Document:

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                                                                    EXHIBIT 10.1

                               EXCHANGE AGREEMENT

         This Exchange Agreement is entered into as of this 20th day of
February, 2004 (the "Agreement"), by and between Mayor's Jewelers, Inc., a
Delaware corporation (the "Company"), with an address at 14051 Northwest 14th
Street, Sunrise, Florida 33323, and Henry Birks & Sons Inc., a Canadian
corporation ("Birks"), with an address at 1240 Square Phillips, Montreal, Quebec
H3B 3H4.

                                    RECITALS

         WHEREAS, Birks has purchased shares of the Series A Convertible
Preferred Stock, $.0001 par value per share, of the Company ("Series A Stock")
issued pursuant to that certain Investment Agreement (as defined below).

         WHEREAS, the Company and Birks have agreed to enter into this Agreement
whereby the Company will issue to Birks shares of the Series A-1 Convertible
Preferred Stock, $.0001 par value per share, of the Company ("Series A-1 Stock")
having the terms and provisions set forth in the Certificate of Designation
attached hereto as Exhibit A (the "Certificate of Designation"), in exchange for
the shares of the Series A Stock owned by Birks, on a one-share for one-share
basis (the "Transaction").

         NOW, THEREFORE, in consideration of the foregoing and the mutual
promises herein contained the parties agree as follows:

                                    AGREEMENT

                                    ARTICLE I
                                   DEFINITIONS

         The following definitions shall apply for purposes of this Agreement:

         "Amendment to Amended and Restated Registration Rights Agreement" means
the Amendment to Amended and Restated Registration Rights Agreement in the form
attached hereto as Exhibit B, which amends the Amended and Restated Registration
Rights Agreement by and between the Company and Birks dated February 25, 2003.

         "Investment Agreement" means the Investment Agreement by and among the
Company and Birks dated July 30, 2002. All terms used but not defined herein
shall have the respective meanings accorded to those terms in the Investment
Agreement.

                                   ARTICLE II
                           EFFECTIVE DATE OF AGREEMENT

         This Agreement shall be effective as of February 20, 2004 (the
"Effective Date").

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                                   ARTICLE III
                        EXCHANGE; PURCHASE OF SECURITIES

         Section 3.01 EXCHANGE. As of the Effective Date, Birks agrees to
exchange and surrender to the Company, and the Company will cancel, the 15,050
shares of Series A Stock held by it, in exchange for the issuance to Birks by
the Company of 15,050 shares of Series A-1 Stock. The Series A-1 Stock issued to
Birks in such exchange shall have substantially identical rights, preferences
and privileges to the Series A Stock, with the exception of certain changes to
the provisions regarding the payment of dividends and future dividend rates.

         Section 3.02 CANCELLATION AND ISSUANCE. Immediately following receipt
by the Company and Birks of the items set forth in Section 3.03, and upon
notation in the Company's stock ledger that the Series A Stock is cancelled and
the Series A-1 Stock is issued, the stock certificate representing the Series A
Stock shall be deemed to represent and evidence the number of shares of the
Series A-1 Stock as Birks shall receive pursuant to Section 3.01 above until
such time that the Company issues a new stock certificate representing the
Series A-1 Stock, and delivers it to Birks in exchange for and upon surrender to
the Company by Birks of the stock certificate formerly representing the 15,050
shares of Series A Stock cancelled on the Effective Date.

         Section 3.03 DELIVERIES.

                  (a) On the Effective Date, subject to the terms of this
Agreement, Birks shall deliver to the Company:

                           (i) an original duly executed stock power or other
authorization authorizing the transfer of the 15,050 shares of Series A Stock to
the Company;

                           (ii) the Amendment to Registration Rights Agreement
duly executed by an authorized officer of Birks; and

                           (iii) a copy of this Agreement duly executed by an
authorized officer of Birks.

                  (b) On the Effective Date, subject to the terms of this
Agreement, the Company shall deliver to Birks:

                           (i) a copy of the Certificate of Designation as filed
with the Secretary of State of the State of Delaware;

                           (ii) the Amendment to Registration Rights Agreement
duly executed by an authorized officer of the Company; and

                           (iii) a copy of this Agreement duly executed by an
authorized officer of the Company.

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                                   ARTICLE IV
                  REPRESENTATIONS AND WARRANTIES OF THE COMPANY

         Section 4.01 ORGANIZATION. The Company is a corporation duly organized,
validly existing and in good standing under the laws of the State of Delaware
and has the requisite corporate power and authority to carry on its business as
it is now being conducted.

