Document:

ihbt8k51109ex4_1.htm

    
      

    

    EXHIBIT
4.1

     

    

      RTHE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER EITHER
THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS AND
MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, OFFERED, PLEDGED OR OTHERWISE
DISTRIBUTED FOR VALUE UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER
SUCH ACT AND SUCH LAWS COVERING SUCH SECURITIES, OR THE COMPANY RECEIVES AN
OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY STATING THAT SUCH SALE, TRANSFER,
ASSIGNMENT, OFFER, PLEDGE OR OTHER DISTRIBUTION FOR VALUE IS EXEMPT FROM THE
REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT AND SUCH
LAWS.

      

      WARRANT

      

      TO
PURCHASE ________
SHARES OF COMMON STOCK

      OF

      INHIBITON
THERAPEUTICS, INC.

      

      THIS CERTIFIES THAT, for good and
valuable consideration, __________(the “Holder”), or
its registered assigns, is entitled to subscribe for and purchase from Inhibiton
Therapeutics, Inc., a Nevada corporation (the “Company”), at any time after the
date hereof up to and including 5:00 p.m. Centennial, Colorado time on March 4,
2012 (the “Expiration Date”), __________ (__________) fully paid and non-assessable
shares of the Common Stock of the Company at the price of $0.12 per share (the “Warrant
Exercise Price”), subject to the antidilution provisions of this
Warrant.  The shares which may be acquired upon exercise of this
Warrant are referred to herein as the “Warrant Shares.”  As used
herein, the term “Holder” means the record holder of this Warrant identified
above, any registered transferee of such holder, or any record holder or holders
of the Warrant Shares issued upon exercise, whether in whole or in part, of the
Warrant.  As used herein, the term “Common Stock” means and includes
the Company’s presently authorized common stock, and shall also include any
capital stock of any class of the Company hereafter authorized which shall not
be limited to a fixed sum or percentage in respect of the rights of the Holders
thereof to participate in dividends or in the distribution of assets upon the
voluntary or involuntary liquidation, dissolution, or winding up of the
Company.

      

      This Warrant is subject to the
following provisions, terms and conditions:

      

      1.           Exercise:
Transferability.  Subject to the provisions of Section 3
hereof, the rights represented by this Warrant may be exercised by the Holder
hereof at any time prior to its expiration, in whole or in part (but not as to a
fractional share of Common Stock), by written notice of exercise (in the form
attached hereto) delivered to the Company at the principal office of the Company
prior to the Expiration Date and accompanied or preceded by the surrender of
this Warrant along with a check in payment of the Warrant Exercise Price for
such shares.  Each successive holder of this Warrant. Or any portion
of the rights represented hereby, shall be bound by the terms and conditions set
forth herein.

      

      2.           Exchange and
Replacement.  Subject to Sections 1 and 7 hereof, this Warrant
is exchangeable upon the surrender hereof by the Holder to the Company at its
office for new Warrants of like tenor and date representing in the aggregate the
right to purchase the number of Warrant Shares purchasable hereunder, each of
such new Warrants to represent the right to purchase such number of Warrant
Shares (not to exceed the aggregate total number purchasable hereunder) as shall
be designated by the Holder at the time of such surrender. Upon receipt by the
Company of evidence reasonably satisfactory to it of the loss, theft,
destruction, or mutilation of this Warrant, and, in case of loss, theft or
destruction, of indemnity or security reasonably satisfactory to it, and upon
surrender and cancellation of this Warrant, if mutilated, the Company will make
and deliver a new Warrant of like tenor, in lieu of this
Warrant.  This Warrant shall be promptly canceled by the Company upon
the surrender hereof in connection with any exchange or
replacement.  The Company shall pay all expenses, taxes (other than
stock transfer taxes), and other charges payable in connection with the
preparation, execution, and delivery of Warrants pursuant to this Section
2.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      3.           Issuance of the Warrant
Shares.

      

      (a)           The
Company agrees that the shares of Common Stock purchased hereby shall be and are
deemed to be issued to the Holder as of the close of business on the date on
which this Warrant shall have been surrendered and the payment made for such
Warrant Shares as aforesaid.  Subject to the provisions of the next
section, certificates for the Warrant Shares so purchased shall be delivered to
the Holder within a reasonable time, not exceeding fifteen (15) days after the
rights represented by this Warrant shall have been so exercised, and, unless
this Warrant has expired, a new Warrant representing the right to purchase the
number of Warrant Shares, if any, with respect to which this Warrant shall not
then have been exercised shall also be delivered to the Holder within such
time.

