EXHIBIT 10.10
THIRD AMENDMENT TO
FEBRUARY 1, 2003
GLOBAL GOLD CORPORATION – VAN
Z. KRIKORIAN
EMPLOYMENT AGREEMENT
AMENDMENT, entered on August 11, 2009 and
effective as of the 1 st day of July, 2009, between Global Gold
Corporation, a Delaware corporation (the
“Corporation”), and Van Z. Krikorian (the
“Employee”), to the Employment Agreement, dated as of
February 1, 2003, as amended as of January 1, 2005 and June 15,
2006 (the “Agreement”), between the parties;
W I T N E S S E T H T
H A T:
WHEREAS, the Employee currently serves as
Chairman, Chief Executive Officer, and General Counsel, and the
Corporation needs to retain the continued active service of the
Employee in light of the Corporation’s obligations and in
light of other considerations;
WHEREAS, the Corporation and the Employee desire
to enter into an amendment of the Agreement on the terms and
conditions hereinafter set forth;
NOW, THEREFORE, the parties hereto agree as
follows:
1.
EXTENSION OF TERM . The term of the Agreement is
hereby further extended until June 30, 2012 and Section 2 of the
Agreement is hereby amended effective July 1, 2009 to read as
follows:
“
TERM . The term of this Agreement shall commence
on June 1, 2003 and end on June 30, 2012, and shall be
automatically renewed for consecutive one-year periods thereafter
unless (a) terminated on the anniversary of June 30 by either party
on 120 days written notice or (b) sooner terminated as otherwise
provided herein.”
2.
COMPENSATION. The Corporation shall maintain the
annual sum payable to the Employee as base compensation salary
under the Agreement at $225,000. In addition, Employee
is awarded as additional base compensation for the term as extended
by this amendment 1,050,000 shares vesting in six semi-annual
installments through June 30, 2012, and pursuant to the terms set
forth in the Restricted Stock Award attached to this Amendment as
Exhibit A. The first two sentences of Section 3(a) of the Agreement
are hereby amended effective July 1, 2009 to read as
follows:
“ 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 as amended effective July 1, 2009 a
total of 1,050,000 shares of its common stock pursuant to the terms
of the Restricted Stock Awards attached hereto as Exhibit A, and as
set forth in such Awards (the “Restricted Stock
Awards”) delivered to the Employee. In addition to
the foregoing, the Company shall pay to the Employee, as base
compensation, the sum of $225,000 for each 12-month period
commencing on and after July 1, 2009 during the term of this
Agreement, as amended effective July 1, 2009, payable in equal
monthly installments of $18,750 on the 15 th day of each month”
3.
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.
IN WITNESS WHEREOF, the undersigned have
executed this Amendment as of the date first above
written.
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GLOBAL GOLD
CORPORATION
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By
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Drury J.
Gallagher
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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
Re:
Restricted Stock Award
As
consideration for your employment agreement, as amended effective
July 1, 2009, with Global Gold Corporation (the
“Corporation”) and
as an inducement for your rendering of services to
the Corporation, we hereby grant you One Million Fifty Thousand
(1,050,000) 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 July 1, 2009 within which you
render the services provided herein, you shall become fully vested
in one sixth of the total Shares granted hereunder. For
the next six month periods thereafter commencing on January 1, 2010
through July 31, 2010, you shall become fully vested in an
additional one sixth of the total Shares granted
hereunder. Thus, if you complete six, twelve, eighteen,
twenty four, thirty and then thirty six months of service as
provided hereunder, you shall be vested in 175,000, 350,000,
525,000, 700,000, 875,000, and then 1,050,000 of the Shares granted
hereunder, respectively.
2. &n
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