6/28/06
SECOND AMENDMENT TO
AUGUST 1, 2003
GLOBAL GOLD CORPORATION - XXXXX XXXXXXXXXX
EMPLOYMENT AGREEMENT
AMENDMENT, dated as of the 15th day of June, 2006, between
Global Gold Mining, LLC, a Delaware limited liability company (the
"Corporation"), and Xxxxx Xxxxxxxxxx (the "Employee"), to the Employment
Agreement, dated as of August 1, 2003 (the "Agreement"), amended as of January
1, 2006, between the parties;
W I T N E S S E T H T H A T:
WHEREAS, the Employee currently serves as Director and
Regional Manager and the Corporation needs the continued active service of the
Employee in light of the Corporation's expanding efforts to obtain and operate
mining projects and increased financial, reporting, and business development
obligations and in light of other considerations;
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. EXTENSION OF TERM. The term of the Agreement is hereby further extended until
June 30, 2009 and Section 2 of the Agreement is hereby amended to read as
follows:
"TERM. The term of this Agreement shall commence on August 1,
2003 (or such other date as mutually agreed by the parties)
and end on June 30, 2009, and shall be automatically renewed
for consecutive one-year periods thereafter unless (a)
terminated on the anniversary of June 30 by either party on
120 days written notice or (b) sooner terminated as otherwise
provided herein."
2. COMPENSATION. Employee is awarded as additional base compensation a
Restricted Stock Award of 225,000 shares vesting in twelve quarterly
installments through June 30, 2009, and pursuant to the terms set forth in the
Restricted Stock Award attached to this Amendment. First sentence of Section
3(a) of the Agreement is hereby amended to read as follows:
"Base Compensation. In consideration for the services rendered
by the Employee under this Agreement, the Corporation shall
transfer and deliver to the Employee as base compensation for
the term of this Agreement a total of 90,000, 10,000 and
225,000 shares of its common stock pursuant to the terms of
the Restricted Stock Awards attached hereto as Exhibit A, the
First Amendment, dated as of January 1, 2005, and the Second
Amendment, dated as of June 15, 2006 and as set forth in such
Awards (the "Restricted Stock Awards") delivered to the
Employee."
3. AMENDMENT TO RESTRICTED STOCK AWARD. In addition, the parties agree that
Shares awarded under each of the Awards to the Employee shall immediately vest
if a Change in Control occurs without further action by either party.
4. NOTICES. Section 12(a) of the Agreement is hereby amended to substitute the
Corporation's current address and facsimile number for that of Xx. Xxxxxxxx and
the substitution of the word "Chairman" for "Xxxxxx X. Xxxxxxxx" and deletion of
the requirement of a copy to counsel.
5. 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 Amendment as of
the date first above written.
GLOBAL GOLD MINING, LLC
By ______________________________ ______________________________
Van X. Xxxxxxxxx, Manager Xxxxx Xxxxxxxxxx
