Document:

EMPLOYMENT AGREEMENT

            AGREEMENT dated as of the 15th day of June, 2007 between Global Gold
Corporation, a Delaware corporation (the "Company"), and Jan Dulman, (the
"Employee") (the "Agreement").

                              W I T N E S S E T H:

            WHEREAS, the Company needs the active service of the Employee in
light of the Company's efforts to acquire, develop, and operate mining projects
and to carry out its financial planning, reporting, and business operations;

            WHEREAS, the Company 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 Company hereby employs the Employee, and the Employee hereby
accepts and agrees to such employment, as Chief Financial Officer and, in such
capacity, to be responsible for activities customarily associated with such a
position including financial analysis, monthly financial statements, forecast
review, reporting, controls, systems, budgets, tax and financial regulatory
compliance, and supervision of the controller as well as similar employees in
the United States and in countries where the Company has operations. The
Employee shall, subject to the supervision and control of the Company, perform
such executive duties and exercise such supervisory powers over and with regard
to the business of the Company and any present and future subsidiaries,
consistent with such position, and such additional duties as specified or as may
be assigned to him from time to time.

            (b) The Employee agrees to devote 80% of his available business time
to the performance of his duties hereunder. The Employee may provide services to
other organizations, on a compensation or pro bono basis, provided that such
services do not constitute more than 20% of his available business time.

2. TERM. The term of this Agreement shall be for a period of two years and
two months commencing on June 1, 2007 (or such other date as mutually agreed by
the parties) and ending on July 31, 2009, 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.

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3. COMPENSATION.

     (a) Base  Compensation.  In consideration  for the services rendered by the
Employee under this Agreement, the Company shall deliver to the Employee as base
compensation  for the  term of this  Agreement  a  total  of One  Hundred  Fifty
Thousand  (150,000)  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 $125,000 for each
12-month  period  commencing on and after June 1st, 2007 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 One Hundred Fifty  Thousand  (150,000)
shares of common stock of Company at the rate of 75,000 per year vesting  August
1, 2007 and 75,000 vesting  August 1, 2008 (totaling  150,000) all in accordance
with the terms and conditions above.

     (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) The Company shall also provide health and other benefits to Employee in
accordance with the Company's plan.

4. WORKING  FACILITIES.  The Company shall provide office space for the Employee
for the  performance  of his  services  hereunder,  and will  provide such other
facilities and services  commensurate with the Company's needs as are reasonably
necessary  for the  performance  of his duties  hereunder,  as determined by the
board of Directors.

5. INDEMNFICATION.  During the term of this Agreement, the Company shall provide
to the Employee insurance covering  indemnification for activities taken in good
faith on the Company's behalf.

6.  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 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  Company  upon  the  consent  of the  Company.  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.

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7. TERMINATION.

     (a)  Early  Termination  by  Company  for  Cause.  During  the term of this
Agreement,  the Employee's employment may be terminated by the Company for Cause
(as  defined  herein)  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 Company;

          (ii) The arrest, filing of charges or conviction of the Employee for a
               crime involving the Company or moral turpitude;

          (iii) The refusal or inability by the Employee, continued for at least
               14 days, to perform such  employment  duties as may reasonably be
               delegated or assigned to him under this Agreement;

          (iv) Willful and unexcused  neglect by the Employee of his  employment
               duties under this Agreement  continued for at least 14 days after
               written warning; or

          (v)  Any other  material  breach by the Employee of the  provisions of
               this Agreement.

Pending termination, the Company may suspend Employee at will. Subject only to a
final  determination by dispute resolution  procedure pursuant to the provisions
of Section 10 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,  unless  the  termination  is based on fraud or  reasons  stated  in
Section  7(a) (ii)  above.  In the event that the  Employee  desires to take any
matter with respect to such determination of Termination to arbitration, he must
commence  a  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
adjudication of the termination of his employment hereunder.

