Document:

Exhibit 10.2

 

DEO Agreement No.: SA007

 

Guaranty Agreement

 

THIS IS A GUARANTY OF PAYMENT WHICH IS ENFORCEABLE
BY THE FLORIDA DEPARTMENT OF ECONOMIC OPPORTUNITY, ITS SUCCESSORS AND ASSIGNS. THIS IS ALSO AN ABSOLUTE AND UNCONDITIONAL GUARANTY
OF PAYMENT.

 

THIS GUARANTY AGREEMENT (“Guaranty”)
is made this 4th day of May, 2017 (the “Effective Date”), by AMREP Corporation, a for-profit corporation incorporated
in the State of Oklahoma, with its principal executive offices at 620 West Germantown Pike, Suite 175, Plymouth Meeting, PA 19462
(“Guarantor”) for the benefit of the Florida Department of Economic Opportunity (“DEO”) and its successors
and assigns. Guarantor and DEO are sometimes referred to collectively herein as the “Parties” and, each, as a “Party.”

 

Recitals

 

WHEREAS, Palm Coast Data LLC (the “Subsidiary
Company”) is an indirect subsidiary of Guarantor;

 

WHEREAS, the Subsidiary Company and DEO
have entered into a Settlement Agreement and Mutual General Release (the “Settlement Agreement”) dated as of the Effective
Date; and

 

WHEREAS, pursuant to Section 5 of the Settlement
Agreement, Subsidiary Company is obligated to provide DEO with this Guaranty.

 

Agreement

 

NOW, THEREFORE, in consideration of the
premises and mutual covenants set forth herein, and in order to induce DEO to enter into the Settlement Agreement, and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby consent and agree
as follows:

 

		1.	Guarantor’s Assumption of the Subsidiary
Company’s Obligations. Guarantor hereby unconditionally and irrevocably guarantees to and for the benefit of DEO, and
its successors and assigns, the full payment of all obligations of the Subsidiary Company under the Settlement Agreement when
and if such obligations become due according to the terms of the Settlement Agreement (the “Obligations”).

 

		2.	Payment by Guarantor. If all or any part of
the Obligations shall not be paid after any cure period provided in the Settlement Agreement, Guarantor shall, immediately upon
written demand by DEO or its successors or assigns, and without presentment, protest, notice of protest, notice of non-payment,
or any other notice whatsoever, pay to DEO or its successors or assigns, in lawful money of the United States of America, the
amount of the Obligations then due and payable.

 

		3.	Effect of Modification. Any modification or
amendment of any of the Obligations in accordance with the terms of the Settlement Agreement shall not affect the liability of
Guarantor hereunder.

 

     

     

    

 

DEO Agreement No.: SA007

 

		4.	Extent of Guarantor’s Liability. Notwithstanding anything to the contrary herein,
Guarantor’s liability under the Guaranty shall not exceed the Subsidiary Company’s payment obligations under the Settlement
Agreement.

 

		5.	Successors and Assigns. This Guaranty shall inure to the benefit of DEO and its successors
and assigns. This Guaranty shall be binding on Guarantor and its successors and assigns; provided that, Guarantor shall have no
right, without prior written consent of DEO, to assign any of its rights, powers, duties, or obligations under this Guaranty. Any
assignment of any rights or obligations under this Guaranty shall not relieve or discharge Guarantor from any obligations under
this Guaranty.

 

		6.	Full Force and Effect. This Guaranty shall continue in full force and effect until all of
the Obligations have been discharged.

 

		7.	Enforcement Costs and Expenses. In the event that Guarantor shall fail to timely perform
any provisions of this Guaranty, Guarantor shall pay to DEO, its successors or assigns, upon demand, all third party costs and
expenses, including without limitation reasonably attorneys’ fees and court costs, actually and reasonably incurred by DEO,
its successors or assigns, in connection with such failure by Guarantor and the successful enforcement of any obligations of Guarantor
under this Guaranty.

 

		8.	No Enforcement Conditions. This Guaranty is general, absolute, and unconditional. No conditions
are attached to enforcement of this Guaranty. Presentment, notice, and demand to the Subsidiary Company and subsequent dishonor
are not conditions precedent for proceeding against the Guarantor.

