Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers: CompensatoryArrangements of Certain Officers

Following the sale by Global N.R.G. Pacific Ltd. (the "Seller"), a 95% subsidiary of Global Energy Inc. (the "Company"), to Presaco Investments Ltd. (the "Buyer") of all of the stock capital of the Seller's subsidiary, Global Energy Ethiopia Ltd. ("GEE"), as well as all of the Seller's right, title, and interest in and to all its property and assets in connection with the business of community castor farming for oil and the development of governmental lands for castor oil in Ethiopia, on April 1, 2009 Mr. Yanai Man resigned from his position as Chief Executive Officer of the Seller. He will remain in his position as Chief Executive Officer of GEE, which is now owned by the Buyer.

Yani Man Projects Ltd. has agreed to sell its remaining 50 shares in the Seller to the Company for the aggregate payment of NIS 50. After such sale, the Company will be the sole shareholder of the Seller.