FIRST AMENDMENT TO
JANUARY 1, 2007
GLOBAL GOLD CORPORATION- XXXXX XXXXXXXX
EMPLOYMENT AGREEMENT
AMENDMENT dated as of the 15th day of June, 2007 between
Global Gold Corporation, a Delaware corporation (the "Company"), and Xxxxx
Xxxxxxxx (the "Employee") to the Employment Agreement between the parties dated
as of January 1, 2007 (the "Agreement").
W I T N E S S E T H :
WHEREAS, the Company has made the Employee Senior Vice
President, and needs the more active service of the Employee in light of the
Company's expanding efforts to obtain and exploit mining projects and business
development obligations;
WHEREAS, the Corporation and the Employee desire to enter
into an amendment of the Agreement on the terms and conditions hereinafter set
forth;
NOW, THEREFORE, the parties hereto agree as follows:
1. CHANGE IN TIME COMMITMENT. Effective June 1, 2007, the Employee agrees
to devote 80% of his available business time to the performance of his
duties under the Agreement, as amended. Section 1(b) of the Agreement
is amended to replace the term "33 1/3%" in the first sentence.
2. COMPENSATION. The Company increases the annual sum payable to the
Employee as base compensation salary under the Agreement to $150,000
effective as of June 1, 2007. Section 3(a) is amended accordingly and
to establish the monthly installment amount as "$12,500". In addition,
and pursuant to the decision of the Compensation Committee, the amount
of Restricted Shares to be awarded to Employee under the same terms as
the Restricted Stock Award Employee is increased from Eighty Three
Thousand Three Hundred Thirty Four (83,334) to Two Hundred Thousand
(200,000) shares (i.e. an additional One Hundred Sixteen Thousand
(116,666) shares) vesting on the same schedule and proportions as
provided in the Restricted Stock Award (i.e. 38,889 shares for each
six month period ending December 31, 2007, June 30, 2008 and December
31, 2008). In addition, and pursuant to the decision of the
Compensation Committee, the amount of stock options to be awarded to
the Employee is also increased from Eighty Three Thousand Three
Hundred Thirty Four (83,334) to options for Two Hundred Thousand
(200,000) shares (i.e. an additional One Hundred Sixteen Thousand
(116,666) options) with 58,333 vesting on December 31, 2007 and 58,333
vesting on December 31, 2008.
3. AMENDMENT TO RESTRICTED STOCK AWARD. In addition, the parties agree
that Shares awarded under the Restricted Stock Award executed in
conjunction with the Agreement shall immediately vest if the company
is sold or if Employee's employment terminates for reasons other than
Employee's voluntary resignation or the Company's termination for
cause.
4. SURVIVAL OF AGREEMENT. This Amendment is limited as specified above
and shall not constitute a modification or waiver of any other
provision of the Agreement except as required by terms agreed here.
Except as specifically amended by this Amendment the Agreement terms
shall remain in full force and effect and all of its terms are hereby
ratified and confirmed.
IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the
date first above written.
GLOBAL GOLD CORPORATION
By___________________________ ________________________
Van X. Xxxxxxxxx, Chairman and CEO Xxxxx Xxxxxxxx