         Section 4.02 DUE AUTHORIZATION. The Company has all right, corporate
power and authority to enter into this Agreement and each of the other documents
set forth in Section 3.03 (the "Transaction Documents") to which it is a party
and to consummate the Transaction. The execution and delivery by the Company of
this Agreement and the Transaction Documents, the exchange and issuance of the
Series A-1 Stock by the Company and the compliance by the Company with each of
the provisions of this Agreement and each of the Transaction Documents, and the
consummation by the Company of the Transaction, (a) are within the corporate
power and authority of the Company, and (b) have been duly authorized by all
requisite corporate proceedings on the part of the Board of Directors of the
Company. This Agreement and the Transaction Documents have been duly and validly
executed and delivered by the Company, and this Agreement and the Transaction
Documents constitute a valid and binding agreement of the Company, enforceable
against the Company in accordance with their terms, except as enforceability
against the Company may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws now or hereafter in effect relating
to the rights of creditors generally and by legal and equitable limitations on
the enforceability of specific remedies (regardless of whether enforcement is
considered in a proceeding in equity or at law). The shares of Series A-1 Stock
and all Common Stock issuable upon conversion of the Series A-1 Stock shall be
reserved for issuance upon the stockholders approval of an increase in
authorized shares of the Company's Common Stock. Upon exchange of the Series A
Stock (in the case of the Series A-1 Stock) and upon conversion of the Series
A-1 Stock (in the case of the Common Stock) such shares of Series A-1 Stock and
Common Stock, as the case may be, will be duly and validly issued and
outstanding, fully paid, and nonassessable and issued free of preemptive rights
or Liens (as defined below).

         Section 4.3 CONSENTS AND APPROVALS; NON-CONTRAVENTION. Neither the
execution, delivery or performance of this Agreement, nor the consummation by
the Company of the Transaction will (a) require any consent, approval or
authorization under any contract, lease or other agreement entered into by the
Company, (b) violate any order, writ, injunction, decree, statute, rule or
regulation applicable to the Company, or (c) result in a violation or breach of,
or constitute (with or without notice or lapse of time or both) a default (or
give rise to any right of termination, amendment, cancellation or acceleration
or any loss of a material benefit) under, or result in the creation or
imposition of (or the obligation to create or impose) any liens, claims,
mortgages, encumbrances, pledges, security interests, equities and charges of
any kind ("Liens") upon any of the Series A-1 Stock under any note, bond,
mortgage, indenture, lease, license, contract, agreement or other instrument or
obligation to which the Company is a party or by which the Company or any of its
properties or assets may be bound.

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                                    ARTICLE V
       REPRESENTATIONS AND WARRANTIES OF BIRKS; LIMITATIONS ON DISPOSITION

         Birks hereby represents and warrants to the Company that as of the
Effective Date:

         Section 5.01 ORGANIZATION. Birks is a corporation duly organized,
validly existing and in good standing under the laws of Canada and has the
requisite power and authority to carry on its business as it is now being
conducted.

         Section 5.02 DUE AUTHORIZATION. Birks has all right, power and
authority to enter into this Agreement and the other Transaction Documents to
which it is a party and to consummate the Transaction. The execution and
delivery by Birks of this Agreement and the Transaction Documents, the exchange
and surrender of the Series A Stock by it, the compliance by it with each of the
provisions of this Agreement and each of the Transaction Documents, and the
consummation by it of the Transaction, (a) are within its power and authority,
and (b) have been duly authorized by all necessary action on the part of such
entity. This Agreement and each of the other Transaction Documents to which it
is a party constitute a valid and binding agreement of such entity enforceable
against such entity in accordance with their respective terms, except as
enforceability against Birks may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws now or hereafter in
effect relating to the rights of creditors generally and by legal and equitable
limitations on the enforceability of specific remedies (regardless of whether
enforcement is considered in a proceeding in equity or at law).

         Section 5.03 OWNERSHIP OF STOCK. Birks has, and upon delivery to the
Company of the Series A Stock and the delivery to Birks of the Series A-1 Stock,
the Company will acquire, good and valid title to the Series A Stock, free and
clear of any Liens.

         Section 5.04 CONSENTS AND APPROVALS; NON-CONTRAVENTION. Neither the
execution, delivery or performance of this Agreement, nor the consummation by
Birks of the Transaction will (a) require any consent, approval or authorization
under any contract, lease or other agreement entered into by Birks, (b) violate
any order, writ, injunction, decree, statute, rule or regulation applicable to
Birks, or (c) result in a violation or breach of, or constitute (with or without
notice or lapse of time or both) a default (or give rise to any right of
termination, amendment, cancellation or acceleration or any loss of a material
benefit) under, or result in the creation or imposition of (or the obligation to
create or impose) any Lien upon any of the Series A Stock under any note, bond,
mortgage, indenture, lease, license, contract, agreement or other instrument or
obligation to which Birks is a party or by which Birks or any of its properties
or assets may be bound.

