Document:

Registration Rights Agreement

 Exhibit 10.68 
  
 REGISTRATION RIGHTS AGREEMENT 
  

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) dated as of June 30, 2003, and is by and between Polar Molecular Holding Corporation, a
Delaware corporation (the “Company”), Murdock Communications Corporation, an Iowa Corporation (“MCC”), Daniel C. Cadle (“Cadle”), and Republic Credit Corporation I(“Republic”), John S. Rance, Steven E. Rance,
Robert M. Upshaw, Fernando Ficachi, and Buckeye Retirement Co., L.L.C. (“Buckeye”) (each, a “Stockholder,” and collectively, the “Stockholders”). 
  
 Recitals 
  
 A.    The Stockholders will acquire or have acquired from the Company an aggregate of 1,342,000 shares of Common Stock (as defined
below) upon the settlement of their respective claims against MCC (the “Settlement”), which settlement is effective following the merger of MCC into the Company. 
  
 B.    Subject to the terms of this Agreement, the Company has agreed to register with the Commission (as
defined below) the resale of shares of Common Stock held by Stockholders. The number of registrable shares of Common Stock held by each individual Stockholder is: 
  

	 Republic
	  	350,000
	 John S. Rance
	  	145,011
	 Steven E. Rance
	  	145,011
	 Robert M. Upshaw
	  	145,011
	 Fernando Ficachi
	  	81,967
	 Buckeye
	  	475,000
	 	  	

	 Total
	  	1,342,000

  
 Agreement 

 
 1.    Definitions.    As
used in this Agreement, the following capitalized terms shall have the following respective meanings: 
  
 (a)     Affiliate.    Any Person that, directly or indirectly, through one or more intermediaries,
controls, or is controlled by, or is under common control with, a Stockholder. 
  
 (b)     Cadle Shares.    The (i) shares of Common Stock acquired by Cadle or Buckeye upon the merger of Polar Molecular Corporation (“PMC”) into a subsidiary of
the Company with respect to Cadle’s or Buckeye’s shares of common stock of PMC received upon exercise of PMC warrants and conversion of debt of PMC by Cadle or Buckeye; (ii) any shares of Common Stock which may be issued or distributed in
respect thereof by way of stock dividend or stock split or other distribution, recapitalization, merger, consolidation or reclassification or other reorganization or otherwise with respect to the shares of Common Stock identified in clause (i).

 (c)    Commission.    The United States Securities and
Exchange Commission or any other Federal agency at the time administering the Securities Act. 
  
 (d)    Common Stock.    The Common Stock, $.01 par value per share, of the Company. 
  
 (e)    Exchange Act.    The Securities Exchange Act of 1934, as amended, or
any successor Federal statute, and the rules and regulations of the Commission thereunder. 
  
 (f)    Initial Registration Statement.    The Registration Statement on Form S-1 filed by MCC prior to the Merger with respect to the resale of MCC securities.

  
 (g)    Person.    Any individual, corporation, partnership, trust, organization, association, governmental body or agency. 
  
 (h)    Registrable Securities.    The (i) 1,342,000 shares of Common Stock
received by the Stockholders in the Settlement; (ii) any shares of Common Stock which may be issued or distributed in respect thereof by way of stock dividend or stock split or other distribution, recapitalization, merger, consolidation or
reclassification or other reorganization or otherwise with respect to the shares of Common Stock identified in clause (i); and (iii) the Cadle Shares. A Registrable Security shall cease to be a Registrable Security when: (A) a registration statement
with respect to the sale of such security shall have become effective under the Securities Act and such security shall have been disposed of in accordance with such registration statement; (B) such security shall have been otherwise transferred and
new certificates for such security not bearing a legend restricting further transfer shall have been delivered by the Company; or (C) such security shall have ceased to be outstanding. 
  
 (i)    Registration Expenses.    As set forth in Section 6 hereof.

  
 (j)    Securities
Act.    The Securities Act of 1933, as amended, or any successor Federal statute, and the rules and regulations of the Commission thereunder. 
  
 2.    Demand Registration. 
  
 (a)    Upon the written request of one or more Stockholders that the Company effect the registration
under the Securities Act of all but not less than all of the Registrable Securities owned by such Stockholder(s) in an underwritten offering pursuant to the terms of Section 4 hereof, but subject to the limitations set forth herein, the Company will
promptly (but in no event more than five business days after the receipt of such request) give written notice of such requested registration to all other Stockholders and Cadle, and the Company shall file with the Commission as promptly as
practicable after sending such notice, and use its best efforts to cause to become effective, a registration statement under the Securities Act, or a prospectus supplement under or post-effective amendment to the Initial Registration Statement,
registering the underwritten offering and sale of: 
  
 (i)    the Registrable Securities which the Company has been so requested to register by the Stockholders, and 
  

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 (ii)    all but not less than all of the Registrable Securities held
by any other Stockholder or Cadle that has requested the Company to register by written request given to the Company within 30 days after the giving of such written notice by the Company, 
  
 all to the extent necessary to permit the disposition of the Registrable Securities so to be registered (a “Demand Registration”);
provided, that the Company shall not be obligated to file a registration statement pursuant to this Section 2(a) with respect to more than one registration in which all Registrable Securities requested to be included in such registration are
actually included without reduction as provided by Section 2(b). 
  