      

      (b)           Notwithstanding
the foregoing, however, the Company shall not be required to deliver any
certificate for Warrant Shares upon exercise of this Warrant except in
accordance with exemptions from the applicable securities registration
requirements or registrations under applicable securities laws.  Such
Holder shall also provide the Company with written representations from the
Holder and any proposed transferee satisfactory to the Company regarding the
transfer or, at the election of the Company, an opinion of counsel reasonably
satisfactory to the Company to the effect that the proposed transfer of this
Warrant or disposition of shares may be effected without registration or
qualification (under any Federal or State law) of this Warrant or the Warrant
Shares.  Upon receipt of such written notice and either such
representations or opinion by the Company, such Holder shall be entitled to
transfer this Warrant, or to exercise this Warrant in accordance with its terms
and dispose of the Warrant Shares, all in accordance with the terms of the
notice delivered by such Holder to the Company, provided that an appropriate
legend, if any, respecting the aforesaid restrictions on transfer and
disposition may be endorsed on this Warrant or the certificates for the Warrant
Shares.  Nothing herein, however, shall obligate the Company to effect
registration under federal or state securities laws.  The Holder
agrees to execute such documents and make such representations, warranties, and
agreements as may be required solely to comply with the exemption relied upon by
the Company, or the registration made, for the issuance of the Warrant
Shares.

      

      4.           Covenants of the
Company.  The Company covenants and agrees that all Warrant
Shares will, upon issuance, be duly authorized and issued, fully paid,
nonassessable, and free from all taxes, liens, and charges with respect to the
issue thereof except for all taxes, liens and charges imposed by the
Holder.  The Company further covenants and agrees that during the
period within which the rights represented by this Warrant may be exercised, the
Company will at all times have authorized and reserved for the purpose of issue
or transfer upon exercise of the subscription rights evidenced by this Warrant a
sufficient number of shares of Common Stock to provide for the exercise of the
rights represented by this Warrant.

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      5.           Antidilution
Adjustments.  The provisions of this Warrant are subject to
adjustment as provided in this Section 5.

      

      (a)           The
Warrant Exercise Price shall be adjusted from time to time such that in case the
Company shall hereafter:

      

      
        	
                 
      

              	
                (i)

              	
                pay
      any dividends on any class of stock of the Company payable in Common
      Stock;

              

      

      

      
        	
                 
      

              	
                (ii)

              	
                subdivide
      its then outstanding shares of Common Stock into a greater number of
      shares; or

              

      

      

      
        	
                 
      

              	
                (iii)

              	
                combine
      outstanding shares of Common Stock, by reclassification or
      otherwise;

              

      

      

      then, in
any such event, the Warrant Exercise Price in effect immediately prior to such
event shall (until adjusted again pursuant hereto) be adjusted immediately after
such event to a price (calculated to the nearest full cent) determined by
dividing (a) the number of shares of Common Stock outstanding immediately prior
to such event, multiplied by the then existing Warrant Exercise Price, by (b)
the total number of shares of Common Stock outstanding immediately after such
event, and the resulting quotient shall be the adjusted Warrant Exercise Price
per share.  An adjustment made pursuant to this Subsection shall
become effective immediately after the record date in the case of a dividend or
distribution and shall become effective immediately after the effective date in
the case of a subdivision, combination or reclassification.  If, as a
result of an adjustment made pursuant to this Subsection, the Holder of any
Warrant thereafter surrendered for exercise shall become entitled to receive
shares of two or more classes of capital stock or shares of Common Stock and
other capital stock of the Company, the Board of Directors (whose determination
shall be conclusive) shall determine the allocation of the adjusted Warrant
Exercise Price between or among shares of such classes of capital stock or
shares of Common Stock and other capital stock.  All calculations
under this Subsection shall be made to the nearest cent or to the nearest 1/100
of a share, as the case may be.  If, at any time as a result of an
adjustment made pursuant to this Subsection, the Holder of any Warrant
thereafter surrendered for exercise shall become entitled to receive any shares
of the Company other than shares of Common Stock, thereafter the Warrant
Exercise Price of such other shares so receivable upon exercise of any Warrant
shall be subject to adjustment from time to time in a manner and on terms as
nearly equivalent as practicable to the provisions with respect to Common Stock
contained in this Section 5.

      

      (b)           Upon
each adjustment of the Warrant Exercise Price pursuant to Section 5(a)
above, the Holder of each Warrant shall thereafter (until another such
adjustment) be entitled to purchase at the adjusted Warrant Exercise Price the
number of shares, calculated to the nearest full share, obtained by multiplying
the number of shares specified in such Warrant (as adjusted as a result of all
adjustments in the Warrant Exercise Price in effect prior to such adjustment) by
the Warrant Exercise Price in effect prior to such adjustment and dividing the
product so obtained by the adjusted Warrant Exercise Price.

