Document:

Exhibit 10.4

 

COMMERCIAL
LEASE

 

THIS LEASE
is made and entered into as of May 1, 2013 (the “Effective Date”), by and between BGC LLC, a Florida limited
liability company (“Landlord”) and Net Element International, Inc ., a Delaware corporation (“Tenant”)
(collectively, the “Parties”).

 

In consideration for
the payment of Rent hereinafter provided and the continuous performance by the Landlord and Tenant of every covenant and agreement
herein contained to be kept and performed (the performance of each one is declared to be an integral part of the consideration
to be paid by the Tenant), the Landlord does hereby lease, rent and demise unto the Tenant and the Tenant does hereby lease from
and of the Landlord the “Premises”, as hereinafter defined and more particularly described on Exhibit A, together
with the “Furniture”, as hereinafter defined and more particularly described on Exhibit B, contained therein,
all subject to the terms and conditions hereinafter set forth.

 

1.               DEFINED
TERMS. The following terms, as used in this Lease, shall have the following meanings in this Lease and all exhibits
and riders to this Lease.

 

1.1.            Services,
Utilities and Additional Rent. Notwithstanding anything to the contrary in the Lease, from and after the Effective Date until
the expiration of the Lease Term, Tenant shall be responsible for payment, at Tenant’s sole cost and expense, of all services
and utilities for the Premises, the Unit 705, Unit 706 and Unit 707, which services and utilities shall include, but not be limited
to, (a) air conditioning and heating; (b) electricity for the purposes of lighting and general office equipment use in amounts
consistent with Building standard electrical capacities; (c) telephone service; (d) internet service; and (e) direct TV. Subsections
(a), (b), (c), (d) and (e) shall constitute "Additional Rent". Landlord shall have the right to use the below referenced
services at no cost (except for long distance telephone service) in connection with Landlord’s use of its premises. Landlord's
use of the premises shall be limited to the use of telephone, direct TV and internet services and to use of the server room located
therein.

 

1.2.            Alterations:
Any alteration, addition, or improvement in or on or to the Premises of any kind or nature, including any improvements made
prior to Tenant’s occupancy of the Premises.

 

1.3.            Association:
The Office 163 Condominium Association, Inc., a Florida not for profit corporation.

 

1.4.            Base
Rent: The following amounts (which do not include sales tax):

 

	Period	 	Monthly Base Rent	 	 	Period Base Rent	 
	May 1, 2013 to December 31, 2013	 	$	16,800.00	 	 	$	134,400.00	 
	January 1, 2014 to December 31, 2014	 	$	17,640.00	 	 	$	211,680.00	 
	January 1, 2015 to December 31, 2015	 	$	18,522.00	 	 	$	222,264.00	 
	January 1, 2016 to December 31, 2016	 	$	19,448.10	 	 	$	233,377.20	 

 

    	 

    	 

    

  

1.5.            Building:
The building included within the Condominium Property and located at 3363 N.E. 163rd Street, North Miami Beach,
FL 33160.

 

1.6.            Condominium:
The Office 163 Condominium, according to the Declaration of Condominium thereof, recorded in Official Records Book 24574,
Page 4398 of the Public Records of Miami-Dade County, and all amendments thereto.

 

1.7.            Condominium
Act: The Florida Condominium Act (Chapter 718 of the Florida Statutes) as it exists as of the Lease Date of this Lease and
as may be hereafter amended.

 

1.8.            Condominium
Property: The land, all improvements on the land, and personal property subjected to the condominium form of ownership under
the Declaration of Condominium.

 

1.9.            Common
Elements: The “Common Elements” of the Condominium as defined in the Declaration of Condominium.

 

1.10.          Furniture:
The furniture designated on the attached Exhibit B, which is located within the Premises. The Furniture shall be returned
to Landlord at the end of the Lease Term in good condition, reasonable wear and tear excepted.

 

1.11.          Guarantor:
 Oleg Firer will guarantee all of Tenant’s obligations under this Lease by signing a Guaranty substantially similar
in form and content to the Guaranty attached as Exhibit C.

 

1.12.          Lease
Term: Tenant shall have and hold the Premises for a term from May 1, 2013 through December 31, 2016 (“Lease Term”)
commencing on the date (the “Commencement Date”) which is May 1st 2013, and shall terminate at midnight
on the last day of the Lease Term (the “Expiration Date”) which is December 31st 2016, unless sooner terminated
or extended as hereinafter provided.