 (b)    If the managing underwriter advises the Company in writing that, in its opinion, the number of securities requested to be included in such registration (including securities of the Company which are not
Registrable Securities) exceeds the number which can be sold in such offering without a significant adverse effect on the price, timing or distribution of the Registrable Securities offered, the Company will (subject to the last sentence of this
paragraph) include in such registration only the Registrable Securities held by the Stockholders and Cadle which has been requested to be included in such registration (the “Stockholder/Cadle Registrable Securities”). In the event that the
number of Stockholder/Cadle Registrable Securities exceeds the number which, in the opinion of such managing underwriter, can be sold, then the Company will include in such registration only the Registrable Securities held by the Stockholders which
has been requested to be included in such registration (the “Stockholder Registrable Securities”). In the event the number of Stockholder Registrable Securities exceeds the number which, in the opinion of such managing underwriter, can be
sold, then the Company will include in such registration only the number of Stockholder Registrable Securities which, in the opinion of the managing underwriter, can be sold, such number to be allocated pro rata among all requesting Stockholders on
the basis of the relative number of shares of Registrable Securities then held by each such holder (provided that any shares thereby allocated to any such holder that exceed such holder’s request shall be reallocated among the remaining
requesting holders of Registrable Securities in like manner). Notwithstanding anything set forth above, in the event that the number of Registrable Securities requested to be included in such registration is less than the number which, in the
opinion of the managing underwriter, can be sold, the Company may include in such registration the securities of the Company or any other holder of the Company’s securities proposes to sell up to the number of securities that, in the opinion of
the managing underwriter, can be sold without an adverse effect on the price, timing or distribution of the Registrable Securities offered. 
  
 (c)    The Company shall be entitled to postpone for a reasonable period of time (not to exceed 120 days, which may not thereafter be
extended) the filing of any registration statement otherwise required to be prepared and filed by it pursuant to Section 2(a) hereof if, at the time it receives a request for such registration, the Board of Directors of the Company determines in
good faith that such offering will materially interfere with a pending or contemplated financing, merger, sale of assets, recapitalization or other similar corporate action of the Company, in which case the Company shall have furnished to holders of
Registrable Securities requesting such registration an officers’ certificate to that effect; provided that the Company shall not exercise the right to postpone registration pursuant to this Section 2(c) more than once in any 12 month
period. After such period of postponement the Company shall effect 
  

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such registration as promptly as practicable without further request from the holders of Registrable Securities, unless such request has been withdrawn by
all participating Stockholders. 
  
 3.    Piggy-back Registration. 
  
 (a)    If the Company shall at any time (i) propose to file a registration statement under the Securities Act for an underwritten offering of securities of the Company for the Company or for resale by holders of the
Company’s securities other than Registrable Securities (the “Requesting Holders”) or (ii) proposes an underwritten offering pursuant to the Initial Registration Statement, the Company shall provide prompt written notice of such
proposal, in any event, not less than 15 days before the anticipated filing date, to all Stockholders and Cadle of its intention to do so, of the underwriters selected for such offering and of such Stockholders’ rights under this Section 3. The
Company shall use its best efforts to include such number of Registrable Securities in such registration statement (a “Piggy-back Registration”), which request shall be made to the Company within 15 days after such Stockholders and Cadle
receive notice from the Company of such proposed registration; provided, that (i) if, at any time after giving written notice of its intention to register any securities and prior to the effective date of the registration statement filed in
connection with such registration, the Company shall determine for any reason not to register such securities, the Company may, at its election, give written notice of such determination to each Stockholder and Cadle and, thereupon, shall be
relieved of its obligation to register any Registrable Securities in connection with such registration, and (ii) all holders of Registrable Securities requesting to be included in the registration must sell their Registrable Securities to the
underwriters on the same terms and conditions as apply to the Company and/or the Requesting Holders, with such differences, including any with respect to indemnification and liability insurance, as may be customary or appropriate in secondary
offerings. Any Stockholder or Cadle requesting pursuant to this Section 3 to be included in a registration may elect, in writing prior to the effective date of the registration statement filed in connection with such registration, not to register
such securities in connection with such registration. If a Stockholder does not participate either voluntarily or involuntarily in the offering described in this section 3(a), Stockholder shall retain all of its rights under this Section 3(a), and
those set forth under Section 2(a) above, relating to any remaining Common Stock held by such Stockholders. 
  
 (b)    If the managing underwriter reasonably and in good faith advises the Company in writing that, in its opinion, the number of
securities to be included in such registration pursuant to Section 3(a) exceeds the number which can be sold in such offering without an adverse effect on the price, timing or distribution of such offering, then (i) first, the number of securities
the Company is registering and, if applicable, the number of securities which Company’s security holders other than the Requesting Holders requested to be included in such registration shall be reduced as necessary pro rata in proportion
to the relative number of securities requested by the Company and each such holder to be included until the number of securities to be included in such registration no longer exceeds the number which can be sold in such offering, and (ii) second,
the number of securities which the Requesting Holders requested to be included in such registration shall be reduced as applicable until the number of securities to be included in such registration no longer exceeds the number which can be sold in
such offering. 
  

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 4.    Underwritten Offering Provisions. 
  
 (a)    Upon a Demand Registration pursuant to Section
2(a), the Company shall designate as underwriters investment banking firms that are reasonably satisfactory to the Stockholders holding a majority of the Registrable Securities to be included in such registration. The Stockholders shall have no
right to approve the underwriters participating in a Piggy-back Registration. The Company will enter into an underwriting agreement with the managing underwriter or underwriters for such offering, such agreement to contain such terms as are
customarily contained in agreements of such type. Stockholders selling Registrable Securities in such offering shall be party to such underwriting agreement. 
  
 (b)    No Person may participate in any underwritten registration hereunder unless such Person (i) agrees to sell such Person’s
securities on the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents required under the terms of such underwriting arrangements. 
  
 5.    Registration. 
  
 (a)    Whenever any Registrable Securities are to be registered pursuant to Section 2 or 3 of this Agreement, the Company will use its best efforts to effect the registration and the sale of such
Registrable Securities under the Securities Act in accordance with the intended method of disposition thereof. 
  
 (b)    The Company may require each Stockholder requesting a registration pursuant to Section 2 or 3 to furnish to the Company such
information regarding the distribution of such securities and such other information relating to such Stockholder and its ownership of Registrable Securities as the Company may from time to time reasonably request in writing. Each such Stockholder
agrees to furnish such information to the Company and to cooperate with the Company as necessary to enable the Company to comply with the provisions of this Agreement. 
  
