AMENDMENT TO THE SHAREHOLDERS AGREEMENT OF
GLOBAL GOLD ARMENIA LIMITED
This Amendment to the Shareholders Agreement, dated as of May 13, 1997,
by and among First Dynasty Mines Limited, a corporation organized under the laws
of the Yukon, Canada ("FDM"), Global Gold Corporation, a Delaware corporation
("Gold") and Global Gold Armenia Limited, a Cayman Islands company (the
"Company").
WITNESSETH THAT
WHEREAS each of FDM, Gold and the Company are parties to the Shareholders
Agreement of Global Gold Armenia Limited, dated as of May 13, 1997 (the
"Agreement") and wish to amend the Agreement in accordance herewith;
NOW, THEREFORE, in consideration of the mutual covenants and conditions
herein contained, each of the parties agrees as follows:
1) The first paragraph of the Agreement is hereby amended as
follows:
(a) the word "corporation" following the phrase "Cayman
Islands" is changed to "company;"
(b) the phrases "X.X. Xxxxxx and Company," and "P.O. Box 265,"
are hereby deleted;
(c) the word "Corporation" is changed to the word "Company."
2) The defined term "Corporation" is changed to "Company"
throughout the remainder of the Agreement.
3) The second paragraph of the Agreement is hereby amended as
follows:
(a) the phrase "common stock" in the sixth line is deleted and
the word "capital" is substituted;
(b) the parenthetical definition is hereby deleted and the
following is substituted therefor:
"(such shares, together with shares subsequently
acquired by the parties, being referred to as the
"Shares")
4) The defined term "Stock" is hereby changed to "Shares"
throughout the remainder of the Agreement.
5) Section 3.2 of the Agreement is hereby amended by the deletion
of the word "By-Laws" and substitution of the phrase "Articles of
Association."
6) Section 10.2 of the Agreement is hereby amended by deletion of
the phrase "Cayman Islands" and substitution thereof of the phrase
"State of New York."
7) Gold, by execution of this Amendment to the Shareholders
Agreement, hereby confirms that the same, together with the
Agreement, has been executed by Xxxxx X. Xxxxxxxxx, both in his
capacity as president of Gold and as a director and member of the
Board of Directors of Gold.
8) The parties agree that, except as expressly provided herein, the
Agreement is ratified and confirmed in all respects.
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IN WITNESS WHEREOF, the undersigned have executed this Amendment to the
Shareholders Agreement as of the date first above written.
FIRST DYNASTY MINES LTD.
By: /s/ Xxxxxx Xxxxxxxx
------------------------------------------
Xxxxxx Xxxxxxxx, President
GLOBAL GOLD CORPORATION
By: /s/ Xxxxxx X. Xxxxxxxx
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Xxxxxx X. Xxxxxxxx, President and
Chief Operation Officer
GLOBAL GOLD ARMENIA LIMITED
By: /s/ Xxxxx X. Xxxxxxxxx
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Xxxxx X. Xxxxxxxxx, Director and President
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