UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): June 15, 2009
PISMO COAST VILLAGE, INC.
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(Exact Name of Registrant as Specified in Its Charter)
California #0-8463 95-2990441
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
165 South Dolliver Street, Pismo Beach, California 93449
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (805) 773-5649
Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13 e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
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ITEM 1.01 ENTRY INTO A MATERIAL DEFINITE AGREEMENT
EMPLOYMENT AGREEMENT
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Pismo Coast Village, Inc., (the "Company") entered into an
Employment Agreement with its General Manager, Jay N. Jamison,
for a five year period, beginning October 1, 2008 and ending
September 30, 2013, with a renewable option for an additional
five year period. In addition to his duties as General Manager,
Mr. Jamison serves as Chief Executive Officer (principal
executive officer) and Assistant Corporate Secretary for the
Company.
The Agreement provides that Mr. Jamison will receive a base
salary of $126,672 per year, with an incentive bonus paid at the
direction and convenience of the Board of Directors based on year
end fiscal performance each year. Additionally, Mr. Jamison will
participate in the Company's benefit plans.
The complete text of this Agreement is filed with this Form 8-K
as Exhibit 10.1.
PURCHASE OF 19.55 ACRE PROPERTY FOR RV STORAGE
On May 9, 2008, the Company closed escrow on a 19.55 acre
property located at 974 Sheridan Road, Arroyo Grande CA 93420, to
be developed for RV storage. The sales price was $3.1 million for
the undeveloped land, and the Company secured permanent financing
for the purchase with Santa Lucia Bank, 1530 East Grand Avenue,
Arroyo Grande CA 93421. The Company encumbered property located
at 974 Sheridan Road and the new property, 775 Sheridan Road, as
collateral security for the loan and a $200,000 down payment,
totaling $3.3 million. The loan was financed for a period of ten
years at a variable interest rate currently at 5.5%.
The Company is currently waiting for a development permit through
the County of San Luis Obispo Planning Commission. Upon
completion, storage capacity is expected to be approximately 900
units.
The complete text of the Promissory Note for the financing of the
loan with Santa Lucia Bank is filed with this Form 8-K as Exhibit
10.2.
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ITEM 5.02. DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION
OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS;
COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS
Resignation of Director
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On July 22, 2008, Nancy Brady tendered her resignation as a
member of the Board of Directors of Pismo Coast Village, Inc.
Mrs. Brady's resignation was submitted due to personal reasons
and was not due to any disagreement with the Company on any
matter relating to the Company's operations, policies or
practices.
Appointment of Director
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On September 20, 2008, the Company's Directors appointed Wayne
Hardesty to the Board of Directors to fill the vacancy created by
the resignation of Nancy Brady. The Company's directors and
officers do not receive compensation for the services they
provide, and no employment contract or agreement is in place to
cover Mr. Hardesty's service as a member of the Board of
Directors for the Company.
Resignation of Director
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On September 20, 2008, Ed Figueroa submitted his resignation as a
member of the Board of Directors of Pismo Coast Village, Inc. Mr.
Figueroa's resignation was submitted due to personal reasons and
was not due to any disagreement with the Company on any matter
relating to the Company's operations, policies or practices.
Appointment of Director
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On November 10, 2008, the Company's Directors appointed Garry
Nelson to the Board of Directors to fill vacancy created by the
resignation of Ed Figueroa. The Company's directors and officers
do not receive compensation for the services they provide, and no
employment contract or agreement is in place to cover Mr.
Nelson's service as a member of the Board of Directors for the
Company.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
PISMO COAST VILLAGE, INC.
Date: June 15, 2009 By: JAY JAMISON
Jay Jamison
Chief Operating Officer,
General Manager and
Assistant Corporate Secretary
(principal executive officer)
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