Document:

Ex 10.39

EXHIBIT 10.39

EMPLOYMENT AGREEMENT

THIS   EMPLOYMENT   AGREEMENT   (this  "Agreement")   is  dated  as  of August 29, 2011, and is between A-MARK PRECIOUS METALS, INC., a New York Corporation (the "Company"),  and DAVID MADGE, an individual ("Mr. Madge").  The Company is a subsidiary of SPECTRUM GROUP INTERNATIONAL, INC., a Delaware corporation ("Spectrum").

WHEREAS, the Company desires to employ Mr. Madge on the terms and conditions set forth herein;

WHEREAS, Mr. Madge desires to be so employed;

NOW, THEREFORE, in consideration  of the mutual covenants and agreements hereinafter set forth, the Company and Mr. Madge therefore agree as follows:

1.  Employment;  Term.  The Company  hereby  employs  Mr.  Madge,  and  Mr. Madge hereby accepts employment  with the Company, in accordance with and subject to the  terms  and  conditions   set  forth  in  this  Agreement.   The  term  of  Mr.  Madge's employment  under this Agreement (the "Term") will commence on a date, which shall be as agreed upon, that is the later of November 1, 2011, or the date Mr. Madge is granted an 0-lA Visa  permitting  him  to be employed  within  the United States  (that date, the "Start Date"), and, unless earlier terminated in accordance with Section 4, will terminate on  June  30,  2015.  In the  event  Mr.  Madge  has  not  been  granted  the  0-lA Visa  by November 1, 201 I, he will commence providing services hereunder to the Company from Canada, as a consultant, beginning November 1, 2011 until the Start Date.

2. Duties.

(a) During the Term, Mr. Madge shall serve as the President of the Company, reporting to the Chief Executive Officer  of the Company.  Mr. Madge will have such duties and responsibilities as are customary  for  Mr.  Madge's  position  and  any  other duties or responsibilities  he may be reasonably assigned by the Company or Spectrum.

(b) During the Term, Mr. Madge shall devote  his full business time and best efforts exclusively   to the business and affairs of the Company. Mr. Madge understands and acknowledges that he will be based out of and work from the Company's main office in Santa Monica, California,  but that his duties will require business travel from time to time.

3. Compensation.

(a) During the Term, the Company shall pay Mr. Madge a salary of$425,000 per  annum  (that  salary,  the  "Base  Salary").  Payment  of  the  Base  Salary  will  be in accordance  with  the  Company's  standard  payroll  practices  and  subject  to  aH legally

required  or  customary   withholdings.   Any  consulting   services   provided  pursuant   to
Section 1 above, will be paid at the same rate as the Base Salary.

(b) For each of the 2012 fiscal year and fiscal years thereafter during the Term the Company shall pay to Mr. Madge an annual bonus (the "Performance  Bonus"). The Performance Bonus, if any, will be based on the extent to which performance goals established by the Company for each of such years have been met, as more fully set forth on Exhibit A hereto. Each Performance Bonus, if any, shall be paid as follows: 75% on or about August 1st following the end of such fiscal year and upon the finalization of Spectrum's consolidated unaudited financial statements for such fiscal year; and the remaining 25% following the issuance of Spectrum's consolidated audited financial statements  for such fiscal  year.   Except as provided in Section  5, Mr. Madge  must  be employed  by  the  Company  on  the  last  day  of  the  fiscal  year  to  be  eligible  for  the Performance  Bonus.    In no event will the Performance Bonus be paid later than January
2 of the year following the end of each fiscal year.

(c)  On June 30, 2015, the Company shall pay to Mr. Madge a one-time bonus (the "Completion Bonus")  in the amount of $450,000.   Except as provided in Section 5, Mr. Madge must be employed by the Company on June 30, 2015 in order to receive the Completion Bonus.

(d) Upon submission by Mr. Madge of vouchers in accordance with the Company's standard procedures, the Company shall reasonably  promptly reimburse Mr. Madge for all reasonable and necessary travel, business entertainment  and other business expenses incurred by Mr. Madge in connection with the performance  of his duties under this  Agreement  and  subject  to  the Company's Travel  and  Entertainment  Policy  as  in effect  from  time  to  time.     The Company  shall  also  reimburse  Mr.  Madge  for  all reasonable professional and other expenses incurred by him in connection with obtaining a visa to work in the U.S.     Reimbursement of expenses  will  be paid  not  later than  90 days after the expense becomes payable by Mr. Madge.

(e)  During  the  Term,  Mr.  Madge  is  entitled  to  participate  in  any  and  all medical  insurance,  group  health,  disability  insurance  and  other  benefit  plans that  are made generally available  by the Company to employees  of the Company (either directly or through a wholly-owned  subsidiary). Mr. Madge is entitled to receive four (4) weeks paid vacation a year and paid holidays made available pursuant to the Company's policy applicable   to  senior  executives   of  the  Company.     The Company   may,  in  its  sole discretion, at any time amend or terminate any specific benefit plan or program.

(f)  On or about the Start Date, the Company shall pay to Mr. Madge a one­
time signing bonus in the amount of $450,000.

(g)  On or about the Start Date, the Company shall pay Mr. Madge a one-time, non-accountable relocation allowance in the amount of $200,000.

(h)   Compensation paid or payable under this Agreement, including any Performance Bonus paid or payable under Section 3(b), shall be subject to recoupment by the  Company  in accordance  with  the terms  of  any  policy  relating  to  recoupment  (or clawback) approved by the Board of Directors of the Company or Spectrum and in effect at the time of payment of such compensation.

4. Termination.  Mr. Madge's employment hereunder may be terminated prior to the expiration of the Term under the circumstances  set forth in this Section 4.  Upon any termination of Mr. Madge's employment, the Term shall immediately  end, although this Agreement shall remain in effect and shall govern the rights and obligations of the parties hereto.

Madge's death.
 
(a)  Mr.  Madge's  employment  hereunder   will  terminate  upon  Mr.

(b) Except as otherwise required by law, the Company may terminate Mr.  Madge's employment   hereunder  at  any  time  after  Mr.  Madge  becomes  Totally Disabled.  For purposes  of this Agreement, Mr. Madge will be "Totally Disabled''  as of the earlier of (1) the date Mr. Madge becomes entitled to receive disability benefits under the  Company's long-term  disability  plan or (2)  Mr.  Madge's inability  to  perform  the duties and responsibilities contemplated  under this Agreement  for a period of more than
90 consecutive days due to physical or mental incapacity or impairment.

(c) The Company may terminate Mr. Madge's employment  hereunder for Cause at any time after providing written notice to Mr. Madge. For purposes of this Agreement, the term "Cause" shall mean any of the following:

(1)       Mr.  Madge's neglect  or  failure  or  refusal  to  perform  his duties under this Agreement (other than as a result of total or partial incapacity or disability due to physical or mental illness);

(2)       any  wrongful  act  by or  omission  of  Mr.  Madge  that  materially injures the reputation, business or business relationship of the Company or any of its affiliates, or that, in the good faith judgment of the Company, constitutes fraud or intentional misconduct;

(3)       Mr.   Madge's   conviction    (including    conviction    on   a   nolo contendere plea) of a felony;

(4)     the breach of an obligation set forth in Section 6; (5)     any other material breach of this Agreement; or
(6)       any material violation of the Company's Code of Ethics, as may be amended from time to time (the "Code of Ethics'').

