Item 1.01 Entry into a Material Definitive Agreement.

On May 26, 2009, we entered into consulting agreement, dated as of January 1, 2009, with our director, Amir Elbaz, to provide us with financial advice, advice in connection with acquisition and/or merger with other companies, divestiture of assets or other similar transactions or financings as well such other financial advisory services as we may agree with Mr. Elbaz from time to time. This agreement is in addition to the agreement with Mr. Elbaz, dated May 22, 2008.

We will pay fees to Mr. Elbaz as follows:

- $5,000 per month. Such fee shall be paid monthly. Mr. Elbaz agreed to defer up to 80% of the monthly fees due to him to a later date in which we could afford paying him his earned fees.

- Lump sum of $6,000 for services rendered during November and December 2008.

- We will issue Mr. Elbaz 150,000 shares of our common stock as part of additional consideration. Such shares shall be issued on or before August 1, 2009.

The consulting services agreement with Mr. Elbaz shall terminate on December 31, 2010 if not terminated earlier by either party upon advance written notice.

Item 9.01. Financial Statements and Exhibits.
10.1 Consulting Agreement, dated as of January 1, 2009, by and between Amir Elbaz and Global Energy, Inc.*

* Filed herewith