EXHIBIT 10.13
FIRST AMENDMENT AND EXTENSION
TO
JUNE 15, 2007
GLOBAL GOLD CORPORATION–
LESTER CAESAR
EMPLOYMENT AGREEMENT
AMENDMENT entered on August 11, 2009 and
effective as of the 1 st day of August, 2009 between Global Gold
Corporation, a Delaware corporation (the "Company"), and Lester
Caesar (the "Employee") to the Employment Agreement between the
parties dated as of June 15, 2007 (the "Agreement").
W I T N E S
S E T H :
WHEREAS, the Company has employed the Employee
as Controller and needs to retain the active
service of the Employee in light of the Company’s obligations
and in light of other considerations;
WHEREAS, the Corporation and the Employee desire
to enter into an amendment and extension of the Agreement on the
terms and conditions hereinafter set forth;
NOW, THEREFORE, the parties hereto agree as
follows:
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CHANGE IN
TERM OF AGREEMENT . The
term of the Agreement is hereby extended until July 31, 2010 and
Section 2 of the Agreement is hereby amended to read as
follows:
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“TERM.
The term of this Agreement, as amended effective August 1, 2009,
shall commence on June 1, 2007 and end on July 31,
2010.”
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COMPENSATION . Employee’s annual compensation shall
continue on the same basis as provided in the Agreement for the
term of this extension; specifically at a base salary of $30,000
per year and 20,000 shares vesting in two semi-annual installments
through July 31, 2010, and pursuant to the terms set forth in the
Restricted Stock Award attached to this Amendment.
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SURVIVAL OF
AGREEMENT.
This Amendment is limited as specified above and shall not
constitute a modification or waiver of any other provision of the
Agreement except as required by terms agreed
here. Except as specifically amended by this Amendment
the Agreement terms shall remain in full force and effect and all
of its terms are hereby ratified and confirmed.
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IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of
the date first above written.
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GLOBAL GOLD
CORPORATION
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By
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Van Z.
Krikorian,
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EXHIBIT
A
Global Gold
Corporation
45 East Putnam
Avenue
Greenwich, CT
06830
August 11, 2009
Briarcliff
Manor, NY 10510
Re:
Restricted Stock Award
As
consideration for your employment agreement, as amended effective
August 1, 2009, with Global Gold Corporation (the
“Corporation”) and
as an inducement for your rendering of services to
the Corporation, we hereby grant you 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 August 1, 2009 within which
you render the services provided herein, you shall become fully
vested in one half of the total Shares granted
hereunder. For the next six month period thereafter
through July 31, 2010, you shall become fully vested in the
additional one half of the total Shares granted
hereunder. Thus, if you complete six then twelve months
of service as provided hereunder, you shall be vested in 10,000
then the full 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, 2009 or the subsequent six month period thereafter for any
reason, you shall forfeit all right, title and interest in and to
any of the Shares granted hereunder which have not become vested in
you, without any payment by the Company therefore unless mutually
agreed otherwise, except in the case of a Change in Control. All
Shares shall vest upon the occurrence of a Change of Control (as
defined herein) without further action by you or the
Corporation.
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, a
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