In the cases of "neglect or failure" to perform his duties under this Agreement, as set forth in 4(c)(l) above, a material breach as set forth in 4(c)(5) above, or a material violation of the  Code of Ethics as set forth  in 4(c)(6)  above,  a termination  by the  Company  with Cause shall be effective  only if, within thirty (30) days following  delivery of a written notice by the Company to Mr. Madge that the Company  is terminating  his employment with  Cause  (which  notice  shall  set  forth  the  basis  of  the  alleged  neglect,  failure  or breach), Mr. Madge has failed to cure to the Company's  satisfaction  the circumstances giving rise to Cause.

(d)        The   Company   may   terminate   Mr.   Madge's   employment hereunder for any reason, upon 30 days' prior written notice.

(e)     Mr.   Madge   Termination.      Mr.   Madge   may   terminate   his employment  hereunder for Good Reason at any time after providing written notice to the Company.    Mr.  Madge  also  may  terminate  his  employment  hereunder  without  Good Reason, upon thirty (30) days written notice to the Company. For the purposes of this Agreement,  "Good  Reason"  means  any  of  the  following  occurring  during  the  Term (unless consented to by Mr. Madge in writing):

(1)       The Company decreases or fails to pay Mr. Madge's Base Salary or  Performance   Bonus  or  the  benefits  provided   in  Section  3, provided   that  such  decrease   or  failure   is  material  within  the meaning ofTreasury Regulation§ 1.409A-l(n);

(2)       The  Company   makes  a  material  change   in  Mr.  Madge's   job description or duties which is adverse to Mr. Madge;

(3)     Mr. Madge's job site is relocated to a location which is more than
45  miles  from  the  current  location,  unless  the  parties  mutually agree to relocate more than 45 miles from the current location; and

(4)     Any other material breach of this Agreement.

A termination  by Mr. Madge with Good Reason shall be effective  only if, within thirty (30) days following delivery of a written notice by Mr. Madge to the Company that Mr. Madge is terminating  his employment  with Good Reason, which specifies in reasonable detail the basis therefor, the Company has failed to cure the circumstances  giving rise to Good  Reason.  In addition,  a termination  by Mr.  Madge  shall  be effective  only if the Company  receives  notice  of such termination  not later than  ninety  (90) days after the event constituting Good Reason occurs.

5. Compensation  Following  Termination  Prior to the End of the Term. In the event that Mr. Madge's employment  hereunder is terminated prior to the expiration of the Term, Mr. Madge will be entitled only to the following compensation  and benefits upon such termination:

(a) In the event that Mr. Madge's employment hereunder is terminated prior to the expiration  of the Term by reason of Mr. Madge's death or Total Disability, pursuant to Section 4(a) or 4(b), the Company  shall pay the following  amounts  to Mr. Madge (or Mr. Madge's estate, as the case may be), to be paid as soon as practicable following  the  date  of  such  termination,  subject  to  delay  in  payment  to  the  extent necessary to avoid tax penalties under Code Section 409A:

(1)    any accrued but unpaid Base Salary for services rendered to the date of termination;

(2)     for  any  fiscal  year  ending  prior  to  the  date  of  termination  of  Mr.
Madge's employment,  the  Performance  Bonus,  if any,  in respect  of such completed fiscal year payable as and when such bonus or Performance  Bonus  would  have  been  paid  had  Mr.  Madge's employment continued;

(3)    any  incurred  but  unreimbursed  expenses  required  to  be  reimbursed pursuant to Section 3(d);

(4)     any vacation accrued and unused to the date oftermination; and

(5)    payment of a pro rata (based on the number of days during the year of termination that Mr. Madge was employed) portion of the Performance Bonus, if any, for the fiscal year in which Mr. Madge's employment terminated,  payable as and when such bonuses would have been paid had Mr. Madge's employment continued, subject to Section 5(g).

(b) In the event that Mr. Madge's employment hereunder is terminated prior to the expiration of the Term by the Company for Cause pursuant to Section 4(c) or by Mr. Madge without Good Reason pursuant to Section 4(e), the Company shall pay the following amounts to Mr. Madge, to be paid as soon as practicable following the date of such  termination,   subject  to  delay  in  payment  to  the  extent  necessary  to  avoid  tax penalties under Section 409A of the Code;

(1)     any accrued  but unpaid Base Salary for services rendered to the date of termination;

(2)     for  any  fiscal  year  ending  prior  to  the  date  of  termination  of  Mr.
Madge's employment,  the  Performance  Bonus,  if any,  in respect of such  completed  fiscal  year, payable  as and when  such  Performance Bonus  would  have  been  paid  had  Mr.  Madge's  employment continued;

(3)     any  incurred  but  unreimbursed  expenses  required  to  be reimbursed pursuant to Section 3(d); and

(4)     any vacation accrued and unused to the date of termination.

(c) In the event that Mr. Madge's  employment hereunder is terminated prior to the expiration  of the Term by the Company without  Cause pursuant to Section
4(d), or by Mr. Madge  with Good Reason pursuant to Section 4(e), the Company shall pay the following amounts to Mr. Madge, to be paid as soon as practicable following the date of such termination,  subject to delay in payment to the extent necessary to avoid tax penalties under Section 409A of the Code:

(1)    any accrued but unpaid Base Salary for services rendered to the date of termination;

(2)     for  any  fiscal  year  ending  prior  to  the  date  of  termination  of  Mr.
Madge's employment,  the  Performance  Bonus,  if any,  in respect  of such  completed  fiscal  year, payable  as and  when  such  Performance Bonus would have been paid had Mr. Madge's employment continued;

(3)    any  incurred  but  unreimbursed  expenses  required  to  be  reimbursed pursuant to Section 3(d); ;

(4)     any vacation accrued and unused to the date oftermination;

(5)    payment of a pro rata (based on the number of days during the year of termination that Mr. Madge was employed) portion of the Performance Bonus, if any, for the fiscal year in which Mr. Madge's employment terminated, payable as and when such bonus would have been paid had Mr. Madge's employment continued, subject to Section 5(h); and

(6)    payment of a pro rata (based on the number of months that Mr. Madge was employed)  portion of the Completion  Bonus,  payable in a lump sum within 30 days after such termination.

(d)   The   benefits   to   which   Mr.   Madge   may   be   entitled   upon termination  pursuant  to the plans, policies and arrangements  referred to in Section 3(e) will be determined and paid in accordance with the terms of those plans, policies and arrangements.

(e) Except as may be provided under this Agreement under the terms of any incentive compensation,  employee benefit, or fringe benefit plan applicable to Mr. Madge at the time of termination  of Mr. Madge's  employment  prior to the end of the Term, Mr. Madge will not be entitled to receive any other compensation,  or to participate in any other plan, arrangement or benefit, with respect to any future period after the termination of his employment.

(f)   This  Agreement  is subject  to the Company's "Special  Rules for Compliance with Code Section 409A Applicable to Employment  Agreements," effective as of December 31, 2008.