      

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      (c)           In
case of any consolidation or merger to which the Company is a party other than a
merger or consolidation in which the Company is the continuing corporation, or
in case of any sale or conveyance to another corporation of the property of the
Company as an entirety or substantially as an entirety, or in the case of any
statutory exchange of securities with another corporation (including any
exchange effected in connection with a merger of a third corporation into the
Company), there shall be no adjustment under Subsection (a) of this
Section but the Holder of each Warrant then outstanding shall have the
right thereafter to convert such Warrant into the kind and amount of shares of
stock and other securities and property which such Holder would have owned or
have been entitled to receive immediately after such consolidation, merger,
statutory exchange, sale, or conveyance had such Warrant been converted
immediately prior to the effective date of such consolidation, merger, statutory
exchange, sale, or conveyance and in any such case, if necessary, appropriate
adjustment shall be made in the application of the provisions set forth in this
Section with respect to the rights and interests thereafter of any Holders of
the Warrant, to the end that the provisions set forth in this Section shall
thereafter correspondingly be made applicable, as nearly as may reasonably be,
in relation to any shares of stock and other securities and property thereafter
deliverable on the exercise of the Warrant.  The provisions of this
Subsection shall similarly apply to successive consolidations, mergers,
statutory exchanges, sales or conveyances.

      

      (d)           Upon
any adjustment of the Warrant Exercise Price, then and in each such case, the
Company shall within ten (10) days after the date when the circumstances giving
rise to the adjustment occurred give written notice thereof, by first-class
mail, postage prepaid, addressed to the Holder as shown on the books of the
Company, which notice shall state the Warrant Exercise Price resulting from such
adjustment and the increase or decrease, if any, in the number of shares of
Common Stock purchasable at such price upon the exercise of this Warrant,
setting forth in reasonable detail the method of calculation and the facts upon
which such calculation is based.

      

      6.           No Voting Rights.
This Warrant shall not entitle the Holder to any voting rights or other rights
as a shareholder of the Company.

      

      7.           Notice of Transfer of
Warrant or Resale of the Warrant Shares.

      

      (a)           Subject
to the sale, assignment, hypothecation, or other transfer restrictions set forth
in Section 1 hereof, the Holder, by acceptance hereof, agrees to give written
notice to the Company before transferring this Warrant or transferring any
Warrant Shares of such Holder’s intention to do so, describing briefly the
manner of any proposed transfer.  Promptly upon receiving such written
notice, the Company shall present copies thereof to the Company’s counsel and to
counsel to the original purchaser of this Warrant. If in the opinion of each
such counsel the proposed transfer may be effected without registration or
qualification (under any federal or state securities laws), the Company, as
promptly as practicable, shall notify the Holder of such opinion, whereupon the
Holder shall be entitled to transfer this Warrant or to dispose of Warrant
Shares received upon the previous exercise of this Warrant, all in accordance
with the terms of the notice delivered by the Holder to the Company; provided
that an appropriate legend may be endorsed on this Warrant or the certificates
for such Warrant Shares respecting restrictions upon transfer thereof necessary
or advisable in the opinion of counsel to the Company and satisfactory to the
Company to prevent further transfers which would be in violation of Section 5 of
the Securities Act of 1933, as amended (the “1933 Act”) and applicable state
securities laws; and provided further that the Holder and prospective transferee
or purchaser shall execute such documents and make such representations,
warranties, and agreements as may be required solely to comply with the
exemptions relied upon by the Company for the transfer or disposition of the
Warrant or Warrant Shares.

      

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      (b)           If,
in the opinion of either of the counsel referred to in this Section 7, the
proposed transfer or disposition of this Warrant or such Warrant Shares
described in the written notice given pursuant to this Section 7 may not be
effected without registration or qualification of this Warrant or such Warrant
Shares the Company shall promptly give written notice thereof to the Holder, and
the Holder will limit its activities in respect to such as, in the opinion of
both such counsel, are permitted by law.

      

      8.           Fractional Shares.
Fractional shares shall not be issued upon the exercise of this Warrant, but in
any case where the Holder would, except for the provisions of this Section, be
entitled under the terms hereof to receive a fractional share, the Company
shall, upon the exercise of this Warrant for the largest number of whole shares
then called for, pay a sum in cash equal to the sum of (a) the excess, if any,
of the Fair Market Value of such fractional share over the proportional part of
the Warrant Exercise Price represented by such fractional share, plus (b) the
proportional part of the Warrant Exercise Price represented by such fractional
share.

      

      9.           Miscellaneous.  Whenever
reference is made herein to the issue or sale of shares of Common Stock, the
term “Common Stock” shall include any stock of any class of the Company other
than preferred stock with a fixed limit on dividends and a fixed amount payable
in the event of any voluntary or involuntary liquidation, dissolution or winding
up of the Company.

      

      The Company will not, by amendment of
its Articles of Incorporation or through reorganization, consolidation, merger,
dissolution or sale of assets, or by any other voluntary act or deed, avoid or
seek to avoid the observance or performance of any of the covenants,
stipulations or conditions to be observed or performed hereunder by the Company,
but will, at all times in good faith, assist, insofar as it is able, in the
carrying out of all provisions hereof and in the taking of all other action
which may be necessary in order to protect the rights of the Holder hereof
against dilution.

