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

On January 15, 2009, the Board of Directors of Optionable, Inc. (the "Company") increased the number of the directors from three to four and appointed Andrew Samaan to fill the vacancy created by the expansion of the Board. There is no arrangement or understanding between Mr. Samaan and any other persons, naming Mr. Samaan, pursuant to which he was selected as a director. In addition, there is no family relationship between Mr. Samaan and any director, executive officer or person nominated or chosen by us to become a director or executive officer.

Mr. Samaan is an attorney with expertise in capital formation, transaction analysis, negotiation and execution. Mr. Samaan advises clients on corporate transactions, and various other transactions from both a financial and legal perspective. Mr. Samaan also advises entities and individuals involved in the sports industry on a variety of legal matters, including the representation of investor groups and owners in the acquisition and sale of minor league sports franchises. Aside from his expertise in representing investors and owners, Mr. Samaan has extensive experience in corporate transactional work. He has worked in excess of $5 billion in mergers and acquisitions transactions and issuance of corporate securities on behalf of U.S. and international corporations. Mr. Samaan has advised new media companies in capital formation, intellectual property matters and on-going operations.

Prior to joining Columbia Sports Group in October 2008 as Principal, Mr. Samaan worked in various high level positions from April 1998 to September 2008 for Venaca, Inc., a media technology company. Additionally, Mr. Samaan worked for Prudential Securities Inc. from May 1997 to April 1999, where he provided middle market companies with sell side, buy side and defense advisory services. Mr. Samaan also worked as a corporate securities lawyer in New York and London for Brown & Wood, LLP and provided counsel on the issuance of corporate securities to U.S. and international corporations.

Mr. Samaan earned a Bachelor of Arts degree in Political Science from Loyola College and his Juris Doctor/MBA from Fordham University. He is a member of the American Bar Association, the New York State Bar Association and the New York City Bar Association. Mr. Samaan is licensed to practice law in New York, Connecticut and the District of Columbia.

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