BOLLINGER INNOVATIONS, INC. — Director's Dealing 2013

Oct 18, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Net Element International, Inc. (NETE)
CIK: 0001499961
Period of Report: 2013-08-01

Reporting Person: Piovanetti Francesco (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-08-01	Common Stock	P	920	$6.4510	Acquired	1155520	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Warrants	$7.50	2017-10-02	Common shares (3714000)	3714000	Indirect

Footnotes

F1: These shares of common stock, par value $0.0001 per share, of the Issuer (the "Shares") are held by Arco International Group LLC, a Puerto Rico limited liability company ("AIG").

F2: Mr. Piovanetti is the ultimate beneficiary of AIG and has voting control, investment discretion and dispositive power over the Shares held by AIG. As a result of the foregoing, Mr. Piovanetti may be deemed to have beneficial ownership (as determined under Section 13(d) of the Securities Exchange Act of 1934, as amended) of the Shares held by AIG.

F3: Mr. Piovanetti is the ultimate beneficiary of 1,155,520 Shares consisting of: (i) 1,150,000 shares of common stock held by Arco Group LLC ("Arco Group"); (ii) 4,600 shares of common stock held by Bond Street Management LLC; and (iii) 920 shares of common stock held by AIG. Mr. Piovanetti has a majority, controlling interest in Arco Group and, consequently, Mr. Piovanetti has voting control, investment discretion and dispositive power over the shares held by Arco Group. Mr. Piovanetti owns 25% of the outstanding equity interests in Bond Street Management LLC and he has voting control, investment discretion and dispositive power over the shares held by Bond Street Management LLC.

F4: Mr. Piovanetti is the ultimate beneficiary of 3,714,000 warrants of the Issuer with an exercise price of $7.50 per share and an expiration date of October 2, 2017, which are held by Arco Group.