(g) In the event that Mr. Madge becomes entitled to any benefits or payments in the nature of compensation (within the meaning of Section 280G(b)(2) of the Code)  under  this  Agreement,  or  any other  plan,  arrangement,  or  agreement  with  the Company or a subsidiary  (the "Payments"),  and such Payments will be subject to the tax (the "Excise  Tax")  imposed  by Section 4999 of the Code (or any similar  tax that may hereafter be imposed) in connection  with a change in control, then, subject to reasonable notification  to  Mr.  Madge  and,  if  he  so  requests,  discussions  with  his  advisors,  the Payments  under this Agreement  shall be reduced  (but not below zero)  to the Reduced Amount (as defined below), if reducing the Payments under this Agreement  will provide Mr.  Madge  with  a  greater  net  after-tax  amount  than  would  be  the  case  if  no  such reduction were made.   The "Reduced  Amount" shall be an amount expressed  in present value which maximizes  the aggregate present value of the Payments without causing any Payment  to  be  subject  to  the  Excise  Tax,  determined   in  accordance   with  Section
280G(d)(4)  of the Code.   Only amounts payable under this Agreement  shall be reduced
pursuant   to  this  Section   5(g).     Payments  payable   in  cash  and  having   the  lowest denominated  value relative  to the valuation of such Payments  as "parachute  payments" shall be reduced first.

(1)           In determining  the potential  impact of the Excise  Tax, the Company may rely on any advice it deems appropriate including,  but not limited to, the advice of its  independent  accounting   firm,  legal  advisors  and  compensation   consultants.     For purposes of determining  whether any of the Payments  will be subject to the Excise Tax and the amount of such Excise Tax, the Company may take into account any relevant guidance under the Code and the regulations promulgated  thereunder,  including,  but not limited to, the following:

(A)          The  amount  of  the  Payments   which  shall   be  treated  as subject  to the  Excise  Tax  shall  be equal to the  amount  of excess  parachute  payments within the meaning of Section 280G(b)(l) of the Code, as determined  by the Company's independent accounting firm or other advisor;

(B)          The  value  of  any  non-cash   benefits  or  any  deferred  or accumulated  payment or benefit shall be determined by the Company's independent accounting   firm   or  other   advisors   in  accordance   with   the  principles   of  Sections
280G(d)(3) and (4) ofthe Code; and

(C)          The  value  of  any  non-competition covenants  contained  in this Agreement  or other agreement  between Mr. Madge and the Company or an affiliate shall  be  taken  into  account  to  reduce  "parachute   payments"  to  the  maximum  extent allowable under Section 280G of the Code.

For purposes of the determinations  under this Section 5(g), Mr. Madge shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation in the calendar  year in which the applicable payment is to be made, and state and local income taxes at the highest marginal rate of taxation in the state and locality of Mr. Madge's residence, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes (unless it is impracticable  for Mr. Madge to itemize his deductions).

(h)   In the event  that  Mr. Madge  becomes  entitled  to payment  of a pro rata portion  of the Performance  Bonus, then, in the discretion  of the Company,  the present value  of  such  Performance   Bonus  may  be  paid  earlier  than  the  specified   time  of settlement if accelerated payment is permissible under Code Section 409A, in which case the accelerated payment shall be in full settlement of the obligation hereunder.

(i)   Compensation  paid or payable under this Agreement, including any Performance  Bonus paid or payable under Section 3(b), shall be subject to recoupment by the  Company  in accordance  with  the terms  of  any  policy  relating  to  recoupment  (or clawback) approved  by the Board of Directors of the Company or Spectrum and in effect at the time of payment of such compensation.

6. Exclusive Employment; Nonsolicitation; Nondisclosure  of Proprietary Information; Surrender of Records; Inventions and Patents; Code of Ethics; Other Commitments.

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Madge's employment  with the Company, Mr. Madge shall not: (i) engage in any activity which  conflicts  or interferes  with or derogates  from  the  performance  of  Mr. Madge's duties hereunder  nor shall Mr. Madge engage  in any other business activity,  whether or not such business activity is pursued for gain or profit and including service as a director of any other company, except as approved in advance in writing by the Company (which approval  shall not be unreasonably  withheld);  provided, however,  that Mr. Madge shall be entitled  to manage  his personal investments  and otherwise  attend to personal affairs, including   charitable,    social   and   political   activities,   in   a   manner   that   does   not unreasonably interfere with his responsibilities hereunder, or (ii) engage in any other employment,  whether as an employee or consultant or in any other capacity, and whether or not compensated  therefor.

(b) Non-solicitation.  In consideration  of the payment by the Company to  Mr.  Madge  of  amounts  that  may  hereafter  be paid  to  Mr.  Madge  pursuant  to this Agreement  (including,  without limitation, pursuant to Sections 3 and 5 hereof) and other obligations  undertaken by the Company hereunder, Mr. Madge agrees that during his employment   with  the  Company  and  for  a  period  of  one  year  following  the  date  of termination of his employment, Mr. Madge shall not, directly or indirectly, (i) solicit, encourage  or recruit,  or attempt  to solicit,  encourage  or recruit  any of  the employees, agents, consultants  or representatives of the Company or any of its affiliates to terminate his, her, or its relationship  with the Company or such affiliate; or (ii) solicit, encourage or

recruit,  or  attempt   to  solicit,  encourage  or  recruit,  any  of  the  employees,   agents, consultants   or  representatives   of  the  Company   or  any  of  its  affiliates   to  become employees, agents, representatives  or consultants of any other person or entity.

(c) Proprietary  Information. Mr. Madge acknowledges  that during the course of his employment with the Company he will necessarily have access to and make use of proprietary information and confidential records of the Company and its affiliates. Mr. Madge covenants that he shall not during the Term or at any time thereafter, directly or indirectly, use for his own purpose or for the benefit of any person or entity other than the Company,  nor otherwise  disclose,  any proprietary  information  to any individual  or entity,  unless  such  disclosure  has  been  authorized  in  writing  by  the  Company  or  is otherwise required by law. Mr. Madge acknowledges and understands that the term "proprietary  information"   includes,  but  is  not  limited  to:  (a)  the  software  products, programs, applications,  and processes utilized by the Company or any of its affiliates; (b) the name and/or address of any customer or vendor of the Company or any of its affiliates or any information  concerning  the transactions or relations of any customer or vendor of the Company  or any of its affiliates  with the Company  or such affiliate or any of its or their partners, principals, directors, officers or agents; (c) any information concerning any product, technology,  or procedure employed  by the Company  or any of its affiliates  but not  generally   known  to  its  or  their  customers,   vendors   or  competitors,   or  under development  by or being tested by the Company or any of its affiliates but not at the time offered generally  to customers  or vendors; (d) any information  relating to the computer software, computer systems, pricing or marketing  methods, sales margins, cost of goods, cost of material, capital structure,  operating results, borrowing arrangements  or business plans of the  Company  or any of  its affiliates;  (e) any  information  which  is generally regarded  as  confidential   or  proprietary  in  any  line  of  business  engaged  in  by  the Company or any of its affiliates; (f) any business plans, budgets, advertising or marketing plans; (g) any information  contained in any of the written or oral policies and procedures or manuals  of the  Company  or  any of its affiliates;  (h) any  information  belonging  to customers or vendors of the Company or any of its affiliates or any other person or entity which  the  Company  or any  of  its affiliates  has  agreed  to  hold  in confidence;  (i)  any inventions,  innovations  or improvements  covered by this Agreement;  and G) all written, graphic and other material relating to any of the foregoing. Mr. Madge acknowledges  and understands that information  that is not novel or copyrighted or patented may nonetheless be  proprietary   information.   The   term   "proprietary   information"   shall   not  include information  generally  available  to  and known  by the  public  or  information  that is or becomes available to Mr. Madge on a non-confidential  basis from a source other than the Company, any of its affiliates, or the directors, officers, employees, partners, principals or agents of the Company or any of its affiliates (other than as a result of a breach of any obligation of confidentiality).