      

      The representations, warranties and
agreements herein contained shall survive the exercise of this
Warrant.  References to the “holder of” include the immediate holder
of shares purchased on the exercise of this Warrant, and the word “holder” shall
include the plural thereof.  This Common Stock Purchase Warrant shall
be interpreted under the laws of the State of Nevada.

      

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      All shares of Common Stock or other
securities issued upon the exercise of the Warrant shall be validly issued,
fully paid and non-assessable, and the Company will pay all taxes due and
payable by the issuer in respect of the issuance thereof.

      

      Notwithstanding anything contained
herein to the contrary, the holder of this Warrant shall not be deemed a
Shareholder of the Company for any purpose whatsoever until and unless this
Warrant is duly exercised.

      

      Neither this Warrant nor any term
hereof may be changed, waived, discharged or terminated orally but only by an
instrument in writing signed by the part against which enforcement of the
change, waiver, discharge or termination is sought.

      

      IN WITNESS WHEREOF, Inhibiton
Therapeutics, Inc. has caused this Warrant to be signed by its duly authorized
officer effective as of March 4, 2009.

      

      “Company”

      

      INHIBITON THERAPEUTICS,
INC.

      

      

      

      By
______________________________________

      Its:
Secretary

      

      
        
           

        

        
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      To:                 INHIBITON
THERAPEUTICS, INC.

      

      

      
        	
                NOTICE
      OF EXERCISE OF WARRANT  --

              	
                To
      Be Executed by the Registered Holder in Order to Exercise the
      Warrant

              

      

      

      

      The
undersigned hereby irrevocably elects to exercise the attached Warrant to
purchase for cash, __________________ of the shares issuable upon the exercise
of such Warrant, and requests that certificates for such shares (together with a
new Warrant to purchase the number of shares, if any, with respect to which this
Warrant is not exercised) shall be issued in the name of

      

      

      

      

      __________________________________________

      (Print Name)

      

      

      Please
insert social security

      or other
identifying number

      of
registered Holder of

      certificate
(_____________)                                                                                     Address:

      

      

      __________________________________________

      

      __________________________________________

      

      Tax ID #
__________________________________

      

      Phone:  ___________________________________

      

      

      Dated:  ____________                                                      __________________________________________

      Signature*

      

      

      *The
signature on the Notice of Exercise of Warrant must correspond to the name as
written upon the face of the Warrant in every particular without alteration or
enlargement or any change whatsoever.  When signing on behalf of a
corporation, partnership, trust or other entity, PLEASE indicate your
position(s) and title(s) with such entity.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      ASSIGNMENT
FORM

      

      

      To be
signed only upon authorized transfer of Warrants.

      

      

      

      FOR VALUE RECEIVED, the undersigned
hereby sells, assigns, and transfers unto _______________________________ the
right to purchase the securities of Inhibiton Therapeutics, Inc. to which the
within Warrant relates and appoints ______________________, attorney, to
transfer said right on the books of Inhibiton Therapeutics, Inc. with full power
of substitution in the premises.

      

      Dated:  ____________                                                                           __________________________________________

      (Signature)

      

      

      

      Address:

      

      __________________________________________exhibit10-99.htm

    Exhibit
10.99

    

     

    SEPARATION
AGREEMENT AND MUTUAL GENERAL RELEASE

     

    This
Separation Agreement and Mutual General Release (this “Agreement”) is entered
into as of this 16th day of March 2009 by Michael R. Haynes and Collectors
Universe, Inc., a Delaware corporation.

     

    In
consideration of the respective covenants and agreements of each party to the
other contained herein and for other good and valuable consideration, the
adequacy and receipt of which is hereby acknowledges, Michael R. Haynes, for
himself, his heirs, successors and assigns (hereinafter collectively referred to
as the “Executive”) and Collectors Universe, Inc. (the “Company”), on behalf of
itself and on behalf and for the benefit of its subsidiaries and otherwise
related entities, and its and their past, present and future officers,
directors, shareholders, executives, managers, supervisors, employees, agents,
indemnitees, insurers, attorneys, legal representatives, successors, heirs, and
assigns (collectively, “Company Affiliates”), hereby agree to the
following:

     

    1.    Executive
hereby resigns (i) as the Company’s Chief Executive Officer (“CEO”) and
from all positions he may hold, whether as a member of the board of directors or
officer or employee, with any Company Affiliates (including any subsidiaries of
the Company) effective March 16, 2009 (the “Officer Resignation Date”) and (ii)
from his employment with the Company as of the close of business on
March 31, 2009 (the “Employment Resignation Date”).  Pursuant to
that resignation, and effective on the Officer Resignation Date, the Executive
will relinquish his title as Chief Executive Officer of and any other titles he
may have held with the Company, as well as any titles he may have held with any
Company Affiliates.

