

        2700 Kelly Road, Suite 300

        Warrington, PA 18976

        Attention: Jeffrey H. Nicholas

        Fax: 215-345-7507

         

	Seller:	c/o AMREP Corporation

        300 Alexander
        Park, Suite

 204

        Princeton, New
        Jersey 

08540

        Attention: General
        Counsel

        Fax: 609-716-8255

         
	with a required copy to (which
        shall not constitute notice):

        Duane Morris LLP

        222 Delaware Avenue

        Suite 1600

        Wilmington, DE 19801

        Attention: Christopher Winter

        Fax: 302-397-2455

         

 

    	5

    	 

    

 

(c)           Governing
Law; Consent to Jurisdiction and Waiver of Jury Trial.

 

(i)            This
Release Agreement shall be governed by and construed in accordance with the internal substantive Laws of the State of New York,
without giving effect to any choice of Law or conflict of Laws rules or provisions (whether of the State of New York or any other
jurisdiction) that would cause the application of the Laws of any jurisdiction other than the State of New York.

 

(ii)            Each Party
irrevocably submits to the exclusive jurisdiction of the federal courts of the Southern District of New York or the courts of
the State of New York located in the City of New York for the purposes of any suit, action or other proceeding arising out of
this Release Agreement or any transaction contemplated hereby. Each Party further agrees that service of any process, summons,
notice or document by U.S. registered mail to such Party’s respective address set forth in the “Notices” section
hereof shall be effective service of process for any action, suit or proceeding with respect to any matters to which it has submitted
to jurisdiction in this Section. Each Party irrevocably and unconditionally waives any objection to the laying of venue of any
action, suit or proceeding arising out of this Release Agreement or the transactions contemplated hereby in federal courts of
the Southern District of New York or the courts of the State of New York located in the City of New York, and hereby further irrevocably
and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought
in any such court has been brought in an inconvenient forum. EACH PARTY HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN
ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS RELEASE
AGREEMENT OR THE ACTIONS OF SUCH PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT HEREOF.

 

(d)          Counterparts.
This Release Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument. Execution and delivery of this Release Agreement by delivery of a facsimile
or electronically recorded copy in .pdf file format bearing a copy of the signature of a Party shall constitute a valid and binding
execution and delivery of this Release Agreement by such Party. Such copies shall constitute enforceable original documents.

 

(e)          Headings.
The section headings contained in this Release Agreement are for reference purposes only and shall not affect in any way the meaning
or interpretation of this Release Agreement. 

 

(f)           Entire
Agreement. This Release Agreement embodies the entire agreement and understanding of the Parties hereto in respect of the
subject matter herein. This Release Agreement supersedes all prior agreements and understandings between the Parties with respect
to the subject matter thereof.

 

(g)          Amendment.
Any provision of this Release Agreement may be amended if, and only if, such amendment is in writing and is signed by each Party
to this Release Agreement.

 

    	6

    	 

    

 

(h)          Binding
Effect; Benefits. This Release Agreement shall inure to the benefit of and be binding upon the Parties hereto and their respective
successors and permitted assigns; nothing in this Release Agreement, express or implied, is intended to confer on any Person,
other than the Parties and their respective successors and permitted assigns, the Releasors and the Releasees, any rights, remedies,
obligations or liabilities under or by reason of this Release Agreement. The Parties hereby designate all Releasees as third-party
beneficiaries of Section 1 having the right to enforce this Release Agreement.

 

(i)           Joint
Drafting. The Parties have participated jointly in the negotiation and drafting of this Release Agreement. In the event an
ambiguity or question of intent or interpretation arises, this Release Agreement shall be construed as if drafted jointly by the
Parties and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any
of the provisions of this Release Agreement.

 

(j)           Severability.
Whenever possible, each provision of this Release Agreement shall be interpreted in such manner as to be effective and valid under
applicable Law. If any provision of this Release Agreement is held to be prohibited by or invalid under applicable Law, such provision
shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision
or the remaining provisions of this Release Agreement. Upon such determination that any term or other provision is invalid, illegal
or incapable of being enforced, the Parties hereto shall negotiate in good faith to modify this Release Agreement so as to effect
the original intent of the Parties as closely as possible to the fullest extent permitted by applicable Law in an acceptable manner
to the end that the transactions contemplated hereby are fulfilled to the extent possible.

