SEC Contract Filing

Filing Date: 2018-09-18

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>2
<FILENAME>exhibit10_2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<HTML>
<head><title>Exhibit 10.2</title> </head> <body lang=EN-US> <div style=page:WordSection1> <p style='FONT-SIZE:12pt; FONT-FAMILY:"Arial","serif"; MARGIN:0in 0in 0pt'><font style='FONT-SIZE:11pt; FONT-FAMILY:"Arial","sans-serif"'>Exhibit 10.2 &#150; Material Contracts</font></p> <p style='FONT-SIZE:12pt; FONT-FAMILY:"Arial","serif"; MARGIN:0in 0in 0pt'>&nbsp;</p> <p style='FONT-SIZE:12pt; FONT-FAMILY:"Arial","serif"; TEXT-ALIGN:center; MARGIN:0in 0in 0pt' align=center><font style='FONT-SIZE:11pt; FONT-FAMILY:"Arial","sans-serif"'><b><u>EMPLOYMENT AGREEMENT</u></b></font></p> <p style='FONT-SIZE:12pt; FONT-FAMILY:"Arial","serif"; MARGIN:0in 0in 0pt'>&nbsp;</p> <p style='FONT-SIZE:12pt; FONT-FAMILY:"Arial","serif"; TEXT-ALIGN:justify; MARGIN:0in 0in 0pt'><font style='FONT-SIZE:11pt; FONT-FAMILY:"Arial","sans-serif"'>AGREEMENT MADE this 1st day of October 2018, between PISMO COAST VILLAGE, INC., a California corporation, having its principal place of business at 165 South Dolliver, Pismo Beach, California, hereinafter referred to as <b>"EMPLOYER"</b> and Jay N. Jamison, 17105 Oak Road, Atascadero, CA 93422, hereinafter referred to as <b>"EMPLOYEE</b>.&#148;</font></p> <p style='FONT-SIZE:12pt; FONT-FAMILY:"Arial","serif"; TEXT-ALIGN:justify; MARGIN:0in 0in 0pt'>&nbsp;</p> <p style='FONT-SIZE:12pt; FONT-FAMILY:"Arial","serif"; TEXT-ALIGN:justify; MARGIN:0in 0in 0pt 0.5in; TEXT-INDENT:-0.5in'><font style='FONT-SIZE:11pt; FONT-FAMILY:"Arial","sans-serif"'>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>TERM OF EMPLOYMENT</u>:&nbsp; The Employer hereby employs the Employee and the Employee hereby accepts employment with the Employer for a period of five (5) years beginning on the 1st day of October 2018, and ending on the 30th day of September 2023, with a renewable option for an additional five year period, unless earlier terminated as hereinafter provided.</font></p> <p style='FONT-SIZE:12pt; FONT-FAMILY:"Arial","serif"; TEXT-ALIGN:justify; MARGIN:0in 0in 0pt'>&nbsp;</p> <p style='FONT-SIZE:12pt; FONT-FAMILY:"Arial","serif"; TEXT-ALIGN:justify; MARGIN:0in 0in 0pt 0.5in; TEXT-INDENT:-0.5in'><font style='FONT-SIZE:11pt; FONT-FAMILY:"Arial","sans-serif"'>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>DUTIES OF EMPLOYEE</u>:&nbsp; The Employee is hereby hired as Chief Executive Officer &amp; General Manager of PISMO COAST VILLAGE, INC., located at 165 South Dolliver, Pismo Beach, California, and at such other place or places as may be directed by the Employer. The Employee will be responsible for the orderly daily operation of the business, properties and staff of PISMO COAST VILLAGE, INC., and will report directly to the President. In addition, he will implement proper methods of operation, i.e., policies, advertising, cost and cash flow control, money management, record keeping and adherence to budget levels, as designated by the Board of Directors. Notwithstanding the foregoing or any other provision of this Agreement, Employee shall not, without the specific direction of the President, do or contract for any of the following:</font></p> <p style='FONT-SIZE:12pt; FONT-FAMILY:"Arial","serif"; TEXT-ALIGN:justify; MARGIN:0in 0in 0pt'>&nbsp;</p> <p style='FONT-SIZE:12pt; FONT-FAMILY:"Arial","serif"; TEXT-ALIGN:justify; MARGIN:0in 0in 0pt 1in; TEXT-INDENT:-0.5in'><font style='FONT-SIZE:11pt; FONT-FAMILY:"Arial","sans-serif"'>a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrow any amount or sum of money on behalf of the Employer without authorization from the Board of Directors.</font></p> <p style='FONT-SIZE:12pt; FONT-FAMILY:"Arial","serif"; TEXT-ALIGN:justify; MARGIN:0in 0in 0pt'>&nbsp;</p> <p style='FONT-SIZE:12pt; FONT-FAMILY:"Arial","serif"; TEXT-ALIGN:justify; MARGIN:0in 0in 0pt 1in; TEXT-INDENT:-0.5in'><font style='FONT-SIZE:11pt; FONT-FAMILY:"Arial","sans-serif"'>b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Make expenditures or purchase capital equipment in excess of the amount budgeted by the Board of Directors.</font></p> <p style='FONT-SIZE:12pt; FONT-FAMILY:"Arial","serif"; TEXT-ALIGN:justify; MARGIN:0in 0in 0pt'>&nbsp;</p> <p style='FONT-SIZE:12pt; FONT-FAMILY:"Arial","serif"; TEXT-ALIGN:justify; MARGIN:0in 0in 0pt 1in; TEXT-INDENT:-0.5in'><font style='FONT-SIZE:11pt; FONT-FAMILY:"Arial","sans-serif"'>c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sell any single capital asset of the Employer having a market value in excess of FIVE Thousand Dollars ($5000) or a total of capital assets during a fiscal year having a market value in excess of Ten Thousand Dollars ($10,000).</font></p> <p style='FONT-SIZE:12pt; FONT-FAMILY:"Arial","serif"; TEXT-ALIGN:justify; MARGIN:0in 0in 0pt'>&nbsp;</p> <p style='FONT-SIZE:12pt; FONT-FAMILY:"Arial","serif"; TEXT-ALIGN:justify; MARGIN:0in 0in 0pt 1in; TEXT-INDENT:-0.5in'><font style='FONT-SIZE:11pt; FONT-FAMILY:"Arial","sans-serif"'>d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hire any employee for a term in excess of one (1) year, or offer any written employment contracts except as approved by the Board of Directors. The duties of the Employee may be changed from time to time by mutual consent of the Employer and the Employee without resulting in recision of this Agreement.</font></p> <p style='FONT-SIZE:12pt; FONT-FAMILY:"Arial","serif"; TEXT-ALIGN:justify; MARGIN:0in 0in 0pt'>&nbsp;</p> <p style='FONT-SIZE:12pt; FONT-FAMILY:"Arial","serif"; TEXT-ALIGN:justify; MARGIN:0in 0in 0pt 1in; TEXT-INDENT:-0.5in'><font style='FONT-SIZE:11pt; FONT-FAMILY:"Arial","sans-serif"'>e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; File any legal claim on behalf of the Corporation without approval of the Board of Directors.</font></p> <p style='FONT-SIZE:12pt; FONT-FAMILY:"Arial","serif"; TEXT-ALIGN:justify; MARGIN:0in 0in 0pt'>&nbsp;</p> <p style='FONT-SIZE:12pt; FONT-FAMILY:"Arial","serif"; TEXT-ALIGN:justify; MARGIN:0in 0in 0pt 0.5