SEC Contract Filing

Filing Date: 2017-06-08

Document Content:
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<TYPE>EX-10
<SEQUENCE>2
<FILENAME>jwmays3192164-ex10.htm
<DESCRIPTION>MATERIAL CONTRACTS
<TEXT>

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<P align=right><FONT face="Times New Roman" size=2>Exhibit 10a</FONT></P>
<P align=center><U><FONT face="Times New Roman" size=2>EMPLOYMENT
AGREEMENT</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>AGREEMENT made on the 22nd day
of March, 2017, which further modifies and extends the Employment Agreement
originally made as of the 1<SUP>st</SUP> day of August, 2008, which expired on
July 31, 2011, as modified and extended by the Employment Agreement made as of
the 1<SUP>st</SUP> day of August, 2011, which expired on July 31, 2014, as
modified and extended by the Employment Agreement made as of the 1<SUP>st</SUP>
day of August, 2014, which is expiring on July 31, 2017, between J.W. Mays,
Inc., a New York corporation with offices and principal place of business
located at 9 Bond Street, Brooklyn, New York 11201 (hereinafter called the
&#147;Company&#148;), and Lloyd J. Shulman (hereinafter called &#147;Shulman&#148; or
&#147;Employee&#148;)</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>WHEREAS, Shulman has rendered
distinguished and dedicated service to the Company for many years, currently
serves as its President and his services have continuing value to the Company;
and</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>WHEREAS, the Company desires
to assure continuity of the services of Shulman as President by means of an
Employment Agreement and Shulman is willing to enter into such Agreement upon
the terms and conditions hereinafter set forth. and</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>WHEREAS, the protection of the
Company&#146;s Confidential Information (as defined hereinafter) is vital to the
continued successful operation of the Company&#146;s business. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>NOW, THEREFORE, in
consideration of the mutual covenants herein contained, it is </FONT><FONT face="Times New Roman" size=2>agreed as follows: </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>1. </FONT><U><FONT face="Times New Roman" size=2>Nature of Services and Duties</FONT></U><FONT face="Times New Roman" size=2>: </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(A) The Company hereby employs
Shulman and Shulman accepts employment as </FONT><FONT face="Times New Roman" size=2>the President of the Company. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>-24-</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(B) Shulman shall devote his
best efforts and substantially all of his business time to advance the interests
of the Company, subject to the control of the Board of Directors, and subject to
and bound by all personnel and corporate policies and procedures applicable to
employees of the Company. At all times he shall be furnished office
accommodations adequate for the performance of his duties and compatible with
his position as President of the Company. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>2. </FONT><U><FONT face="Times New Roman" size=2>Term of Employment</FONT></U><FONT face="Times New Roman" size=2>: </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(A) Shulman&#146;s employment
hereunder shall commence as of August 1, 2017 and shall end at the close of
business on July 31, 2020, subject to earlier termination as provided in this
Agreement in the event of Shulman&#146;s retirement or permanent disability (the
&#147;Term of Employment&#148;). Leave of absence for any period of time authorized by the
Board of Directors of the Company shall not be deemed an interruption, cessation
or termination of the terms of Shulman&#146;s employment. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(B) Shulman may, at his
option, elect to retire at any time upon at least ninety (90) </FONT><FONT face="Times New Roman" size=2>days prior written notice to the Company.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(C) Nothing in this Agreement
shall prevent the Company from terminating the employment at any time for cause.
The following events shall constitute cause: (i) fraud, criminal conduct,
misappropriation, embezzlement or the like; or (ii) willful misconduct of the
Employee in connection with the performance of his duties under this Agreement;
or (iii) violation of any material provision of this Agreement. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>3. </FONT><U><FONT face="Times New Roman" size=2>Compensation</FONT></U><FONT face="Times New Roman" size=2>: </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(A) The Company agrees to
compensate Shulman for his services, and Shulman agrees to accept as
compensation for his services, during the period of his employment hereunder or
any renewal thereof, the sum of not less than Three Hundred Fifty Two Thousand
Five Hundred and 00/100 ($352,500.00)
Dollars per annum, payable in equal monthly or other installments in accordance
with the general practice of the Company with respect to Senior Executives.
Shulman shall be entitled to such increases and additional payments as may be
determined from time to time by the Board of Directors in its discretion.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>-25-</FONT></