FIRST AMENDMENT TO
AUGUST 1, 2005
GLOBAL GOLD CORPORATION- XXX XXXXXX
EMPLOYMENT AGREEMENT
AMENDMENT dated as of the 1st day of May, 2006 between Global
Gold Corporation, a Delaware corporation (the "Company"), and Xxx Xxxxxx (the
"Employee") to the Employment Agreement between the parties dated as of August
15, 2005 (the "Agreement").
W I T N E S S E T H :
WHEREAS, the Company has made the Employee Controller and
needs the more active service of the Employee in light of the Company's
expanding efforts to obtain and exploit mining projects and increased financial,
reporting, 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 May 1, 2006, the Employee agrees to
devote 60% 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 "20%" in the first sentence and the second sentence as well as in
Section 3 (c) with the term "60%". Employee understands that travel and
specifically foreign travel may be required.
2. COMPENSATION. The Company increases the annual sum payable to the Employee as
base compensation salary under the Agreement to $60,000 effective as of May 1,
2005. Section 3(a) is amended accordingly and to establish the monthly
installment amount as "$5,000". In addition, and contingent on both (a) the
approval of a Stock Incentive/Option Plan by the Shareholders and (b) the
approval of the Compensation Committee (which will be proposed to the directors
at their next meeting), Employee shall be awarded stock options to acquire
common stock of Company at the rate of 50,000 per year form May 1, 2006 through
the term of the Agreement (totaling 62,500) all in accordance with the terms and
conditions of (a) and (b) above. If either of (a) a Stock Incentive/Option Plan
is not adopted, or (b) a Compensation Committee is not formed or does not
approve the anticipated grant of options, then the parties shall renegotiate an
appropriate increase in the equity portion of Employee's compensation. The
Company shall also provide health and other benefits to Employee in accordance
with the Company's plan.
3. CHANGE OF COMPANY ADDRESS. The parties acknowledge that the Company has
changed its address to 00 Xxxx Xxxxxx Xxxxxx, Xxxxxxxxx, XX 00000.
4. 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.
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 Agreement as of the
date first above written.
GLOBAL GOLD CORPORATION
By__________________________________ ________________________________
Xxxxx X. Xxxxxxxxx, Chairman and CEO Xxx Xxxxxx