     

    2.    Executive
represents and warrants and agrees that he has received all compensation owed to
him by the Company through his Resignation Date, including any and all wages,
bonuses, commissions, incentive compensation, car allowances, earned but unused
vacation, stock, stock options, reimbursable business expenses, and any other
payments, benefits, or other compensation of any kind to which he was entitled
from the Company, excepting only the consideration provided for
herein.

     

    3.    Executive
further acknowledges that the compensation and benefits provided to him in this
Agreement are in place of the compensation and benefits provided to him in
Sections 3, 4 and 5 of the Employment Agreement (“Employment Agreement”),
dated January 1, 2003, and Section 2 of the Employment Agreement Amendment
(“Amended Agreement”), dated September 19, 2006, and that this Separation
Agreement supersedes the Employment Agreement and Amended Agreement and all
other amendments to the Employment Agreement, with the sole exception that the
Employee Confidentiality Agreement and Assignment of Rights (collectively, the
“Intellectual Property Rights Agreements”), entered into by him with and for the
benefit of the Company in substantially the forms attached as Exhibit A and
Exhibit B, respectively, to such Employment Agreement, will remain in full
force and effect according to their respective terms and Executive agrees to
comply with all of his covenants, agreements and obligations under those
Intellectual Property Rights Agreements.

     

    4.    In lieu
of the compensation and benefits provided to Executive in the Employment
Agreement and the Amended Agreement, and in reliance on Executive’s promises,
representations, and releases contained in this Agreement, within ten (10)
business days after the Company’s receipt of this Agreement signed without
change by Executive, and in consideration therefore, and assuming Executive does
not revoke this Agreement within the seven (7) calendar days Rescission Period
referenced in the Older Workers’ Benefit Protection Act provision that is the
subject matter of Section 10 below, the Company will:

     

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    (a)           To
make payments to Executive in an amount totaling Two Hundred Ninety-Eight
Thousand Dollars ($298,000), less tax and other legally required withholdings,
in installments at the times and in the amounts as set forth on Exhibit A hereto
(the Salary Continuation Benefit”).

     

    (b)           Upon
Executive’s timely election of continuation coverage under COBRA, for the period
hereinafter specified (the “Insurance Continuation Period”), the Company will
pay one hundred percent (100%) of the Executive’s COBRA premiums for the medical
insurance coverage as in effect on March 1, 2009 for the entire Insurance
Continuation Period.  For purposes of this Agreement, the term
“Insurance Continuation Period” shall mean the shorter of (i) the period
Executive remains eligible for COBRA arising from his separation from the
Company, or (ii) the date that is eighteen (18) months after the Employment
Resignation Date, provided, however, that if,
prior to the end of the Insurance Continuation Period, Executive obtains other
employment which makes health insurance available to him, the Company’s
obligation to pay such COBRA premiums shall thereupon cease.

     

    (c)           Pay
the fees and expenses, not to exceed thirty thousand dollars ($30,000), for
executive outplacement services to be provided to Executive by an agency
approved by the Company.  Such fees and expenses shall be paid
directly to such agency; and if, within [twenty-four (24)] months after the
Employment Resignation Date, Executive incurs and pays any documented
out-of-pocket costs or expenses (other than legal fees and disbursements and
income taxes) directly in connection with the transactions contemplated by this
Agreement, the Company shall reimburse Executive in respect thereof in an amount
equal to fifty percent (50%) of such out-of-pocket expenses, but in no event
more than twenty thousand dollars ($20,000) in the aggregate.

     

    5.    The
Indemnification Agreement entered into by the Company for the benefit of
Executive on his becoming the Company’s CEO shall remain in full force and
effect and unchanged, and notwithstanding any provision to the contrary that may
be contained elsewhere herein, Executive’s rights and the Company’s obligations
thereunder shall not be released or relinquished by reason of this
Agreement.

     

    6.    Executive
represents to the Company that he is signing this Separation Agreement
voluntarily and with a full understanding of and his agreement with its terms
for the purpose of receiving the additional consideration from the Company
beyond that which is owed to him.

     

    7.    Executive
warrants and represents that in the exercise of Executive’s duties for the
Company and its subsidiaries, he has not engaged in any conduct that would have
entitled the Company to terminate his employment for Cause (as such term is
defined in the Employment Agreement).  Executive understands that the
Company is relying on this representation and warranty in entering into this
Separation Agreement, without which the Company would not agree to the terms
contained herein.

