Document:

ex10-11.htm

    
      EXHIBIT
10.11

    

     

    THIRD
AMENDMENT TO

    AUGUST 1,
2003

    GLOBAL
GOLD – ASHOT BOGHOSSIAN

    EMPLOYMENT
AGREEMENT

     

    AMENDMENT,
dated as of the 11th day of
August, 2009, effective as of the 1st day of
July 2009 between Global Gold Mining, LLC, a Delaware limited liability company
(the “Corporation”), and Ashot Boghossian (the “Employee”), to the Employment
Agreement, dated as of August 1, 2003 (the “Agreement”), amended as of January
1, 2006, and as of June, 15 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 to retain the continued active service of the Employee in
light of the Corporation’s 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, 2012 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, 2012, 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.”

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

       

    

    2.           COMPENSATION.  Employee
is awarded as additional base compensation a Restricted Stock Award of 337,500
shares vesting in six semi-annual installments through June 30, 2012, and
pursuant to the terms set forth in the Restricted Stock Award attached to this
Amendment, and an annual salary of $72,000. The first two sentences of Section
3(a) of the Agreement are 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 as amended
effective July 1, 2009 a total of 337,500 shares of its common stock pursuant to
the terms of the Restricted Stock Awards attached hereto as Exhibit A, and as
set forth in such Awards (the “Restricted Stock Awards”) delivered to the
Employee.  In addition to the
foregoing, the Company shall pay to the Employee, as base compensation, the sum
of $72,000 for each 12-month period commencing on and after July 1, 2009 during
the term of this Agreement, as amended effective July 1, 2009, payable in equal
monthly installments of $6,000 on the 15th day of each
month.”

     

     

    3.           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
      Z. Krikorian

                      	 	 	
                        Ashot
      Boghossian

                      	 
	 	
                        Manager   

                      	 	 	
                         

                      	 

              

            

          

        

      

    

    
      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      
        EXHIBIT
A

         

        Global
Gold Corporation

        45 East
Putnam Avenue, Suite 118

        Greenwich,
CT 06830

         

      

      August 11, 2009

       

      Mr. Ashot
Boghossian

      Global
Gold Mining LLC

      Yerevan,
Armenia 375001

       

      Restricted Stock
Award

       

      Dear Mr.
Boghossian:

       

      As an
inducement for your continuing rendering of services to Global Gold Mining LLC a
subsidiary of Global Gold Corporation (the “Corporation”) and pursuant to the
June 19, 2009 decisions of the Compensation Committee  and Board of
Directors of the Corporation , we hereby grant you 337,500 shares, $0.001 par
value per share (the “Shares”), of the Common Stock of the Corporation,
evidenced by a certificate for such Shares, subject to applicable securities law
restrictions and the terms and conditions set forth herein:

       

      1.           You
shall be required to spend at least 75% of your business time in connection with
the responsibility assigned to you (or to be assigned to you) in connection with
the business of the Corporation pursuant to your Employment Agreement with
Global Gold Mining, LLC.

       

      2.           For
each six month period, commencing on July 1, 2009, you shall become fully vested
in 56,250 Shares granted hereunder.

       

      3.           In
the event of your termination of your employment on or before the expiration of
the three year period commencing with July 1, 2009 you shall forfeit all right,
title and interest in and to any of the Shares granted hereunder which have not
become vested in you, without any payment by the Corporation therefor, except in
the case of a Change in Control.  All Shares shall vest upon the
occurrence of a Change of Control (as defined herein) without further action by
you or the Corporation.

       

      4.           
 (a)           Any
Shares granted hereunder are not transferable and cannot be assigned, pledged,
hypothecated or disposed in any way until they become vested, and may be
transferred thereafter in accordance with applicable securities law
restrictions.  Any attempted transfer in violation of the Section
shall be null and void.

       

      (b)           Notwithstanding
anything contained in this Agreement to the contrary, after you become vested in
any of the Shares granted hereunder, no sale, transfer or pledge thereof may be
effected without an effective registration statement or an opinion of counsel
for the Corporation that such registration is not required under the Securities
Act of 1933, as amended, and any applicable state securities laws.

