On April 26, 2019, Palm Coast Data Holdco Inc. (Seller) entered into a membership interest purchase agreement (the Purchase Agreement) with Studio Membership Services, LLC (Buyer). The closing of the transactions contemplated by the Purchase Agreement occurred on April 26, 2019 (the Closing Date). Prior to the Closing Date, Rory Burke was the chief executive officer and president of PCDLLC and FulCircle Media, LLC and was a named executive officer of AMREP. In connection with the closing of the transactions contemplated by the Purchase Agreement, effective as of the Closing Date, Mr. Burke ceased to be a named executive officer of AMREP.