 (c)    Upon receipt of any notice from the Company at any time when a prospectus relating to the
registration is required to be delivered under the Securities Act, of the occurrence of any event as a result of which the prospectus included in such registration statement (as then in effect) contains an untrue statement of a material fact or
omits to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, the Stockholders selling Registrable Securities will forthwith discontinue disposition of the
Registrable Securities until receipt of copies of a supplemented or amended prospectus or until such Stockholders are advised in writing (the “Advice”) by the Company that the use of the prospectus may be resumed, and have received copies
of any additional or supplemental filings which are incorporated by reference in the prospectus and, if so directed by the Company, such Stockholders will, or will request the managing underwriter or underwriters, if any, to, deliver to the Company
(at the Company’s expense) all copies, other than permanent file copies then in such holder’s possession of the prospectus covering such Registrable Securities current at the time of receipt of such notice. 
  

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 6.    Registration Expenses.    All expenses incident to
the Company’s performance of or compliance with this Agreement including, without limitation, all Commission and securities exchange or National Association of Securities Dealers registration and filing fees, fees and expenses of compliance
with securities or blue sky laws (including reasonable fees and disbursements of counsel in connection with blue sky qualifications of the Registrable Securities), rating agency fees, printing expenses, messenger and delivery expenses, internal
expenses (including without limitation, all salaries and expenses of the Company’s officers and employees performing legal or accounting duties), the fees and expenses incurred in connection with the listing of the securities to be registered,
if any, on each securities exchange on which similar securities issued by the Company are then listed and reasonable fees and disbursement of counsel for the Company and its independent certified public accountants (including the expenses of any
special audit or “cold comfort” letters required by or incident to such performance), Securities Act liability insurance (if the Company elects to obtain such insurance) and the reasonable fees and expenses of any special experts retained
by the Company in connection with such registration (all such expenses being herein called “Registration Expenses”) will be borne by the Company; provided, that Registration Expenses shall not include, and the Company shall not be
responsible for any underwriting fees, discounts or commissions attributable to the sale of Registrable Securities or any other expenses incurred by the Stockholders in connection with such registration, which shall be paid by the Stockholders
requesting such registration. 
  
 7.    Term.    This Agreement shall terminate on the earlier of (i) the date on which the holding period specified in Rule 144(k) (or any successor rule) under the Securities Act with respect
to a Person that is not an “affiliate” (as defined in Rule 144) of the Company has been satisfied or (ii) such time as all Registrable Securities have been sold pursuant to an effective registration statement under the Securities Act or
may be publicly sold without registration. 
  
 8.    Indemnification. 
  
 (a)    In connection with any offering of Registrable Securities pursuant to Section 2 or 3 hereof, the Company agrees to indemnify, to the fullest extent permitted by law, each Stockholder whose Registrable Securities
are sold in such offering, each of their officers and directors and each Person who controls such Stockholder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses (including attorney’s fees)
arising out of or based upon any untrue or alleged untrue statement of material fact contained in any registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto under which such Registrable Securities
were registered under the Securities Act (the “Registration Materials”) or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as such
untrue statement or alleged untrue statement or omission or alleged omission was made in such Registration Materials upon any written information furnished in writing to the Company by such Stockholder. 
  
 (b)    Each Stockholder whose Registrable Securities are
sold in any offering pursuant to Section 2 or 3 hereof, severally but not jointly agrees to indemnify, to the fullest extent permitted by law, the Company, the other Stockholders whose Registrable Securities are sold in such offering, their
respective officers and directors and each other Person, if any, who controls the Company or such other Stockholders (within the meaning of the Securities Act) 
  

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 against all losses, claims, damages, liabilities and expenses (including attorney’s fees) caused by any untrue or
alleged untrue statement of a material fact contained in any Registration Materials or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the
extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in such Registration Materials in reliance upon any written information furnished in writing to the Company by the
Stockholder. In no event shall the liability of any Stockholder hereunder be an amount greater than the dollar amount of the proceeds received by such Stockholder upon the sale of the Registrable Securities giving rise to such indemnification
obligation. 
  
 (c)    Each indemnified party
shall give prompt notice to each indemnifying party of any action threatened or commenced against it in respect of which indemnity may be sought hereunder. In case of any notice under this indemnity agreement with respect to any loss, liability,
claim, damage or expense with respect to any claim made against an indemnified Person, the indemnifying party shall be entitled to participate at its own expense in the defense and such defense shall be conducted by counsel chosen by the
indemnifying party. In no event shall an indemnifying party be liable for the fees and expenses of more than one counsel for an indemnified party (in addition to local counsel) in connection with any one action or separate but similar or related
actions in the same jurisdiction arising out of the same general allegations or circumstances. 
  
 10.    Miscellaneous. 
  
 (a)    This Agreement contains the entire understanding of the parties hereto with respect to its subject matter. This Agreement supersedes all prior agreements and understandings between the
parties with respect to its subject matter. This Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) only by a written
instrument duly executed by the Company and the original Stockholders set forth on the signature page below; provided, that, in the case of any waiver, such waiver need only be executed by any Stockholders affected by such waiver. Each
Stockholder shall be bound by an amendment or waiver authorized by this Section 10(a), whether or not any Registrable Securities shall have been marked to indicate such consent. 
  
 (b)    Whenever possible, each provision of this Agreement will be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be ineffective only to the extent of such prohibition or invalidity, without
invalidating the remainder of this Agreement. 
  
 (c)    This Agreement may be executed in two or more counterparts, any one of which need not contain the signatures of more than one party, but all such counterparts taken together will constitute one and the same
Agreement. 
  
 (d)    The descriptive headings
of this Agreement are inserted for convenience only and do not constitute a part of this Agreement. 
  

 7 

 (e)    The interpretation and construction of this Agreement and all matters relating
hereto, shall be governed by the law of the State of Colorado without regard to the conflicts of laws provisions of such state. 
  
