EMPLOYMENT AGREEMENT AMENDMENT
EMPLOYMENT
AGREEMENT AMENDMENT
This
EMPLOYMENT AGREEMENT AMENDMENT (this “Agreement”), is dated as of October 24,
2007, by and between COLLECTORS UNIVERSE, INC., a Delaware Corporation (the
“Company” or “CUI”), and XXXXXXX X. XXXXXX (Executive”), with reference to the
following:
RECITALS:
A. Executive
is employed as Chief Executive Officer of the Company under an Employment
Agreement entered into by him with the Company as of January 1, 2003, which
has
heretofore been amended on four occasions, primarily to extend the term of
the
CEO’s employment with the Company, most recently to December 31, 2007 and to
evidence increases in his annual base salary, most recently to $340,000 (and
as
heretofore amended, the “Employment Agreement”); and
B. The
Company and the CEO desire to further amend the Employment Agreement as and
to
the extent provided hereinafter in this Agreement.
AGREEMENT
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, 2008, 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 Agreement,
as set forth in Section 1 hereof, 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
Amendment as of the day and date first above written:
The
Company: COLLECTORS
UNIVERSE, INC.
By: /s/ X.
XXXXXXX
XXXXX
X.
Xxxxxxx Xxxxx,
Chairman
Executive:
/s/ XXXXXXX
X.
XXXXXX
Xxxxxxx
X. Xxxxxx
