EMPLOYMENT AGREEMENT

AGREEMENT dated as of the 18 ^th  day of May, 2009 and effective as of January 1, 2009 between Global Gold Corporation, a Delaware corporation (the “Company"), and Courtney Fellowes, (the "Employee") (the “Agreement").

WHEREAS, the Company needs the active service of the Employee in light of the Company’s efforts to develop it business and investor relations;

WHEREAS, the Company and the Employee desire to enter into an employment agreement on the terms and conditions hereinafter set forth effective as of January 1, 2009;

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 Vice President, Business Development and Investor Relations and, in such capacity, to be responsible for activities customarily associated with such positions including 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 her from time to time.

(b)    The Employee agrees to devote 80% of her 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 her available business time.

2.     TERM. The term of this Agreement shall be for a period of one year   commencing on January 1, 2009 (or such other date as mutually agreed by the parties) and ending on December 31, 2009, unless  terminated by the Employee or the Company on 60 days written notice.

3.     COMPENSATION.

(a)    Compensation. The Employee and the Company acknowledge that there is a substantial portion of compensation which is performance based.  Specifically, the Company and the Employee agree that Employee shall be paid a commission of three percent (3%) within twenty days of a closing of a debt or equity fincing of the Company placed with a financing source identified and introduced to the Company by Employee.  If no such closing occurs, and conditional upon the Company having adequate finances during the calendar year of 2009 as determined by the CEO and CFO, the Company shall pay to the Employee, as base compensation, the sum of $125,000 during the term of this Agreement, payable in equal monthly installments on the 15 ^th day of each month. Any amounts paid to Employee from this $125,000 provision shall be credited to amounts payable under the 3% commission provision above. In further 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 Thousand (100,000) 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,  , Employee shall be awarded stock options to acquire One Hundred Thousand (100,000) shares of common stock of Company 50,000 vesting July 1, 2009 and 50,000 vesting December  31, 2009 (totaling 100,000) all in accordance with the terms and conditions above.

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.

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 10 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 her then base compensation for a period of one month 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, she 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, she will be deemed conclusively to have waived his right to adjudication of the termination of his employment hereunder.

(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 ma