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     (b) Termination by Employee. In the event that the Company shall default in
the performance of any of its  obligations  under this Agreement in any material
respect,  and shall  not cure such  default  within  10 days of  receipt  by the
Company 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 7(b), the Employee shall
be entitled to receive, as liquidated damages and not as a penalty,  one month'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 7(b) hereof and subject to
Section  7(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  7(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 Company,  the Company shall
have the right to  terminate  this  Agreement,  by giving 10 days prior  written
notice to the Employee, provided that the Company 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  7(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 Company  shall be applied  against  and shall  reduce the amount of the base
compensation payable by the Company under this Section 7(c).

     (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 three months salary
plus the life insurance benefits provided to the Employee, if any.

     (e) Certain Definitions.

          (i)  Any termination of the Employee's employment by the Company 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
               Company.

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<PAGE>

     (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 7(b) or 7(c) hereof,
the Company shall maintain in full force and effect, at the Employee's  expense,
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 Company shall have no obligation to provide
any substitute benefits for the Employee.

8. 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  Company,  disclose  to any  person,  other  than an
employee of the Company 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  Company'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 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 Company is a party.  These
obligations  of  confidentiality  are in addition  to, not in place of any other
applicable confidentiality obligations.

9. 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, the Company shall have the following rights and remedies:

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

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<PAGE>

     (b) to require the  Employee to account for and pay over to the Company 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  confidentiality
provisions,  and the  Employee  hereby  agrees to  account  for and pay over the
Benefits to the Company.

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 Company at law or in equity.

10. DISPUTE RESOLUTION.

     (a)  Venue  and  Choice  of Law.  . In the  event  of any  disagreement  or
controversy  arising out of or relating to this Agreement,  such  controversy or
disagreement  shall be  resolved by  arbitration  administered  by the  American
Arbitration  Association in New York City.  This Agreement and the rights of the
parties hereunder shall be governed by the law of the State of New York, without
regard to conflicts of law principles.

11. 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  contin-ental  United  States by registered or
certified  mail,  return receipt  requested to the party entitled to receive the
same,  if to the  Company,  Global  Gold  Corporation,  45 East  Putnam  Avenue,
Greenwich,  Connecticut  06830,  facsimile number (203) 422-2330;  and if to the
Employee,  Mr. Jan Dulman,  55 Davey Drive, West Orange, NJ 07052. 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.

     (b) 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.  Any stock or
options awarded to Employee pursuant to his prior agreements which are scheduled
to vest on July 31, 2007 shall vest according to the previously agreed terms.

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<PAGE>

     (c) 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.

     (d) 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.

     (e) 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 pro-nouns  stated in either the masculine,  the feminine or
the neuter gender shall include the masculine, feminine and neuter.

     (f) Severability.  If any provision of this Agreement shall be held invalid
or unenforceable, such invalidity or unen-forceability 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.

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

     (h) 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.

            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

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                                                                       EXHIBIT A

                             Global Gold Corporation
                              45 East Putnam Avenue
                               Greenwich, CT 06830

                                                                   June 15, 2007
Mr. Jan Dulman
55 Davey Drive
West Orange, NJ 07052

                  Re:      Restricted Stock Award

Dear Mr. Dulman:

As consideration for your employment agreement with Global Gold Corporation (the
"Corporation") and as an inducement for your rendering of services to the
Corporation, we hereby grant you One Hundred Fifty Thousand (150,000) 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, 2007
within which you render the services provided herein, you shall become fully
vested in one fourth of the total Shares granted hereunder. For the next six
month periods thereafter commencing on February 1, 2008 through July 31, 2009,
you shall become fully vested in an additional one fourth of the total Shares
granted hereunder. Thus, if you complete six, twelve, eighteen, and then twenty
four months of service as provided hereunder, you shall be vested in 37,500,
75,000, 112,500 and 150,000 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 twelve month period thereafter during the 24-month
period commencing with August 1, 2007 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.

                  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.

                                       8

<PAGE>

                     (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.

<PAGE>

                  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. 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

                                       10EMPLOYMENT AGREEMENT

            AGREEMENT dated as of the 15th day of June, 2007 between Global Gold
Corporation, a Delaware corporation (the "Company"), and Lester Caesar, (the
"Employee") (the "Agreement").

