Exhibit
10.1
EMPLOYMENT AGREEMENT
AMENDMENT
This EMPLOYMENT AGREEMENT AMENDMENT (this
“Agreement”), is dated as of September 19, 2006, by and
between COLLECTORS UNIVERSE, INC., a Delaware Corporation (the
“Company” or “CUI”), and MICHAEL R. HAYNES
(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 on three occasions, primarily to extend the term of
the CEO’s employment with the Company, most recently to
December 31, 2006. and to evidence increases in his base salary
(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, 2007, 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. Amendment to Section 5.2 . The third sentence of Section 5.2 of the
Employment Agreement (which Section is entitled “Termination
Without Cause”) is hereby amended to read in its entirety as
follows:
“In the
event of any such termination of Executive’s employment
pursuant to this Section 5.2, the Company shall (a) continue
to pay Executive (or in the case of his death, his heirs) his base
salary, at the rate in effect on the date of such
terminatio