         Section 5.05 RESTRICTED SECURITIES. Birks understands that the
securities it is acquiring are characterized as "restricted securities" under
the federal securities laws inasmuch as they are being acquired from the Company
in exchange for restricted securities in a transaction exempt from registration
under Section 3(a)(9) of the Securities Act of 1933, as amended (the "Act"), and
that under such laws and applicable regulations, such securities may be resold
without registration under the Act only in certain limited circumstances. In
this connection, Birks represents that it is familiar with Rule 144, promulgated
under the Act, as presently in effect, and understands the resale limitations
imposed hereby and by the Act.

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                                   ARTICLE VI
                                  MISCELLANEOUS

         Section 6.01 FURTHER ASSURANCES; BIRKS ACKNOWLEDGEMENT. At any time or
from time to time after the Effective Date, Birks agrees to cooperate with the
Company, and at the request of the Company, to execute and deliver any further
instruments or documents and to take all such further action as the Company may
reasonably request in order to evidence or effectuate the consummation of the
Transaction. In addition, Birks acknowledges that upon the Effective Date, Birks
will have no further right, title or interest in or to the Series A Stock
(including, without limitation, any and all cumulative dividends accrued but
unpaid thereon), that the Series A Stock held by Birks shall be deemed cancelled
and of no further force or effect and that Birks shall only have the right to
receive the Series A-1 Stock for the Series A Stock, respectively, in addition
to such other rights set forth in this Agreement, the Transaction Documents, or
the Certificate of Designation.

         Section 6.02 EXPENSES. Birks will pay the reasonable legal and
accounting fees and expenses of the Company in connection with this Agreement
promptly following the consummation of the transactions contemplated hereby.

         Section 6.03 REMEDIES CUMULATIVE. Except as herein provided, the
remedies provided herein shall be cumulative and shall not preclude assertion by
any party hereto of any other rights or the seeking of any other remedies
against the other party hereto.

         Section 6.04 BROKERAGE. Each party hereto will indemnify and hold
harmless the others against and in respect of any claim for brokerage or other
commission relative to this Agreement or to the transaction contemplated hereby,
based in any way on agreements, arrangements or understandings made or claimed
to have been made by such party with any third party.

         Section 6.05 SEVERABILITY. Whenever possible, each provision of this
Agreement shall be interpreted in such a manner as to be effective and valid
under applicable law, but if any provision of this Agreement shall be prohibited
by or invalid under applicable law, such provisions shall be ineffective to the
extent of such prohibition or invalidity, without invalidating the remainder of
such provision or the remaining provisions of this Agreement.

         Section 6.06 PARTIES IN INTEREST. All covenants and agreements
contained in this Agreement by or on behalf of any of the parties hereto shall
bind and inure to the benefit of the respective legal representatives,
successors and assigns of the parties hereto whether so expressed or not.

         Section 6.07 NOTICES. Notices required under this Agreement shall be
deemed to have been adequately given if delivered personally or by commercial
messenger or courier service, or mailed by registered or certified mail (return
receipt requested) or sent via facsimile (with acknowledgement of complete
transmission), to Birks or to the Company at the address set forth in the first
paragraph of this Agreement or such other address as such party may from time to
time designate in writing.

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         Section 6.08 NO WAIVER. No failure to exercise and no delay in
exercising any right, power or privilege granted under this Agreement shall
operate as a waiver of such right, power or privilege. No single or partial
exercise of any right, power or privilege granted under this Agreement shall
preclude any other or further exercise thereof or the exercise of any other
right, power or privilege. The rights and remedies provided in this Agreement
are cumulative and are not exclusive of any rights or remedies provided by law.

         Section 6.09 AMENDMENTS. Except as herein provided, this Agreement may
be modified or amended only by a writing signed by the Company and by Birks.

         Section 6.10 SURVIVAL OF AGREEMENTS, ETC. All agreements,
representations and warranties contained in this Agreement or made in writing by
or on behalf of the Company or Birks in connection with the Transaction
contemplated by this Agreement shall survive the execution and delivery of this
Agreement.

         Section 6.11 CONSTRUCTION. This Agreement shall be governed by and
construed in accordance with the procedural and substantive laws of the State of
New York without regard for its conflicts-of-laws rules. The Company and Birks
agree that it may be served with process in the State of New York and any action
for breach of this Agreement prosecuted against it in the courts of that State.

         Section 6.12 WAIVER OF JURY TRIAL. THE COMPANY AND BIRKS HEREBY WAIVE
ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION, PROCEEDING OR
LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH
THIS AGREEMENT.

         Section 6.13 ENTIRE UNDERSTANDING. This Agreement expresses the entire
understanding of the parties and supersedes all prior and contemporaneous
agreements and undertakings of the parties with respect to the subject matter of
this Agreement.

