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NETE > SEC Filings for NETE > Form 8-K on 23-Nov-2012All Recent SEC Filings




Change in Directors or Principal Officers, Financial Statements a

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

On November 16, 2012, Net Element International, Inc. (the "Company") entered into a Separation Agreement and General Release (the "Separation Agreement") with Richard Lappenbusch. Pursuant to the Separation Agreement, the Company and Mr. Lappenbusch acknowledged that Mr. Lappenbusch's position with the Company has been eliminated and that his employment terminated effective November 16, 2012. Mr. Lappenbusch was Executive Vice President and Chief Strategy Officer of the Company from October 2, 2012 until November 16, 2012, and was Executive Vice President and Chief Strategy Officer of the Company's predecessor, Net Element, Inc., from June 6, 2012 until October 2, 2012, and President and Chief Operating Officer of Net Element, Inc. from February 15, 2011 until June 6, 2012. Pursuant to the Separation Agreement, in full satisfaction of all other compensation otherwise owed to Mr. Lappenbusch, the Company paid to Mr. Lappenbusch as severance $99,284.20, less customary payroll deductions. In exchange for the consideration set forth in the Severance Agreement, Mr. Lappenbusch agreed to unconditionally release the Company and its affiliates, subsidiaries and other specified persons from all liabilities up until the date of execution of the Separation Agreement with respect to his employment or the termination of his employment.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.      Description
10.1             Separation Agreement and General Release, dated November 16,
                 2012, between Net Element International, Inc. and Richard

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