 

		9.	Applicable Law and Jurisdiction. The laws of the State of Florida shall govern the construction,
enforcement and interpretation of this Guaranty, regardless of and without reference to whether any applicable conflicts of laws
principles may point to the application of the laws of another jurisdiction. The Parties hereby agree that the exclusive personal
jurisdiction and venue to resolve any and all disputes between them arising out of or relating to this Guaranty shall be in the
state courts of the State of Florida in the County of Leon. With respect to any and all disputes between them arising out of or
relating to this Guaranty, the Parties expressly (a) consent to the exclusive personal jurisdiction and venue in any state court
located in Leon County, Florida and (b) waive any defense of forum non conveniens, lack of personal jurisdiction, or like defense,.
IN ANY LEGAL OR EQUITABLE ACTION BETWEEN THE PARTIES ARISING FROM THIS GUARANTY, THE PARTIES HEREBY EXPRESSLY WAIVE TRIAL BY JURY
TO THE FULLEST EXTENT PERMITTED BY LAW.

 

		10.	Authority. The Parties represent and warrant that they have all necessary and appropriate
authority to enter into and execute this Guaranty and be legally bound thereby. Each person signing this Guaranty in a representative
capacity represents and warrants that he/she has the full and complete authority to execute this Guaranty on behalf of his/her
principal or employer, and that upon execution the Guaranty shall be binding upon his/her principal or employer.

 

     

     

    

 

DEO Agreement No.: SA007

 

		11.	Costs and Expenses. All fees, costs, and expenses incurred by the Parties in this matter,
in negotiating and attaining this Guaranty, shall be paid by the Parties incurring them, including, but not limited to, legal fees
and costs.

 

		12.	Acknowledgments. Each of the Parties declares that it has read and understands the terms
of this Guaranty, that it has had the opportunity to be represented by counsel in the negotiation, execution, and delivery of this
Guaranty, and that it executes this Guaranty voluntarily. Each of the Parties participated in the drafting of this Guaranty. In
the event of any ambiguity, the Parties agree that it shall not be construed against either of them.

 

		13.	Warranties. Except as expressly set forth in this Guaranty, the Parties have not made and
make no other representations, warranties, statements, promises, or agreements to each other.

 

		14.	References. As used in this Guaranty, the use of the pronoun “it” shall be deemed
to include, where applicable, masculine, feminine, singular or plural, individuals, government entities, partnerships, or corporations.
As used in this Guaranty, “person” shall mean any natural person, government entity, corporation, partnership, limited
partnership, trust, estate, or other entity, and the term “affiliate” shall mean any partnership, joint venture, corporation,
or other entity in which such person has an interest, or which controls, is controlled by, or is under common control with such
person.

 

		15.	Captions and Headings. The captions and headings, to the extent used in this Guaranty, are
for reference purposes only and shall not be taken into account in construing or interpreting this Guaranty.

 

		16.	Invalid Provisions. If any provision of this Guaranty is held to be illegal, invalid, or
unenforceable under present or future laws effective during the term of this Guaranty, such provision(s) shall be fully severable
and the invalidity, illegality, or unenforceability shall not affect any other provision of this Guaranty.

 

		17.	Counterparts. This Guaranty may be executed in counterparts, each of which shall be deemed
an original instrument, but all of which together shall constitute one and the same instrument. A signed copy of this Guaranty
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 Guaranty. Either Party may copy this completed Guaranty
for electronic storage in a non-editable format, at which time the paper form of this Guaranty may be destroyed. Each Party agrees
that following the electronic storage of this Guaranty, any hardcopy printout of that electronically stored information will constitute
an original of this Guaranty.

 

		18.	Entire Guaranty and Successors and Assigns. This Guaranty is a fully integrated agreement
which sets forth the entire agreement and understanding of the Parties concerning the subject matter of this Guaranty. This Guaranty
shall be binding upon the successors and assigns of the Parties and may not be waived, rescinded, canceled, terminated, supplemented,
amended, or modified in any manner without the prior written consent of both DEO and Guarantor.