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

         

      

      5.           During
the period commencing with the date hereof and prior to your forfeiture of any
of the Shares granted hereunder, you shall have all right, title and interest in
and to the Shares granted hereunder, including the right to vote the Shares and
receive dividends or other distributions with respect thereto.

       

      6.           You
shall be solely responsible for any and all Federal, state and local incomes
taxes arising out of your receipt of the Shares and your future sale of other
disposition of them.

       

      7.           This
Agreement and the rights of the parties hereunder shall be governed by and
construed in accordance with the laws of the State of New York, without regard
to its conflicts of law principles.  All parties hereto (i) agree that
any legal suit, action or proceeding arising out of or relating to this
Agreement shall be instituted only in a Federal or state court in the City of
New York in the State of New York, (ii) waive any objection which they may now
or hereafter have to the laying of the venue of any such suit, action or
proceeding, and (iii) irrevocably submit to the exclusive jurisdiction of any
Federal or state court in the City of New York in the State of New York, in any
such suit, action or proceeding, but such consent shall not constitute a general
appearance or be available to any other person who is not a party to this
Agreement.  All parties hereto agree that ht emailing of any process
in any suit, action or proceeding at the addresses or the parties shown herein
shall constitute personal service thereof.

       

      8.           If
any provision of the Agreement shall be held invalid or unenforceable, such
invalidity or unenforceability shall attach only to such provision and shall not
in any manner affect or render invalid or unenforceable any other severable
provision of this Agreement, and this Agreement shall be carried out as if any
such invalid or unenforceable provision were not contained herein.

       

      9.           This
Agreement and all the terms and provisions hereof shall be binding upon and
shall insure to the benefit of the parties and their respective heirs and
successors and, in the case of the Corporation, its assigns.

       

      10.           This
Agreement may not be amended except in a writing signed by all of the parties
hereto.

       

      11.           Nothing
contained herein shall be construed to create to create an employment agreement
between the Corporation and you or require the Corporation to employ or retain
you under such a contract or otherwise.

       

      12.           Notwithstanding
anything contained this in Agreement to the contrary:

       

      (a)           the
Shares shall become fully vested upon the occurrence of a Change of Control (as
defined in this Section 12), which shall occur upon

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

         

      

      (i)           (a)
thirty-five percent (35%) or more of the outstanding voting stock of the
Corporation has been acquired by any person (as defined by Section 3 (a) (9) of
the Securities Exchange Act of 1934, as amended) other than directly from the
Corporation; (b) there has been a merger or equivalent combination involving the
Corporation after which 49% or more of the voting stock of the surviving
corporation is held by persons other than former shareholders of the
Corporation; (c) twenty percent (20%) or more of the members of the Board
elected by shareholders are persons who were not nominated in the then most
recent proxy statement of the Corporation; or (d) the Corporation sells or
disposes of all or substantially all of its assets.

       

      (ii)           any
“person”, as such term is used in Section 13(d) and 14(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) or persons acting in
concert (other than Drury J. Gallagher, Firebird Global Master Fund, Ltd., Van
Z. Krikorian or any of their affiliates) become the “beneficial owner” or
“beneficial owners” (as defined in Rule 13d-3 under the Exchange Act, or any
successor rule or regulation thereto as in effect from time to time), directly
or indirectly, of the Corporation’s securities representing more than 50% of the
combined voting power of the Corporation’s then outstanding securities, pursuant
to a plan of such person or persons to acquire such controlling interest in the
Corporation, whether pursuant to a merger (including a merger in which the
Corporation is the surviving corporation), an acquisition of securities or
otherwise; and

       

      (b)           A
transaction shall not constitute a Change of Control if its sole purpose is to
change the state of the Corporation’s incorporation or to create a holding
company that will be owned in substantially the same proportions by the persons
who held the Corporation’s securities immediately before such
transaction.

       

      (c)           The
Shares shall become fully vested upon your death or upon your becoming disabled,
which shall mean you shall have been unable to render all of your duties by
reason of illness, injury or incapacity (whether physical or mental) for a
period of six consecutive months, determined by an independent physician
selected by the Board of Directors of the Corporation.

