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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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<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 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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<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.
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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
amou
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