**Exhibit
10.99**
 **2005
MANAGEMENT BONUS PLAN**
 
 
 **COLLECTORS
UNIVERSE, INC.**
 
 **2005
MANAGEMENT BONUS COMPENSATION PLAN**
 
 
 1. Purposes
and Administration of the Plan .
  1.1  Purpose . The
purpose of the 2005 Management Bonus Compensation Plan (the “ 2005
Plan ) is to
assist Collectors Universe, Inc. (the “ Company ”) in
promoting, and rewarding Participants for contributing to, the achievement of
financial performance and strategic goals and objectives for the fiscal year
ending June 30, 2005 (“ fiscal
2005 ”), that
promote the interests of the Company and its stockholders, by making a
substantial portion of each Participant’s compensation for fiscal 2005 dependent
on the Company’s achievement of those goals and objectives.
  1.2  Administration
of the 2005 Plan . The
2005 Plan shall be administered by the Compensation Committee of the Board of
Directors of the Company (the “ Committee ”). The
Committee shall have the authority to interpret and construe the 2005 Plan and
to adopt all necessary rules and regulations for administering the 2005 Plan.
All decisions and determinations of the Committee with respect to the 2005 Plan
shall be final and binding on all parties.
  2.
    Plan
      Participants.
 
 The
Compensation Committee has designated the following executive officers of the
Company as participants in the 2005 Plan (the “Participants”):
 
 **Name**
    
    **Position
      with the Company**Michael
      R. Haynes
    
    Chief
      Executive OfficerDavid
      G. Hall
    
    PresidentMichael
      J. Lewis
    
    Chief
      Financial Officer
  3. Performance
Goals and Bonus Compensation Awards .
  3.1 Establishment
of Performance Goals . The
Compensation Committee will establish, in written form, for each Participant,
performance goals that will be based on financial performance goals that have
been established by the Board of Directors in the Company’s fiscal 2005 Annual
Operating Plan (“Corporate Goals”). Additionally, the Committee may establish
individualized performance objectives (“MBOs”), the achievement of which by a
Participant, in the view of the Committee, are likely to enhance the Company’s
financial performance in fiscal 2005 or establish a foundation for increased
profitability over the longer-term. The Committee also will establish, in
written form (i) threshold Corporate Goals or MBOs, which are those that must be
met before a Participant will earn any bonus compensation under the 2005 Plan,
(ii) target performance goals, which are based on one or more of the financial
performance goals set forth in the 2005 Annual Operating Plan and may also
include, in the case of any particular Participant, individualized MBOs, and
(iii) maximum performance goals, which are financial performance goals and
MBOs that substantially exceed the target performance goals and MBOs established
by the Committee. Corporate Goals may be established for quarterly periods
within, or for the entirety of, fiscal 2005 (each, a “ Measurement
Period ”).
  3.2 Fiscal
2005 Performance Goals . The
Financial Performance Goals for 2005 have been established on the basis of one
or more of the following criteria: fiscal 2005 quarterly or annual (i) net
revenues, (ii) operating income, and (iii) pre-tax income. The MBOs
that have been established include specified strategic initiatives or
operational goals for the Company as a whole, or for any Division or Business
Unit within the Company, the achievement of which is largely dependent on the
performance of the particular Participant for whom the MBOs were established.
  
 3.3 Bonus
Compensation Awards . In
conjunction with the adoption of this Plan, the Compensation Committee will
establish bonus compensation awards for each Participant, which will be
expressed in dollar amounts, percentages of salary or using such other metric as
the Committee may deem to be appropriate. The bonus compensation awards for each
Participant will be based on a number of factors, which may include a
Participant’s (i) expected contribution to the Company’s fiscal 2005 or
longer term financial performance, (ii) position and level of
responsibilities with the Company, (iii) salary level, and (iv) past individual
performance.
  3.4 Determinations
of Performance and Bonus Compensation Awards .
  (a) The
Committee shall, in its sole and absolute discretion, determine the extent to
which the 2005 performance goals have been attained. In the case of quarterly
financial performance goals, such determinations shall be made within forty-five
(45) days after the end of the fiscal quarter, in accordance with the same
generally accepted accounting principles that are used to prepare the Company’s
quarterly financial statements that are filed with the Securities and Exchange
Commission (the “ SEC ”) and
may be based directly on the financial statements included in the Company’s
Quarterly Report on Form 10-Q for the particular fiscal quarter for which such
determinations are made. In the case of annual financial performance goals or
MBOs, such determinations shall be made within ninety (90) days after the end of
fiscal 2005, in accordance with the same generally accepted accounting
principles that are used to prepare the Company’s annual financial statements
that are filed with the SEC and may be based directly on the audited financial
statements included in the Company’s Annual Report on Form 10-K for fiscal
2005.
 