     

    8.    In
exchange for the consideration to be received each party from the other
hereunder, except as otherwise provided in Sections 11 and 12 below, the
Company and Executive each covenants and agrees to waive and release
(i) all claims and causes of action and all rights of any kind or nature
whatsoever that such party (hereinafter, the “Releasing Party”) has, may have or
might otherwise have had against the other party (the “Released Party”), and
(ii) all obligations that the Released Party has, may have or might
otherwise have had to the Releasing Party (hereinafter, collectively, the
“Released Claims and Obligations”), whether such Released Claims and Obligations
are fixed or contingent, known and unknown, or suspected or unsuspected, arising
at anytime prior to the date this Separation Agreement is fully
executed.  In the case of Executive, as the Releasing Party hereunder,
the Released Claims and Obligations shall include, without limitation, all
claims and causes of action and rights that Executive has, may have or might
otherwise have against the Company and all obligations that the Company has, may
have or might otherwise have to Executive arising out of or in connection with
any aspect of Executive’s employment, compensation, performance, acts taken
while employed by the Company, the cessation of Employee’s employment with the
Company, the Age Discrimination in Employment Act of 1967, the Americans with
Disabilities Act of 1990, Title VII of the Civil Rights Act of 1964, 42 U.S.C.
section 1981, the Fair Labor Standards Acts, the WARN Act, the California Fair
Employment and Housing Act, California Government Code section 12900, et seq., all other
state anti-discrimination statutes, labor laws, and wage and hours laws, the
Unruh Civil Rights Act, California Civil Code Section 51, all provisions of
the California Labor Code, the Employee Retirement Income Security Act,
29 U.S.C. Section 1001, et seq., and any
other federal, state or local law, regulation or ordinance or public policy,
contract, tort or property law theory, or any other cause of action whatsoever
that arose on or before the date this Agreement is fully
executed.  For purposes of this Section 8 and Section 9
below, in the Company’s case, the term “Released Party” shall mean and include
not only the Company but also all of the Company Affiliates (as hereinabove
defined).  Each party, as a Releasing Party, represents and warrants
that such party has not assigned or otherwise transferred, either in whole or in
part, to any person or entity any Claims such Releasing Party had, has or may
have or any Obligations of the other party which are being released hereunder by
such Releasing Party.

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    9.    It is
further understood and agreed that, subject to the exceptions set forth in
Sections 11 and 12 below, as a condition to the effectiveness of this
Separation Agreement, all rights under Section 1542 of the Civil Code of
the State of California are expressly waived by each of the Executive and the
Company.  Such Section reads as follows:

     

    “A
general release does not extend to claims which the creditor does not know or
suspect to exist in his or her favor at the time of executing the release, which
if known by him or her must have materially affected his or her settlement with
the debtor.”

     

          
Each of the Executive and the Company further expressly waives any and all
rights such party may have under any other statute or common law principle of
any other state which is of similar force and effect as California Civil Code
section 1542.  Thus, for the purpose of implementing a full and
complete release and discharge of the Released Parties, each Releasing Party
expressly acknowledges and agrees that, subject to the exceptions set forth in
Sections 11 and 12 hereof, this Separation Agreement is intended to include
and does include in its effect, without limitation, all Claims and Obligations
which such Releasing Party does not know or suspect to exist in such party’s
favor against the Released Parties at the time of execution hereof, and that
this Agreement expressly contemplates the extinguishment of all such Claims and
Obligations.

     

    10.    The
release given by Executive to the Company in Section 8 of this Separation
Agreement includes, but is not limited to, claims arising under federal, state
or local law for age, race, sex or other forms of employment discrimination and
retaliation.  In accordance with the Older Workers Benefit Protection
Act, Executive hereby knowingly and voluntarily waives and releases all rights
and claims, fixed or contingent, known or unknown or suspected or unsuspected,
arising under the Age Discrimination in Employment Act of 1967, as amended,
which Executive might otherwise have had against the Company or any of the
Company Affiliates.  Executive is hereby advised that he should
consult with an attorney before signing this Agreement and that he has
21 days during which he is entitled to consider and accept this Agreement
by signing and returning this Agreement to the Company’s Chief Financial
Officer.  In addition, Executive has a period of seven (7) days
(the “Rescission Period”) following his execution of this Agreement in which to
revoke the Agreement.  This Agreement shall become and be effective
and enforceable in accordance with its terms upon the expiration of the
Rescission Period unless the Company’s Chief Financial Officer receives, within
such Rescission Period, a written notice from Executive that he is rescinding
this Agreement.

     

    11.    Notwithstanding
the provisions of Section 8 and Section 9 above and anything to the
contrary that may be contained elsewhere in this Agreement, it is expressly
agreed by the parties that the Company is not releasing, and the Company’s
Released Claims shall not include, any Claims or Obligations or any obligations
(whether under this Agreement or common law or statute) of Executive to
indemnify and hold harmless the Company and the Company Affiliates against any
and all liabilities, obligations, interest, penalties and costs or expenses that
the Company has incurred or may incur as a result of or in connection with any
failure by Executive to have paid or to pay, now or in the future, when due, any
federal, state or local withholding or income or other taxes, interest and
penalties (collectively “Taxes”) which Executive was or is now obligated or
hereafter becomes obligated to pay under or pursuant to applicable laws or
government regulations on or in respect of (i) any compensation of any kind
or nature that Executive received or, under applicable laws or government
regulations, that is or may hereafter be deemed to have been received by him for
or in respect of services rendered by him to the Company or any Company
Affiliates (including any Taxes that may have become, or presently are or may in
the future become due and payable by Executive as a result of his exercise of
stock options or receipt of any equity incentive or related compensation granted
by the Company) and (ii) the compensation and consideration that Executive
receives pursuant to this Agreement.  Executive hereby covenants and
agrees to indemnify, hold harmless and defend the Company and Company Affiliates
from and against (x) any and all such Taxes and (y) any and all
liabilities, obligations, interest, penalties and costs or expenses (including
the reasonable fees and expenses of attorneys, accountants and experts) that the
Company may incur or become subject to as a result of or in connection with any
failure by Executive to have paid or to pay such Taxes when due, whether
Executive’s obligation to pay or his liability for such Taxes arose prior to the
date hereof, now exists or arises at any time hereafter.