       

      13.           In
the event of any conflict between the terms of this Agreement and of the
Employment Agreement, the provisions contained in this Agreement shall
control.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

         

      

      If this letter accurately reflects our
understanding, please sign the enclosed copy of this letter at the bottom and
return it to us, whereupon it shall become agreement binding upon the
parties.

       

      
        
          
            
              
                	 	Very
      truly yours,	 
	 	 	 
	 	Global
      Gold Corporation	 
	 	 	 	 
	
                         

                      	
                        By:
      

                      	 	 
	 	 	Van
      Z. Krikorian	 
	 	 	Chairman
      and CEO	 
	 	 	 	 

              

            

          

        

         

        Agreed:

         

         

        
          
            
              	 	 
	

                      

                        Ashot
      Boghossian

                      

                    	 

            

             

            4ex10-12.htm

    EXHIBIT
10.12

    FIRST
AMENDMENT AND EXTENSION TO

    JUNE 15,
2007

    GLOBAL
GOLD CORPORATION– JAN DULMAN

    EMPLOYMENT
AGREEMENT

    

     

    AMENDMENT
entered on August 11, 2009 and effective as of the 1st day of
August, 2009 between Global Gold Corporation, a Delaware corporation (the
"Company"), and Jan Dulman (the "Employee")
to the Employment Agreement between the parties dated as of June 15, 2007
(the "Agreement").

    

    W I T N E S S E T H :

    

    WHEREAS,
the Company has employed the Employee as Chief Financial Officer  and
needs to retain  the active service of the Employee in light of the
Company’s obligations and in light of other considerations;

     

    WHEREAS,
the Corporation and the Employee desire to enter into an amendment and extension
of the Agreement on the terms and conditions hereinafter set forth;

     

    NOW,
THEREFORE, the parties hereto agree as follows:

    

    
      	
               
      

            	
              1.

            	
              CHANGE
      IN TERM OF AGREEMENT. The term of
      the Agreement is hereby extended until July 31, 2012 and Section 2 of the
      Agreement is hereby amended to read as
follows:

            

    

     

    “TERM.
The term of this Agreement, as amended effective August 1, 2009, shall commence
on June 1, 2007  and end on July 31, 2012, and shall be automatically
renewed for consecutive one-year periods thereafter unless (a) terminated by the
Employee on 120 days written notice prior to the expiration of the initial term
hereof, (b) terminated by either party on 120 days written notice prior to the
expiration of the second year hereof or any year thereafter or (c) sooner
terminated as otherwise provided herein.”

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    

    
      	
               
      

            	
              2.

            	
              COMPENSATION. Employee is
      awarded as additional base compensation a Restricted Stock Award of
      225,000 shares vesting in six semi-annual installments through July 31,
      2012, and pursuant to the terms set forth in the Restricted Stock Award
      attached to this Amendment, 225,000 options vesting in twelve quarterly
      installments through July 31, 2012, and an annual salary of
      $150,000.  Effective August 1, 2009, Section 3(a) of the
      Agreement is hereby amended to read as
follows:

            

    

     

               “(a)                                Base
Compensation.  In consideration for the services rendered by the
Employee under this Agreement as amended effective August 1, 2009, the Company
shall deliver to the Employee as base compensation a total
of   Two Hundred Twenty Five Thousand
(225,000)       shares of the common stock of
Global Gold Corporation pursuant to the terms of the Restricted Stock Award
attached hereto as Exhibit A, (the “Restricted Stock Award”).  In
addition to the foregoing, the Company shall pay to the Employee, as base
compensation, the sum of $150,000 for each 12-month period commencing on and
after August 1st, 2009 during the term of this Agreement, payable in equal
monthly installments on the 15th day of
each month.  In addition and pursuant the decision of the Compensation
Committee, Employee shall be awarded stock options to acquire Two Hundred Twenty
Five Thousand (225,000) shares of common stock of Company at the rate of 75,000
per year vesting in twelve quarterly installments through July 31, 2012
(totaling 225,000) all in accordance with the terms and conditions above.
“

     

     

    
      	
               
      

            	
              3.

