SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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): August 1, 2005
J.W. Mays, Inc.
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(Exact name of registrant as specified in its charter)
New York 1-3647 11-1059070
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(State or other jurisdiction (Commission File Number) (IRS Employer Identification No.)
of incorporation)
9 Bond Street, Brooklyn, New York 11201
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(Address of principal executive offices)
Registrant's telephone number, including area code: (718) 624-7400
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 (see General Instruction A.2. below):
[ ] Written communication 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 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement
On August 1, 2005, J.W. Mays, Inc. (the "Company") entered into Employment
Agreements with its four highest compensated executive officers: Lloyd J.
Shulman, President; Mark Greenblatt, Vice President and Treasurer; Ward N. Lyke,
Jr., Vice President and Assistant Treasurer; and George Silva, Vice President.
Mr. Shulman also serves as Chairman and Chief Executive Officer and Mr.
Greenblatt also serves as Chief Financial Officer.
Set forth below are the material terms of each of the Employment Agreements.
Please refer to the actual Employment Agreements for the terms and provisions
thereof.
1) Term of Employment: Each Employment Agreement has a three-year term
and commences as of August 1, 2005 and ends as of July 31, 2008, subject to
earlier termination.
2) Minimum Annual Compensation:
Lloyd J. Shulman $220,000
Mark Greenblatt $165,000
Ward N. Lyke, Jr. $146,000
George Silva $117.499
Each executive officer shall be entitled to increases and additional
compensation as may be determined by the Board of Directors.
3) Restrictive Covenant: Each executive officer is restricted from
competing with the Company, inducing any person employed by the Company to join
a competitor, or using confidential information in a manner adverse to the
Company during his term of employment and for a period of 24 months following
termination of his employment. The geographic scope of the restrictive covenant
is a fifteen (15) mile radius of the then principal place of business of the
Company.
4) Permanent Disability: Each executive officer will continue to be
paid his compensation even if he becomes permanently disabled (as such term is
defined in the Employment Agreement).
Item 9.01 Financial Statements and Exhibits
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
10.1 Employment Agreement dated as of August 1, 2005 between
J.W. Mays, Inc. and Lloyd J. Shulman.
10.2 Employment Agreement dated as of August 1, 2005 between
J.W. Mays, Inc. and Mark Greenblatt.
10.3 Employment Agreement dated as of August 1, 2005 between
J.W. Mays, Inc. and Ward N. Lyke, Jr.
10.4 Employment Agreement dated as of August 1, 2005 between
J.W. Mays, Inc. and George Silva.
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 thereunto duly authorized.
J.W. MAYS, INC.
Date: August 1, 2005 By: /s/ Mark Greenblatt
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Vice President
Chief Financial Officer
EXHIBIT INDEX
Exhibit
Number Exhibit
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10.1 Employment Agreement dated as of August 1, 2005 between
J.W. Mays, Inc. and Lloyd J. Shulman.
10.2 Employment Agreement dated as of August 1, 2005 between
J.W. Mays, Inc. and Mark Greenblatt.
10.3 Employment Agreement dated as of August 1, 2005 between
J.W. Mays, Inc. and Ward N. Lyke, Jr.
10.4 Employment Agreement dated as of August 1, 2005 between
J.W. Mays, Inc. and George Silva.