 (g)    All notices, demands or other communications to be given or delivered under or by reason of the provisions of this Agreement
will be in writing and will be deemed to have been given when delivered personally, by facsimile or mailed by certified or registered mail, return receipt requested and postage prepaid, or by courier guaranteeing overnight delivery as follows:

  
 (i)    If to Cadle or to any Stockholder,
at the most current address given by Cadle or such Stockholder to the Company; and 
  
 (ii)    If to the Company, at: 
  
 Polar Molecular Holding Corporation 
 4600 S. Ulster Street, Suite 940 
 Denver, CO 80237 
 Attention: Chief Executive Officer 
 Telephone No.: (303) 221-1908 
 Facsimile No.: (303) 221-4137 
  
 with a copy to: 
  
 Holme Roberts & Owen LLP 
 90 S. Cascade Avenue, Suite 1300 
 Colorado Springs, Colorado 80903-1605 
 Attention: Gregory J. Holloway 
 Telephone No.: (719) 473-3800 
 Facsimile No.: (719) 633-1518 
  
 All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; four business days after being deposited in the mail, postage prepaid, if mailed; upon confirmation of
transmission, if by facsimile transmission; and on the next business day if timely delivered to a courier guaranteeing overnight delivery. 
  
 [SIGNATURE PAGE FOLLOWS] 
  

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 IN WITNESS WHEREOF, the parties have duly signed this Agreement as of the day and year first above
written. 
  

	The Company:
	
	 POLAR MOLECULAR HOLDING CORPORATION

		
	By:	 	 /s/ Eugene I. Davis

	 	

	  
 MCC:

	
	 MURDOCK COMMUNICATIONS CORPORATION

		
	By:	 	 /s/ Wayne Wright

	 	

	  
 CADLE:

	
	 /s/ Daniel C. Cadle

	

	DANIEL C. CADLE
	Stockholders:
	
	 REPUBLIC CREDIT CORPORATION I

		
	By:	 	 /s/ Robert S. Possehl

	 	

	  
 /s/ Steven E.
Rance

	

	 STEVEN E. RANCE

	 	 	 
	 /s/ John S. Rance

	

	 JOHN S. RANCE

	 	 	 
	 /s/ Robert M. Upshaw

	

	 ROBERT M. UPSHAW

	 	 	 

  

 9 

	 /S/    FERNANDO
FICACHI
                                       
                                        
                         

	 FERNANDO FICACHI

	 	 	 
	  
  
  
 BUCKEYE RETIREMENT CO., L.L.C.
  
  
 /S/    WILLIAM E. SHAULIS

	 By:
	 	                                      
                                        
                 
	 	 	WILLIAM E. SHAULIS, MANAGER

  

 10EXHIBIT 10.63

                              EMPLOYMENT AGREEMENT

     AGREEMENT  dated as of the 1st day of February,  2003  between  Global Gold
Corporation,  a Delaware corporation (the "Corporation"),  and Van Z. Krikorian,
an  individual  residing at 5  Frederick  Court,  Harrison,  New York 10528 (the
"Employee") (the  "Agreement").

                              W I T N E S S E T H :

     WHEREAS,  the Corporation needs the active service of the Employee in light
of the Corporation's renewed efforts to obtain and exploit gold mining projects;

     WHEREAS,  the  Corporation  and  the  Employee  desire  to  enter  into  an
employment agreement on the terms and conditions hereinafter set forth;

     NOW, THEREFORE, the parties hereto agree as follows:

     1. DUTIES.

     (a)  The Corporation  hereby employs the Employee,  and the Employee hereby
          accepts and agrees to such  employment,  as Vice President and General
          Counsel and, in such capacity,  to be responsible  for  negotiation of
          contracts,  acquisition of properties in foreign countries,  review of
          legal work and participation in governmental  relations.  The Employee
          shall,  subject  to  the  supervision  and  control  of the  Board  of
          Directors  of the  Corporation,  perform  such  executive  duties  and
          exercise such supervisory  powers over and with regard to the business
          of the Corporation and its present and future subsidiaries, consistent
          with such  position,  and such  additional  duties as specified in the
          Corporation's  By-Laws or as may be  assigned to him from time to time
          by the Board of Directors of the Corporation.

     (b)  The Employee  agrees to devote 60% of his  available  business time to
          the  performance  of his  duties  hereunder,  or 1,200  hours per each
          12-month   period.   The  Employee  may  provide   services  to  other
          organizations, on a compensation or pro bono basis, provided that such
          services do not  constitute  more than 40% of his  available  business
          time.

     2. TERM.  The term of this  Agreement  shall be for a period of three years
and one month  commencing on June 1, 2003 (or such other date as mutually agreed
by the parties) and ending on June 30, 2006, 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  fourth  year  hereof or any year  thereafter  or (c)  sooner
terminated as otherwise provided herein.

     3. COMPENSATION.

     (a)  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 900,000  shares of its common  stock  pursuant to
          the terms of the Restricted  Stock Award attached hereto as Exhibit A,
          which have a fair market value of $0.05 per share as determined by the
          Corporation as of the date hereof (the "Restricted  Stock Award").  In
          addition to the foregoing,  the Corporation shall pay to the Employee,
          as base  compensation,  the sum of $100,000 for each  12-month  period
          commencing  on and  after  June  1,  2003  during  the  term  of  this
          Agreement,  payable in equal monthly  installments of $8,333.33 on the
          15th day of each month,  provided  that the  Corporation  shall not be
          required to make such payment if the  Corporation  lacks the financial
          resources or adequate  cash flow to do so, as  determined by the Board
          of  Directors  of the  Corporation  pursuant  to a  unanimous  written
          consent.  If such sum of $100,000 or portion  thereof is not paid when
          due, such sum in question shall accrue without  interest,  but any sum
          accrued  during the  12-month  period ended June 30, 2004 shall become
          due and payable on June 30, 2005,  and any sum due accrued  during the
          period  ended  June 30,  2005 or June 30,  2006  shall  become due and
          payable on June 30, 2006.

<PAGE>

     (b)  Bonus  Compensation.  In addition to the foregoing  compensation,  the
          Employee  shall be  entitled  to  receive  annual  bonus  compensation
          ("Annual Bonus") in an amount  determined in accordance with any bonus
          plan approved by the Board of Directors, or any committee thereof duly
          authorized  by the  Board  to  make  such  determination,  based  upon
          qualitative  and  quantitative   goals  determined  by  the  Board  of
          Directors,  or such committee thereof, in its sole discretion,  as the
          case may be. Any Annual Bonus shall be subject to all  applicable  tax
          withholdings.