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    12.    In the
event that Executive has breached or violated or hereafter breaches or violates
any of his material covenants, agreements or obligations contained in either of
his Intellectual Property Rights Agreements (referenced in Section 3
above), then, without limiting or prejudicing any other rights or remedies that
the Company may have at law or in equity by reason of such breach or violation,
(i) the Company may, in its sole and absolute discretion, cease the payment
of and, upon written notice to Executive, terminate its obligation to pay, any
remaining compensation or consideration which the Company would otherwise be
required or obligated to pay to Executive under this Agreement, and
(ii) Executive shall repay to the Company, on its demand, all compensation
and consideration theretofore paid by the Company to him pursuant to this
Agreement.

     

    13.    Executive
agrees that he will not make any critical, disparaging or defamatory comments
regarding the Company, its products, services, directors, officers, employees or
agents.  The Company agrees that its executive officers shall not make
any critical, disparaging or defamatory comments regarding Executive or
regarding any aspect of the parties’ relationship or the conduct or events which
precipitated Executive’s separation.  Any inquiry from any prospective
employer of Executive regarding Executive’s employment with or his separation
from the Company shall be referred, for a response, to the Company’s [Chief
Executive Officer or Chief Financial Officer], who will not make any
disparaging, defamatory or negative statements or remarks with respect to such
matters; provided, however, that the
Company will not provide information regarding Executive's last salary or
compensation unless the person requesting such information provides a release
signed by Executive authorizing disclosure of such information to such
person.

     

    14.    A press
release to be issued by the Company, in the form attached as Exhibit B
hereto, announcing Executive’s departure from the Company, has been approved by
the parties.

     

    15.    As a
condition to the payment of the consideration described in this Agreement,
Executive represents and warrants that he has returned all Company property in
his possession or control, including all computers, access cards, keys, reports,
manuals, documents, records, correspondence and/or other documents or materials
related to Employer’s business that Executive has compiled, generated or
received while working for Employer, including all copies, samples, computer
data or records of such material; provided that the Company may elect, by
written notice to Executive, to permit him to retain one
computer.  Furthermore, Executive confirms that he has delivered all
passwords in use at the time of the separation, a list of any documents that he
created or is otherwise aware that are password-protected, and the password(s)
necessary to access such password-protected documents.

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    16.    Any
dispute between the parties relating to this Agreement, including any
controversy or dispute regarding the enforceability or the interpretation of any
of the provisions hereof, or with respect to any alleged or actual
non-performance by a party of its or his obligations hereunder, shall be
resolved exclusively by binding arbitration in accordance with the Rules of
Commercial Arbitration of the American Arbitration Association.  Any
arbitration proceeding shall be held exclusively in Orange County, California
and any service of process in or in connection with any such proceeding shall be
adequate if sent by certified or registered mail, postage prepaid to the address
of the other party last communicated in writing by such other party to the party
initiating such arbitration.  The determination of the arbitrator in
any such proceeding shall be final and binding on and non-appealable by the
parties.

     

    Each
party acknowledges and agrees that by agreeing to resolve disputes of the type
and nature referenced in the immediately preceding paragraph of this
Section 16 exclusively by arbitration, such party is waiving any right he
or it (as the case may be) may otherwise have had to have any such disputes or
controversies resolved by means of a jury trial.  EACH PARTY DOES
HEREBY EXPRESSLY AND IRREVOCABLY WAIVE SUCH PARTY’S RIGHTS TO A TRIAL BY JURY IN
ANY SUCH PROCEEDING, AND IN ANY TRIAL OR OTHER PROCEEDING BETWEEN THE PARTIES
RELATING IN ANY WAY TO THIS AGREEMENT OR ANY OF THE MATTERS REFERENCED IN THE
IMMEDIATELY PRECEDING PARAGRAPH OF THIS SECTION 15, AND EXPRESSLY AND
IRREVOCABLY AGREES THAT THE TRIER OF FACT IN ANY SUCH PROCEEDING OR TRIAL OR
OTHER PROCEEDING SHALL BE THE ARBITRATOR OR THE JUDGE.  This Agreement
shall not be construed against any party merely because that party drafted or
revised the provision in question, and it shall not be construed as an admission
by any Released Party of any improper, wrongful, or unlawful actions, or any
other wrongdoing against any Releasing Party, and each of Executive and the
Company specifically disclaims any liability to or wrongful acts against the
other party (and, in the case of the Company, against any of the Company
Affiliates).