 

		19.	No Third Party Beneficiaries. This Guaranty is for the sole benefit of the Parties and their
permitted successors and assigns and nothing herein expressed or implied shall give or be construed to give any person, other than
the Parties and such permitted successors and assigns, any legal or equitable rights hereunder.

 

     

     

    

 

DEO Agreement No.: SA007

 

		20.	No modification unless in writing. No modification of this Guaranty shall be valid unless
in writing and agreed upon by both Parties.

 

		21.	Disclosure of This Guaranty. The Parties agree and acknowledge that DEO may be required
to disclose this Guaranty pursuant to a request made under chapter 119 of the Florida Statutes. The Parties agree and acknowledge
that Guarantor may disclose this Guaranty as it deems necessary under applicable law or the rules of any stock exchange or market
on which its securities are traded.

 

		22.	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); or (c) 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 address set forth below (or to such other address that may be designated by a Party
from time to time in accordance with this paragraph):

 

	 	If to DEO: 
	 	 	Office of the General Counsel 
	 	 	107 E. Madison Street, MSC 110 
	 	 	Tallahassee, Florida 32399-4128
	 	 	Attention: General Counsel
	 	 	 
	 	If to Guarantor:
	 	 	620 West Germantown Pike, Suite 175
	 	 	Plymouth Meeting, Pennsylvania 19462
	 	 	Attention: General Counsel

 

[REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK]

[SIGNATURE PAGE TO FOLLOW]

 

     

     

    

 

DEO Agreement No.: SA007

 

IN WITNESS WHEREOF,
the Parties have caused this Guaranty to be duly executed by each of their duly authorized representative(s) on the dates hereinafter
subscribed.

 

	 	AMREP CORPORATION
	 	 
	Date: May 4, 2017	By : 	/s/ Christopher V. Vitale
	 	 
	 	Title: 	Executive Vice President
	 	 
	 	Print Name: 	Christopher V. Vitale
	 	 	 	 

 

	 	FLORIDA DEPARTMENT OF ECONOMIC OPPORTUNITY
	 	 
	Date: May 4, 2017	By: 	/s/ David J. Guerrieri Jr.
	 	 
	 	Title: 	Interim General Counsel
	 	 
	 	Print Name: 	David J. Guerrieri Jr.Exhibit

Exhibit 10.1

Johnson Controls International plc                                                                                         2012 Share and Incentive Plan  (Amended and Restated                                                   as of March 8, 2017) (the “Plan”)                                                                                       Restricted Share Unit Award Agreement
Terms and Conditions for Restricted Share Units
RESTRICTED SHARE UNIT AWARD made in County Cork, Ireland as of March 9, 2017 (the “Grant Date”) pursuant to the Plan.  Capitalized terms that are not defined herein have the meaning ascribed to them in the Plan.   
1.Grant of Award.  Johnson Controls International plc (the “Company”) has granted you Restricted Share Units, as described in the grant notification letter that was issued to you (“Grant Letter”), subject to the provisions of these Terms and Conditions.  The Company will hold the Restricted Share Units in a bookkeeping account on your behalf until they become payable or are forfeited or cancelled.

2.Payment Amount.  Each Restricted Share Unit represents the right to receive, upon vesting, one (1) ordinary Share.

3.Form and Timing of Payment.  Unless otherwise set forth herein, vested Restricted Share Units will be paid solely inShares.Payment shall occur within forty-five (45) days after the vesting date, subject to your payment in full of all taxes due, if any, with respect to such Restricted Share Units.

4.Dividends.   You will be credited with a Dividend Equivalent Unit (DEU) for any cash or share dividends distributed by the Company on the Company’s ordinary shares for each Restricted Share Unit that is unvested on the record date.  DEUs will be calculated at the same dividend rate paid to other holders of ordinary shares.  DEUs will vest in accordance with the vesting schedule applicable to the underlying Restricted Share Units and shall be payable at the same time that the underlying Restricted Share Units are payable as provided herein.