     (c)  In the event that the Employee  voluntarily elects not to work 60% for
          the Corporation as contemplated hereunder, both his base compensation,
          and bonus compensation,  if any, to which he would otherwise have been
          entitled,  set forth in  Section  3(a) and (b) shall be reduced to the
          amount  computed  by  multiplying  such  base  compensation  and bonus
          entitlement  by the ratio of the number of hours  worked  during  such
          12-month period to 1,200 hours.

     (d)  Change of Control.

          (i)  If during the term of this Agreement,  there shall occur a Change
               of Control of the Corporation (as defined  herein),  the Employee
               may  terminate  his  employment  hereunder at any time during the
               term of this  Agreement,  in which case he shall be  entitled  to
               receive a payment  equal to 2.95  times  the  Employee's  average
               annual  compensation  paid by the  Company  within the meaning of
               Section  280(G)(d)(1)  of the Internal  Revenue Code of 1986,  as
               amended,  during the four-year  period (or, if he has worked less
               than four  years  hereunder,  such  shorter  period)  immediately
               preceding  the  date  of  his   termination  of  employment  (the
               "Severance  Payment"),  provided,  however,  that such  Severance
               Payment  shall be reduced if and only to the extent  necessary to
               avoid the imposition of an excise tax on such  Severance  Payment
               under  Section  4999 of the  Internal  Revenue  Code of 1986,  as
               amended.  The  Severance  Payment  shall be payable  to  Employee
               within 30 days after the occurrence of a Change of Control.

          (ii) (A) For purposes hereof,  the term "Change of Control" shall mean
               an event or  series  of  events  that  would  be  required  to be
               described as a change in control of the Corporation in a proxy or
               information  statement distributed by the Corporation pursuant to
               Section 14 of the Securities  Exchange Act of 1934 in response to
               Item  6(e)  of  Schedule  14A  promulgated  thereunder,   or  any
               substitute   provision   which  may   hereafter  be   promulgated
               thereunder or otherwise adopted.

               (B)  (1) Notwithstanding  anything contained in this Section 3(d)
                    to the  contrary,  a "Change of Control"  shall be deemed to
                    occur upon

          (a)  (i) the  sale of all or  substantially  all of the  Corporation's
               assets  or  (y)  a  merger  (including  a  merger  in  which  the
               Corporation is the surviving corporation) or consolidation of the
               Corporation  with  one or more  corporations  or  entities,  as a
               result  of  which in each  such  case  the  Corporation's  voting
               securities  outstanding  immediately  before such sale, merger or
               consolidation  represent  less  than 50% of the  combined  voting
               power of voting  securities of the  Corporation  or the surviving
               entity  outstanding   immediately  after  such  sale,  merger  or
               consolidation; or

<PAGE>

               (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,  Robert A. Garrison,  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 a controlling  interest in
               the Company,  whether pursuant to a merger (including a merger in
               which  the   Corporation  is  the  surviving   corporation),   an
               acquisition of securities or otherwise,  except that this Section
               3(d)(ii)(B)(1)(a)(ii)  shall not apply to any person who provides
               financing to the Corporation or any of their affiliates, pursuant
               to a private placement transaction 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.

     4. WORKING FACILITIES.  The Corporation shall not be required to provide an
office for the Employee for the performance of his services hereunder,  but will
provide such other  facilities  and services  commensurate  with his position as
Vice  President  and  General  Counsel  of the  Corporation,  as are  reasonably
necessary  for the  performance  of his duties  hereunder,  as determined by the
Board of Directors of the Corporation.

     5. REIMBURSEMENT OF BUSINESS EXPENSES.  The Employee is authorized to incur
reasonable  expenses  in  connection  with  the  conduct  of  the  Corporation's
business,  including,  without  limitation,  expenses for the Employee's travel,
lodging  and  business   entertainment  in  accordance  with  the  Corporation's
customary practice and subject to the general  limitations  thereof set forth in
the annual or more  frequent  budgets  adopted by the  Corporation  from time to
time.  The  Corporation  will promptly  reimburse the Employee for such expenses
upon the presentation by the Employee, from time to time, of an itemized account
of such  expenditures  together  with  vouchers or  receipts  in  substantiation
thereof.

     6. BENEFITS. During the term of this Agreement, any benefits made available
to officers or  employees  of the  Corporation  under any pension  plan,  profit
sharing plan,  employee stock purchase plan,  stock bonus plan,  incentive stock
option plan, stock appreciation  plan,  deferred  compensation  plan,  insurance
plan, health plan, welfare plan, long-term disability plan or otherwise shall be
made  available to the  Employee,  taking into account the  Employee's  level of
compensation,  past services,  scope of responsibility and such other factors as
are customarily used to evaluate  executive  performance and compensation  under
such plans.

<PAGE>

     7.  VACATIONS.  The Employee shall be entitled each year during the term of
this  Agreement  to a vacation  period of four  weeks  during  which  period all
compensation,  benefits,  and other  rights to which the  Employee  is  entitled
hereunder  shall be  provided  in  full.  Such  vacation  may be  taken,  in the
Employee's  discretion,  at such time or times as are not inconsistent  with the
reasonable business needs of the Corporation. During the term of this Agreement,
the vacation  time provided for herein shall not be cumulative to the extent not
taken by the Employee  during a given year.  In the event that the vacation time
provided  hereunder  has not been taken during the 12-month  period prior to the
termination  or expiration of this Agreement for any reason other than those set
forth in  Section  8(a)  hereof,  the  Corporation  shall pay the  Employee,  in
addition to any other benefits due to the Employee hereunder, an amount equal to
the number of weeks (or fraction  thereof) of vacation  time not so taken during
such period multiplied by an amount equal to the result obtained by dividing (x)
the then base  salary in effect on the  Termination  Date (as defined in Section
8(e) hereof) by (y) 52.

