Search the web
Welcome, Guest
[Sign Out, My Account]
EDGAR_Online

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
NETE > SEC Filings for NETE > Form 8-K on 18-Mar-2013All Recent SEC Filings

Show all filings for NET ELEMENT INTERNATIONAL, INC. | Request a Trial to NEW EDGAR Online Pro

Form 8-K for NET ELEMENT INTERNATIONAL, INC.


18-Mar-2013

Entry into a Material Definitive Agreement, Termination of a Mate


Item 1.01 Entry into a Material Definitive Agreement.

On March 12, 2013, OOO TOT Money (which is a subsidiary of Net Element, Inc.) ("TOT Money") received a notice from MegaFon OJSC ("MegaFon") that, effective as of March 1, 2013, MegaFon was terminating that certain Contract No. CPA-86, dated as of September 1, 2012 (the "Original Agreement"), entered into between TOT Money and MegaFon, and replacing the Original Agreement with a new agreement (the "New Agreement") between TOT Money and MegaFon's subsidiary, ZAO MegaLabs ("MegaLabs"). Neither of the parties incurred any penalties in connection with the early termination of the Original Agreement.

On March 12, 2013, TOT Money entered into the New Agreement with MegaLabs. The New Agreement is dated as of March 1, 2013 and titled Contract No. CPA/ML-17. Both the Original Agreement and the New Agreement cover substantially the same subject matter. Pursuant to the New Agreement, TOT Money is using its mobile commerce payment platform to facilitate payments using SMS (short message services, which is a text messaging service) and MMS (multimedia message services) for MegaFon mobile phone subscribers. The initial term of the New Agreement is one year from its date of execution. Thereafter, the term of the New Agreement will be automatically extended for additional one-year periods unless either TOT Money or MegaLabs requires termination of the New Agreement at least 30 days before the then-current expiration date. MegaLabs has the right to terminate the Agreement in certain circumstances with at least seven calendar days' prior notice. TOT Money has the right to terminate the Agreement with at least 14 calendar days' prior notice.



Item 1.02 Termination of a Material Definitive Agreement.

The disclosures contained under Item 1.01 are incorporated herein by this reference.

  Add NETE to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for NETE - All Recent SEC Filings
Sign Up for a Free Trial to the NEW EDGAR Online Pro
Detailed SEC, Financial, Ownership and Offering Data on over 12,000 U.S. Public Companies.
Actionable and easy-to-use with searching, alerting, downloading and more.
Request a Trial      Sign Up Now


Copyright © 2014 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.