 

1.13.          Premises
: 3363 NE 163 ST Suite 705, Suite 706 and Suite 707. The Premises are depicted in “red” in the attached Exhibit
A. Landlord reserves the right to install, maintain, use, repair, and replace pipes, ducts, conduits, risers, chases, wires,
and structural elements leading through the Premises in locations that will not materially interfere with Tenant’s use of
the Premises.

 

1.14.          Rent:
The Base Rent, plus all applicable sales, use or other taxes (including federal and state), and Additional Rent.

 

1.15.          Security
Deposit of $16,800.00 to be paid within 30 days of the execution of the lease; provided, however, Tenant shall increase such
Security Deposit by $1,000.00 at the end of each Period of the Lease Term.

 

1.16.          Unit:
The Unit shall mean Unit 705, Unit 706 and Unit 707 of the Condominium, as depicted in "red" in the attached Exhibit
"A".

 

2.               TERM.
Tenant shall have and hold the Premises for the Lease Term.

 

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3.                USE.
Tenant shall continuously use and occupy the Premises only for general office purposes directly related to the business conducted
by Tenant as of the Effective Date. Tenant shall not use, permit or suffer the use of the Premises for any other business or purpose.
Tenant shall conform to the Rules and Regulations of the Condominium as may be promulgated by the Association, any property manager
on behalf of the Association and the Landlord with respect to the Premises. In addition, Tenant shall comply with all laws, ordinances
and governmental regulations concerning the use of the Premises and shall not permit or suffer any illegal or improper act to
occur on the Premises.

 

4.               RENT.
Tenant shall pay to Landlord in lawful United States currency the Base Rent. The Base Rent for each Period shall be payable in
equal monthly installments, due on the first day of each calendar month, in advance, in legal tender of the United States of America,
without abatement, demand, deduction or offset whatsoever. One full monthly installment of Base Rent shall be due and payable
on the Effective Date and shall be applied to the first month's Base Rent, and a like monthly installment of Base Rent shall be
due and payable on or before the first day of each calendar month following the first calendar month after the Commencement Date
during the Lease Term hereof (provided, that if the Commencement Date should be a date other than the first day of a calendar
month, the monthly Base Rent installment paid on the date of execution of this Lease by Tenant shall be prorated to the first
calendar month, and the excess shall be applied as a credit against the next monthly Base Rent installment). Unless otherwise
expressly provided, all monetary obligations of Tenant to Landlord under this Lease, of any type or nature, other than Base Rent,
shall be denominated as Additional Rent. Except as otherwise provided, all Additional Rent shall be due and payable within ten
(10) days from Tenant’s receipt of an invoice from Landlord setting forth such costs. Tenant shall pay monthly to Landlord
any sales, use, or other tax (excluding state and federal income tax) now or hereafter imposed on any Rent due under this Lease
so long as such taxes are itemized in invoices presented by Landlord to Tenant.
All Rent shall be paid to Landlord without demand, setoff, or deduction whatsoever, except as specifically provided in this Lease,
at Landlord’ address as set forth in Section 28.1 of this Lease, or at such other place as Landlord shall designate in writing
to Tenant. Tenant’s obligations to pay Rent are covenants independent of the Landlord’s obligations under this Lease.

 

5.               TAXES
AND ASSESSMENTS. Landlord shall be responsible for the payment of the ad valorem and non-ad valorem taxes and special
assessments for the Premises and all assessments due to the Association during the Lease Term. Tenant acknowledges that Tenant
shall be responsible for the payment of all personal property taxes with respect to Tenant’s personal property located at
the Premises.

 