     8. TERMINATION.

          (a)  Early  Termination by Corporation  for Cause.  During the term of
               this  Agreement,  the Employee's  employment may be terminated by
               the  Corporation  for  Cause  (as  defined  herein)  only  by the
               affirmative  vote of 100% of all of the  members  of the Board of
               Directors  of  the  Corporation   then  holding  office  (without
               counting any vote of the Employee whose services are sought to be
               terminated,  if the  Employee  is then a member  of the  Board of
               Directors) on 30 days prior  written  notice by means of a Notice
               of Termination, and an opportunity for the Employee,  accompanied
               by counsel of his choice, to address the full Board of Directors,
               that  one  of  the  following  conditions  exists  or  one of the
               following  events  has  occurred  (each of which  is  defined  as
               "Cause"):

               (i)  Wrongful  act or acts  on the  part  of the  Employee  which
                    caused material damage to the Corporation;

               (ii) The  conviction  of the Employee for a felony  involving the
                    Corporation or moral turpitude;

               (iii)The  refusal  by the  Employee,  continued  for at  least 90
                    days, to perform such employment duties as may reasonably be
                    delegated   or  assigned   to  him  under  this   Agreement,
                    consistent  with his  executive  position,  by the  Board of
                    Directors of the Corporation;

               (iv) Willful  and  unexcused  neglect  by  the  Employee  of  his
                    employment  duties under this  Agreement,  continued  for at
                    least 90 days; or

<PAGE>

               (v)  Any other material  breach by the Employee of the provisions
                    of this Agreement.  Subject only to a final determination by
                    an arbitrator  made pursuant to the provisions of Section 11
                    of this Agreement, the Board of Directors' determination, in
                    good faith,  in writing that cause exists for termination of
                    the  Employee's  employment  shall be binding and conclusive
                    for  all   purposes   under   this   Agreement.   Upon  such
                    determination  by the  Board of  Directors,  the  Employee's
                    compensation  pursuant  to  Section  3 hereof  and all other
                    benefits   provided   hereunder   shall   terminate  on  the
                    Termination Date, except that the Employee shall be entitled
                    to be paid severance pay equal to his then base compensation
                    for a period of three months  thereafter.  In the event that
                    the Employee desires to take any matter with respect to such
                    determination   to   arbitration,   he  must   commence   an
                    arbitration  proceeding  within  30 days  after  receipt  of
                    written notice of the Board of Directors' determination.  If
                    the Employee  fails to take such action  within such period,
                    he will be deemed  conclusively  to have waived his right to
                    arbitration of the termination of his employment hereunder.

          (b)  Termination by Employee.  In the event that the Corporation shall
               default in the performance of any of its  obligations  under this
               Agreement  in any material  respect  (other than by reason of its
               financial  inability to make  payments as determined by the Board
               of Directors of the  Corporation in writing),  and shall not cure
               such  default  within 10 days of  receipt by the  Corporation  of
               written  notice of such default from the  Employee,  the Employee
               may  terminate   this  Agreement  by  delivery  of  a  Notice  of
               Termination.  Upon any termination  pursuant to the provisions of
               this Section 8(b), the Employee shall be entitled to receive,  as
               liquidated  damages  and not as a penalty,  one  year's  payments
               which would have been made to the Employee on account of his base
               salary  in  effect  at the date of the  delivery  of a Notice  of
               Termination.  Upon  fulfillment  of the  conditions  set forth in
               Section  8(b)  hereof and  subject to Section  8(f)  hereof,  all
               rights and  obligations of the parties under this Agreement shall
               thereupon be terminated. The Employee shall have no obligation to
               mitigate damages,  and amounts payable pursuant to the provisions
               of this  Section  8(b)  shall not be  reduced  on  account of any
               income  earned by the  Employee  from other  employment  or other
               sources.

          (c)  Termination by Reason of  Disability.  In the event that Employee
               shall  be  prevented  from  rendering  all  of  the  services  or
               performing  all of his  duties  hereunder  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,  the
               Corporation shall have the right to terminate this Agreement,  by
               giving 10 days prior  written  notice to the  Employee,  provided
               that  the  Corporation  shall  continue  to  pay  his  then  base
               compensation for a period of 12 months  thereafter  (exclusive of
               any benefit under the Restricted  Stock Award).  Until terminated
               in the manner set forth in this Section 8(c),  the Employee shall
               be  entitled  to  receive  his  full  compensation  and  benefits
               provided  hereunder through the Termination Date. Any payments to
               the Employee under any disability insurance or plan maintained by
               the  Corporation  shall be applied  against and shall  reduce the
               amount of the base compensation  payable by the Corporation under
               this Section 8(c).

<PAGE>

          (d)  Termination  by Reason of Death.  In the event that the  Employee
               shall die during the term of this Agreement, this Agreement shall
               terminate  upon such  death.  The death  benefit  payable  to the
               Employee under this Agreement (exclusive of any benefit under the
               Restricted  Stock  Award)  shall be the life  insurance  benefits
               provided to the Employee, if any.

          (e)  Certain Definitions.

               (i)  Any   termination  of  the  Employee's   employment  by  the
                    Corporation  or by the Employee shall be  communicated  by a
                    Notice  of  Termination  to  the  other  party  hereto.  For
                    purposes  hereof,  a "Notice  of  Termination"  shall mean a
                    notice which shall state the specific reasons, and shall set
                    forth in reasonable detail the facts and circumstances,  for
                    such termination.

               (ii) "Termination  Date"  shall  mean the date  specified  in the
                    Notice  of   Termination  as  the  last  day  of  Employee's
                    employment by the Corporation.

          (f)  Continued   Maintenance   of  Benefit  Plans  in  Certain  Cases.
               Notwithstanding  anything  contained  in  this  Agreement  to the
               contrary,  if the Employee's employment is terminated pursuant to
               Sections 8(b) or 8(c) hereof,  the Corporation  shall maintain in
               full force and effect,  for the continued benefit of the Employee
               for the number of years  (including  partial years)  remaining in
               the term of employment hereunder,  all employee benefit plans and
               programs  in which  the  Employee  was  entitled  to  participate
               immediately  prior to the  Termination  Date,  provided  that the
               Employee's continued  participation is possible under the general
               terms and  provisions  of such plans and  programs.  In the event
               that the Employee's  participation in any such plan or program is
               barred,  the Corporation  shall have no obligation to provide any
               substitute benefits for the Employee.