                              W I T N E S S E T H:

            WHEREAS, the Company continues to need the active service of the
Employee in light of the Company's efforts to acquire, develop, and operate
mining projects and to carry out its financial planning, reporting, and business
operations;

            WHEREAS, the Company 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  Company  hereby  employs the  Employee,  and the  Employee  hereby
accepts and agrees to such employment,  as Controller and, in such capacity,  to
be  responsible  for  activities  customarily  associated  with such a  position
including financial  analysis,  monthly financial  statements,  forecast review,
reporting,  controls, systems, budgets, tax and financial regulatory compliance,
and supervision of the assistant  controller as well as similar employees in the
United States and in countries  where the Company has  operations.  The Employee
shall, subject to the supervision and control of the Chief Financial Officer and
the Company,  perform such executive duties and exercise such supervisory powers
over and with  regard to the  business of the Company and any present and future
subsidiaries,  consistent  with such  position,  and such  additional  duties as
specified or as may be assigned to him from time to time.

     (b) The Employee agrees to devote 20% of his available business time to the
performance of his duties hereunder.  The Employee may provide services to other
organizations,  on a compensation or pro bono basis, provided that such services
do not constitute more than 80% of his available business time.

2. TERM. The term of this Agreement shall be for a period of one year commencing
on August 1, 2007 (or such other date as  mutually  agreed by the  parties)  and
ending on July 31,  2008,  and shall be  automatically  renewed for  consecutive
one-year  periods  thereafter  unless (a)  terminated by the Employee on 90 days
written  notice  prior  to  the  expiration  of the  initial  term  hereof,  (b)
terminated by either party on 90 days written  notice prior to the expiration of
any year thereafter or (c) sooner terminated as otherwise provided herein.

                                       2

<PAGE>

3. COMPENSATION.

     (a) Base  Compensation.  In consideration  for the services rendered by the
Employee under this Agreement, the Company shall deliver to the Employee as base
compensation for the term of this Agreement a total of Twenty Thousand  (20,000)
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 $30,000 for each 12-month period commencing on and
after August 1, 2005 during the term of this Agreement, payable in equal monthly
installments of $ 2,500 on the 15th day of each month.

     (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 20% for
the Company 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.

4. WORKING  FACILITIES.  The Company shall provide office space for the Employee
for the  performance  of his  services  hereunder,  and will  provide such other
facilities and services  commensurate with the Company's needs as are reasonably
necessary  for the  performance  of his duties  hereunder,  as determined by the
board of Directors.

5. INDEMNFICATION.  During the term of this Agreement, the Company shall provide
to the Employee insurance covering  indemnification for activities taken in good
faith on the Company's behalf.

6.  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 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  Company  upon  the  consent  of the  Company.  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.

                                       2

<PAGE>

7. TERMINATION.

     (a)  Early  Termination  by  Company  for  Cause.  During  the term of this
Agreement,  the Employee's employment may be terminated by the Company for Cause
(as  defined  herein)  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 Company;

          (ii) The arrest, filing of charges or conviction of the Employee for a
               crime involving the Company or moral turpitude;

          (iii) The refusal or inability by the Employee, continued for at least
               14 days, to perform such  employment  duties as may reasonably be
               delegated or assigned to him under this Agreement;

          (iv) Willful and unexcused  neglect by the Employee of his  employment
               duties under this Agreement  continued for at least 14 days after
               written warning; or

          (v)  Any other  material  breach by the Employee of the  provisions of
               this Agreement.

Pending termination, the Company may suspend Employee at will. Subject only to a
final  determination by dispute resolution  procedure pursuant to the provisions
of Section 10 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,  unless  the  termination  is based on fraud or  reasons  stated  in
Section  7(a) (ii)  above.  In the event that the  Employee  desires to take any
matter with respect to such determination of Termination to arbitration, he must
commence  a  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
adjudication of the termination of his employment hereunder.

