BOLLINGER INNOVATIONS, INC. — Director's Dealing 2016

Jun 14, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Net Element, Inc. (NETE)
CIK: 0001499961
Period of Report: 2016-06-13

Reporting Person: Firer Oleg (Director, Chief Executive Officer, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-06-13	Restricted Shares of Common Stock	A	954172	—	Acquired	1292238	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Restricted Shares of Common Stock	285715	Indirect

Footnotes

F1: Net Element, Inc. (the "Company") awarded to Oleg Firer, Chief Executive Officer of the Company, (i) 5,971,717 restricted shares of Common Stock of the Company (adjusted to 597,172 shares as a result of the reverse stock split of May 25, 2016), in lieu of, and in substitution of, Mr. Firer's previously earned accrued compensation, and (ii) 3,750,000 restricted shares of Common Stock of the Company (adjusted to 375,000 shares as a result of the reverse stock split of May 25, 2016), as bonus. Such awards are not pursuant to the Company's 2013 Equity Incentive Plan (as amended). Such awards are subject to and contingent upon the Company's stockholders' approval, which approval was obtained on June 13, 2016.

F2: As adjusted for a reverse stock split dated as of May 25, 2016.

F3: Oleg Firer is a managing member of Star Equities, LLC. Mr. Firer disclaims beneficial ownership of the securities held by Star Equities, LLC except to the extent of his pecuniary interest in such securities.