     9. CONFIDENTIALITY.

          (a)  During the term of this Agreement,  and for a period of two years
               thereafter,  the Employee  shall not,  without the prior  written
               consent of the Board of Directors of the Corporation, disclose to
               any person, other than an employee of the Corporation or a person
               to whom  disclosure is  reasonably  necessary or  appropriate  in
               connection  with the  performance  by the  Employee of his duties
               hereunder,  any of  the  Corporation's  confidential  information
               obtained  by the  Employee  during  the  term of this  Agreement,
               including,  without limitation, trade secrets, products, designs,
               customers or methods of distribution.

          (b)  The  obligations  of  confidentiality  contained  in this Section
               shall not extend to any matter which is in or becomes part of the
               public  domain  otherwise  than  by  reason  of a  breach  by the
               Employee of his obligations of confidentiality hereunder or which
               is  disclosed  by  the  Employee   pursuant  to  an  order  of  a
               governmental  body  or  court  of  competent  jurisdiction  or as
               required  pursuant to a legal proceeding in which the Employee or
               the Corporation is a party.

     10.  CERTAIN  REMEDIES IN EVENT OF BREACH.  In the event that the  Employee
commits a breach, or threatens to commit a breach, of any of the restrictions on
confidentiality  contained in Section 9 of this Agreement, the Corporation shall
have the following rights and remedies:

          (a)  to obtain an injunction  restraining  any violation or threatened
               violation of the provisions of Section 9 or any other appropriate
               decree  of  specific  performance  by  any  court  having  equity
               jurisdiction,  it being  acknowledged  and agreed by the Employee
               that the services rendered, and to be rendered to the Corporation
               by him as an Employee, are of a special, unique and extraordinary
               character  and that any such  breach or  threatened  breach  will
               cause  irreparable  injury  to the  Corporation  and  that  money
               damages will not provide an adequate  remedy to the  Corporation;
               and

<PAGE>

          (b)  to  require  the  Employee  to  account  for and pay  over to the
               Corporation  all   compensation,   profits,   monies,   accruals,
               increments  or  other  benefits   (collectively  the  "Benefits")
               derived  or  received  by  the  Employee  as  the  result  of any
               transactions  constituting  a breach of any of the  provisions of
               Section 9, and the Employee  hereby agrees to account for and pay
               over the Benefits to the Corporation.

     Each of the  rights and  remedies  enumerated  in this  Section 10 shall be
independent of the other,  and shall be severally  enforceable,  and such rights
and  remedies  shall be in addition to, and not in lieu of, any other rights and
remedies available to the Corporation at law or in equity.

     11. ARBITRATION.

          (a)  Selection of  Arbitrators.  In the event of any  disagreement  or
               controversy  arising out of or relating to this  Agreement,  such
               controversy or disagreement shall be settled by three arbitrators
               in the  City of New  York in  accordance  with  the  rules of the
               American  Arbitration  Association  (the  "AAA") in  arbitrations
               administered  by it  (other  than the AAA rules  relating  to the
               appointment  of  arbitrators),  and  any  award  granted  in such
               arbitration   shall  finally   determine   such   controversy  or
               disagreement. The arbitrators for any of the arbitral proceedings
               referred to in the preceding sentence shall be chosen as follows:
               (x) one shall be chosen by the Employee,  (y) one shall be chosen
               by the Board of Directors of the  Corporation,  and (z) one shall
               be chosen by the two arbitrators  selected under Section 11(a)(x)
               and (y) hereof. The arbitrators to be chosen by the parties shall
               be  chosen  within  30 days  after the  service  of a demand  for
               arbitration on any party hereto. If the two arbitrators appointed
               above shall not agree to the appointment of the third  arbitrator
               to be  appointed as provided in Section  11(a)(z)  within 15 days
               after their  appointment,  such arbitrator shall be chosen by the
               then  President of the  Association of the Bar of the City of New
               York,  subject  to  challenge  by any  party  only by reason of a
               conflict of interest.

          (b)  Jurisdiction.  Any judicial proceeding brought against any of the
               parties  to this  Agreement  in  connection  with  compelling  or
               staying  arbitration or enforcing any arbitral  decision shall be
               brought in the courts of the State of New York in the City of New
               York or in the  United  States  District  Court for the  Southern
               District of New York,  and by the  execution and delivery of this
               Agreement,  each of the  parties to this  Agreement  accepts  for
               himself or itself the exclusive  jurisdiction of such courts, and
               irrevocably  agrees to be bound by any judgment  rendered thereby
               in  connection  with  this  Agreement.  Such  consent  shall  not
               constitute  a general  appearance  or be  available  to any other
               person who is not a party to this  Agreement.  The parties  agree
               that  service of process will be deemed  sufficient  if made upon
               each party hereto at the address set forth herein.

     12. MISCELLANEOUS.

          (a)  Notices.  All  notices  or  other   communications   required  or
               permitted  to be given  pursuant  to this  Agreement  shall be in
               writing and shall be  considered as duly given on (a) the date of
               delivery,  if  delivered  in  person,  by  nationally  recognized
               overnight  delivery  service  or by  facsimile  or (b) three days
               after mailing if mailed from within the continental United States
               by registered or certified mail,  return receipt requested to the
               party entitled to receive the same, if to the Corporation, Global
               Gold Corporation,  c/o Robert A. Garrison, 44 Lords Highway East,
               Weston,  Connecticut 06883, facsimile number (203)-222-9037, with
               a copy to Law  Offices of Stephen R. Field,  240 Madison  Avenue,
               New York, New York 10016, Attn: Stephen R. Field, Esq., facsimile
               number  (212)-681-0845;  and  if to  the  Employee,  Mr.  Van  Z.
               Krikorian,  5  Frederick  Court,  Harrison,  New York,  facsimile
               number (914) 835-5080. Any party may change his or its address by
               giving  notice to the other party stating his or its new address.
               Commencing on the 10th day after the giving of such notice,  such
               newly  designated  address shall be such party's  address for the
               purpose  of all  notices  or  other  communications  required  or
               permitted to be given pursuant to this Agreement.

