Document:

Exhibit 10-1 - Employment Agreement Amendment - MH

    Exhibit
      10.1

     

    EMPLOYMENT
      AGREEMENT AMENDMENT 

    

    

    This
      EMPLOYMENT AGREEMENT AMENDMENT (this “Agreement”), is dated as of September 19,
      2006, by and between COLLECTORS UNIVERSE, INC., a Delaware Corporation (the
      “Company” or “CUI”), and MICHAEL R. HAYNES (Executive”), with reference to the
      following:

     

    R E C I T A L S:

     

    A. Executive
      is employed as Chief Executive Officer of the Company under an Employment
      Agreement entered into by him with the Company as of January 1, 2003, which
      has
      heretofore been amended on three occasions, primarily to extend the term of
      the
      CEO’s employment with the Company, most recently to December 31, 2006. and to
      evidence increases in his base salary (and as heretofore amended, the
“Employment Agreement”); and 

     

    B. The
      Company and the CEO desire to further amend the Employment Agreement as and
      to
      the extent provided hereinafter in this Agreement.

     

    A G R E E M E N T

     

    NOW,
      THEREFORE, in consideration of the respective promises of each party made to
      the
      other in this Agreement and other good and valuable consideration, the receipt
      and sufficiency of which are hereby acknowledged by each of the parties, it
      is
      agreed as follows:

     

    1. Extension
      of the Term of Employment.
      The
      term of Executive’s employment under the Employment Agreement, as heretofore
      amended, is hereby extended and shall continue to December 31, 2007, unless
      the
      Executive’s employment is either (i) sooner terminated pursuant to the
      provisions of any of Sections 5.2 through 5.7 (inclusive) of the Employment
      Agreement, or (ii) further extended by mutual written agreement of the
      parties.

     

    2. Amendment
      to Section 5.2.
      The
      third sentence of Section 5.2 of the Employment Agreement (which Section is
      entitled “Termination Without Cause”) is hereby amended to read in its entirety
      as follows:

     

    “In
      the
      event of any such termination of Executive’s employment pursuant to this Section
      5.2, the Company shall (a) continue to pay Executive (or in the case of his
      death, his heirs) his base salary, at the rate in effect on the date of such
      termination of employment, and (b) continue medical insurance coverage for
      him (and for his dependents if they also were covered at the time of such
      termination), on the terms in effect at the time of such termination, for a
      period of twelve (12) months from the effective date of such termination of
      employment (the “Severance Period”); provided,
      however,
      that if
      Executive becomes eligible to obtain medical insurance coverage under a group
      medical insurance program from another employer (“Alternative Health Insurance
      Coverage”) prior to the end of the Severance Period, participation in the
      Company’s medical insurance program by Executive and his dependents shall
      thereupon automatically terminate.” 

     

    3. No
      Other Changes.
      The
      Employment Agreement, as heretofore amended, shall remain in full force and
      effect and, except as amended by this Agreement, as set forth in Sections 1
      and
      2 hereof, shall remain unchanged.

     

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    4. Miscellaneous.
      

     

    4.1 Construction.
      This
      Extension Agreement is the result of arms - length negotiations between the
      parties hereto, and no provision hereof shall be construed against a party
      by
      reason of the fact that such party or its legal counsel drafted said provision
      or for any other reason. 

     

    4.2 Entire
      Agreement.
      This
      Extension Agreement contains all of the agreements of the parties relating
      to,
      and supersedes all prior agreements or understandings, written or oral, between
      the parties regarding, the extension of the term of the Employment
      Agreement.

     

    4.3 Binding
      on Successors.
      Subject
      to the provisions of Section 6.4 of the Employment Agreement (entitled “No
      Assignment”), which provisions are incorporated herein by this reference, this
      Extension Agreement shall be binding on the parties and their respective heirs,
      legal representatives and successors and assigns.

     

    4.4 Headings.
      Section
      and paragraph headings are for convenience of reference only and shall not
      affect the meaning or have any bearing on the interpretation of any provision
      of
      this Second Amendment.