         Section 6.14 COUNTERPARTS. This Agreement may be executed in one or
more counterparts, each of which shall be deemed to be an original but all of
which taken together shall constitute one agreement, and facsimile signatures
shall have the same effect as original signatures.

         Section 6.15 SUCCESSORS AND ASSIGNS. This Agreement shall bind and
inure to the benefit of the Company and Birks and the respective successors,
permitted assigns, heirs and personal representatives of the Company and Birks,
provided that the Company may not assign its rights or obligations under this
Agreement to any person without the prior written consent of Birks, and provided
further that Birks may not assign their rights or obligations under this
Agreement to any person without the prior written consent of the Company.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed by their respective authorized officer or person as of the Effective
Date.

                        MAYOR'S JEWELERS, INC.

                        By: /s/ MARC WEINSTEIN
                        ----------------------
                        Name: Marc Weinstein
                        Title: SVP and CAO

                        HENRY BIRKS & SONS INC.

                        By: /s/ MARCO PASTERIS             /s/ JOHN BALL
                        ----------------------            ---------------------
                        Name: Marco Pasteris              John Ball
                        Title: Group VP, Finance          CFO

                                       7<PAGE>

                                                                    EXHIBIT 10.2

                              --------------------

                              AMENDED AND RESTATED

                          REGISTRATION RIGHTS AGREEMENT

                              --------------------

                                     BETWEEN

                             MAYOR'S JEWELERS, INC.

                                       AND

                             HENRY BIRKS & SONS INC.

                          DATED AS OF FEBRUARY 25, 2003

<PAGE>

         AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this "AGREEMENT"),
dated as of February 25, 2003, between Mayor's Jewelers, Inc., a Delaware
corporation (the "SELLER"), and Henry Birks & Sons Inc., a Canadian corporation
(the "PURCHASER").

         WHEREAS, subject to the terms and subject to the conditions set forth
in the Investment Agreement dated as of August 20, 2002 between the Seller and
the Purchaser, wherein the Purchaser subscribed for and purchased from the
Seller, and the Seller issued and sold to the Purchaser, a total of 15,050
shares of Series A Convertible Preferred Stock of the Seller (the "Shares")
convertible into 50,166,667 shares of, and warrants (the "Warrants") exercisable
to purchase 37,272,787 shares of, the Common Stock, par value $0.0001 (the
"Common Stock"), of the Seller;

         WHEREAS, the Shares and the Warrants and the Common Stock issuable upon
conversion of the Shares or exercise of the Warrants have not been registered
under the Securities Act of 1993, as amended (the "Securities Act");

         WHEREAS, subject to the terms and subject to the conditions set forth
in the Registration Rights Agreement (the "REGISTRATION RIGHTS AGREEMENT") dated
as of August 20, 2002 between the Seller and Purchaser, the Seller and the
Purchaser agreed to provide for certain rights and obligations with respect to
the registration under the Securities Act of the Common Stock issuable upon
conversion of the Shares or exercise of the Warrants;

         WHEREAS, the Seller and the Purchaser wish to amend the terms and
conditions of the Registration Rights Agreement;

         NOW, THEREFORE, in consideration of the premises and the mutual
agreements and covenants hereinafter set forth, the Seller and the Purchaser
hereby agree as follows:

         SECTION 1. S-3 REGISTRATION STATEMENT. AT ANY TIME 72 DAYS FOLLOWING
THE DATE HEREOF, UPON THE WRITTEN REQUEST OF THE PURCHASER, THE SELLER SHALL BE
OBLIGATED TO:

         (a) Prepare and file a registration statement with the SEC on Form S-3
under the Securities Act (or in the event that the Seller is ineligible to use
such form, such other form as the Seller is eligible to use under the Securities
Act) (the "Registration Statement") covering the resale of the Common Stock held
by the Purchaser following conversion of its Shares or upon exercise of its
Warrants (the "Registrable Securities"), which Registration Statement (including
any amendments or supplements thereto and prospectuses contained therein) shall
not contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein, or necessary to make the statements therein
not misleading. Such Registration Statement shall, in addition and without
limitation, register (pursuant to Rule 416 under the Securities Act, or
otherwise) such additional indeterminate number of Registrable Securities as
shall be necessary to prevent dilution resulting from stock splits, stock
dividends or similar transactions. Thereafter, the Seller shall use its
reasonable best efforts to cause such Registration Statement and other filings
to be declared effective as soon as practicable.

         (b) Prepare and file with the SEC such amendments and supplements to
such Registration Statement and the prospectus used in connection with such
Registration Statement as may be necessary to keep the Registration Statement
effective and to comply with the provisions of the Securities Act with respect
to the disposition of all securities covered by such Registration Statement as
set forth in the Registration Statement and then on a continuous basis in

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accordance with Rule 415 under the Securities Act; and, notify the Purchaser of
the effectiveness of such Registration Statement and any amendments or
supplements thereto.

