Apex Silver Mines (fka APXSQ)

[Helter Skelter]

Officers compensation:

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(e) Compensation Arrangements of Certain Officers

On April 3, 2009, the board of directors of Golden Minerals Company (the “Company”) approved 2009 salary amounts for the Company’s executive officers. The board of directors also implemented an annual incentive bonus plan which is similar to the plan that was used by Apex Silver Mines Limited, the Company’s predecessor for purposes of reporting under U.S. federal securities laws (“Apex Silver”), and approved the target cash bonus amount that each officer may be eligible to receive based on his or her 2009 performance. The amount of each bonus payment will be determined in the discretion of the Compensation Committee and the board and will be based, among other things, on the Company's achievement of certain performance objectives, including certain capital raising and growth objectives, and control of general and administrative expenses. The salaries and cash bonus targets are consistent with amounts previously reported in Apex Silver’s annual report on Form 10-K for the year ended December 31, 2008.

In addition, on April 3, 2009, the Company’s board of directors granted shares of restricted common stock to the Company’s executive officers pursuant to the Company’s 2009 Equity Incentive Plan. One-half of the shares awarded to each officer will vest on the first anniversary of the grant date and one-half will vest on the second anniversary of the grant date, provided that the officer is employed by the Company on the applicable vesting date. The number of shares granted to each executive officer is set forth in the table below:

Name

Title

Shares of Restricted
Common Stock

Jeffrey G. Clevenger

President, Chief Executive Officer

95,000

Terry L. Owen

Senior Vice President and Chief Operating Officer

25,000

Robert P. Vogels

Senior Vice President and Chief Financial Officer

20,000

Robert B. Blakestad

Senior Vice President, Exploration and Chief Geologist

20,000

Jerry W. Danni

Senior Vice President, Corporate Affairs

20,000

Deborah J. Friedman

Senior Vice President, General Counsel and Corporate Secretary

15,000

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: April 9, 2009

Golden Minerals Company

By:
/s/ Robert P. Vogels

Name: Robert P. Vogels

Title: Senior Vice President and Chief Financial Officer

http://www.sec.gov/Archives/edgar/data/1011509/000110465909023480/a09-9826_18k.htm