            	
              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.

            

    

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

     IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of
the

    

    date
first above written.

    

    
      
      

    

    
      
        
          
            
              
                
                  	 	

                          GLOBAL
      GOLD CORPORATION

                        	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By 	
                           

                        	 	 	
                           

                        	 
	 	
                          Van
      Z. Krikorian

                        	 	 	
                          Jan
      Dulman

                        	 
	 	
                          Chairman
      and CEO

                        	 	 	
                           

                        	 

                

              

            

          

        

      

    

    
                                   

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

         

      

       EXHIBIT
A

      

      Global
Gold Corporation

      45
East Putnam Avenue

      Greenwich,
CT 06830

      

      

      August
11, 2009

      
        Mr. Jan
Dulman

      

      13
Hickory Place

      Livingston,
NJ 07039

      

      

      Re:           Restricted Stock
Award

      

      Dear Mr.
Dulman:

      

      As
consideration for your employment agreement, as amended effective August 1,
2009, with Global Gold Corporation (the “Corporation”)   and
as   an inducement for your rendering of services to the
Corporation, we hereby grant you Two Hundred Twenty Five Thousand (225,000)
shares of the Common Stock of Global Gold Corporation, evidenced by a
certificate of shares of our common stock, $.001 par value per share (the
"Shares"), subject to applicable securities law restrictions and the terms and
conditions set forth herein:

       

      1.           For
the first six month period commencing August 1, 2009 within which you render the
services provided herein, you shall become fully vested in one sixth of the
total Shares granted hereunder.  For the next six month periods
thereafter commencing on February 1, 2010 through July 31, 2010, you shall
become fully vested in an additional one sixth of the total Shares granted
hereunder.  Thus, if you complete six, twelve, eighteen, twenty four,
thirty and then thirty six months of service as provided hereunder, you shall be
vested in 37,500, 75,000, 112,500, 150,000, 187,500, and then 225,000 of the
Shares granted hereunder, respectively.

       

      2.           In
the event of your termination of your employment on or before the expiration of
the initial twelve month period commencing with the date hereof or any
subsequent six month period thereafter during the thirty six month period
commencing with August 1, 2009 for any reason, you shall forfeit all right,
title and interest in and to any of the Shares granted hereunder which have not
become vested in you, without any payment by the Company therefore unless
mutually agreed otherwise, except in the case of a Change in Control. All Shares
shall vest upon the occurrence of a Change of Control (as defined herein)
without further action by you or the Corporation.

      

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

      

      3.            
(a)           Any Shares
granted hereunder are not transferable and cannot be assigned, pledged,
hypothecated or disposed of in any way until they become vested, and may be
transferred thereafter in accordance with applicable securities law
restrictions.  Any attempted transfer in violation of the Section
shall be null and void.

      

      (b)           Notwithstanding
anything contained in this Agreement to the contrary, after you become vested in
any of the Shares granted hereunder, no sale, transfer or pledge thereof may be
effected without an effective registration statement or an opinion of counsel
for the Corporation that such registration is not required under the Securities
Act of 1933, as amended, and any applicable state securities laws.

      

      4.           During
the period commencing with the date hereof and prior to your forfeiture of any
of the Shares granted hereunder, you shall have all right, title and interest in
and to the Shares granted hereunder, including the right to vote the Shares and
receive dividends or other distributions with respect thereto.

      

      5.           You
shall be solely responsible for any and all Federal, state and local income
taxes arising out of your receipt of the Shares and your future sale of other
disposition of them.

      

      6.           This
Agreement and the rights of the parties hereunder shall be governed by and
construed in accordance with the laws of the State of New York, without regard
to its conflicts of law principles. All parties hereto (i) agree that any legal
suit, action or proceeding arising out of or relating to this Agreement shall be
instituted only in a Federal or state court in the City of New York in the State
of New York, (ii) waive any objection which they may now or hereafter have to
the laying of the venue of any such suit, action or proceeding, and (iii)
irrevocably submit to the exclusive jurisdiction of any Federal or state court
in the City of New York in the State of New York, in any such suit, action or
proceeding, but such consent shall not constitute a general appearance or be
available to any other person who is not a party to this
Agreement.  All parties hereto agree that the mailing of any process
in any suit, action or proceeding at the addresses of the parties shown herein
shall constitute personal service thereof.