6.               ASSIGNMENT
OR SUBLETTING. Tenant may not transfer any of its rights under this Lease, voluntarily or involuntarily, whether by
merger, consolidation, dissolution, operation of law, or any other manner, without the prior written approval of Landlord, which
consent shall not be unreasonably withheld or delayed. Without limiting the generality of the foregoing, Tenant may not sublease,
assign, mortgage, encumber, permit the transfer of ownership or control of the business entity comprising Tenant, or permit any
portion of the Premises to be occupied by third parties without the prior written approval of Landlord, which consent shall not
be unreasonably withheld or delayed . Consent by Landlord to a transfer shall not relieve Tenant from the obligation to obtain
Landlord’s prior written consent to any further transfer. Tenant and Guarantor shall remain fully liable for all obligations
under this Lease following any such transfer. The joint and several liability of Tenant, Guarantor, and any successor in interest
of Tenant (by assignment or otherwise) under this Lease shall not in any way be affected by any agreement that modifies any of
the rights or obligations of the parties under this Lease or any waiver of, or failure to enforce, any obligation under this Lease.
Any transfer by Tenant in violation of this article shall, at Landlord’s option, be void. Landlord shall be permitted to
assign the Lease to any party, including a successor owner of the Unit in the event that Landlord elects to sell or convey the
Unit provided that: (a) Landlord notifies Tenant of such transfer and all relevant information
to serve notices to the successor in interest; and (b) Upon such assignment, all liabilities
and obligations on the part of the Landlord under this Lease accruing thereafter shall terminate, and thereupon all such liabilities
and obligations shall be binding upon the new owner. Tenant agrees to attorn to such new owner. Notwithstanding anything to the
contrary contained herein, provided Tenant is not in default hereunder beyond any applicable notice or cure period, Tenant shall
have the right, upon giving prompt written notice to Landlord, to assign this Lease or sublet all or any portion of the Premises
to any Affiliate (as hereinafter defined); provided, however, no such assignment or subletting shall relieve Tenant or Guarantor
of their obligations to Landlord hereunder. The term "Affiliate" shall mean any parent company or any subsidiary which
controls or is controlled by Tenant. The term "control" shall mean ownership of not less than fifty-one percent of the
voting rights attributable to the shares of the controlled company.

 

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7.               INSURANCE.
During the entire term of this Lease (including any extension or renewal period) Tenant, at its expense, shall keep in full force
and effect a comprehensive policy or policies of commercial general liability insurance and property damage insurance with respect
to the Premises and the business operated by Tenant in the Premises, in which the limits shall not be less than $2,000,000.00
combined single limit coverage of bodily injury, property damage or combination thereof and in an amount to cover one-hundred
percent (100%) of the replacement costs, without co-insurance, of all of Tenant’s property at the Premises. In addition,
Landlord reserves the right to reasonably require additional insurance in the event that Tenant's use of the Premises requires
Landlord to increase its insurance requirements. The policies shall contain an endorsement naming Landlord and any other person,
firm or corporation designated by Landlord as an additional insured, and shall contain a clause that the insurer will not cancel
or change the insurance without first giving Landlord thirty (30) days prior written notice. The insurance shall be issued by
insurers of recognized responsibility, licensed and doing business in the State of Florida, and having a BEST rating of A+ or
better; and a binder for such insurance shall be delivered to Landlord upon execution of this Lease, and a copy of the policy
or a certificate of insurance shall be delivered to Landlord prior to the Lease Date and whenever requested thereafter by Landlord.
At least thirty (30) days prior to each anniversary date of such insurance coverage, proof of that such insurance has been renewed
and payment thereof shall be delivered to Landlord so as to enable it to verify that the policy has been renewed and paid for
the next annual period. In the event Tenant fails to provide such evidence, or in the event of cancellation, termination or change
of such insurance, Landlord, after ten (10) days written notice to Tenant, may, but shall not be required to, procure such insurance
for Tenant and the cost thereof shall be charged as Additional Rent hereunder.

 

8.               DEFAULT.

 

8.1.            Events
of Default. Each of the following shall be a default under this Lease: (a) Tenant fails to make any payment of Rent within
seven (7) days after the date such Rent was due; (b) Tenant fails to perform any other terms, provisions or obligations of this
Lease and such failure continues for thirty (30) days after notice thereof in writing to Tenant by Landlord; (c) Tenant or any
Guarantor becomes bankrupt or insolvent or makes an assignment for the benefit of creditors or takes the benefit of any insolvency
act, or if any debtor proceedings be taken by or against Tenant or the Guarantor; (d) Tenant abandons the Premises,(e) Tenant
transfers this Lease in violation of the Assignment or Subletting article; or (f) Tenant fails to deliver an estoppel certificate
within the time period required by the Estoppel Certificates article of this Lease..

 

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8.2.            Remedies.
In addition to all remedies provided by law, if Tenant defaults under this Lease, Landlord may at
the expiration of all cure periods provided for herein by written notice to Tenant: (a) terminate
this Lease or (b) terminate Tenant’s right of possession of the Premises (without terminating this Lease). If Landlord terminates
this Lease or Tenant’s right of possession, Tenant shall remain liable for all Rent owed for the remainder of the Lease
Term, and Landlord may declare the entire balance of all forms of Rent due under this Lease for the remainder of the Lease Term
to be forthwith due and payable and may collect the then present value of the Rents (calculated using a discount rate equal to
the discount rate of the branch of the Federal Reserve Bank closest to the Premises in effect as of the date of the default).
In the event Landlord relets the Premises, Landlord shall account to Tenant, at the date of the expiration of the Lease Term,
for the net amounts (taking into consideration fair and reasonable: marketing/advertising costs, legal expenses, brokerage commissions,
“free rent”, moving costs, or other incentives granted, and the cost of improvements to the Premises required by replacement
tenants) actually collected by Landlord as a result of a reletting. If Landlord terminates this Lease or Tenant’s right
of possession in accordance with this Section, Landlord shall be entitled to reimbursement from Tenant of all collection costs,
including reasonable attorney’s fees. 