(d)  Confidentiality  and  Surrender  of  Records.  Mr.  Madge  shall  not during the Term or at any time thereafter (irrespective  of the circumstances  under which Mr.  Madge's employment   by  the  Company  terminates),   except  as  required  by  law, directly  or indirectiy  pubiish,  make  known or in any fashion  disclose  any confidential records to, or permit any inspection  or copying of confidential  records by, any individual

or entity other than in the course of such individual's or entity's employment  or retention by the Company. Upon termination  of employment for any reason or upon request by the Company,  Mr.  Madge  shall  deliver  promptly  to  the  Company  (without  retaining  any copies) all property and records of the Company or any of its affiliates, including, without limitation, all confidential  records. For purposes hereof, "confidential  records" means all correspondence, reports, memoranda, files, manuals, books, lists, financial, operating or marketing records, magnetic tape, or electronic or other media or equipment of any kind which may be in Mr. Madge's possession or under his control or accessible to him which contain any proprietary information.  All property and records of the Company and any of its affiliates (including,  without  limitation, all confidential  records)  shall be and remain the sole property of the Company or such affiliate during the Term and thereafter.

(e)  Inventions  and  Patents.  All  inventions,  innovations  or improvements  (including  policies,  procedures,  products,  improvements,  software,  ideas and  discoveries,   whether  patent,  copyright,  trademark,   service   mark,  or  otherwise) conceived or made by Mr. Madge, either alone or jointly with others, in the course of his employment by the Company, belong to the Company. Mr. Madge will promptly disclose in writing such inventions,  innovations or improvements  to the Company and perform all actions reasonably requested by the Company to establish and confirm such ownership by the Company, including,  but not limited to, cooperating with and assisting the Company in obtaining  patents,  copyrights,  trademarks,  or service  marks  for the  Company  in the United States and in foreign countries.

(f) Enforcement.  Mr. Madge acknowledges  and agrees that, by virtue of his position, his services and access to and use of confidential  records and proprietary information,  any violation  by him of any of the undertakings  contained  in this Section 6 would  cause  the  Company  and/or  its  affiliates  immediate,  substantial  and  irreparable injury for which it or they have no adequate remedy at law. Accordingly, Mr. Madge acknowledges  that the  Company  may seek an injunction  or other  equitable  relief by a court of competent jurisdiction restraining any violation or threatened violation of any undertaking  contained  in this Section  6, and consents  to the entry  thereof.  Mr. Madge waives posting by the Company or its affiliates of any bond otherwise necessary to secure such injunction or other equitable relief. Rights and remedies provided for in this Section
6 are cumulative and shall be in addition to rights and remedies otherwise available to the parties hereunder or under any other agreement or applicable law.

(g)  Code  of  Ethics.  Nothing  in  this  Section  6 is intended  to  limit, modify or reduce Mr. Madge's obligations  under the Company's or Spectrum's Code of Ethics. Mr. Madge's obligations  under this Section 6 are in addition to, and not in lieu of, Mr.  Madge's   obligations   under  such  Code  of  Ethics.  To  the  extent  there  is  any inconsistency  between  this Section 6 and such Code of Ethics which would  permit Mr. Madge to take any action or engage  in any activity  pursuant to this Section 6 which he would be barred from taking or engaging in under the Code of Ethics, the Code of Ethics shall contro1.

(h) Cooperation  With Regard to Litigation.   Mr. Madge agrees to cooperate with the Company, during the Term and thereafter (including following Mr. Madge's termination  of  employment  for  any  reason),  by  making  himself  reasonably available  to  testify  on  behalf  of  the  Company  or  any  subsidiary  or  affiliate  of  the Company, in any action, suit or proceeding, whether civil, criminal, administrative or investigative, and to assist the Company, or any subsidiary or affiliate of the Company, in any such action suit, or proceeding, by providing information and meeting and consulting with  the  Board  or  its  representatives  or counsel,  or  representatives  or  counsel  to  the Company, or any subsidiary or affiliate of the Company, as reasonably requested.   The Company agrees to reimburse Mr. Madge, on an after-tax basis each calendar quarter, for all expenses actually incurred in connection with his provision of testimony or assistance in  accordance   with   the  provisions   of  Section   6(h)  of  this   Agreement   (including reasonable attorneys'  fees) but not later than the last day of the calendar year in which the expense  was incurred  (or, in the case of an expense  incurred  in the final quarter  of a calendar year, the next following February 15).

(i)  Non-Disparagement. Mr. Madge shall not, at any time during the Term  and  thereafter,  make  statements  or  representations,  or  otherwise  communicate, directly  or  indirectly,  in  writing,  orally  or otherwise,  or take  any  action  which  may, directly  or indirectly,  disparage  the Company or any of its subsidiaries  or affiliates  or their respective officers, directors, employees, advisors, businesses or reputations. Notwithstanding   the  foregoing,  nothing  in  this  Agreement  shall  preclude  Mr.  Madge from making truthful statements that are required by applicable law, regulation or legal process.

(j)   Release of Employment Claims.  Mr. Madge agrees, as a condition to receipt of any termination payments and benefits provided for in Section 5 of this Agreement  (other  than  compensation  accrued  and  payable  at  the  date  of  termination without regard to termination) that   he will execute a general release agreement, in substantially  the form  set forth  in Exhibit B to this  Agreement,  releasing  any and all claims arising out of Mr. Madge's employment other than enforcement of this Agreement and other than with respect to vested rights or rights provided for under any equity plan, any compensation  plan or any benefit plan or arrangement of the Company or rights to indemnification  under any agreement,  law, Company organizational  document or policy or otherwise.   The Company will provide Mr. Madge with a copy of such release simultaneously  with delivery of the notice of termination,  but not later than Twenty-one (21) days before (or forty-five (45) days before ifMr. Madge's termination  is part of an exit incentive or other employment termination program offered to a group or class of employees)  Mr.  Madge's termination  of  employment.    Mr.  Madge  shall  deliver  the executed release to the Company  not later than eight (8) days before the date applicable under  Section  5 of  this  Agreement  for the payment  of the  termination  payments  and benefits payable under Section 5 of this Agreement.

7. Notices. Every  notice or other communication  required  or contemplated  by this Agreement must be in writing and sent by one ofthe following methods: (1) personal delivery, in which case delivery is deemed to occur the day of delivery; (2) certified or registered  mail,  postage  prepaid,  return  receipt  requested,  in  which  case  delivery  is

deemed to occur the day it is officially recorded by the U.S. Postal Service as delivered to the intended recipient; or (3) next-day delivery to a U.S. address by recognized overnight delivery service such as Federal Express, in which case delivery is deemed to occur one business  day after being sent. In each case, a notice  or other communication sent to a party must be directed to the address for that party set forth below, or to another address designated by that party by written notice:

If to the Company, to:

A-Mark Precious Metals, Inc.
c/o Spectrum Group International, Inc.
18061 Fitch
Irvine, CA  92714
Attention: General Counsel

Ifto Mr. Madge, to:

Mr. David Madge
5955 Knights Drive Manotick, Ontario, Canada K4M 1K3

8. Assignability;  Binding Effect. This Agreement  is a personal  contract calling for  the  provision   of  unique  services  by  Mr.  Madge,  and  Mr.  Madge's  rights  and obligations  hereunder  may not be sold, transferred,  assigned,  pledged  or hypothecated. The rights and obligations of the Company under this Agreement bind and run in favor of the successors and assigns of the Company.