 

(k)          Interpretation.
When a reference is made in this Release Agreement to an Article, Section or Exhibit, such reference will be to an Article or
Section of, or an Exhibit to, this Release Agreement unless otherwise indicated. Whenever the words “include,” “includes”
or “including” are used in this Release Agreement, they will be deemed to be followed by the words “without
limitation.” The words “hereof,” “herein” and “hereunder” and words of similar import
when used in this Release Agreement will refer to this Release Agreement as a whole and not to any particular provision of this
Release Agreement. Unless the context expressly provides otherwise, any approval, determination, election or authorization required
to be obtained from a Party shall be at such Party’s sole discretion. The word “or” is not exclusive. All capitalized
terms used and defined in this Release Agreement shall have the meanings ascribed to them herein. All capitalized terms used but
not otherwise defined in this Release Agreement shall have the meanings ascribed to them in the Purchase Agreement. All terms
defined in this Release Agreement will have such defined meanings when used in any certificate or other document made or delivered
pursuant hereto unless otherwise defined therein. The definitions contained in this Release Agreement are applicable to the singular
as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such term. Unless
otherwise indicated, any agreement, instrument or statute defined or referred to herein, or in any agreement or instrument that
is referred to herein, means such agreement, instrument or statute as from time to time amended, modified or supplemented, including
(in the case of agreements or instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor
statutes and references to all attachments thereto and instruments incorporated therein. References to a Person are also to its
permitted successors and assigns.

 

    	7

    	 

    

 

(l)           Assignability.
This Release Agreement shall not be assignable by any Party hereto without the prior written consent of the other Party.

 

(m)         Specific
Performance. Each Party agrees that irreparable damage would occur in the event that any of the provisions of this Release
Agreement were not performed by them in accordance with the terms hereof and that each Party shall be entitled to specific performance
of the terms hereof (without the need to post bond or any other security), in addition to any other remedy at law or equity.

 

(n)          Expenses.
Each Party shall bear its own costs and expenses in connection with this Release Agreement and the transactions contemplated hereby,
including all legal, accounting, financial advisory, consulting and all other fees and expenses of third parties, except where
specifically provided to the contrary.

 

(o)          Disclosure.
Each Member of the Company Group consents to Seller or its Affiliates publicly disclosing this Release Agreement, including by
filing such documents with the Securities and Exchange Commission or the New York Stock Exchange.

 

(p)          Independent
Counsel. Each Party certifies that it has read the terms of this Release Agreement, that it understands the terms of this
Release Agreement, and that it is entering into this Release Agreement of its own volition. Each Party warrants and represents
that it has (a) been represented by an attorney of its choice in connection with the Transaction and received independent legal
advice from such attorney regarding its decision with respect to the advisability of making and entering into this Release Agreement,
or (b) had sufficient time, opportunity and means to engage an attorney of its choice in order to be represented by such attorney
in connection with the Transaction and to receive independent legal advice from such attorney regarding its decision with respect
to the advisability of making and entering into this Release Agreement, and has made a knowing and voluntary decision not to do
so.

 

[REMAINDER
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    	8

    	 

    

  

IN
WITNESS WHEREOF, the Parties have caused this Release Agreement to be duly executed and delivered as of the date first written
above.

 

	KABLE MEDIA SERVICES, INC.	KABLE NEWS INTERNATIONAL, INC.
	 	 
	By:	/s/ Michael P. Duloc	 	By:	/s/ Michael P. Duloc	 
	 	Name: Michael P. Duloc	 	Name: Michael P. Duloc
	 	Title: President & Chief Executive Officer	 	Title: President & Chief Executive Officer

 

	KABLE DISTRIBUTION SERVICES, INC.	KABLE DISTRIBUTION SERVICES OF CANADA, LTD.
	 	 
	By:	/s/ Michael P. Duloc	 	By:	/s/ Michael P. Duloc	 
	 	Name: Michael P. Duloc	 	Name: Michael P. Duloc
	 	Title: President & Chief Executive Officer	 	Title: President & Chief Executive Officer

 

	KABLE NEWS COMPANY, INC.	KABLE PRODUCT SERVICES, INC.
	 	 
	By:	/s/ Michael P. Duloc	 	By:	/s/ Michael P. Duloc	 
	 	Name: Michael P. Duloc	 	Name: Michael P. Duloc
	 	Title: President & Chief Executive Officer	 	Title: President & Chief Executive Officer

 

	 	American republic investment co.
	 	 
	 	By:	/s/ Peter M. Pizza	 
	 	 	Name: Peter M. Pizza
	 	 	Title: Vice President

 

ACKNOWLEDGED AND ACCEPTED, by
due execution and delivery of this Release Agreement as of the date first written above.

 

	DFI HOLDINGS, LLC	KPS HOLDCO, LLC
	 	 
	By:	/s/ Michael P. Duloc	 	By:	/s/ Michael P. Duloc	 
	 	Name: Michael P. Duloc	 	Name: Michael P. Duloc
	 	Title: Manager	 	Title: Manager

 

Signature
Page to Company Group Release 

(1/1)

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