FIRST AMENDMENT TO
                                 JANUARY 1, 2007
                     GLOBAL GOLD CORPORATION- HRAYR AGNERIAN
                              EMPLOYMENT AGREEMENT


                  AMENDMENT dated as of the 15th day of June, 2007 between
Global Gold Corporation, a Delaware corporation (the "Company"), and Hrayr
Agnerian (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 Z. Krikorian, Chairman and CEO          Hrayr Agnerian