Adrienne M. Uleau
About Adrienne M. Uleau
Adrienne M. Uleau, age 57, is Chief Financial Officer and Vice President of AMREP Corporation (NYSE: AXR) since July 2025; she was previously Vice President, Finance & Accounting (March 2020–July 2025) and Controller (2018–March 2020) . As CFO, she is a Section 302/906 certifying officer (principal financial officer), signing the FY2025 10-K and Q1 FY2026 10-Q certifications . Company performance context: AMREP reported net income of $21.79M (FY2023), $6.69M (FY2024) and $12.72M (FY2025); total shareholder return (TSR) value of an initial $100 investment was $108.09 (FY2023), $157.73 (FY2024), and $175.35 (FY2025) .
Company performance (context during most recent years):
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Net Income ($) | 21,790,000 | 6,690,000 | 12,716,000 |
| TSR (Value of $100) | 108.09 | 157.73 | 175.35 |
Past Roles
| Organization | Role | Years |
|---|---|---|
| AMREP Corporation | Chief Financial Officer & Vice President | July 2025–present |
| AMREP Corporation | Vice President, Finance & Accounting | March 2020–July 2025 |
| AMREP Corporation | Controller | 2018–March 2020 |
| United Tectonics Corp. | Controller | 2016–2018 |
| Cushman & Wakefield | Financial Manager | 2014–2016 |
External Roles
No external public company directorships or external roles were disclosed for Ms. Uleau in the company’s executive officer biographies reviewed .
Fixed Compensation
| Component | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Base Salary ($) | 166,500 | 173,900 | 179,000 |
| All Other Compensation ($) | 7,700 | 9,000 | 6,400 |
| Notes | Includes life insurance premiums and company 401(k)/Simple IRA matching contributions | Includes life insurance premiums and company 401(k)/Simple IRA matching contributions | Includes life insurance premiums and company 401(k)/Simple IRA matching contributions |
Latest approved base salary change: Effective July 28, 2025, Ms. Uleau’s annual base salary was increased to $200,000 .
Performance Compensation
| Incentive Type | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Annual Cash Bonus ($) | 55,000 | 60,000 | 55,000 |
| Stock Awards – Grant Date Fair Value ($) | 23,500 (restricted stock) | 40,400 (restricted stock) | 41,200 (restricted stock) |
Additional awards and approvals:
- On July 17, 2025, Ms. Uleau was awarded a $61,000 cash bonus and 2,100 restricted shares under the 2016 Equity Compensation Plan; vesting: 700 shares on July 17, 2026, 700 shares on July 17, 2027, 700 shares on July 17, 2028; her base salary was also set to $200,000 effective July 28, 2025 .
- On July 18, 2024, Ms. Uleau was awarded a $55,000 cash bonus and 1,890 restricted shares vesting 630 shares on each of July 18, 2025, July 18, 2026, and July 18, 2027 .
Performance plan design disclosure: The proxy discloses bonus amounts and equity awards but does not provide formulaic annual incentive metrics (e.g., revenue/EBITDA/TSR weightings) for Ms. Uleau; awards were approved by the Board/Compensation & HR Committee as described in the proxies .
Vesting Schedules (Restricted Stock)
| Vest Date | Shares |
|---|---|
| July 12, 2025 | 700 |
| July 13, 2025 | 700 |
| July 18, 2025 | 630 |
| July 12, 2026 | 700 |
| July 17, 2026 | 700 |
| July 18, 2026 | 630 |
| July 17, 2027 | 700 |
| July 18, 2027 | 630 |
| July 17, 2028 | 700 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership (as of record date July 21, 2025) | 8,324 shares; indicated as less than 1% of class (“*”) |
| Included Restricted Shares Scheduled to Vest | Beneficial ownership footnote (6) lists future vesting RS tranches: 700 (7/12/26), 630 (7/18/26), 700 (7/17/26), 630 (7/18/27), 700 (7/17/27), 700 (7/17/28), each subject to continued employment |
| Outstanding Unvested Equity at 4/30/2025 | 3,990 restricted shares; market value $89,975 based on $22.55 close on April 30, 2025 |
| Stock Options | No options reported for Ms. Uleau in outstanding awards table |
Ownership guidelines/pledging: No stock ownership guideline or pledging/hedging disclosure was identified for Ms. Uleau in the excerpts reviewed; beneficial ownership details and RS schedules are disclosed as above .
Employment Terms
- Appointment: Ms. Uleau was appointed Chief Financial Officer and Vice President effective July 17, 2025 .
- Severance/Change-in-Control: Other than as described for the CEO, the Company’s executive officers (including the CFO) are not party to agreements providing for payments upon a change in control; severance policies for terminations apply on the same basis as other salaried employees; the Compensation & HR Committee retains discretion to enter severance agreements; under the 2016 Equity Compensation Plan, restrictions on certain awards automatically lapse upon a change in control, subject to the applicable award agreement .
Say-on-Pay and Shareholder Feedback
| Proposal | Votes For | Votes Against | Abstentions | Broker Non-Votes |
|---|---|---|---|---|
| Advisory approval of executive compensation (2025 Annual Meeting) | 3,118,485 | 153,688 | 1,669 | 1,316,173 |
| Preferred frequency of Say-on-Pay (2025) – One Year votes | 2,956,094 | — | — | 1,316,173 |
Additional Governance/Compliance
- Section 302/906 certifications: Ms. Uleau signed the FY2025 10-K and Q1 FY2026 10-Q certifications as principal financial officer .
- SEC 8-K signatory: Ms. Uleau signed certain 8-Ks as an officer (e.g., Item 9.01 filing dated Sept. 9, 2025; press release exhibit index; and prior 2024 filings) .
Investment Implications
- Pay-for-performance alignment: Ms. Uleau’s pay mix is modest cash salary with at-risk components via discretionary cash bonus and multi-year restricted stock grants, which align with shareholder outcomes through time-based vesting across 2025–2028 .
- Retention and calendar dynamics: The concentration of vesting dates in mid-July across 2026–2028 creates retention hooks and a predictable cadence for potential tax-related transactions around vesting events; unvested RS at 4/30/2025 totaled 3,990 shares ($89,975 at $22.55) .
- Governance and risk: Executives (other than the CEO’s separate agreement) lack change-in-control cash protections, though equity restrictions may lapse upon a change in control, which tempers exit windfalls but could accelerate equity value realization in strategic events .
- Shareholder sentiment: 2025 Say-on-Pay support (3.12M “For” vs. 0.15M “Against”) indicates strong shareholder approval of the compensation program as disclosed .