Joe Orlando steps down as Collectors Universe CEO

[BlowoutBuzz]

Joe Orlando steps down as Collectors Universe CEO >> BlowoutBuzz.com #collect

[KhalDrogo]

LFG!!!

[ksemmel]

This is very good news!

[Pathora]

The writing was on the wall as soon as Nat bought the company.

Nat gets to hire his own person for this now, I almost felt like they kept Joe along for this long to put the negative PR on his head.

[bradical]

Never get cheated.

[PunsRTonsOfFun]

"Steps down"

LOL

[pachyderm]

I wonder if he got a golden parachute?

[zack88]

Originally Posted by pachyderm

I wonder if he got a golden parachute?

maybe a golden shower

[Cards and 401K]

Mergers and Acquisitions and personnel changes are all part of capitalistic business in the United States. Happens all the time. Best of luck Joe.

[CoronaBowl LV]

Hmmmm......Buzzworthy indeed

[CoronaBowl LV]

Originally Posted by zack88

maybe a golden shower

I'm sure there are a lot of members on here who would kindly oblige.

[HalfNipponese]

I'm sure he has a non-compete clause in his buyout but it'll all work out for him. I won't be surprised if he pick ups a position with Ebay, Amazon, some other online retailer looking to grow/enter the card resale market. I can totally see Amazon creating a PWCC model with cards stored at their world wide distribution centers.

[itsbaytime]

Originally Posted by HalfNipponese

I'm sure he has a non-compete clause in his buyout but it'll all work out for him. I won't be surprised if he pick ups a position with Ebay, Amazon, some other online retailer looking to grow/enter the card resale market. I can totally see Amazon creating a PWCC model with cards stored at their world wide distribution centers.

That would be hilarious.

[RL 1953]

No doubt he got a golden parachute when he got his walking papers.

[SupermanBrandon]

HGA needs some leadership

[Cards and 401K]

^^^ LOL very funny !! Joe probably has a seven figure card collection??

[auburn35]

Originally Posted by RL 1953

No doubt he got a golden parachute when he got his walking papers.

Not sure if there were any changes after Collectors Universe went private but here's the contract that Joe signed, just prior to the sale.

https://www.sec.gov/Archives/edgar/d...813/sc14d9.htm

Mr. Orlando’s employment agreement provides that if his employment as Chief Executive Officer is terminated by us (or the Surviving Corporation) without “cause” (and other than due to his death or his “disability”) or by him for “good reason” during the period beginning on the date of a change in control and ending on the date that is 12 months after a change in control, then, provided that Mr. Orlando signs and does not revoke a separation agreement, he will receive:

● a lump sum cash payment equal to 100 percent of his then-current base salary in effect as of the date of such qualifying termination;

● a lump sum cash payment equal to 100 percent of his cash bonus or incentive compensation at target which he was eligible to earn for the year in which such qualifying termination occurs, prorated for the number of days he was employed in the fiscal year in which such qualifying termination occurs; and

● continuing payments of premiums he otherwise would be required to pay for continued post-employment group health coverage, for himself and his family, based on the benefits in effect on the date his employment is terminated for a period of six months.

The separation agreement between Mr. Orlando and Collectors Universe would include, among other terms, a non-disparagement provision, a post-termination cooperation provision, a confidentiality provision, a covenant not to sue and a general release of all rights and claims in favor of Collectors Universe.

This is the section, covering a "good reason".

● The term “good reason” generally means the occurrence of any of the following events: (1) the material reduction of his authority, duties or responsibilities from the authority duties or responsibilities possessed immediately prior to the consummation of a change in control; (2) changing his principal position with us in a manner or to an extent that such reduction or change constitutes or would generally be considered to constitute a demotion; (3) the material reduction of his base salary or base compensation below the amount described in his employment agreement, as amended; (4) relocation to an office located more than 30 miles from his then-current office location (other than for temporary assignments or required travel in connection with the performance of his duties), unless such relocation reduces the travel distance between his then-principal residence and his new office location; or (5) our breach of any material obligations to Mr. Orlando under his employment agreement. “Good reason” will not be deemed satisfied unless Mr. Orlando gives us written notice of the condition within 30 days after the condition comes into existence and we fail to remedy the condition within 30 days after receiving such written notice.

[Woodsy074]

Originally Posted by auburn35

Not sure if there were any changes after Collectors Universe went private but here's the contract that Joe signed, just prior to the sale.

https://www.sec.gov/Archives/edgar/d...813/sc14d9.htm

Mr. Orlando’s employment agreement provides that if his employment as Chief Executive Officer is terminated by us (or the Surviving Corporation) without “cause” (and other than due to his death or his “disability”) or by him for “good reason” during the period beginning on the date of a change in control and ending on the date that is 12 months after a change in control, then, provided that Mr. Orlando signs and does not revoke a separation agreement, he will receive:

● a lump sum cash payment equal to 100 percent of his then-current base salary in effect as of the date of such qualifying termination;

● a lump sum cash payment equal to 100 percent of his cash bonus or incentive compensation at target which he was eligible to earn for the year in which such qualifying termination occurs, prorated for the number of days he was employed in the fiscal year in which such qualifying termination occurs; and

● continuing payments of premiums he otherwise would be required to pay for continued post-employment group health coverage, for himself and his family, based on the benefits in effect on the date his employment is terminated for a period of six months.

The separation agreement between Mr. Orlando and Collectors Universe would include, among other terms, a non-disparagement provision, a post-termination cooperation provision, a confidentiality provision, a covenant not to sue and a general release of all rights and claims in favor of Collectors Universe.

This is the section, covering a "good reason".

● The term “good reason” generally means the occurrence of any of the following events: (1) the material reduction of his authority, duties or responsibilities from the authority duties or responsibilities possessed immediately prior to the consummation of a change in control; (2) changing his principal position with us in a manner or to an extent that such reduction or change constitutes or would generally be considered to constitute a demotion; (3) the material reduction of his base salary or base compensation below the amount described in his employment agreement, as amended; (4) relocation to an office located more than 30 miles from his then-current office location (other than for temporary assignments or required travel in connection with the performance of his duties), unless such relocation reduces the travel distance between his then-principal residence and his new office location; or (5) our breach of any material obligations to Mr. Orlando under his employment agreement. “Good reason” will not be deemed satisfied unless Mr. Orlando gives us written notice of the condition within 30 days after the condition comes into existence and we fail to remedy the condition within 30 days after receiving such written notice.

Great sleuthing. Unless they modified this after the acquisition closed this is still in effect. He also got about $2.5M from his shares on the take private. Not a bad payday.

[Rickey]

.....

[dustin42]

Can't wait for the next news about him to be for an indictment.

[dustin42]

Originally Posted by Pathora

The writing was on the wall as soon as Nat bought the company.

Nat gets to hire his own person for this now, I almost felt like they kept Joe along for this long to put the negative PR on his head.

He hired himself...