     

    4.5 Severability.
      If any
      provision of this Extension Agreement is held to be invalid, illegal or
      unenforceable, the validity, legality and enforceability of the remaining
      provisions hereof shall not be affected or impaired in any way as a result
      thereof.

     

    4.6 Governing
      Law.
      This
      Extension Agreement is made in and shall be construed and interpreted according
      to and enforced under the internal laws of the State of California, excluding
      its choice of law rules and principles.

     

    4.7 Counterparts.
      This
      Extension Agreement may be executed in any number of counterparts, and each
      of
      such signed counterparts, including any photocopies or facsimile copies thereof,
      shall be deemed to be an original, but all of such counterparts shall constitute
      one and the same instrument.

     

    IN
      WITNESS WHEREOF, the undersigned have executed this Employment Agreement
      Amendment as of the day and date first above written:

     

    The
      Company:                      COLLECTORS
      UNIVERSE, INC.

    

    

    

    By:  
      /s/
      A. CLINTON ALLEN

            
A.
      Clinton Allen, Chairman

     

    Executive:                          
      /s/
      MICHAEL R. HAYNES

                            
      Michael R. Haynes

     

    
      
        
        

      

      
        2Exhibit 10.1

AGREEMENT
AND GENERAL RELEASE

THIS SEPARATION AGREEMENT AND GENERAL RELEASE (the “Agreement”)
is effective as of the 18th day of September 2006 between Brian L. Farrey (“Executive”)
and Monster Worldwide, Inc., a Delaware corporation formerly known as TMP
Worldwide Inc. (the “Company”).

The purpose of this Agreement is to set forth the
terms and conditions under which Executive and the Company will terminate their
employment relationship.

In consideration of the mutual promises of the parties
made below, the parties agree as follows:

1.     Separation.  Executive’s separation from the Company and
each of its Affiliates (as defined below) is effective at 5:00 p.m. on October
1, 2006 (the “Separation Date”) and as of such date and time Executive hereby
resigns each and every position as employee, officer and/or director of the
Company and each of its Affiliates.

1A. Transition.  Effective this date through the Separation
Date, Employee’s title shall change from President of Monster Technologies to
Senior Vice President.  Executive’s role
during this time period shall be to assist in the transition of
responsibilities to any replacement, to oversee the transition of technology
services in connection with the disposition of the Recruitment Advertising Division
(N.A.) and any other services requested by the Chief Operating Officer or his
designee. Executive hereby agrees that he shall also for the period from the
Separation Date through December 31, 2006 make himself available to answer
questions or provide guidance regarding any transition or technology issues.

2.     Payments.  The Company and Executive agree that the
following payments shall be or have been made and benefits shall be or have
been provided to Executive by the Company:

(a)                                  Regular
payroll checks through October 1, 2006, any accrued vacation and/or PTO days
and all employee welfare benefits regularly provided which have accrued through
such date; and

(b)                                 A
2006 management bonus, if any, as normally determined by the Company’s bonus
criteria and paid during such normal time period. However, so long as there is
compliance with the terms of this Agreement, such bonus will not be less than
75% of Executive’s $320,000 annual salary, which equals $240,000.

Any and all
payments and benefits described in this Paragraph 2 shall be reduced by
applicable withholding taxes, normal payroll deductions and amounts required by
law to be withheld. The parties acknowledge that the payments and benefits
described in this Paragraph 2, as well as Executive’s vested rights, if any,
under (i) the Company’s 401(k) plan, (ii) the Option Agreements (as defined in
Paragraph 4 below) and (iii) the Stock Bonus Agreement dated January 18, 2006,
constitute compensation and rights to which Executive would be entitled whether
or not Executive entered into this Agreement.

3.     Additional Consideration.  In consideration of Executive’s execution and
delivery of this Agreement and subject to Executive’s compliance with Executive’s
obligations hereunder, the Company agrees after Executive’s employment is
terminated (i) to pay Executive an aggregate of $320,000 in 26 bi-weekly
installments (pro-rated for periods of less than a full bi-weekly period),
without interest, with the first installment payable on the date which is two
weeks after the date that the revocation period described in the Company’s then
standard Release which Executive shall additionally

 

 

be required to sign at
the Separation Date expires without Executive having exercised the right of
revocation described therein and (ii) provide medical, dental and vision
coverage through COBRA under the same terms and conditions as previously
maintained while an employee at the Company’s expense for the period that
severance is paid hereunder. Should Executive secure other employment with
similar benefits during the severance period, he shall promptly notify the
Company and such Company benefits shall cease. 
The 18 month period of COBRA begins on the Separation Date.

