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NETE > SEC Filings for NETE > Form 8-K on 13-Feb-2014All Recent SEC Filings

Show all filings for NET ELEMENT, INC.

Form 8-K for NET ELEMENT, INC.


Entry into a Material Definitive Agreement, Change in Directors or Principal Of

Item 1.01 Entry into a Material Definitive Agreement.

On February 11, 2014, Net Element, Inc. (the "Company") executed an Assignment of Membership Interest in favor of T1T Group, LLC ("T1T Group"). Pursuant to such assignment, the Company transferred to T1T Group all of the Company's Interests in T1T LAB, LLC in consideration for the Company being released from all of its obligations to T1T LAB, LLC (including the obligations to make capital contributions to T1T LAB, LLC). The Company previously owned ten percent (10%) of the membership interest in T1T LAB, LLC. Upon such assignment, the Company has no further interests or obligations to T1T LAB, LLC. Oleg Firer, previously appointed as an "Executive" of T1T LAB, LLC, resigned his position with that entity effective February 11, 2014.

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

On February 8, 2014, Dmitry Kozko, who was previously in charge of operations of certain entities which were recently divested by the Company, formally resigned as Director and Officer of the Company.

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