                                       3

<PAGE>

     (b) Termination by Employee. In the event that the Company shall default in
the performance of any of its  obligations  under this Agreement in any material
respect,  and shall  not cure such  default  within  10 days of  receipt  by the
Company 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 7(b), the Employee shall
be entitled to receive, as liquidated damages and not as a penalty,  one month'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 7(b) hereof and subject to
Section  7(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  7(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 Company,  the Company shall
have the right to  terminate  this  Agreement,  by giving 10 days prior  written
notice to the Employee, provided that the Company 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  7(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 Company  shall be applied  against  and shall  reduce the amount of the base
compensation payable by the Company under this Section 7(c).

     (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 three months salary
plus the life insurance benefits provided to the Employee, if any.

     (e) Certain Definitions.

          (i)  Any termination of the Employee's employment by the Company 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
               Company.

                                       4

<PAGE>

     (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 7(b) or 7(c) hereof,
the Company shall maintain in full force and effect, at the Employee's  expense,
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 Company shall have no obligation to provide
any substitute benefits for the Employee.

8. 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  Company,  disclose  to any  person,  other  than an
employee of the Company 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  Company'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 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 Company is a party.  These
obligations  of  confidentiality  are in addition  to, not in place of any other
applicable confidentiality obligations.

9. 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, the Company shall have the following rights and remedies:

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

                                       5

<PAGE>

     (b) to require the  Employee to account for and pay over to the Company 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  confidentiality
provisions,  and the  Employee  hereby  agrees to  account  for and pay over the
Benefits to the Company.

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 Company at law or in equity.

10. DISPUTE RESOLUTION.

     (a)  Venue  and  Choice  of  Law.  In  the  event  of any  disagreement  or
controversy  arising out of or relating to this Agreement,  such  controversy or
disagreement  shall be  resolved by  arbitration  administered  by the  American
Arbitration  Association in New York City.  This Agreement and the rights of the
parties hereunder shall be governed by the law of the State of New York, without
regard to conflicts of law principles.

11. 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  contin-ental  United  States by registered or
certified  mail,  return receipt  requested to the party entitled to receive the
same,  if to the  Company,  Global  Gold  Corporation,  45 East  Putnam  Avenue,
Greenwich,  Connecticut  06830,  facsimile number (203) 422-2330;  and if to the
Employee, Mr. Lester Caesar, 8 Elizabeth Court,  Briarcliff Manor, NY 10510. 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.

     (b) 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.

                                       6
<PAGE>

     (c) 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.

     (d) 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.

     (e) 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 pro-nouns  stated in either the masculine,  the feminine or
the neuter gender shall include the masculine, feminine and neuter.

     (f) Severability.  If any provision of this Agreement shall be held invalid
or unenforceable, such invalidity or unen-forceability 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.

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

     (h) 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.

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

Global Gold Corporation

By:  __________________                                   ______________________
     Van Krikorian,                                       Lester Caesar
     Chairman and CEO

                                       7

<PAGE>

                                                                       EXHIBIT A

                             Global Gold Corporation
                              45 East Putnam Avenue
                               Greenwich, CT 06830

                                                                   June 15, 2007
Mr. Lester Caesar
8 Elizabeth Court
Briarcliff Manor, NY 10510

                  Re:      Restricted Stock Award

Dear Mr. Caesar:

As consideration for your employment agreement with Global Gold Corporation (the
"Corporation") and as an inducement for your rendering of services to the
Corporation, we hereby grant you Twenty Thousand (20,000) 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 with August 1,
2007 within which you render the services provided herein, you shall become
fully vested in one half of the total Shares granted hereunder. For the
successive six month period thereafter commencing on February 1, 2008 through
July 31, 2008, you shall become fully vested in an additional one half of the
total Shares granted hereunder. Thus, if you complete six and then twelve months
of service as provided hereunder, you shall be vested in 10,000 and then 20,000
of the Shares granted hereunder, respectively.

                  2. In the event of your termination of your employment on or
before the expiration of the initial six month period commencing with August 1,
2007 the date or any subsequent six month period thereafter during the 12-month
period commencing with August 1, 2007 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.

                  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.

                                       8

<PAGE>

                     (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.

                  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.

                                       9

<PAGE>

                  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. 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:

______________________________
Lester Caesar

                                       10

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