Any and all consideration
described in this Paragraph 3 shall constitute consideration for Executive’s
execution of this Agreement and such consideration shall be reduced by
applicable withholding taxes, payroll deductions and amounts required by law to
be withheld.  Executive acknowledges that
the consideration described in this Paragraph 3 constitutes consideration to
which Executive was not previously entitled in the absence of this Agreement,
whether by Company policy, written agreement or otherwise. Notwithstanding
anything in this Agreement to the contrary, including but not limited to the
provisions of the first sentence of this Paragraph 3, the Company may
accelerate the timing of any payment payable to Executive under this Agreement
in the event the Company determines in its sole discretion that such
acceleration could minimize or eliminate the risk that any payment to Executive
hereunder would be deemed to violate Section 409A of the Internal Revenue Code,
as it may be amended from time to time.

4.     General Release.  In consideration of the obligations of the
Company in Paragraph 3 above and as a material inducement to the Company
to enter into this Agreement, Executive, on behalf of Executive, Executive’s
heirs, estate, executors, administrators, successors and assigns, does hereby
irrevocably and unconditionally release, acquit and forever discharge each of
the Releasees (as defined below) from any and all actions, causes of action,
suits, debts, administrative or agency charges, dues, sums of money,
compensation, pay, bonuses, claims, complaints, liabilities, obligations,
agreements, promises, damages, demands, judgments, costs, losses, expenses and
legal fees and expenses of any nature whatsoever, known or unknown, suspected
or unsuspected, which Executive or Executive’s heirs, estate, executors,
administrators, successors and assigns ever had, now have or hereafter can,
shall or may have against each or any of the Releasees by reason of any matter,
cause or thing whatsoever from the beginning of the world to the date of this
Agreement, including but not limited to any and all rights and claims
under federal, state or local laws, regulations or requirements, rights under
an employment agreement dated March 12, 2002 as amended as of September 8,
2005, the Age Discrimination in Employment Act, the Americans with Disabilities
Act, Title VII of the Civil Rights Act, the Equal Pay Act, the Family and
Medical Leave Act, the Worker Adjustment and Retraining Notification Act, the
laws of the Commonwealth of Massachusetts and all localities therein and all
rights and claims relating to defamation, discrimination (on the basis of sex,
race, color, national origin, religion, age, disability, medical condition or
otherwise), hostile work environment, workers’ compensation, fraud,
misrepresentation, breach of contract, retaliation, intentional or negligent
infliction of emotional distress, breach of any covenant of good faith and fair
dealing, negligence, wrongful termination, wrongful employment practices or any
and all other claims relating to Executive’s employment with, or separation of
employment from, the Company, any and all other rights and claims arising under
any federal, state or local law, statute, regulation or case law, any
employment agreements, any offer letters, any bonus agreements, any
compensation memos, any compensation guarantee agreements, any stockholder
agreements and, except as provided in the next paragraph of this Paragraph 4,
any and all rights and claims to options, restricted stock units, common stock
or other equity interests in the Company or any of its Affiliates.  As used in this Agreement, the term “Releasees”
is a collective reference to the Company and its present, former and future
stockholders, subsidiaries, Affiliates, successors, predecessors, assigns,
employee benefit plans and employee pension plans, and each of their respective

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directors, officers,
employees, trustees, representatives, insurers and agents, each in their
official and individual capacities.

