0001144204-12-002748.txt : 20120118 0001144204-12-002748.hdr.sgml : 20120118 20120118112827 ACCESSION NUMBER: 0001144204-12-002748 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20111116 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers FILED AS OF DATE: 20120118 DATE AS OF CHANGE: 20120118 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Net Element, Inc. CENTRAL INDEX KEY: 0001293330 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374] IRS NUMBER: 200715816 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-51108 FILM NUMBER: 12531344 BUSINESS ADDRESS: STREET 1: 1450 S. MIAMI AVE CITY: MIAMI STATE: FL ZIP: 33130 BUSINESS PHONE: 305-507-8808 MAIL ADDRESS: STREET 1: 1450 S. MIAMI AVE CITY: MIAMI STATE: FL ZIP: 33130 FORMER COMPANY: FORMER CONFORMED NAME: TOT Energy DATE OF NAME CHANGE: 20080514 FORMER COMPANY: FORMER CONFORMED NAME: Splinex Technology Inc. DATE OF NAME CHANGE: 20040609 8-K 1 v245681_8k.htm CURRENT REPORT Unassociated Document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):
November 16, 2011

Net Element, Inc.
(Exact name of registrant as specified in its charter)

Delaware
  
000-51108
  
20-0715816
(State or other jurisdiction
of incorporation)
  
(Commission
(File Number)
  
(I.R.S. Employer
Identification No.)

1450 S. Miami Avenue, Miami, FL
  
33130
(Address of principal executive offices)
  
(Zip Code)

Registrant’s telephone number, including area code:
(305) 507-8808

Not Applicable
Former name or former address, if changed since last report

 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 
 
Item 5.02  Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

As previously reported in the Form 8-K filed by Net Element, Inc. (the “Company”) with the Securities and Exchange Commission on August 19, 2011, on August 15, 2011, the Company implemented certain reductions and/or deferrals of the compensation of its Chief Executive Officer, Chief Financial Officer and other named executive officers as specifically described in that Form 8-K.

Effective November 16, 2011, the Company increased the compensation of its Chief Financial Officer and Chief Technology Officer and of the Chief Executive Officer of the Company’s subsidiary Openfilm, LLC, in each case as described below.  In addition, on December 31, 2011, the Company’s Chief Executive Officer, Mike Zoi, was paid the full amount of his compensation that was previously deferred, which totaled $150,000.  The annual base salary of the Company’s Chief Financial Officer, Jonathan New, was increased from approximately $56,000 per year to $112,000 per year.  The annual base salary of the Company’s Chief Technology Officer, Ivan Onuchin, was increased from $72,000 per year to $96,000 per year.  The annual base salary of the Chief Executive Officer of the Company’s subsidiary Openfilm, LLC, Dmitry Kozko, was increased from $48,000 to $96,000.

 
 
 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

   
NET ELEMENT, INC.
  
         
         
Date: January 18, 2012
  
By:
 /s/ Jonathan New  
   
Name:
Jonathan New
   
Title:
Chief Financial Officer