Departure of Directors or Certain

Effective June 30, 2017, the Board of Directors of Net Element, Inc. (theCompany) nominated and elected the following current independent directors to fill in the vacancies on the Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee of the Board of Directors, which vacancies resulted from the resignation, effective June 30, 2017, of William Healy:

(i) James Caan was elected, effective June 30, 2017, to serve as a member of the Audit Committee and the Compensation Committee;

(ii) Drew Freeman was elected, effective June 30, 2017, to serve as (A) a member of the Nominating and Corporate Governance Committee and (B) a new Chairman of the Compensation Committee;

(iii) Howard Ash was elected, effective Jun e 30, 2017, to serve as new Chairman of the Nominating and Corporate Governance Committee.

The Chairman of any committee of the Board (other than the Audit Committee) receives an annual retainer of $15,000, each member of the Audit Committee receives a supplemental annual retainer of $5,000, and each member of any other committee of the Board receives a supplemental annual retainer of $2,500. In addition, each independent director receives an annual award of such number of shares of Common Stock equal to $15,000 (pro rated for any partial calendar year for which a director serves).

Mr. Healys notice of resignation was previously disclosed in the Companys Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on June 9, 2017.

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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.

Dated: July 6, 2017

NET ELEMENT, INC.

By:

/s/ Jonathan New

Name:

Jonathan New

Title:

Chief Financial Officer

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Other recent filings from the company include the following:

Registration statement under Securities Act of 1933 - April 18, 2018
Net Element Reports Full-Year 2017 Financial Results And Provides Business Update - April 2, 2018
Net Element International Just Filed Its Annual Report: Net Loss per Sh... - April 2, 2018
Net Element International director just declared ownership of no shares of Net Element International - March 28, 2018
Net Element Appoints Seasoned Fintech Executive To Board Of Directors - March 26, 2018

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