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NETE > SEC Filings for NETE > Form 8-K on 16-Sep-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.


16-Sep-2013

Change in Directors or Principal Officers


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

On September 11, 2013, the Board of Directors of Net Element International, Inc. (the "Company") approved the compensation of Oleg Firer, the Company's Chief Executive Officer (since April 16, 2013). Mr. Firer's base salary is $300,000 per annum payable in equal installments in accordance with the Company's regular payroll cycle. Mr. Firer is paid an additional $300,000 per annum payable quarterly. The Company also reimburses Mr. Firer for motor vehicle and other expenses in the sum of $26,000 per annum, payable in equal monthly installments. In addition, Mr. Firer is eligible to earn an annual bonus of up to $300,000 subject to achieving performance or other benchmarks approved by the compensation committee, and additional discretionary bonus in amounts determined from time to time by the compensation committee. As of the date of this Form 8-K, the compensation committee has not yet approved the performance criteria or other benchmarks for purposes of determining the annual bonus.

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