<PAGE>

          (b)  Governing  Law.  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  determined  without  regard to
               conflicts of law principles.

          (c)  Entire Agreement;  Waiver of Breach.  This Agreement  constitutes
               the entire  agreement  among the parties and supersedes any prior
               agreement or understanding among them with respect to the subject
               matter  hereof,  and it may not be  modified  or  amended  in any
               manner other than as provided herein; and no waiver of any breach
               or condition of this  Agreement  shall be deemed to have occurred
               unless  such waiver is in  writing,  signed by the party  against
               whom enforcement is sought,  and no waiver shall be claimed to be
               a waiver  of any  subsequent  breach  or  condition  of a like or
               different nature.

          (d)  Binding Effect;  Assignability.  This Agreement and all the terms
               and provision hereof shall be binding upon and shall inure to the
               benefit of the parties and their respective heirs, successors and
               permitted  assigns.  This Agreement and the rights of the parties
               hereunder  shall not be assigned  except with the written consent
               of all parties hereto.

          (e)  Captions.  Captions contained in this Agreement are inserted only
               as a matter of convenience and in no way define,  limit or extend
               the scope or intent of this Agreement or any provision hereof.

          (f)  Number  and  Gender.   Wherever   from  the  context  it  appears
               appropriate,  each  term  stated in either  the  singular  or the
               plural shall  include the  singular and the plural,  and pronouns
               stated in either the masculine, the feminine or the neuter gender
               shall include the masculine, feminine and neuter.

          (g)  Severability.  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.

          (h)  Amendments. This Agreement may not be amended except in a writing
               signed by all of the parties hereto.

          (i)  Counterparts.   This   Agreement   may  be  executed  in  several
               counterparts,  each of which shall be deemed an original  but all
               of  which  shall  constitute  one and  the  same  instrument.  In
               addition, this Agreement may contain more than one counterpart of
               the  signature  page and this  Agreement  may be  executed by the
               affixing of such  signature  pages executed by the parties to one
               copy of the Agreement;  all of such  counterpart  signature pages
               shall be read as though  one,  and they shall have the same force
               and  effect  as though  all of the  signers  had  signed a single
               signature page.

<PAGE>

     IN WITNESS WHEREOF,  the undersigned have executed this Agreement as of the
date first above written.

                                          By: /s/ Robert A. Garrison
                                          --------------------------
                                          Robert A. Garrison, President and
                                          Chief Financial Officer

/s/ Van Z. Krikorian
--------------------
Van Z. Krikorian

<PAGE>

                                                                       EXHIBIT A

                                    Global Gold Corporation
                                    734 Franklin Avenue, No. 333
                                    Garden City, New York 11530-4525

                                                              June 1, 2003

Mr. Van Z. Krikorian
5 Frederick Court
Harrison, New York  10528

                  Re:      Restricted Stock Award

Dear Mr. Krikorian:

     As an inducement for your  rendering of services to the Company,  we hereby
grant you 900,000  shares of the Common  Stock of the  Company,  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. You shall be required to spend at least 60% of your business time (1,200
hours for each 12-month period) in connection with the  responsibility  assigned
to you (or to be  assigned to you) by the Board of  Directors  of the Company in
promoting the business of the Company pursuant to your employment agreement with
the Company.

     2. For the first seven-month  period commencing with the date hereof within
which you render the services provided herein,  you shall become fully vested in
18.92%  of the  total  Shares  granted  hereunder.  For  each  six-month  period
thereafter commencing on January 1, 2004 through June 30, 2006, you shall become
fully  vested in 16.216% of the total Shares  granted  hereunder.  Thus,  if you
complete 19 and 37 months of service as provided hereunder,  you shall be 51.35%
and 100% vested, respectively, in the Shares granted hereunder.

     3. In the event of your  termination  of your  employment  on or before the
expiration of the initial  seven-month period commencing with the date hereof or
any subsequent six-month period thereafter during the 37-month period commencing
with June 1,  2003 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.

     4. (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 Company that such registration is not
required under the Securities Act of 1933, as amended,  and any applicable state
securities laws.

<PAGE>

     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
income  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 the mailing of any process in any suit,  action or  proceeding
at the addresses of the parties shown herein shall  constitute  personal service
thereof.

     8.  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.

     9. 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 Company, 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 an  employment
agreement between the Company and you or require the Company 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

<PAGE>

          (i) (x) the sale of all or  substantially  all of the Company's assets
     or (y) a merger  (including a merger in which the Company is the  surviving
     corporation) or consolidation of the Company with one or more  corporations
     or entities,  as a result of which in each such case the  Company's  voting
     securities   outstanding   immediately   before   such   sale,   merger  or
     consolidation  represent  less  than 50% of the  combined  voting  power of
     voting  securities  of the  Company  or the  surviving  entity  outstanding
     immediately after such sale, merger or consolidation; or

          (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,  Robert A.
     Garrison,  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 Company's  securities
     representing  more than 50% of the combined  voting power of the  Company's
     then outstanding  securities,  pursuant to a plan of such person or persons
     to acquire such a controlling interest in the Company,  whether pursuant to
     a  merger  (including  a merger  in  which  the  Company  is the  surviving
     corporation),  an acquisition of securities or otherwise,  except that this
     Section  12(a)(ii) shall not apply to any person who provides  financing to
     the Company or any of their  affiliates,  pursuant  to a private  placement
     transaction or otherwise; and

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

<PAGE>

     13. In the event of any conflict between the terms of this Agreement and of
the Amended and Restated 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:/s/ Drury J. Gallagher
                                            -------------------------
                                            Drury J. Gallagher, Chairman and
                                            Chief Executive Officer

Agreed:

/s/ Van Z. Krikorian
--------------------
Van Z. Krikorian

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