 

8.3.            Landlord’s
Right to Perform. If Tenant defaults and after all notice and cure periods have expired, Landlord may but shall have no obligation
to, perform the obligations of Tenant, and if Landlord, in doing so, makes any expenditures or incurs any obligation for the payment
of money, including reasonable attorneys’ fees, the sums so paid or obligations incurred shall be paid by Tenant to Landlord
within five (5) days of rendition of a bill or statement to Tenant therefor.

 

8.4.            Late
Charges and Interest. If any payment due Landlord under this Lease shall not be paid within five (5) days of the date when
due, Tenant shall pay, in addition to the payment then due, an administrative charge equal to the greater of (a) 5% of the past
due payments; or (b) $500. All past due payments due Landlord under this Lease shall bear interest at the highest rate of interest
permitted to be charged by applicable law, accruing from the date the obligation arose through the date payment is actually received
by Landlord.

 

8.5.            Limitations.
None of Landlord’s officers, employees, agents, directors, shareholders, partners, or affiliates shall ever have any personal
liability to Tenant under this Lease except for acts involving gross negligence.
No person holding Landlord’s interest under this Lease shall have any liability after such person ceases to hold such interest,
except for any liability accruing while such person held such interest. TENANT SHALL
LOOK SOLELY TO LANDLORD’S ESTATE AND INTEREST IN THE UNIT FOR THE SATISFACTION OF ANY RIGHT OR REMEDY OF TENANT UNDER THIS
LEASE, AND NO OTHER ASSETS OF LANDLORD SHALL BE SUBJECT TO LEVY, EXECUTION, OR OTHER ENFORCEMENT PROCEDURE FOR THE SATISFACTION
OF TENANT’S RIGHTS OR REMEDIES UNDER THIS LEASE, OR ANY OTHER LIABILITY OF LANDLORD TO TENANT OF WHATEVER KIND OR NATURE.
 Tenant waives any claims against Landlord that Tenant does not make in writing within 30 days of the onset of the
cause of such claim. Landlord and Tenant each waive all rights (other than rights under the End of Term article) to consequential
damages, punitive damages, or special damages of any kind. 

 

8.6.            Intentionally
Deleted.

 

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8.7.            Security
Interest. Tenant hereby grants to Landlord a lien and security interest on all property of Tenant now or hereafter placed
in or upon the Premises including, but not limited to, all fixtures, furniture, inventory, machinery, equipment, merchandise,
furnishings and other articles of personal property, and all proceeds of the sale or other disposition of such property (collectively,
the “Collateral”) to secure the payment of all Rent to be paid by Tenant pursuant to this Lease. Such lien
and security interest shall be in addition to any landlord’s lien provided by law. This Lease shall constitute a security
agreement under the Florida Uniform Commercial Code so that Landlord shall have and may enforce a security interest in the Collateral.
Tenant agrees to execute as debtor and deliver such financing statement or statements and any further documents as Landlord may
now or hereafter reasonably request to protect such security interest pursuant to such code. Landlord, as secured party, shall
be entitled to all rights and remedies afforded a secured party under such code, which rights and remedies shall be in addition
to Landlord’s liens and rights provided by law or by the other terms and provisions of this Lease.

 

9.               ALTERATIONS.
Tenant shall make no Alterations without the prior written consent of Landlord, which consent may not be unreasonably withheld
or delayed. Notwithstanding the foregoing, Landlord consent shall not be required for minor, non-structural Alterations to the
Premises that are not affixed to the Premises. All Alterations, if any, shall be made in good, workmanlike manner and in compliance
with applicable building and zoning codes and shall be made at Tenant’s own expense. Upon termination of the Lease, all
Alterations made by Tenant will remain the property of Tenant which Tenant will remove from the Premises within a reasonable period.
In addition, Tenant will repair all damage to the Premises caused by the removal of such Alterations at Tenant’s sole expense.
Except as expressly set forth in this Lease, Landlord shall not perform
any alterations, additions, or improvements in order to make the Premises suitable and ready for occupancy and use by Tenant and
Tenant shall accept possession of the Premises in its then “as-is”, “where-is” condition, without representation
or warranty of any kind by Landlord.