9. Complete Understanding. This Agreement constitutes the complete understanding  between the parties with respect to the employment  of Mr. Madge by the Company and supersedes  all prior agreements and understandings,  both written and oral, between the parties  with respect to the subject matter of this Agreement.

10. Amendments;  Waivers. This Agreement  may not be amended  except by an instrument  in writing  signed on behalf of the Company  and Mr. Madge.  No waiver by any party of any breach under this Agreement  will be deemed to extend to any prior or subsequent  breach  or  affect  in  any  way any  rights  arising  by  virtue  of  any  prior  or subsequent such occurrence. Waiver by either party of any breach by the other party will not operate  as a waiver  of any other  breach,  whether  similar  to or different  from  the breach waived. No delay on the part of the Company or Mr. Madge in the exercise of any of their respective rights or remedies will operate as a waiver of that right.

11. Severability.  If any provision  of this Agreement  or its application  to any person or circumstances is determined by any court of competent jurisdiction to be unenforceable  to any extent, that unenforceable provision  will be deemed  eliminated  to the extent necessary to permit the remaining provisions to be enforced, and the remainder

of this Agreement, or the application of the unenforceable provision to other persons or circumstances, will not be affected thereby. If any provision of this Agreement, or any part thereof, is held to be unenforceable because of the scope or duration of or the area covered by that provision, the court making that determination shall reduce the scope, duration of or area covered by that provision or otherwise amend the provision to the minimum extent necessary to make that provision enforceable to the fullest extent permitted by law.

12. Survivability. The provisions of this Agreement that by their terms call for performance subsequent to termination of Mr. Madge's employment hereunder, or ofthis Agreement, will survive such termination.   Without limiting the generality of the foregoing, the provisions of Sections 3(g), 5 and 6 shall survive any termination of this Agreement in accordance with their terms.

13. Governing Law. This Agreement is governed by the laws of the State of
California, without giving effect to principles of conflict of laws.

14. Binding Arbitration. (a) Except as provided in Section 6(f), any controversy, dispute or claim arising out of or relating to the interpretation, performance or breach of this Agreement, or Mr. Madge's employment or termination of employment hereunder, shall be resolved by binding arbitration, in accordance with the Mutual Agreement to Arbitrate Claims, attached hereto as Exhibit  C.

TO THE EXTENT PERMITTED tJNDER APPLICABLE LAW, WITH RESPECT TO ANY DISPUTE ARISING tTNDER OR IN CO!\'NECTION WITH THIS AGREEMENT OR  ANY  RELATED  AGREEMENT,  EACH  PARTY  HEREBY  IRREVOCABLY WAIVES  ALL  RIGHTS  IT  MAY  HAVE TO  DEMAND  A  JURY  TRIAL. THIS WAIVER IS KNOWINGLY, INTENTIONALLY AND VOLUNTARILY MADE BY THE  PARTIES,  AND  EACH  PARTY ACKNOWLEDGES THAT  NEITHER THE OTHER  PARTY  NOR  ANY  PERSON  ACTING  ON  BEHALF  OF  THE  OTHER PARTIES  HAS  MADE  ANY  REPRESENTATION OF  FACT  TO  INDUCE THIS WAIVER OF TRIAL BY JURY OR IN ANYWAY TO MODIFY OR NULLIFY ITS EFFECT. THE PARTIES EACH FURTHER ACKNOWLEDGE THAT THEY HAVE BEEN    REPRESENTED     (OR    HAVE    HAD    THE    OPPORTUNITY    TO        BE REPRESENTED) IN THE SIGNING OF THIS AGREEMENT AND IN THE MAKING OF THIS  WAIVER BY INDEPENDENT LEGAL COUNSEL, SELECTED OF ITS OWN  FREE  WILL  AND  HAS  HAD  THE  OPPORTUNITY  TO  DISCUSS THIS WAIVER WITH COUNSEL. THE PARTIES EACH FURTHER ACKNOWLEDGES THAT         IT      HAS    READ    AND    UNDERSTANDS        THE    MEANING    AND RAMIFICATIONS OF THIS WAIVER PROVISION. ACKNOWLEDGEMENT: WE HAVE READ AND UNDERSTAND THE FOREGOING PROVISION AND HEREBY IRREVOCABLY WAIV    ALL OF OUR RIGHTS TO DEMAND A JURY TRIAL HERE            R.

Company'Initials     Mr. Madge's Initials

of this Agreement, or the application of the unenforceable provision to other persons or circumstances, will not be affected thereby. If any provision of this Agreement, or any part thereof, is held to be unenforceable because of the scope or duration of or the area covered by that provision, the court making that determination shall reduce the scope, duration of or area covered by that provision or otherwise amend the provision to the minimum extent necessary to make that provision enforceable to the fullest extent permitted by law.

12. Survivability. The provisions of this Agreement that by their terms call for performance subsequent to termination of Mr. Madge's employment hereunder, or of this Agreement, will survive such termination.   Without limiting the generality of the foregoing, the provisions of Sections 3(g), 5 and 6 shall survive any termination of this Agreement in accordance with their terms.

13. Governing Law. This Agreement is governed by the laws of the State of
California, without giving effect to principles of conflict of laws.

14. Binding Arbitration. (a) Except as provided in Section 6(f), any controversy, dispute or claim arising out of or relating to the interpretation, performance or breach of this Agreement, or Mr. Madge's employment or termination of employment hereunder, shall be resolved by binding arbitration, in accordance with the Mutual Agreement to Arbitrate Claims, attached hereto as Exhibit C.

TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, WITH RESPECT TO ANY DISPUTE ARISING UNDER OR IN CONNECTION WITH THIS AGREEMENT OR  ANY  RELATED  AGREEMENT,  EACH  PARTY  HEREBY  IRREVOCABLY WAIVES  ALL  RIGHTS  IT  MAY  HAVE  TO  DEMAND  A  JURY  TRIAL.  THIS WAIVER IS KNOWINGLY, INTENTIONALLY AND VOLUNTARILY MADE BY THE  PARTIES, AND  EACH  PARTY  ACKNOWLEDGES  THAT  NEITHER  THE OTHER  PARTY  NOR  ANY  PERSON  ACTING  ON  BEHALF  OF  THE  OTHER PARTIES  HAS  MADE  ANY  REPRESENTATION OF  FACT  TO  INDUCE  THIS WAIVER OF TRIAL BY JURY OR IN ANYWAY TO MODIFY OR NULLIFY ITS EFFECT. THE PARTIES EACH FURTHER ACKNOWLEDGE THAT THEY HAVE BEEN    REPRESENTED    (OR     HAVE    HAD     THE     OPPORTUNITY    TO        BE REPRESENTED) IN THE SIGNING OF THIS AGREEMENT AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL, SELECTED OF ITS OWN  FREE  WILL  AND  HAS  HAD  THE  OPPORTUNITY  TO  DISCUSS  THIS WAIVER WITH COUNSEL. THE PARTIES EACH FURTHER ACKNOWLEDGES THAT      IT     HAS     READ    AND    UNDERSTANDS        THE    MEANING    AND RAMIFICATIONS OF THIS WAIVER PROVISION. ACKNOWLEDGEMENT: WE HAVE READ AND UNDERSTAND THE FOREGOING PROVISION AND HEREBY IRREVOCABLY WAIVE ALL OF OUR RIGHTS TO DEMAND A JURY TRIAL HEREUNDER.

