Summary of BEESFREE, INC. - Yahoo! Finance

Change in Directors or Principal Officers, Regulation FD Disclosure, Financial Sta

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

(d) On September 4, 2012, the Company announced the expansion of the Company's Board of Directors, effective August 30, 2012, from three to four members and the appointment of Paolo Denesi as a director to fill the vacancy on the Company's Board of Directors created by such expansion. There are no arrangements or understandings between Mr. Denesi and any other person pursuant to which Mr. Denesi was selected as a director. There are no family relationships between the Company and Mr. Denesi and the Company does not currently have any committees of the Board.

Since July 2009, Mr. Denesi has served as Vice President - Sales at Burmeister and Wain Energy A/S (BWE), Denmark. BWE is a worldwide technology leader for design of large ultrasupercritical boilers for coal, oil, gas and biomass, where he is responsible for sales, marketing and business development activities on a worldwide basis. From February 2006 until June 2009, Mr. Denesi served as Director of Sales and Proposal of Fata Hunter, a Division of Fata S.p.A. He received a degree in chemical engineering from the University of Rome - "La Sapienza" in July 1998.

In consideration for his services on the Board of Directors, Mr. Denesi will receive the following compensation:

· $1,500 per calendar quarter, pro rated for the existing quarter.

· Four-year options to purchase 50,000 shares of the Company's common stock with an exercise price equal to the closing price on the date of grant, 25,000 of which vested immediately upon the date of grant and 25,000 of which vest twelve months from the date of grant.

· Annual grants of options to purchase 25,000 shares of the Company's common stock on each one year anniversary of Mr. Denesi's appointment to the Board of Directors for as long as Mr. Denesi serves as a member of the Board of Directors. Such options vest twelve months from the date of grant, at an exercise price equal to the closing price on the date of grant. Such options shall be for a term of four years from the date of vesting.