 

10.             LIENS.
The interest of Landlord in the Premises shall not be subject in any way to any liens, including construction liens, for Alterations
made by or on behalf of Tenant. This exculpation is made with express reference to Section 713.10, Florida Statutes. If any lien
is filed against the Premises for work or materials claimed to have been furnished to Tenant, Tenant shall cause it to be discharged
of record or properly transferred to a bond under Section 713.24, Florida Statutes, within ten (10) days after the filing of any
such lien. Further, Tenant shall indemnify, defend, and save Landlord harmless from and against any damage or loss, including
reasonable attorneys’ fees, incurred by Landlord as a result of any liens or other claims arising out of or related to work
performed in the Premises by or on behalf of Tenant. Tenant shall notify every contractor making improvements to the Premises
that the interest of the Landlord in the Premises shall not be subject to liens.

 

11.              ACCESS
TO PREMISES. Landlord and persons authorized by Landlord shall have the right, at all times 
upon reasonable notice to Tenant except in the case of an emergency or access to the server room,
to enter and inspect the Premises and to make necessary repairs and alterations . Any such
repairs and alterations shall be done in a manner that is least disruptive to Tenant’s business operations and scheduled
with advance notice to Tenant.

 

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12.             COMMON
ELEMENTS, SERVER ROOM AND MECHANICAL/AC ROOM. Tenant shall comply with the Rules and Regulations of the Association
provided by Landlord to Tenant in Tenant’s and Tenant’s employees, agents, successors and/or assigns use of the Common
Elements. Notwithstanding anything to the contrary herein, the server room and the general storage/mechanical/ac room identified
in the attached Exhibit “A” (“Server/Mechanical/AC Room”) are not part of the Premises and shall
at all times be subject to the exclusive control and management of Landlord. Tenant and Tenant’s employees, agents, successors
and/or assigns shall not have the right to access and/or use the Server/Mechancial/AC Room without the prior written consent of
Landlord. Notwithstanding anything to the contrary herein, Landlord and Landlord’s employees, agents, customers and invitees
shall have the right to use at any time, in common with Tenant, all interior hallways located within the Unit for the purpose
of accessing the Server/Mechanical/AC Room in the Condominium. Landlord may temporarily preclude access to the Premises in the
event of casualty, governmental requirements, the threat of an emergency such as a hurricane or other act of God, or if it is
absolutely necessary in order to prevent damage or injury to person or property. This Lease does not create, nor will Tenant have
any express or implied easement for, or other rights to, air, light, or view over, from, or about the Premises.

 

13.             CASUALTY
DAMAGE. If: (a) the Unit (whether or not including the Premises) or the Condominium (in accordance with the Declaration
of Condominium and the Condominium Act) is so damaged that substantial alteration or reconstruction of the Unit or the Condominium
is required (whether or not the Premises shall have been damaged by the casualty); or (b) the Premises shall be partially damaged
by casualty during the last two years of the Lease Term, and the estimated cost of repair exceeds 25% of the Base Rent then remaining
to be paid by Tenant for the balance of the Lease Term; Landlord may, within 90 days after the casualty, give written notice to
Tenant of Landlord’s election to terminate this Lease, and the balance of the Lease Term shall automatically expire on the
fifth day after the notice is delivered. If Landlord does not elect to terminate this Lease, Landlord shall proceed with reasonable
diligence to restore the Unit and the Premises to substantially the same condition they were in immediately before the happening
of the casualty. However, Landlord shall not be required to restore the Building, the Condominium, the lease premises, or any
portion of Tenant’s property. Rent shall abate in proportion to the portion of the Premises or the Unit not useable by Tenant
as a result of any casualty resulting in damage to the Building as of the date on which the Premises becomes unusable. Landlord
shall not otherwise be liable to Tenant for any delay in restoring the Premises or the Unit so
long as Landlord continuously uses best efforts and diligence in the restoration process or
any inconvenience or annoyance to Tenant or injury to Tenant’s business resulting in any way from the damage or the repairs,
Tenant’s sole remedy being the right to an abatement of Rent. 