Company's Initials    Mr. Madge's Initials

15.  Mitigation.   In no event shall Mr. Madge be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to him under any of the provisions of this Agreement, and such amounts shall not be reduced whether or not Mr. Madge obtains other employment.

16.  Counterparts.  This Agreement may be signed by electronic or facsimile copies and in multiple counterparts, each of which shall be deemed an original, and all of which shall constitute one agreement.

The undersigned hereby execute this Agreement on the date stated m the introductory clause.

A-MARK PRECIOUS METALS, INC.,
a New York corporation

By: /s/ Gregory N. Roberts
Name: Gregory N. Roberts
Title:  Chief Executive Officer

/s/ David Madge

DAVID MADGE
EXHIBIT A

A-Mark Precious Metals, Inc. Performance Bonus Terms-- David Madge

This Exhibit to the Employment Agreement, dated as of August XX, 2011 (the "Employment  Agreement"),  between A-Mark Precious Metals, Inc. (the "Company") and David  Madge,  sets  forth  the  terms  of  the  opportunity   of  Mr.  Madge  to  earn  the "Performance Bonus" authorized  in Section 3(b) of the Employment  Agreement.   This Performance  Bonus  remains  subject  to the terms  of Section  3(b)  and other applicable terms of the Employment  Agreement.    Capitalized  terms herein  have the meanings  as defined in the Employment Agreement.

In each ofthe Company's fiscal years 2012,2013,2014 and 2015, Mr. Madge will have the opportunity  to earn a Performance  Bonus as follows, subject to satisfaction  of the conditions of the Employment Agreement:

Assuming that the Company has positive Pre-Tax Profits (as defined below) for a given year, the Performance Bonus shall equal the following:

A discretionary amount with respect to Pre-Tax Profits up to $18 million; plus
A  minimum  of  1.0%  of  Pre-Tax  Profits  in  excess  of  $18  million,  up  to  $25 million of Pre-Tax Profits; plus
A  minimum  of  3.0%  of  Pre-Tax  Profits  in  excess  of  $25  million,  up to  $30 million of Pre-Tax Profits; plus
A  minimum  of  5.0%  of  Pre-Tax  Profits  in excess  of  $30  million,  up to  $35 million ofPre-Tax Profits; plus
A  minimum  of  6.0%  of  Pre-Tax  Profits  in excess  of  $35  million  of Pre-Tax
Profits.

Any amounts  paid to Mr. Madge in excess of the minimums set forth above shall be as determined by the Compensation Committee ofthe Board of Directors of Spectrum.

In the event Mr. Madge's employment commences after November 1, 2011, then the Performance  Bonus  for  fiscal  2012  shall  be  pro-rated  based  on  the  number  of  days following November 1, 2011 that Mr. Madge was employed.

Pre-Tax  Profits  means  the  Company's  net  income  (as  determined   under  Generally
Accepted Accounting Principles or GAAP) for the given fiscal year, adjusted as follows:

The positive or negative effects of income taxes (in accordance with GAAP) shall be eiiminated from net income in determining Pre-Tax Profits.

Except for the above items, no adjustment shall be made to Pre-Tax Profits; thus, for clarity, other extraordinary expenses and bonus compensation accruals shall remain included in net income in determining Pre-Tax Profits.

In the event that, as a result of a restatement of the Company's financial statements, the amount of the Performance Bonus that was actually awarded in a given year is materially lower than the amount that would have been awarded had the financial results been properly reported, then Mr. Madge shall be entitled to be paid the difference within 90 days following the issuance of the restated financial statements.

EXHIBIT B RELEASE

We advise you to consult an attorney before you sign this Release. You have until the  date  which  is seven  (7) days  after the  Release  is signed  and  returned  to  A-Mark Precious  Metals, Inc.   (the "Company') to change  your mind and revoke  your Release. Your Release shall not become effective or enforceable until after that date.

In consideration  for  the  benefits  provided  under  your  Employment  Agreement with the Company,  dated  August  _, 2011 (the "Employment  Agreement"),  and more specifically   enumerated   in  Attachment  1  hereto,  by  your  signature  below,  you,  for yourself and on behalf of your heirs, executors, agents, representatives, successors and assigns, hereby release and forever discharge the Company, its past and present parent corporations,   subsidiaries,   divisions,   subdivisions,   affiliates   and  related   companies, including Spectrum Group International, Inc. (collectively, the "Company") and the Company's  past,  present   and  future  agents,  directors,   officers,   employees, representatives,  successors  and  assigns  (hereinafter  "those  associated  with  the Company")  with respect to any and all claims, demands,  actions and liabilities,  whether in law or equity, which you may have against the Company or those associated  with the Company  of  whatever  kind,  including  but  not  limited  to  those  arising  out  of  your employment  with the Company  or the termination  of that employment.  You agree that this release covers,  but is not limited to, claims arising under the Age Discrimination  in Employment  Act of 1967, 29 U.S.C. § 621 et seq., Title VII of the Civil Rights Act of
1964, 42 U.S.C. § 2000e et seq., the Americans with Disabilities Act of 1990, 42 U.S.C.
§ 12101 et seq., the Fair Labor Standards Act, 29 U.S.C. § 201 et seq., the Employee Retirement  Income Security Act of 1974, 29 U.S.C. § 1001 et seq., the California   Fair Employment  Practices Act, C.G.S. § 46a-51 et seq., and any other local, state or federal law, regulation  or order dealing with discrimination  in employment  on the basis of sex, race, color, national origin, veteran status, marital status, religion, disability, handicap, or age. You also agree that this release includes claims based on wrongful termination of employment,  breach of contract (express or implied), tort, or claims otherwise related to your employment or termination of employment with the Company and any claim for attorneys' fees, expenses or costs of litigation.

This Release covers all claims based on any facts or events, whether known or unknown  by you, that occurred  on or before the date of this Release. Except to enforce this  Release,   you  agree  that  you  will  never  commence,   prosecute,   or  cause  to  be commenced or prosecuted any lawsuit or proceeding of any kind against the Company or those associated  with the Company in any forum and agree to withdraw with prejudice all complaints   or  charges,   if  any,  that  you  have  filed  against  the  Company   or  those associated with the Company.

Anything  in this Release  to the contrary  notwithstanding,  this Release does not include  a release  of (i) your rights  under the Employment  Agreement  or your right to enforce the Employment  Agreement;  (ii) any rights you may have to indemnification  or insurance  under  any  agreement,  law,  Company  organizational  document  or  policy  or

otherwise; (iii) any rights you may have to equity compensation or other compensation or benefits under the Company's equity, compensation or benefit plans; or (iv) your right to enforce this Release.

By signing this Release, you further agree as follows:

You have read this Release carefully and fully understand its terms;
You have had at least twenty-one (21) days to consider the terms of the Release; You have seven  (7) days  from  the  date  you sign  this Release  to revoke  it  by
written notification to the Company. After this seven (7) day period, this Release is final and binding and may not be revoked;

so;
 
You have been advised to seek legal counsel and have had an opportunity to do

You  would  not  otherwise   be  entitled  to  the  benefits   provided   under  your
Employment Agreement had you not agreed to execute this Release; and

Your agreement to the terms set forth above is voluntary.

