EMPLOYMENT AGREEMENT AMENDMENT
EXHIBIT
10.1
EMPLOYMENT
AGREEMENT AMENDMENT
This
EMPLOYMENT AGREEMENT AMENDMENT (this “Agreement”), is dated as of September 26,
2008, 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 of the Company
under an Employment Agreement entered into by him with the Company as of January
1, 2003, which has heretofore been amended primarily to extend the term of the
CEO’s employment with the Company, most recently to December 31, 2007 (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.
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, 2009, 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:
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The
Company:
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COLLECTORS
UNIVERSE, INC.
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By:
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/s/ X. XXXXXXX
XXXXX
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X.
Xxxxxxx Xxxxx, Chairman
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Executive:
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/s/ XXXXXXX X.
XXXXXX
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Xxxxxxx
X. Xxxxxx
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