 

14.             CONDEMNATION.
If the whole or any substantial part of the Premises shall be condemned by eminent domain or acquired by private purchase in lieu
of condemnation, this Lease shall terminate on the date on which possession of the Unit and/or Building is delivered to the condemning
authority and Rent shall be apportioned and paid to that date. Tenant shall have no claim against Landlord for the value of any
unexpired portion of the Lease Term, nor shall Tenant be entitled to any part of the condemnation award or private purchase price.
If this Lease is not terminated as provided above, Rent shall abate in proportion to the portion of the Premises condemned.

 

15.             REPAIR
AND MAINTENANCE. Tenant shall, at its sole cost, repair, replace and maintain the Premises, including, but not limited
to, the walls, ceilings and floors, except for major mechanical systems or the roof, damaged or worn through normal occupancy.
In addition, Tenant shall pay the cost of any repairs or maintenance resulting from negligent acts or omissions of Tenant, its
employees, agents, or contractors. Tenant shall also pay for the maintenance, repair and replacement of any specialized electrical,
plumbing, mechanical, fire protection, life safety and HVAC systems servicing the Premises that have been specifically requested
by Tenant exclusively for its use.. All replacements shall be of equal quality and class to the original items replaced. Tenant
shall not commit or allow to be committed any waste on any portion of the Premises.

 

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16.             ESTOPPEL
CERTIFICATES. From time to time, Tenant, on not less than fourteen days’ prior notice, shall execute and deliver
to Landlord an estoppel certificate in a form generally consistent with the requirements of institutional lenders and certified
to Landlord and any mortgagee or prospective mortgagee or purchaser of the Unit.

 

17.             SUBORDINATION.
This Lease is and shall be subject and subordinate to all mortgages that may now or hereafter affect the Unit, and to all renewals,
modifications, consolidations, replacements, and extensions of the mortgages. This article shall be self-operative and no further
instrument of subordination shall be necessary. However, in confirmation of this subordination, Tenant shall execute promptly
any reasonable certificate that Landlord may request to confirm such subordination. If the interest of Landlord under this Lease
is transferred by reason of or assigned in lieu of foreclosure or other proceedings for enforcement of any mortgage, or if this
Lease is terminated by foreclosure of any mortgage to which this Lease is subordinate, then Tenant will, at the option to be exercised
in writing by the purchaser or assignee, (a) attorn to it and will perform for its benefit all the terms of this Lease on Tenant’s
part to be performed with the same force and effect as if the purchaser or assignee were the Landlord originally named in this
Lease so long as the successor in interest agrees in writing to be bound by all the terms
and conditions of this Lease, or (b) enter into a new lease with the purchaser or assignee for
the remainder of the Lease Term and otherwise on the same terms as provided in this Lease.

 

18.              INDEMNIFICATION.
Landlord and Tenant shall each indemnify, defend, and save harmless the other party and the other party’s employees, agents,
and contractors from and against any and all loss, damage, claim, demand, liability, or expense (including reasonable attorneys’
fees) resulting from claims by third parties and based on any acts or omissions (specifically including negligence and the failure
to comply with this Lease) of the indemnitor, its employees, agents, and contractors in connection with the Unit, Premises and
Condominium, and only to the extent caused in whole or in part by acts or omissions of the indemnitor, its employees, agents,
and contractors, regardless of whether or not the claim is caused in part by any of the indemnified parties. When any claim is
caused by the joint acts or omissions of the indemnitor and the indemnified parties, the indemnitor’s duties under this
article shall be in proportion to the indemnitor’s allocable share of the joint liability.

 

19.             NO
WAIVER. The failure of a party to insist on the strict performance of any provision of this Lease or to exercise any
remedy for any default shall not be construed as a waiver. The waiver of any noncompliance with this Lease shall not prevent subsequent
similar noncompliance from being a default. No waiver shall be effective unless expressed in writing and signed by the waiving
party. No notice to or demand on a party shall of itself entitle the party to any other or further notice or demand in similar
or other circumstances. The receipt by Landlord of any Rent after default on the part of Tenant (whether the Rent is due before
or after the default) shall not excuse any delays as to future Rent payments and shall not be deemed to operate as a waiver of
any then existing default by Tenant or of the right of Landlord to enforce the payment of any other Rent reserved in this Lease
or to pursue eviction or any other remedies available to Landlord. No payment by Tenant, or receipt by Landlord, of a lesser amount
than the Rent actually owed under the terms of this Lease shall be deemed to be anything other than a payment on account of the
earliest stipulated Rent. No endorsement or statement on any check or any letter accompanying any check or payment of Rent will
be deemed an accord and satisfaction. Landlord may accept the check or payment without prejudice to Landlord’s right to
recover the balance of the Rent or to pursue any other remedy. It is the intention of the parties that this article modify the
common law rules of waiver and estoppel and the provisions of any statute which might dictate a contrary result.