Name: Signature: Received by:
 

		
	_
	Date: Date:

Attachment:  Attachment 1- Schedule of Termination Payments and Benefits

EXHIBTC

MUTUAL AGREEMENT TO ARBITRATE CLAIMS

THIS   MUTUAL  AGREEMENT  TO  ARBITRATE  CLAIMS  (the "Agreement") is entered into by and between A-Mark Precious Metals, Inc., a New York corporation and its affiliated companies (hereinafter collectively referred to as the "Employer"),   and  David   Madge,   individually   ("Employee"),   effective   on  the  date executed below.

1.         Claims Covered by this Agreement.

Employee  and  Employer  mutually  agree  to the  resolution  by arbitration  of all claims or controversies  arising out of Employee's employment or its termination (collectively, the "Claims") that either party may have against the other, including Employer's  parent,   subsidiaries,   or   affiliates   or   any   of   their   officers,   directors, shareholders, representatives, attorneys, agents, or assigns in their capacity as such or otherwise.    The  Claims  covered  by  this  provision  include,  without  limitation,  claims arising out of contract law, tort law, common law, wrongful discharge law, privacy rights, statutory protections,  the California  Fair Employment  and Housing Act (which includes claims for discrimination  or harassment on the basis of age, race, color, ancestry, national origin, disability, medical  condition,  marital status, religious creed, sex, pregnancy, and sexual  orientation),  any  similar  state  discrimination  law, the  California  Family  Rights Act, the federal Family and Medical Leave Act, the federal Civil Rights Acts of 1964 and
1991,  as  amended,  the  Age  Discrimination  in  Employment  Act,  the  Older  Workers'
Benefit Protection  Act, the Americans  with Disabilities  Act, claims for benefits (except when a benefit or pension plan specifies that its claims procedures shall culminate in an arbitration  procedure  different  from  this one)  and  claims  for violation  of any federal, state, or other governmental  law, statute, regulation, or ordinance.

The parties  understand  that,  by this Agreement,  they are waiving  their rights to have a Claim adjudicated  by a court or jury.

2.         Claims Not Covered by this Agreement

Claims Employee may have for workers' compensation, state unemployment compensation benefits, and state disability insurance are not covered by this Agreement.

The parties acknowledge  that in the course of his employment,  Employee may be exposed   to  certain   confidential   information   owned,   controlled,   or  in  the  care  of Employer.   Exposure  of such information  to the public would cause irreparable harm to Employer and third parties (e.g. customers).  In addition, there may be other situations in which either party's claims  may cause irreparable  harm if those claims were subject to this Agreement.   Accordingly,  the parties agree that either party is entitled  to seek and obtain temporary injunctive  relief (and subsequent  preliminary and permanent injunctive

relief) from a court of competent  jurisdiction  under applicable  law, and this Agreement will not apply to such right or relief.

3.     Arbitration.

Except as otherwise provided in Section 1, arbitration shall be in accordance with the then-current  National Rules of Resolution of Employment  Disputes of the American Arbitration   Association   (the  "Rules")   before  a  single  arbitrator   who  is  selected  in accordance   with  the  Rules  and  who  is  licensed  to  practice  law  in  California.    The arbitration shall take place in Los Angeles Country, California.  The arbitrator shall apply the  substantive  law  of California,  or federal  law,  or both,  as  applicable  to the  Claim asserted.   Each  party shall  have the right to take written  discovery  and depositions  as provided  for  under  the  California  Code  of  Civil  Procedure,  as  well  as  to  subpoena witnesses and documents for discovery and for arbitration.  Each party shall be entitled to all types of remedies and relief otherwise available in court.

The arbitrator shall have the exclusive authority to resolve any dispute relating to the formation, interpretation,  applicability or enforceability  of this Agreement, including, without limitation,  any Claim that all or any part of this Agreement  is void or voidable. The arbitrator's decision  shall be a reasoned decision  in writing, revealing  the essential findings and conclusions  forming the basis of the award.    Arbitrators  shall not have the power  to commit  errors  of law  or  legal  reasoning,  and  the  award  may  be vacated  or corrected on appeal to a court of competent jurisdiction for any such error.

4.     Costs and Fees.

If Employee  alleges  a violation  of a statute  relating  to employment,  including, without  limitation,  the California  Fair Employment  and  Housing  Act  (or similar  state statute), the Civil Rights Acts of 1964 and 1991, the Age Discrimination  in Employment Act,  or  the  Americans  with  Disabilities  Act,  Employer  will  advance  all  costs  of  the arbitration that would not be incurred by the parties if the dispute were litigated in court, including the fees of the arbitrator and any arbitration association administrative  fees.

Except as set forth above, each party shall pay for its own costs, and attorney fees, if any.   However,  if the party prevails  in a statutory  Claim that  affords  the prevailing party attorney  fees, the arbitrator  may award  reasonable  attorney  fees to the prevailing party in addition to any and all other remedies afforded by the relevant statute.

5.     Requirements  to Modify or Revoke this Agreement.

This Agreement shall survive the termination  of Employee's employment and the expiration  of any benefit plan.  It can be revoked or modified only by a writing signed by the parties that specifically states an intent to revoke or modify this Agreement.

6.     Entire Agreement.

This  is  the  complete  agreement  of the  parties  on  the  subject  of  arbitration  of disputes (except for any arbitration agreement in connection with any benefit or pension plan).   This Agreement supersedes any prior or contemporaneous oral or written understandings on the subject.

7.     Exclusive Forum.

THE PARTIES  ACKNOWLEDGE THAT THEY HAVE CAREFULLY  READ THIS AGREEMENT AND THEY  UNDERSTAND  ITS TERMS.   IN PARTICULAR, THE  PARTIES  UNDERSTAND   THAT  BY  SIGNING  THIS  AGREEMENT  THEY ARE  WAIVING   THEIR  RIGHTS  TO  HAVE  A  CLAIM  ADJUDICATED   BY  A COURT OR JURY.

Arbitration   as  described  above  will  be  the  exclusive  forum  for  any  Claims. Should the parties attempt to resolve a Claim by any method other than arbitration,  the prevailing  party  in any civil  court proceeding  to compel  arbitration  will  be entitled  to recover from the other party all costs and attorney fees incurred as a resolute of that proceeding.

"Employer"

A-Mark Precious Metals, Inc., a New York corporation

By:     /s/ Gregory N. Roberts

Name:     Gregory  N.   Roberts

Title:     CEO

"Employee"

