Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 2, 2009 GreenHunter Energy, Inc. (the "Company") issued a press release (the "Press Release") with respect to certain changes in the Company's senior management. On October 1, 2009 the Board of Directors of the Company approved the election of Jonathan D. Hoopes as the Company's President and Chief Operating Officer effective immediately. Mr. Hoopes was also appointed to the Company's Board of Directors.
The Company and Mr. Hoopes entered into an employment agreement. The employment agreement provides for a term of two years and compensates Mr. Hoopes with a base salary of $250,000 per year. In addition, the agreement provides for termination payments in the event Mr. Hoopes is terminated without just cause or he resigns for good reason within one year after a change of control. Mr. Hoopes' agreement also provides that he will be a board member so long as he is employed by the Company during the term of the agreement. The foregoing is qualified by reference to Exhibit 99.2 to this Current Report on Form 8-K, which is incorporated herein by reference.
Prior to his appointment as an officer and director of the Company, Mr. Hoopes entered into a consulting agreement earlier this year with the Company concerning Mr. Hoopes' engagement as a strategic advisor to the Company in connection with the divestiture of certain non-core assets of the Company.
The foregoing is qualified by reference to Exhibit 99.1 to this Current Report on Form 8-K, which is incorporated herein by reference. Item 9.01. Financial Statements and Exhibits
(a) Financial Statements of Business Acquired. Not applicable.
(b) Pro Forma Financial Information. Not applicable.
(c) Shell Company Transactions. Not applicable.
(d) Exhibits.

Exhibit Number Exhibit Title 99.1 Press Release of the Company dated October 2, 2009. 99.2 Employment Agreement with Jonathan D. Hoopes, dated as of October 1, 2009.

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