         (c) Furnish to the Purchaser such numbers of copies of a current
prospectus conforming with the requirements of the Securities Act, copies of the
Registration Statement, any amendment or supplement thereto and any documents
incorporated by reference therein and such other documents as the Purchaser may
reasonably require in order to facilitate the disposition of Registrable
Securities owned by the Purchaser.

         (d) Register and qualify, or obtain an appropriate exemption from
registration or qualification for, the securities covered by such Registration
Statement under such other securities or "Blue Sky" laws of each jurisdiction of
the United States as the Purchaser may reasonably request, (B) prepare and file
in those jurisdictions such supplements (including post-effective amendments)
and supplements to such registrations and qualifications as may be necessary to
maintain the effectiveness thereof, (C) take such other actions as may be
necessary to maintain such registrations and qualifications in effect at all
times, and (D) take all other actions reasonably necessary or advisable to
qualify the Registrable Securities for sale in such jurisdictions; provided that
the Seller shall not be required in connection therewith or as a condition
thereto to qualify to do business as a foreign corporation in any jurisdiction
in which it is not now qualified, or to file a general consent to service of
process in any jurisdiction with respect to matters unrelated to the issuance of
the Common Stock pursuant hereto.

         (e) Promptly notify the Purchaser in writing of the happening of any
such event as a result of which the prospectus (including any supplements
thereto or thereof) included in such Registration Statement, as then in effect,
includes an untrue statement of material fact or omits to state a material fact
required to be stated therein or necessary to make the statements therein not
misleading in light of the circumstances then existing, and use its reasonable
best efforts to promptly update and/or correct such prospectus to correct such
untrue statement or omission, and deliver such number of copies of such
supplement or amendment to the Purchaser as the Purchaser may reasonably
request.

         (f) Promptly notify the Purchaser of the issuance by the SEC or any
state securities commission or agency of any stop order suspending the
effectiveness of the Registration Statement or the initiation of any proceedings
for that purpose. The Seller shall take all actions necessary to prevent the
issuance of any stop order and, if any stop order is issued, to obtain the
lifting thereof at the earliest possible time.

         (g) Permit counsel, designated by the Purchaser to review (A) the
Registration Statement and (B) all amendments and supplements thereto relating
to information concerning the Purchaser within a reasonable period of time prior
to filing thereof, to the extent practicable.

         (h) List the Registrable Securities covered by such Registration
Statement with all securities exchange(s) and/or markets on which the Common
Stock is then listed and prepare and file any required filings with the National
Association of Securities Dealers, Inc. or any exchange or market where the
shares of Common Stock are traded.

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         (i) If applicable, take all steps necessary to enable the Purchaser to
avail itself of the prospectus delivery mechanism set forth in Rule 153 (or
successor thereto) under the Securities Act.

         (j) Provide a CUSIP number and a transfer agent and registrar, which
may be a single entity, for the Registrable Securities not later than the
effective date of the Registration Statement.

         (k) At the reasonable request of the Purchaser, prepare and file with
the SEC such amendments (including post-effective amendments) and supplements to
the Registration Statement and the prospectus used in connection with the
Registration Statement as may be necessary in order to change the plan of
distribution set forth in such Registration Statement.

         (l) Furnish to the Purchasers (i) a "10b-5 negative assurances letter"
from the Seller's counsel and (ii) an independent auditor's comfort letter, each
of which shall be addressed to the Purchaser and similar to such as would be
provided in an underwritten offering.

         (m) In the event of any underwritten public offering, enter into and
perform its obligations under an underwriting agreement, in usual and customary
form, with the managing underwriter of such offering.

         SECTION 2. SUSPENSION OF REGISTRATION STATEMENT. Upon written notice to
the Purchaser, the Seller may suspend the use of any prospectus used in
connection with the Registration Statement if the Board of Directors of the
Seller determines in good faith based upon advice of counsel that the use of the
prospectus would be misleading because of material non-public information known
to the Seller and disclosure of which is determined by the Board of Directors to
be materially detrimental to the Seller and is not otherwise required by law;
provided, however, that the Seller may utilize this provision only once in any
twelve (12) month period and any such suspension shall not exceed forty-five
(45) calendar days. The Seller will use its reasonable best efforts to cause any
such suspension to terminate at the earliest possible date.

         SECTION 3. EXPENSES. The Seller shall pay the expenses incurred by it
in complying with its obligations under this Agreement, including all
registration and filing fees, exchange listing fees, the fees and expenses of
counsel for the Seller, the reasonable fees and expenses of one counsel retained
by the Purchaser or the Purchasers, which counsel shall be reasonably
satisfactory to the Seller, and the fees and expenses of accountants for the
Seller, but excluding any brokerage fees, selling commissions or underwriting
discounts incurred by the Purchaser in connection with sales under the
Registration Statement.