As used in this Agreement, the term “Affiliates” is a
reference to all affiliates of the Company within the meaning of Rule 405
under the Securities Act of 1933, as amended. Notwithstanding anything in this
Paragraph 4 to the contrary, nothing in this Paragraph 4 shall be
deemed to be a release of (i) Executive’s vested rights, if any, under the
Company’s 401(k) plan; (ii) Executive’s rights under this Agreement; (iii)
Executive’s rights under the following option agreements (collectively, the “Option
Agreements”): the option agreements between the Company and Executive dated
August 5, 1999, October 18, 1999, November 30, 1999, September 5, 2000, April
4, 2001, February 22, 2002, April 10, 2003, February 9, 2004 and December 28,
2004; and (iv) Executive’s rights under his January 18, 2006 Stock Bonus
Agreement. Executive shall be treated in the same fashion as other former
employees in connection with the current suspension of trading in the Company’s
stock option program consistent with the terms of such option agreements.

Moreover, nothing herein releases the Company of any
obligation to indemnify Executive pursuant to a contractual committment,
statute, common law or otherwise.

5.     Records, Documents, and Property.  Executive represents that Executive has
returned to the Company all of the records, correspondence, electronic and
magnetic storage media, documents, reports, files and all other property,
including keys, of the Company or any of its Affiliates, prior to or
contemporaneously with Executive’s execution and delivery of this Agreement.
Executive agrees not to retain any copies, duplicates or excerpts of any of the
aforementioned documents or items. Executive shall however be allowed to
permanently keep his desktop computer at his office and his laptop after both
are purged of any company data.

6.     Review Period; Revocation.  Executive acknowledges that Executive has
been given a period of 21 days, not including the date of receipt, in which to
consider and sign this Agreement. In addition, Executive may revoke this
Agreement within 7 calendar days of signing. 
The Agreement will not be effective or enforceable until such 7 calendar
day period has expired without revocation. To be effective, any revocation must
be in writing and delivered to the Monster Worldwide, Inc. at 622 Third Avenue,
39th Floor, New York, NY 10017 to the attention of
Evan Kornrich either by hand or by mail within the 7 calendar day period. If
sent by mail, the revocation must be (1) postmarked within the 7 calendar day
period, (2) properly addressed to the Company; and (3) sent by certified
mail, return receipt requested.  After
the 7 calendar day revocation period has passed, this Agreement shall be
irrevocable.  Without in any way limiting
the effect of revocation by Executive, in the event that Executive revokes this
Agreement, any amount paid to or for the benefit of Executive under the
provisions of Paragraph 3 above shall promptly be returned to the Company.

7.     Confidentiality; Non-disparagement.
Executive agrees to treat the terms and existence of this Agreement as
absolutely confidential, and not to disclose the terms or existence hereof to
anyone except Executive’s attorney, accountant, tax advisor, immediate family,
or except as may be required by law or agreed to in writing by the Company,
provided that Executive will cause each of such individuals and entities to
keep such terms confidential. In the event disclosure of any such information
is required or purportedly required by law, Executive will provide the Company
with prompt notice of any such requirement so that the Company may seek an
appropriate protective order. Executive agrees not to disparage or defame the
Company or any of the other Releasees or to make any statements concerning any
of the foregoing intended to or which may reasonably be deemed to harm the
business interests of,

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or to facilitate the pursuit
of any claims against, the Company or its Affiliates. Executive recognizes and
agrees that this provision was a significant inducement for the Company to
enter into this Agreement. In the event of a breach by Executive of any of the
material terms of this Agreement, including but not limited to this
Paragraph 7, and without in any way limiting the Company’s remedies for
any such breach, Executive will automatically forfeit any outstanding payments
due under Paragraph 3 above. Executive further agrees to indemnify and hold the
Releasees harmless from and against any and all losses, liabilities, damages
and expenses (including but not limited to reasonable attorneys’ fees) any
Releasee may suffer or incur arising out of or in connection with any breach of
a representation or agreement of Executive hereunder. The Company’s management
and HR personnel agree not to disparage Executive to any prospective employer
or to the media.

8.     Restrictive Covenants.  As a material inducement to the Company to
enter into this Agreement, Executive acknowledges and affirms that Executive
will strictly abide by each and every non-solicitation, confidentiality,
non-competition, nonraid and/or similar obligation which Executive may have
with respect to the Company and/or its Affiliates, whether by agreement,
fiduciary obligation or otherwise, including but not limited to those set forth
in the Option Agreements.