      

      7.           If
any provision of this Agreement shall be held invalid or unenforceable, such
invalidity or unen­forceability shall attach only to such provision and
shall not in any manner affect or render invalid or unenforceable any other
severable provision of this Agreement, and this Agreement shall be carried out
as if any such invalid or unenforceable provision were not contained
herein.

      

      8.           This
Agreement and all the terms and provisions hereof shall be binding upon and
shall inure to the benefit of the parties and their respective heirs and
successors and, in the case of the Corporation, its assigns.

      

      9.           This
Agreement may not be amended except in a writing signed by all of the parties
hereto.

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

         

      

      10.           Nothing
contained herein shall be construed to create an employment agreement between
the Corporation and you or require the Corporation to employ or retain you under
such a contract or otherwise.

      

      11.      Notwithstanding
anything contained this in Agreement to the contrary the Shares shall become
fully vested upon your death or upon your becoming disabled, which shall mean
you shall have been unable to render all of your duties by reason of illness,
injury or incapacity (whether physical or mental) for a period of six
consecutive months, determined by an independent physician selected by the Board
of Directors of the Corporation.

      

      12.           Notwithstanding
anything contained this in Agreement to the contrary:

       

      (a)           the
Shares shall become fully vested upon the occurrence of a Change of Control (as
defined in this Section 12), which shall occur upon

       

      (i)           (a)
thirty-five percent (35%) or more of the outstanding voting stock of the
Corporation has been acquired by any person (as defined by Section 3 (a) (9) of
the Securities Exchange Act of 1934, as amended) other than directly from the
Corporation; (b) there has been a merger or equivalent combination involving the
Corporation after which 49% or more of the voting stock of the surviving
corporation is held by persons other than former shareholders of the
Corporation; (c) twenty percent (20%) or more of the members of the Board
elected by shareholders are persons who were not nominated in the then most
recent proxy statement of the Corporation; or (d) the Corporation sells or
disposes of all or substantially all of its assets.

       

      (ii)           any
“person”, as such term is used in Section 13(d) and 14(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) or persons acting in
concert (other than Drury J. Gallagher, Firebird Global Master Fund, Ltd., Van
Z. Krikorian or any of their affiliates) become the “beneficial owner” or
“beneficial owners” (as defined in Rule 13d-3 under the Exchange Act, or any
successor rule or regulation thereto as in effect from time to time), directly
or indirectly, of the Corporation’s securities representing more than 50% of the
combined voting power of the Corporation’s then outstanding securities, pursuant
to a plan of such person or persons to acquire such controlling interest in the
Corporation, whether pursuant to a merger (including a merger in which the
Corporation is the surviving corporation), an acquisition of securities or
otherwise; and

       

      (b)           A
transaction shall not constitute a Change of Control if its sole purpose is to
change the state of the Corporation’s incorporation or to create a holding
company that will be owned in substantially the same proportions by the persons
who held the Corporation’s securities immediately before such
transaction.

       

      (c)           The
Shares shall become fully vested upon your death or upon your becoming disabled,
which shall mean you shall have been unable to render all of your duties by
reason of illness, injury or incapacity (whether physical or mental) for a
period of six consecutive months, determined by an independent physician
selected by the Board of Directors of the Corporation.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

         

      

      13.           In
the event of any conflict between the terms of this Agreement and of
the
Employment Agreement, the provisions contained in this Agreement shall
control.

      

      If this
letter accurately reflects our understanding, please sign the enclosed copy of
this letter at the bottom and return it to us.

       

      
        	
              	Very
      truly yours,	 
	 	Global
      Gold Corporation	 
	 	 	 	 
	
                 

              	
                By:
      

              	 	 
	 	 	Van  Krikorian	 
	 	 	Chairman	 
	 	 	 	 

         

        Agreed:

         

         

        
          
            
              	 	 
	

                      Jan
      Dulman

                    	 

            

          

        

4

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