         SECTION 4. REGISTRATION OTHER THAN ON FORM S-3. The Seller shall seek
to continue to qualify for registration on Form S-3 or any comparable or
successor form or forms, or in the event that the Seller is ineligible to use
form, such form as the Seller is eligible to use under the Securities Act. If
the Seller is ineligible to use Form S-3, the Purchaser may, on demand (a
"Demand Right"), require the Seller to register the Registrable Securities under

                                       4
<PAGE>

the Securities Act on such other form the Seller is eligible to use, and may
require the Seller to do so on up to three (3) separate registration statements
(each a "Demand Right Registration Statement"); in addition to other rights of
the Purchaser under this Agreement, the Purchaser may require the Seller to
register the Registrable Securities on any registration statement of the Seller
filed with the SEC for purposes of a public offering of the Seller's securities.

         SECTION 5. EFFECTIVENESS OF REGISTRATION STATEMENT. In the case of the
registration effected by the Seller pursuant to this Agreement, the Seller will
use its reasonable best efforts to keep such registration effective until the
Purchaser has completed the sales or distribution described in the Registration
Statement relating thereto or, if earlier, until such Registrable Securities may
be sold under Rule 144(k) (provided that the Seller's transfer agent has
accepted an instruction from the Seller to such effect).

         SECTION 6. INDEMNIFICATION. i) The Seller will indemnify the Purchaser,
each of its directors, officers and partners, and each person controlling the
Purchaser within the meaning of Section 15 of the Securities Act and the rules
and regulations thereunder, against all claims, losses, damages and liabilities
(or actions in respect thereof) arising out of or based on any untrue statement
(or alleged untrue statement) of a material fact contained in any registration
statement, prospectus, offering circular or other document incident to any
registration, qualification or compliance effected by the Seller pursuant to
this Agreement, or based on any omission (or alleged omission) to state therein
a material fact required to be stated therein or necessary to make the
statements therein not misleading, or any violation by the Seller of the
Securities Act or any state securities law or in either case, any rule or
regulation thereunder applicable to the Seller and relating to action or
inaction required of the Seller in connection with any such registration,
qualification or compliance, and will reimburse the Purchaser, each of its
officers, directors and partners, and each person controlling the Purchaser, for
any legal and any other expenses reasonably incurred in connection with
investigating and defending any such claim, loss, damage, liability or action,
provided that the Seller will not be liable in any such case to the Purchaser to
the extent that any such claim, loss, damage, liability or expense arises out of
or is based on any untrue statement or omission based upon written information
furnished to the Seller by or on behalf of the Purchaser therefor and stated to
be specifically for use therein. The indemnity agreement contained in this
Agreement shall not apply to amounts paid in settlement of any such loss, claim,
damage, liability or action if such settlement is effected without the consent
of the Seller (which consent will not be unreasonably withheld).

         (a) The Purchaser (the "Indemnifying Purchaser") will severally
indemnify the Seller, each of its directors, officers and partners, each person
who controls the Seller within the meaning of Section 15 of the Securities Act
and the rules and regulations thereunder, against all claims, losses, damages
and liabilities (or actions in respect thereof) arising out of or based on any
untrue statement (or alleged untrue statement) of a material fact contained in
any such registration statement, prospectus, offering circular or other
document, or any omission (or alleged omission) to state therein a material fact
required to be stated therein or necessary to make the statement therein not
misleading, and will reimburse the Seller and its directors, officers and
partners, or control persons for any legal or any other expenses reasonably
incurred in connection with investigating and defending any such claim, loss,
damage, liability or action, in each case to the extent, but only to the extent,
that such untrue statement (or alleged untrue statement) or omission (or alleged
omission) is made in such registration statement, prospectus, offering circular

                                       5
<PAGE>

or other document in reliance upon and in conformity with written information
furnished to the Seller by such Indemnifying Purchaser and stated to be
specifically for use therein; provided, however, that the obligations of an
Indemnifying Purchaser hereunder shall be limited to an amount equal to the net
proceeds received by such Indemnifying Purchaser of securities sold pursuant to
the Registration Statement. The indemnity agreement contained in this Agreement
shall not apply to amounts paid in settlement of any such claims, losses,
damages or liabilities if such settlement is effected without the consent of the
Indemnifying Purchaser (which consent shall not be unreasonably withheld).