 

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20.             SERVICES
AND UTILITIES. Landlord shall furnish the following services: (a) air conditioning and heating; (b) electricity for
the purposes of lighting and general office equipment use in amounts consistent with Building standard electrical capacities;
(c) telephone service; and (d) internet service. The costs of the provision of such services to the Premises shall be paid for
by Tenant as Additional Rent in accordance with Section 1.1 of this Lease. Tenant shall be responsible for all other utilities,
except those which are provided by the Association. Landlord shall have the right to select the Premises' electric, telephone
and internet service providers and to switch providers at any time. Tenant’s use of electrical services furnished by Landlord
shall not exceed, either in voltage, rated capacity, use, or overall load, that which Landlord deems to be standard for the Building,
or otherwise interfere with electrical services to Unit 705, Unit 706 and/or 707 of the Condominium or the Condominium. In no
event shall Landlord be liable for damages resulting from the failure of the services unless
same were caused by Landlord’s grossly negligent acts.. If at any time during the Lease
Term the Condominium has any type of access control system for the parking areas or the Building, Tenant shall purchase access
cards for all occupants of the Premises from Landlord at Landlord’s actual cost for
the said cards. Any interruption or failure in the delivery of services and utilities shall
in no manner entitle Tenant to any remedies including abatement of Rent unless the Landlord has failed or refused to exercise
its reasonable and best efforts to restore services and utilities in a reasonable time in light of the circumstances or event
causing the interruption. 

 

21.             PARKING
SPACES. In accordance with the Declaration of Condominium, Tenant shall be permitted the non-exclusive use, together with
Landlord and other owners and occupants of the Condominium, of the non-reserved automobile parking areas, driveways and footways
within the Condominium Property, all subject to the Rules and Regulations of the Association. In addition, Landlord agrees to
assign to Tenant nine (9) separated structured parking spaces reserved for the exclusive use of Tenant, its employees or agents
(the “Parking Spaces”). The Parking Spaces allocated by Landlord are indicated
on the attached Exhibit D . Tenant agrees upon request to provide Landlord with a list of license
plates, automobile makes and models for all vehicles operated by Tenant, its employees or agents and parked within the Parking
Spaces.

 

22.             SECURITY
DEPOSIT. The Security Deposit shall be paid by Tenant to Landlord within 30 days of the date this Lease is executed
by Tenant and Landlord, and the Security Deposit shall be stated on the books and records of the Landlord as security for Tenant’s
full and faithful performance of this Lease, including the payment of Rent. Tenant grants Landlord a security interest in the
Security Deposit. The Security Deposit may be commingled and/or used with other funds of Landlord and Landlord shall have no liability
for payment of any interest on the Security Deposit. .Landlord may apply the Security Deposit to the extent required to cure any
default by Tenant. If Landlord so applies the Security Deposit, Tenant shall deliver to Landlord the amount necessary to replenish
the Security Deposit to its original sum within five days after notice from Landlord. The Security Deposit shall not be deemed
an advance payment of Rent or a measure of damages for any default by Tenant, nor shall it be a defense to any action that Landlord
may bring against Tenant.

 

23.             GOVERNMENTAL
REGULATIONS. Tenant shall promptly comply with all laws, codes, and ordinances of governmental authorities.

 

    	9

    	 

    

  

24.             SIGNS.
Upon the written approval of Landlord, which approval shall not be unreasonably withheld or delayed, and upon the approval of
the Association, if applicable, Tenant may place a sign bearing its name on the Premises, provided all signage complies with the
Rules and Regulations of the Association and Landlord with respect to the Unit and all applicable laws, governmental regulations
and zoning ordinances. . Landlord hereby approves of all Tenant signage that is installed
as at the date of signing of this Lease.

 

25.             BROKER.
Landlord and Tenant acknowledge and agree that neither party has utilized the services of or dealt with any real estate broker
or real estate sales associate in connection with this Lease. Both parties agree that, if any broker makes a claim for a commission
based upon this Lease Landlord and Tenant shall indemnify, defend and hold one another harmless from any such claim.