 (b) If the
Committee determines, for a particular quarterly, or for the annual fiscal 2005,
Measurement Period that none of the threshold performance goals established for
a Participant was achieved, then, that Participant shall not be entitled to
receive any bonus compensation award for such Measurement Period under the 2005
Plan. If it is determined, instead, that one or more of those threshold
performance goals have been met or exceeded, then, the Participant shall become
entitled to receive a bonus compensation award under this 2005 Plan in an amount
which shall be determined based on the extent to which those threshold
performance goals were exceeded and whether one or more of the target
performance or maximum performance goals were achieved. Additionally, to be
eligible to receive a bonus compensation award under this 2005 Plan for any
Measurement Period, a Participant must have been performing services for the
Company as of the last day of that Measurement Period. The determination as to
whether a Participant was performing services for the Company on the last day of
any such Measurement Period also shall be made by the Committee, in its sole and
absolute discretion. **
 
 3.5 Changes
to Performance Goals . At any
time prior to the end of fiscal 2005, the Compensation Committee may adjust or
change the performance goals to reflect the occurrence of (i) any
extraordinary event (such as, by way of example, the events of September 11,
2001), (ii) any material corporate transactions, (iii) any material
changes in corporate capitalization, accounting rules or principles or in the
Company’s methods of accounting, (iv) any material changes in applicable
law, or (v) any other material change of similar nature (each, an
“ Extraordinary
Event ”), but
only if any such Extraordinary Event was not foreseeable at the time the
performance goals then in effect under this Plan were established and would, in
the sole opinion of the Committee, (x) make it unlikely that such performance
goals will be achieved or (y) result in the achievement of any performance
goals that would not have been likely to be achieved in the absence of such
Extraordinary Event. Notwithstanding the foregoing, however, the occurrence of
changes in the competitive environment or changes in economic or market
conditions in the Company’s markets, whether or not expected or reasonably
foreseeable, shall not constitute an Extraordinary Event and no change in
performance goals shall be permitted to affect any bonus compensation award
based on performance achieved during a Measurement Period that ended prior to
the occurrence of any such Extraordinary Event.
 
 3.6 Payment
of Benefits . The
Company shall pay any bonus compensation award earned by a Participant in cash,
less applicable payroll and other withholdings, within thirty (30) days
following the Committee’s determinations as set forth in Section 3.4 above. All
payments made by check under the 2005 Plan shall be delivered in person or
mailed to the last address of a Participant that is set forth in the records of
the Company or shall be deposited to the Participant’s direct deposit account on
file with the payroll department of the Company. Each Participant shall be
responsible for furnishing the Company with the Participant’s current address
and any changes that may occur therein and, if the Participant desires a bonus
compensation award to be deposited in a direct deposit account, the information
and authorization required to enable the Company to cause such deposit to be
made in such account.
 
 
 4. Miscellaneous
Provisions
  4.1 No
Enlargement of Employee Rights . Nothing
in the 2005 Plan shall be construed to create or imply any contract of
employment between any Participant and the Company, to confer upon any
Participant any right to continue in the employ of the Company or to confer upon
the Company any right to require any Participant’s continued employment.
  4 .2 Rights
Not Alienable . Any
rights provided to a Participant under the 2005 Plan may not be assigned,
transferred or alienated, except by will or pursuant to the laws of descent and
distribution, and shall be earned only by the Participant.
 
 4.3 Other
Compensation Plans . The
adoption of the 2005 Plan shall not affect any other compensation plans in
effect for the Company, nor shall the 2005 Plan preclude the Company from
establishing or awarding any other forms of compensation for employees, officers
or directors of the Company, including the Participants.
 
 4.4 Amendment
and Termination of 2005 Plan . The
Company may amend, modify or terminate the 2005 Plan at any time, but any such
amendment, modification or termination shall not be applied in a manner that
would adversely affect any of the rights of any Participant with respect to any
bonus compensation award under the 2005 Plan which had been awarded prior to
such amendment, modification or termination.
 
 4.5 Governing
Law . To the
extent not preempted by federal law, the 2005 Plan shall be determined in
accordance with the laws of the State of California *.*
 
 
   
   **EXHIBIT
A**
 
 **FISCAL
2005 PERFORMANCE GOALS AND TARGET INCENTIVE AWARDS**
 
 The
fiscal 2005 performance goals established for Michael R. Haynes, the Company’s
CEO, and Michael J. Lewis, the Company’s CFO, are comprised of (i) overall
Company net revenue and pre-tax earnings goals, and (ii) individualized
performance goals (“MBOs”). The fiscal 2005 performance goals established for
David G. Hall, the Company’s President, who is responsible for the performance
of its Authentication and Grading Division, are the contributions made by that
Division to the Company’s quarterly operating income in fiscal 2005 (the
“Division Contributions”). Set forth below are the target and maximum bonus
awards that each of them can earn under the 2005 Plan based on the extent to
which, if any, they are able to achieve any one or more of those goals, assuming
that their respect threshold performance goals, as established by the Committee
are met.
 
 **Potential
      Bonus Awards**
      **as
      a Percent of Annual Salary****Target
      Award**
    
    **Maximum
      Award**Michael
      R. Haynes, CEO
    
    
    50.0
    %
    
    150.0
    %David
      G. Hall, President
    
    
    100.0
    %
    
    100.0
    %*Michael
      Lewis, CFO
    
    
    40.0
    %
    
    120.0
    %
 
  *
    Mr.
      Hall’s target bonus is also the maximum bonus that Mr. Hall can earn under
      the
      fiscal 2005 Plan.
  If a
Participant’s threshold performance goals are exceeded, but the target
performance goals are not achieved, or, in the case of Messrs. Haynes and Lewis,
if target performance goals are exceeded, but maximum performance goals are not
achieved, the bonus compensation award shall be the prorated, accordingly,
between the goals that were exceeded and the next higher set of goals.