 s/s David Madge

David MadgeExhibit 10_1

Exhibit 10.1

FOURTH LOAN MODIFICATION AGREEMENT

THIS FOURTH LOAN MODIFICATION AGREEMENT (this "Modification") is made as of November 11, 2013 (the "Effective Date"), between and among REPUBLIC FIRST BANK (D/B/A REPUBLIC BANK) ("Bank"), a Pennsylvania chartered bank, having an address at Two Liberty Place, Suite 2400, 50 S. 16th Street, Philadelphia, PA 19102, RESOURCE CAPITAL INVESTOR, INC., a Delaware corporation (“RCI”), and RESOURCE PROPERTIES XXX, INC., a Delaware corporation (“RP XXX” and together with RCI, collectively, "Borrower"), each with offices at One Crescent Drive, Suite 203, Navy Yard Corporate Center, Philadelphia, PA 19112.
BACKGROUND
Bank and Borrower are parties to a Loan Agreement, dated February 25, 2011, as modified by a Loan Modification Agreement, dated September 21, 2011 (the "First Modification"), by a Second Loan Modification Agreement, dated as of January 13, 2012 (the "Second Modification"), and by a Third Loan Modification Agreement, dated as of October 26, 2012 (the "Third Modification") pursuant to which Bank made available to Borrower a $3,500,000 line of credit facility (the "Loan Agreement"). Capitalized terms used in this Modification without definition have the respective meanings given to them in the Loan Agreement.
Bank and Borrower now desire to extend the time period during which the Line of Credit Facility will be available to Borrower and to otherwise amend the Loan Documents as set forth in this Modification.
AGREEMENT
Borrower and Bank, for good and valuable consideration, the receipt and sufficiency of which are acknowledged, and intending to be legally bound, hereby agree to modify the Loan Agreement and the other Loan Documents as follows.
1.In Section 1.1 of the Loan Agreement, the definition of "Loan Documents" is hereby expanded to expressly include this Modification as a Loan Document.  Reference in any of the Loan Documents to the Loan Documents generally, or to any specific Loan Document, shall be deemed to mean the Loan Documents generally, or such specific Loan Document, as modified hereby.
2.The date "August 31, 2012" appearing in Section 2.1(a) of the Loan Agreement, and changed to November 30, 2012, in the First Modification, further changed to November 1, 2013, in the Second Modification, and further changed to November 30, 2014, in the Third Modification, is hereby changed to "November 30, 2016".
3.The date "September 28, 2012" appearing in Sections 2.1(d) and 2.2(d) of the Loan Agreement, as well as elsewhere in the Loan Documents, including (without limitation) Section 1(c) of the Note, and changed to December 28, 2012, in the First Modification, further changed to December 1, 2013, in the Second Modification, and further changed to December 28, 2014 in the Third Modification, is hereby changed to "December 28, 2016".

4.Section 5.11 of the Loan Agreement is hereby amended and restated to read as follows:
"5.11    Unused Facility Fee.  During the term of the Line of Credit Facility, Borrower shall pay the Bank "Unused Facility Fees" on any unborrowed portion of the Line of Credit Facility, from time-to-time (the "Unborrowed Amount"), equal to one half of one percent (.50%) per annum (calculated and pro-rated on a per diem basis, based on the number of days in the applicable calendar quarter, or any part thereof as to which Unused Facility Fees are payable), times the Unborrowed Amount. Although calculated and pro-rated on a per diem basis, Unused Facility Fees shall be due and payable quarterly in arrears on the first (1st) Business Day of each calendar quarter commencing April 2, 2012, and on the last day of the term of the Line of Credit Facility."
5.The date "September 1, 2012" appearing in Section 1(b) of the Note, and changed to December 1, 2012, in the First Modification, further changed to November 1, 2013, in the Second Modification, and further changed to December 1, 2014 in the Third Modification, is hereby changed to "December 1, 2016".
6.Borrower shall provide to Bank such financial information as Bank may reasonably request from time to time.
7.All payments of amounts payable to Bank pursuant to the Loan Documents must be made in U.S. dollars and must be received by Lender at:
Republic First Bank D/B/A Republic Bank
Two Liberty Place
50 S. 16th Street, Suite 2400
Philadelphia, PA  19102
Payments must be received consistent with the following payment instructions: By mail at the address specified above before 4:30 PM Eastern Standard Time; In person at Bank's store before 4:30 PM Eastern Standard Time; By online transfer using Bank's online banking system before 11:00 PM Eastern Standard Time; By telephone transfer using Bank's Interactive Voice Response System before 11:00 PM Eastern Standard Time. Bank may modify these payment instructions, including changing the address for payments, by providing updated payment instructions to Borrower in writing. If a payment is made consistent with Bank's payment instructions but received after the times noted in the payment instructions above on a business day, Bank will credit Borrower's payment on the next business day.
8.To induce Bank to enter into this Modification, Borrower represents and warrants to Bank that:

(a)    Organization, Qualification of Borrower.  Each Borrower is a corporation duly formed and in good standing, with full power and authority to conduct its business as such business is now being conducted.  Each Borrower is qualified to do business in all states where the failure to be so qualified would have a material adverse effect on its business or properties.
(b)    Authority, Authorization.
(i)Each Borrower has taken all necessary action to authorize the borrowings provided for in the Loan Agreement, as modified hereby, and the execution, delivery, and performance of the Loan Documents to which such Borrower is a party.
(ii)No consent of any other party and no consent, license, approval, or authorization of, or registration or declaration with, any governmental authority, bureau, or agency is required in connection with the execution, delivery, performance, validity, or enforceability of this Modification or any other Loan Documents to which Borrower or Guarantor is a party.
(a)Enforceability.
(i)This Modification has been duly and validly executed by Borrower and duly and validly joined in by Guarantor and, to Borrower’s knowledge, constitutes a legal, valid, and binding contract of Borrower and Guarantor, enforceable in accordance with its terms.
(ii)All other Loan Documents to which they are a party are legal, valid, and binding obligations of Borrower and Guarantor, enforceable in accordance with their terms.
(b)Other.  All other representations and warranties contained in the Loan Documents continue to be true, correct and complete in all material respects, as of the Effective Date of this Modification, and are hereby ratified and confirmed by Borrower.
9.The Loan Documents represent the entire agreement and understanding of the parties respecting the Line of Credit Facility, and may not be amended subsequently by oral statements of, or courses of dealing between, the parties.
10.THE LOAN DOCUMENTS, INCLUDING THIS MODIFICATION, CONTINUE IN FULL FORSE AND EFFECT AND ARE HEREBY RATIFIED AND CONFIRMED.  SPECIFICALLY, AND WITHOUT LIMITATION, BORROWER AND, BY ITS JOINDER BELOW, GUARANTOR, HEREBY INTENTIONALLY, KNOWINGLY, AND WITH THE ADVICE OF COUNSEL ACKNOWLEDGE AND REAFFIRM ALL OF BANK'S RIGHTS AND REMEDIES CONTAINED IN THE LOAN DOCUMENTS, INCLUDING (WITHOUTH LIMITATION) THE WARRANTS OF ATTORNEY ALLOWING FOR CONFESSION OF JUDGEMENT AGAINST BORROWER AND/OR GUARANTOR.

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IN WITNESS WHEREOF, Borrower and Bank, each intending to be legally bound hereby, has caused this Modification to be executed on the Effective Date.

	
		
	 
	Bank:

	 
	REPUBLIC FIRST BANK
(d/b/a republic bank)
By: /s/ Stephen McWilliams
Name:  Stephen McWilliams
Title:    Senior Vice President

	 
	 

	 
	BORROWER:

	 
	RESOURCE CAPITAL INVESTOR, INC.
By: /s/ Thomas C. Elliott
Name:  Thomas C. Elliott
Title:    Chief Financial Officer

	 
	 

	 
	RESOURCE PROPERTIES XXX, INC.
By: /s/ Thomas C. Elliott
Name:  Thomas C. Elliott
Title:    Senior Vice President

Guarantor hereby joins in the execution of this Modification to affirm and acknowledge (a) its consent hereto, (b) that the Surety Agreement continues in full force and effect notwithstanding this Modification, and (c) all of Bank's rights and remedies contained in the Loan Documents to which Guarantor is a party, including (without limitation) the warrants of attorney for confession of judgment against Guarantor.

RESOURCE AMERICA, INC.
By: /s/ Thomas C. Elliott                   
Name:  Thomas C. Elliott
Title:    Senior Vice President

Signature Page

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