5.Vesting.  Except as otherwise provided herein, your Restricted Share Units will vest in full on the earlier of (1) the one (1) year anniversary of the Grant Date, and (2) the date of the Annual General Meeting of shareholders in respect of fiscal 2017, provided in each case that you are a member of the Company’s Board of Directors on such date (or your term of service ends on such date).  No credit will be given for periods following Termination of Directorship.

6.Termination of Directorship.  Except as set forth in paragraphs 7 and 8, so long as your Termination of Directorship is for reasons other than Cause, your Restricted Share Units will accelerate and vest pro rata (in full month increments) based on the number of full months that you have served as a Director since the Grant Date and ending on the date of your Termination of Directorship divided by the original number of full months in the vesting period; provided that if your Termination of Directorship coincides with the next Annual General Meeting of Shareholders following the Grant Date (and results from your not standing for reelection), your Restricted Share 

Units shall vest in full.  Any unearned portion of your Award will immediately be forfeited and your rights with respect to such Restricted Share Units will end. 

7.Death or Disability.  If your Termination of Directorship is a result of your Death or Disability, your Award will become fully vested as of your Termination of Directorship.  If you are deceased, the Company will make a payment to your estate. 

8.Change in Control.  In the event of a Change in Control, as defined in the Plan, and your Termination of Directorship occurs in connection with such Change in Control, Restricted Share Units will immediately become fully vested as of your Termination of Directorship.

9.Forfeiture of Award.  If your services as a Director of the Company have been terminated for Cause, then any unvested Restricted Share Units shall be immediately rescinded and you will forfeit any rights you have with respect to such Units.

10.Withholdings; Tax Recovery.  The Company will have the right, prior to any issuance or delivery of Shares on your Restricted Share Units, to withhold or require from you the payment of the amount necessary to satisfy applicable tax requirements.

11.Transfer of Award.  You may not transfer any interest in Restricted Share Units except by will or the laws of descent and distribution.  Any other attempt to dispose of your interest in Restricted Share Units will be null and void.

12.Successors.  All obligations of the Company under this Award shall be binding on any successor to the Company.  The terms of this Award and the Plan shall be binding upon and inure to your benefit and the benefit of your heirs, executors, administrators or legal representatives.

13.Securities Compliance.  The Company may place a legend or legends upon the certificates for Shares issued under the Plan and may issue “stop transfer” instructions to its transfer agent in respect of such Shares as it determines to be necessary or appropriate to (a) prevent a violation of, or to obtain an exemption from, the registration requirements of the Securities Act of 1933, as amended, applicable state securities laws or other legal requirements, or (b) implement the provisions of the Plan, this Award or any other agreement between you and the Company with respect to such Shares. 

14.Legal Compliance.  The granting of this Award and the issuance of Shares under this Award shall be subject to all applicable laws, rules, and regulations and to such approvals by any governmental agencies or national securities exchanges as may be required. The Company will not be required to deliver any Shares until all applicable federal and state laws and regulations have been complied with and all legal matters in connection with the issuance and delivery of the Shares have been approved by the appropriate counsel of the Company.

15.Governing Law; Arbitration.  This Award, and the interpretation of this Award Agreement, shall be governed by (a) the internal laws of Ireland (without reference to conflict of law principles thereof that would direct the application of the laws of another jurisdiction) with respect to the validity and authorization of any Shares issued under this Award, and (b) the internal laws of the State of Wisconsin (without reference to conflict of law principles thereof that would 

direct the application of the laws of another jurisdiction) with respect to all other matters.  Arbitration will be conducted per the provisions in the Plan.

16.Plan Terms Govern.  The redemption of Restricted Share Units, the disposition of any Shares received for Restricted Share Units, and the treatment of any gain on the disposition of these Shares are subject to the terms of the Plan and any rules that the Committee may prescribe.  The Plan document, as may be amended from time to time, is incorporated by reference into these Terms and Conditions. Except with respect to the choice of law provision, in the event of any conflict between the terms of the Plan and the terms of these Terms and Conditions, the terms of the Plan will control.  By accepting the Award, you acknowledge receipt of the Plan and the prospectus, as in effect on the date of these Terms and Conditions. These Terms and Conditions and the Plan constitute the entire understanding between you and the Company regarding the Restricted Share Units.  These Terms and Conditions supersede any prior agreements, commitments or negotiations concerning the Restricted Share Units.