         (b) Each party entitled to indemnification under this Agreement (the
"Indemnified Party") shall give notice to the party required to provide
indemnification (the "Indemnifying Party") promptly after such Indemnified Party
has actual knowledge of any claim as to which indemnity may be sought, and shall
permit the Indemnifying Party to assume the defense of any such claim or any
litigation resulting therefrom; provided that counsel for the Indemnifying
Party, who shall conduct the defense of such claim or any litigation resulting
therefrom, shall be approved by the Indemnified Party (whose approval shall not
unreasonably be withheld) and the Indemnified Party may participate in such
defense at the Indemnified Party's expense (unless the Indemnified Party shall
have reasonably concluded that there may be a conflict of interest between the
Indemnifying Party and the Indemnified Party in such action, in which case the
fees and expenses of counsel shall be at the expense of the Indemnifying Party),
and provided further that the failure of any Indemnified Party to give notice as
provided herein shall not relieve the Indemnifying Party of its obligations
under this Agreement unless, and only to the extent that, the Indemnifying Party
is materially prejudiced thereby. No Indemnifying Party, in the defense of any
such claim or litigation shall, except with the consent of each Indemnified
Party, consent to entry of any judgment or enter into any settlement which does
not include as an unconditional term thereof the giving by the claimant or
plaintiff to such Indemnified Party of a release from all liability in respect
to such claim or litigation. Each Indemnified Party shall furnish such
information regarding itself or the claim in question as an Indemnifying Party
may reasonably request in writing and as shall be reasonably required in
connection with the defense of such claim and litigation resulting therefrom.

         (c) If the indemnification provided for in this Agreement is held by a
court of competent jurisdiction to be unavailable to an Indemnified Party with
respect to any loss, liability, claim, damage or expense referred to herein,
then the Indemnifying Party, in lieu of indemnifying such Indemnified Party
hereunder, shall contribute to the amount paid or payable by such Indemnified
Party as a result of such loss, liability, claim, damage or expense in such
proportion as is appropriate to reflect the relative fault of the Indemnifying
Party on the one hand and of the Indemnified Party on the other in connection
with the statements or omissions which resulted in such loss, liability, claim,
damage or expense, as well as any other relevant equitable considerations. The
relative fault of the Indemnifying Party and of the Indemnified Party shall be
determined by reference to, among other things, whether the untrue (or alleged
untrue) statement of a material fact or the omission (or alleged omission) to
state a material fact relates to information supplied by the Indemnifying Party
or by the Indemnified Party and the parties' relative intent, knowledge, access
to information and opportunity to correct or prevent such statement or omission.
Notwithstanding the provisions of this Section, the Purchaser shall not be
required to contribute any amount in excess of the gross proceeds received by
the Purchaser from securities sold pursuant to the Registration Statement.

                                       6
<PAGE>

         (d) Notwithstanding the foregoing, to the extent that the provisions on
indemnification and contribution contained in the underwriting agreement entered
into in connection with any underwritten public offering contemplated by this
Agreement are in conflict with the foregoing provisions, the provisions in such
underwriting agreement shall be controlling.

         SECTION 7. AVAILABLE INFORMATION. With a view to making available the
benefits of certain rules and regulations of the SEC which may permit the sale
of restricted securities to the public without registration, the Seller agrees
to use its reasonable best efforts to (i) make and keep public information
available as those terms are understood and defined in Rule 144 under the
Securities Act, or any successor rule, at all times after the date hereof, (ii)
use its reasonable best efforts to file with the SEC in a timely manner all
reports and other documents required of the Seller under the Securities Act and
the Exchange Act at any time, and (iii) so long as the Purchaser owns any
Registrable Securities, furnish to the Purchaser upon request, a written
statement by the Seller as to its compliance with the reporting requirements of
Rule 144, and of the Securities Act and the Exchange Act, a copy of the most
recent annual or quarterly report of the Seller, and such other reports and
documents so filed as the Purchaser may reasonably request in availing itself of
any rule or regulation of the SEC allowing the Purchaser to sell any such
securities without registration.

         SECTION 8. NOTICE TO THE SELLER. The Purchaser shall notify the Seller
in writing promptly after, and in no event later than five (5) business days
after, the sale or other disposition by the Purchaser of any of the Registrable
Securities.

         SECTION 9. SEVERABILITY. If any term or other provision of this
Agreement is invalid, illegal or incapable of being enforced by any Law or
public policy, all other terms and provisions of this Agreement shall
nevertheless remain in full force and effect for so long as the economic or
legal substance of the transactions contemplated by this Agreement is not
affected in any manner materially adverse to any party. Upon such determination
that any term or other provision is invalid, illegal or incapable of being
enforced, the parties hereto shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the parties as closely as
possible in an acceptable manner in order that the transactions contemplated by
this Agreement are consummated as originally contemplated to the greatest extent
possible.