     

    17.    Each
party acknowledges that the other party has made no promises other than those
set forth herein in this Separation Agreement.  Executive further
acknowledges and agrees that he is not entitled to receive, and will not claim,
any right, benefit, compensation, or relief other than what is expressly set
forth herein in this Agreement.  This Separation Agreement may be
modified only by written agreement signed by both parties.

     

    18.    The
parties further agree as follows:

     

    (a)           In
the event any provision of this Agreement is void or unenforceable, the
remaining provisions shall continue in full force and effect.

     

    (b)           This
Agreement (including all of the Exhibits attached hereto) shall constitute the
entire agreement between the parties relating to its subject matter, and shall
supersede all prior or contemporaneous agreements, understandings or
representations, either written or oral, between the parties with respect to
such subject matter.

     

    (c)           No
waiver by one party of any of the obligations of the other party under this
Agreement or of any breach thereof shall be effective unless such waiver is set
forth in a writing executed by the party purported to have given such
waiver.  The delay or failure of any party at any time to require
performance of any provision of this Agreement, or to exercise any of its right
under this Agreement or provided by statute, at law or in equity, shall in no
manner affect such party’s right to enforce the same at a later
time.  No waiver by any party of any condition or term in any one or
more instances shall be construed as a further or continuing waiver of such
condition or term or of any other condition or term.

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    (d)           Notwithstanding
the provisions of Section 16 hereof, in the event of a breach or threatened
breach of this Agreement by a party hereto (a “Breaching Party”), in addition to
any rights or remedies available at law or otherwise to the other party (the
“Non-Breaching Party”), that party shall be entitled to seek, from any court of
competent jurisdiction, temporary, preliminary and permanent injunctive relief
to obtain a halt to such breach or prevent a threatened breach from taking place
and an order of specific performance of each obligation that has been breached
or is threatened to be breached by the Breaching Party.  Each party
agrees that the party seeking such equitable remedies shall not be required to
post a bond or other form of security as a condition to the granting or
continued effectiveness of any such equitable remedies and that no party shall
assert in any such proceeding, as a defense against the granting of equitable
remedies or relief that the Non-Breaching Party has a sufficient remedy at
law.

     

    (e)           This
Agreement shall be binding on and inure to the benefit of the parties hereto and
their respective successors and assigns.  It is further agreed that
the Company Affiliates are intended third party beneficiaries of the agreements
of Executive contained herein and each of them shall have the right,
independently, to enforce its rights and the obligations of Executive hereunder
without the necessity of joining the Company to any proceeding brought for that
purpose.

     

    (f)           For
purposes of this Agreement: (a) the terms “include”
and  “including” shall mean “including without limitation” or “include
but are not limited to”; (c) the term “or” shall not be deemed to be exclusive;
and (c) the terms “hereof,” “herein,” “hereinafter,” “hereunder,” and “hereto,”
and any similar terms shall refer to this Agreement as a whole and not to the
particular Section, Subsection, paragraph or clause in which any such term is
used, unless the context in which any such term is used clearly indicates
otherwise.

     

    (g)           This
Agreement may be executed in two or more counterparts, each of which executed
counterparts, and any photocopies or facsimile copies thereof, shall be deemed
to be an original, but all such executed counterparts, including any photocopies
or facsimile copies thereof, shall together constitute one and the same
instrument.

     

    [Remainder
of page intentionally left blank.

    Signatures
of parties follow on next page.]

    

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement
as of the day and date first above written.

     

    

     

    

     

    

    

    
      
        
          
            
              	
                       /s/
      MICHAEL R. HAYNES

                    
	
                       Michael R.
      Haynes

                    
	 
      
	 
      
	 
      
	 
      
	
                        /s/Collectors
      Universe, Inc.

                    
	 
      
	 
      
	
                      By:     /s/JOSEPH
      J. WALLACE

                    
	
                      Name: 
      Joseph J. Wallace

                    
	
                      Title:   Chief
      Financial
Officer

                    

            

          

        

      

    

    

    

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    EXHIBIT A

     

    TERMS OF PAYMENT OF SALARY
CONTINUATION BENEFIT

     

    

     

    The
Salary Continuation Benefit of $298,000 shall be paid by the Company to
Executive in twenty-four (24) twice monthly installments, each in the amount of
$12,416.67, less tax and other legally required withholdings, during a 12-month
period commencing on the Employment Resignation Date and ending on the first
anniversary thereof, with the first such installment to be paid on April 15,
2009.

     

    

     

    

    
       

      
        8

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