17.Data Privacy and Sharing.  As a condition of the granting of the Award, you acknowledge and agree that it is necessary for some of your personal identifiable information to be provided to certain employees of the Company, the third party data processor that administers the Plan and the Company’s designated third party broker in the United States.  These transfers will be made pursuant to a contract that requires the processor to provide adequate levels of protection for data privacy and security interests in accordance with the EU Data Privacy Directive 95/46 EC and the implementing legislation of your home country (or any successor or superseding regulation).  By acknowledging the Award, you acknowledge having been informed of the processing of your personal identifiable information described in the preceding paragraph and consent to the Company collecting and transferring to the Company's Shareholder Services Department, and its independent benefit plan administrator and third party broker, your personal data that are necessary to administer the Award and the Plan.  You understand that your personal information may be transferred, processed and stored outside of your home country in a country that may not have the same data protection laws as your home country, for the purposes mentioned in this Award.

18.No Contract or Promise of Future Grants.  By accepting the Award, you agree to be bound by these Terms and Conditions and acknowledge that the Award is granted at the sole discretion of the Company and is not considered part of any contract of service as a Board member with the Company or other compensation. Nothing in these Terms and Conditions or the Plan gives you any right to continue in the service as a Board member with the Company or any of its Subsidiaries or to interfere in any way with the right of the Company to terminate your Directorship at any time.  If your service as a Board member with the Company is terminated for any reason, whether lawfully or unlawfully, you agree that you will not be entitled by way of damages for breach of contract, dismissal or compensation for loss of office or otherwise to any sum, shares or other benefits to compensate you for the loss or diminution in value of any actual or prospective rights, benefits or expectation under or in relation to the Plan.

19.Electronic Delivery.  The Company or its Affiliates may, in its or their sole discretion, decide to deliver any documents related to current or future participation in the Plan or related to this Award by electronic means.  You hereby consent to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company. You hereby agree that all on-line acknowledgements shall have the same force and effect as a written signature.

20.Limitations.  Payment of your Restricted Share Units is not secured by a trust, insurance contract or other funding medium, and you do not have any interest in any fund or specific asset of the Company by reason of this Award or the account established on your behalf.  You have no rights as a stockholder of the Company pursuant to the Restricted Share Units until Shares are actually delivered to you.

21.Severability.  The invalidity or unenforceability of any provision of these Terms and Conditions will not affect the validity or enforceability of the other provisions of the Agreement, which will remain in full force and effect.  Moreover, if any provision is found to be excessively broad in duration, scope or covered activity, the provision will be construed so as to be enforceable to the maximum extent compatible with applicable law.

22.Sections 409A and 457A.  The award is intended to be an exempt “short-term deferral” under Sections 409A and 457A of the Internal Revenue Code of the United States. The Committee may make such modifications to these Terms and Conditions as it deems necessary or appropriate to ensure that the Award is exempt from Sections 409A and 457A to the extent applicable. 

By accepting this Award, you agree to the following:
(i)you have carefully read, fully understand and agree to all of the terms and conditions described in these Terms and Conditions and the Plan; and

(ii)you understand and agree that these Terms and Conditions and the Plan constitute the entire understanding between you and the Company regarding the Award, and that any prior agreements, commitments or negotiations concerning the Restricted Share Units are replaced and superseded.

You will be deemed to consent to the application of the terms and conditions set forth in these Terms and Conditions and the Plan unless you contact Johnson Controls International plc, c/o Johnson Controls, Inc., Attn: Shareholder Services, 5757 N Green Bay Ave, Milwaukee, WI 53209 in writing within thirty (60) days of the date of these Terms and Conditions.  Notification of your non-consent will nullify this grant unless otherwise agreed to in writing by you and the Company. 
The Company has caused this Award to be executed by one of its authorized officers as of the date of grant. 
JOHNSON CONTROLS INTERNATIONAL PLC                                   
/s/ Judith A. Reinsdorf                                       
Judith A. Reinsdorf 
Executive Vice President and General Counsel

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