9.     Non-admission.  Nothing in this Agreement is intended to be,
nor will be deemed to be, an admission by the Company or any Releasee (i) that
it has violated any state or federal law, rule, regulation, principle of common
law or other obligation, (ii) that it has engaged in any wrongdoing, or (iii) that
Executive would be entitled to any of the consideration described in
Paragraph 3 above in the absence of this Agreement.

10.   Cooperation. Executive agrees to
provide reasonable assistance to the Company relating to the orderly transition
of Executive’s duties and responsibilities from time to time as reasonably
requested by the Company. In addition, the Company may from time to time
request Executive’s reasonable assistance in connection with pending or
threaten litigation or claims concerning matters about which Executive may have
actual or imputed knowledge. It is understood that such assistance may include,
without limitation, Executive’s providing and compiling information,
participating in discussions and/or interviews, participating in depositions
requested by plaintiffs, defendants or others and testifying as a witness.  Executive agrees to provide any and all such
reasonable assistance to the Company and its advisors upon request for no
additional consideration, provided, however, that the Company
shall pay on Executive’s behalf or reimburse Executive upon presentation of
invoices therefore Executive’s reasonable out-of-pocket costs relating thereto.

11.   Certain Understandings.  Executive acknowledges and agrees that
Executive’s employment with the Company and its Affiliates ceases as of the
Separation Date and that Executive has no right to be reemployed by the Company
or any of its Affiliates. Executive represents that Executive has not filed any
complaints or charges or lawsuits against the Company or any other Releasee
with any governmental agency or court or otherwise, nor directly or indirectly
assisted any other person or entity in connection with any proposed filing of
any complaints or charges or lawsuits against the Company or any other Releasee
and, subject to the next sentence, that Executive will not do so hereafter. Any
disputes arising out of or in connection with this Agreement or relating to any
other rights expressly retained by Executive pursuant to the terms of this
Agreement shall be submitted to arbitration in accordance with the applicable
provisions of the Option Agreements. Executive and the Company each represents
to the other that neither has relied on any representation or statement of the
other or any other Releasee which is not set forth in this Agreement.

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12.   General.  This Agreement (i) constitutes the entire
agreement between the parties with respect to the subject matter hereof and
terminates, supersedes and preempts any previous oral or written arrangements
or understandings relating thereto, (ii) may be signed in counterparts, (iii) shall
be governed by the laws of the Commonwealth of Massachusetts, without regard to
its conflict of laws rules, (iv) may not be amended, terminated, extended or
waived orally, and (v) may not be assigned, in whole or in part, by Executive.
Paragraph headings are for convenience only and do not affect the meaning of
any provisions of this Agreement. If any portion of this Agreement is found to
be invalid or unenforceable, the remaining portions shall remain in effect.

13.   VOLUNTARY AND KNOWING
ACTION.  EXECUTIVE
ACKNOWLEDGES THAT EXECUTIVE HAS BEEN ADVISED TO CONSULT WITH AN ATTORNEY PRIOR
TO EXECUTING THIS AGREEMENT. EXECUTIVE FURTHER ACKNOWLEDGES THAT EXECUTIVE HAS
READ THIS AGREEMENT CAREFULLY AND UNDERSTANDS ALL OF ITS TERMS, AND IS SIGNING
THIS AGREEMENT KNOWINGLY AND VOLUNTARILY AND WITH THE FULL INTENT OF, AMONG
OTHER THINGS, RELEASING THE COMPANY AND CERTAIN OTHER PARTIES OF ALL KNOWN AND
UNKNOWN CLAIMS.

IN WITNESS WHEREOF, the
parties hereto have executed this Agreement to be effective as of the date
first above written.

	
  Dated: September 15, 2006

  	
  /s/ Brian L. Farrey

  
	
   

  	
  Brian L. Farrey

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated: September
  18, 2006

  	
  /s/ Evan Kornrich

  
	
   

  	
  Monster Worldwide, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
  Name: 

  	
  Evan Kornrich

  
	
   

  	
  Title:

  	
  Vice President of Litigation

  
				

 

 

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