THIRD AMENDMENT TO
AUGUST 1, 2003
GLOBAL GOLD – ASHOT
BOGHOSSIAN
EMPLOYMENT AGREEMENT
AMENDMENT, dated as of the 11
th day of August, 2009, effective as of the
1 st
day of July 2009 between Global Gold
Mining, LLC, a Delaware limited liability company (the
“Corporation”), and Ashot Boghossian (the
“Employee”), to the Employment Agreement, dated as of
August 1, 2003 (the “Agreement”), amended as of January
1, 2006, and as of June, 15 2006 between the parties;
W I T N E S
S E T H T H
A T :
WHEREAS, the Employee currently serves as
Director and Regional Manager 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 to read as follows:
“
TERM . The term of this Agreement shall commence
on August 1, 2003 (or such other date as mutually agreed by the
parties) 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. Employee is awarded as additional
base compensation a Restricted Stock Award of 337,500 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, and an annual salary of $72,000. The
first two sentences of Section 3(a) of the Agreement are hereby
amended 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 337,500 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 $72,000 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 $6,000 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 MINING, LLC
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By
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Van Z.
Krikorian
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Ashot
Boghossian
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EXHIBIT A
Global Gold Corporation
45 East Putnam Avenue, Suite
118
Greenwich, CT 06830
August 11, 2009
Mr. Ashot
Boghossian
Global Gold
Mining LLC
Yerevan,
Armenia 375001
Restricted Stock Award
Dear Mr.
Boghossian:
As an inducement for your continuing rendering
of services to Global Gold Mining LLC a subsidiary of Global Gold
Corporation (the “Corporation”) and pursuant to the
June 19, 2009 decisions of the Compensation
Committee and Board of Directors of the Corporation , we
hereby grant you 337,500 shares, $0.001 par value per share (the
“Shares”), of the Common Stock of the Corporation,
evidenced by a certificate for such Shares, subject to applicable
securities law restrictions and the terms and conditions set forth
herein:
1. You
shall be required to spend at least 75% of your business time in
connection with the responsibility assigned to you (or to be
assigned to you) in connection with the business of the Corporation
pursuant to your Employment Agreement with Global Gold Mining,
LLC.
2. For
each six month period, commencing on July 1, 2009, you shall become
fully vested in 56,250 Shares granted hereunder.
3. &nbs