         SECTION 10. NO THIRD PARTY BENEFICIARIES. Except for the provisions of
Section 1.06 relating to indemnified parties, this Agreement shall be binding
upon and inure solely to the benefit of the parties hereto and their permitted
assigns and nothing herein, express or implied, is intended to or shall confer
upon any other person, including, without limitation, any union or any employee
or former employee of the Seller, any legal or equitable right, benefit or
remedy of any nature whatsoever, including, without limitation, any rights of
employment for any specified period, under or by reason of this Agreement.

         SECTION 11. CURRENCY. Unless otherwise specified in this Agreement, all
references to currency, monetary values and dollars set forth herein shall mean
United States (U.S.) dollars and all payments hereunder shall be made in United
States dollars.

                                       7
<PAGE>

         SECTION 12. GOVERNING LAW. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of New York applicable to
contracts executed in and to be performed in that State. All actions and
proceedings arising out of or relating to this Agreement shall be heard and
determined exclusively in any New York state or federal court sitting in the
Borough of Manhattan of The City of New York. The parties hereto hereby (a)
submit to the exclusive jurisdiction of any state or federal court sitting in
the Borough of Manhattan of The City of New York for the purpose of any Action
arising out of or relating to this Agreement brought by any party hereto, and
(b) irrevocably waive, and agree not to assert by way of motion, defense, or
otherwise, in any such Action, any claim that it is not subject personally to
the jurisdiction of the above-named courts, that its property is exempt or
immune from attachment or execution, that the Action is brought in an
inconvenient forum, that the venue of the Action is improper, or that this
Agreement or the transactions contemplated by this Agreement may not be enforced
in or by any of the above-named courts.

         SECTION 13. WAIVER OF JURY TRIAL. Each of the parties hereto hereby
waives to the fullest extent permitted by applicable law any right it may have
to a trial by jury with respect to any litigation directly or indirectly arising
out of, under or in connection with this Agreement or the transactions
contemplated by this Agreement. Each of the parties hereto (a) certifies that no
representative, agent or attorney of any other party has represented, expressly
or otherwise, that such other party would not, in the event of litigation, seek
to enforce that foregoing waiver and (b) acknowledges that it and the other
party hereto have been induced to enter into this Agreement and the transactions
contemplated by this Agreement, as applicable, by, among other things, the
mutual waivers and certifications in this Section 13.

         SECTION 14. HEADINGS. The descriptive headings contained in this
Agreement are included for convenience of reference only and shall not affect in
any way the meaning or interpretation of this Agreement.

         SECTION 15. COUNTERPARTS. This Agreement may be executed and delivered
(including by facsimile transmission) in one or more counterparts, and by the
different parties hereto in separate counterparts, each of which when executed
shall be deemed to be an original, but all of which taken together shall
constitute one and the same agreement.

         SECTION 16. ASSIGNMENT. The Purchaser may assign its registration
rights under this Agreement in connection with a transfer of the Registrable
Securities to any person (an "Affiliate") that, directly or indirectly, controls
a majority of the voting securities of the Purchaser, provided each such
assignee agrees in a written instrument delivered to the Seller to be bound by
this Agreement; provided, however, that notwithstanding an assignment of the
registration rights under this Agreement by the Purchaser to one or more
Affiliates, the Purchaser and Affiliates shall together be entitled to no more
than three (3) Demand Rights in the aggregate and in no event shall the Seller
be required to register the Registrable Securities on more than three (3)
separate Demand Right Registration Statements.

         SECTION 17. PIGGY-BACK RIGHTS. Each time the Seller files a
registration statement with the SEC in accordance with either Section 1 or
Section 4 of this Agreement, any person (a "Transferee") to whom the Purchaser

                                       8
<PAGE>

has transferred Registrable Securities ("Transferred Registrable Securities"),
regardless of whether such Transferee is an Affiliate, shall be entitled to have
the resale of such Transferred Registrable Securities by the Transferee
registered under such registration statement.

         SECTION 18. ENTIRE AGREEMENT. This Agreement contains the entire
understanding of the parties with respect to the provision for certain rights
and obligations with respect to the registration under the Securities Act of the
Common Stock issuable upon conversion of the Shares or exercise of the Warrants.
This Agreement supersedes all prior agreements (including, but not limited to,
the Registration Rights Agreement), understandings and negotiations with respect
to the provision of the aforementioned rights and obligations.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       9
<PAGE>

         IN WITNESS WHEREOF, the Seller and the Purchaser have caused this
Agreement to be executed as of the date first written above by their respective
officers thereunto duly authorized.

                                  MAYOR'S JEWELERS, INC.

                                  By:    /s/ JOSEPH KEIFER, III
                                        -------------------------------
                                         Name:  Joseph Keifer, III
                                         Title: Chief Operating Officer

                                  HENRY BIRKS & SONS INC.

                                  By:    /s/ THOMAS A. ANDRUSKEVICH
                                        -------------------------------
                                         Name:  Thomas A. Andruskevich
                                         Title: President & CEO

                                       10

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