EMPLOYMENT AGREEMENT EXTENSION
Exhibit
10.1
This
EMPLOYMENT AGREEMENT EXTENSION (this “Agreement”), is dated as of March 17,
2005, by and between COLLECTORS UNIVERSE, INC., a Delaware Corporation (the
“Company” or “CUI”), and XXXXXXX X. XXXXXX (Executive”), with reference to the
following:
R E C I T A L S:
A. Executive
is employed as Chief Executive Officer (the “CEO”) of the Company under an
Employment Agreement entered into by him with the Company as of January 1,
2003,
as amended as of October 1, 2003 by a First Amendment to Employment Agreement
and as further amended as of November 1, 2004, by a Second Amendment to
Employment Agreement (and as so amended, the “Employment Agreement; and
B. The
Employment Agreement is scheduled to expire by its own terms as of December
31,
2005 and the parties desire to further extend the term of the Employment
Agreement and Executive’s employment with the Company thereunder to December 31,
2006.
A G R E E M E N T
NOW,
THEREFORE, in consideration of the respective promises of each party made to
the
other in this Agreement and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged by each of the parties, it
is
agreed as follows:
1. Extension
of the Term of Employment.
The
term of Executive’s employment under the Employment Agreement, as heretofore
amended, is hereby extended and shall continue to December 31, 2006, unless
the
Executive’s employment is either (i) sooner terminated pursuant to the
provisions of any of Sections 5.2 through 5.7 (inclusive) of the Employment
Agreement, or (ii) further extended by mutual written agreement of the
parties.
2. No
Other Changes.
The
Employment Agreement, as heretofore amended, shall remain in full force and
effect and, except as amended by this Extension Agreement, shall remain
unchanged.
3. Miscellaneous.
3.1 Construction.
This
Extension Agreement is the result of arms - length negotiations between the
parties hereto, and no provision hereof shall be construed against a party
by
reason of the fact that such party or its legal counsel drafted said provision
or for any other reason.
3.2 Entire
Agreement.
This
Extension Agreement contains all of the agreements of the parties relating
to,
and supersedes all prior agreements or understandings, written or oral, between
the parties regarding, the extension of the term of the Employment
Agreement.
3.3 Binding
on Successors.
Subject
to the provisions of Section 6.4 of the Employment Agreement (entitled “No
Assignment”), which provisions are incorporated herein by this reference, this
Extension Agreement shall be binding on the parties and their respective heirs,
legal representatives and successors and assigns.
3.4 Headings.
Section
and paragraph headings are for convenience of reference only and shall not
affect the meaning or have any bearing on the interpretation of any provision
of
this Second Amendment.
3.5 Severability.
If any
provision of this Extension Agreement is held to be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining
provisions hereof shall not be affected or impaired in any way as a result
thereof.
3.6 Governing
Law.
This
Extension Agreement is made in and shall be construed and interpreted according
to and enforced under the internal laws of the State of California, excluding
its choice of law rules and principles.
3.7 Counterparts.
This
Extension Agreement may be executed in any number of counterparts, and each
of
such signed counterparts, including any photocopies or facsimile copies thereof,
shall be deemed to be an original, but all of such counterparts shall constitute
one and the same instrument.
IN
WITNESS WHEREOF, the undersigned have executed this Employment Agreement
Extension as of the day and date first above written:
COLLECTORS
UNIVERSE, INC.
By: /s/
X.
XXXXXXX XXXXX
X.
Xxxxxxx Xxxxx, Chairman
/s/
XXXXXXX X. XXXXXX
Xxxxxxx
X. Xxxxxx