 

26.             END
OF TERM. Tenant shall surrender the Premises to Landlord at the expiration or sooner termination of this Lease in good
order and condition, broom-clean, except for reasonable wear and tear. Tenant shall be liable to Landlord for all damages, that
Landlord may suffer by reason of any holding over by Tenant, and Tenant shall indemnify, defend, and save Landlord harmless against
all costs, claims, losses, or liabilities resulting from delay by Tenant in so surrendering the Premises, including any claims
made by any succeeding tenant founded on any delay. All Alterations, including HVAC equipment, wall coverings, carpeting and other
floor coverings, ceiling tiles, blinds and other window treatments, lighting fixtures and bulbs, built in or attached shelving,
built in furniture, millwork, counter tops, cabinetry, all doors (both exterior and interior), bathroom fixtures, sinks, kitchen
area improvements, and wall mirrors, made by Landlord or Tenant to the Premises shall become Landlord’s property on the
expiration or sooner termination of the Lease Term. On the expiration or sooner termination of the Lease Term, Tenant, at its
expense, shall remove from the Premises all moveable furniture, furnishings, equipment, and other articles of moveable personal
property owned by Tenant and located in the Premises that can be removed without damage to the Premises; provided, however, the
Furniture shall be returned to Landlord. Tenant, at its expense, shall also remove all computer and telecommunications wiring
and all non-standard Alterations to the Premises, including any vault, stairway, or computer room Alterations or any Alterations
involving roof, ceiling, or floor penetrations. Tenant shall repair any damage caused by the removal. Any items of Tenant’s
property that shall remain in the Premises after Tenant has vacated the Premises, may, at the option of Landlord, be deemed to
have been abandoned, and in that case, those items may be retained by Landlord as its property to be disposed of by Landlord,
without accountability to Tenant or any other party, in the manner Landlord shall determine, at Tenant’s expense.

 

27.             ATTORNEYS’
FEES. The prevailing party in any litigation arising out of or in any manner relating to this Lease, including the
declaration of any rights or obligations under this Lease, shall be entitled to recover from the losing party reasonable attorneys’
fees and costs.

 

28.             NOTICES.
Any notice to be given under this Lease may be given either by a party itself or by its attorney or agent and shall be in writing
and delivered by hand, by nationally recognized overnight air courier service (such as Federal Express), or by the United States
Postal Service, registered or certified mail, return receipt requested, in each case addressed to the respective party at the
addresses provided in this Section or such other addresses that either Party may direct in writing from time to time. A notice
shall be deemed effective upon receipt or the date sent if it is returned to the addressor because it is refused, unclaimed, or
the addressee has moved.

 

    	10

    	 

    

  

28.1.          Landlord’s
Notice Address. BGC LLC, a Florida limited liability company c/o Eduardo Namnum, 3363 N.E. 163rd Street,
Suite 805, North Miami Beach, Florida 33160.

 

28.2.          Tenant’s
Notice Address:  Net Element International, Inc.at the Premises.

 

29.             IMPOSSIBILITY
OF PERFORMANCE. For purposes of this Lease, the term “Unavoidable Delay” shall mean any delays due
to strikes, lockouts, civil commotion, war or warlike operations, terrorism, bioterrorism, invasion, rebellion, hostilities, military
or usurped power, sabotage, government regulations or controls, inability to obtain any material, utility, or service because
of governmental restrictions, hurricanes, floods, or other natural disasters, acts of God, or any other cause beyond the direct
control of the party delayed. Notwithstanding anything in this Lease to the contrary, if Landlord or Tenant shall be delayed in
the performance of any act required under this Lease by reason of any Unavoidable Delay, then provided notice of the Unavoidable
Delay is given to the other party within ten days after its occurrence, performance of the act shall be excused for the period
of the delay and the period for the performance of the act shall be extended for a reasonable period, in no event to exceed a
period equivalent to the period of the delay. The provisions of this article shall not operate to excuse Tenant from the payment
of Rent or from surrendering the Premises at the end of the Lease Term, and shall not operate to extend the Lease Term. Delays
or failures to perform resulting from lack of funds or the increased cost of obtaining labor and materials shall not be deemed
delays beyond the direct control of a party

 

30.             HOLDING
OVER. In the event Tenant remains in possession of the Premises after the expiration of the Lease Term without Landlord's
written consent, such tenancy shall be subject to all the provisions hereof, except that the monthly rental shall be two-hundred
percent (200%) of the Monthly Base Rent of the Lease Term for the last month of the last Period (the “Hold Over Rent”),
which Hold Over Rent shall be payable hereunder upon such expiration of the Lease Term. In the event Tenant remains in possession
of the Premises after the expiration of the Lease Term hereof, or any renewal term, without Landlord's written consent, Tenant
shall be a tenant at sufferance and may be evicted by Landlord, but Tenant shall be obligated to pay rent for such period that
Tenant holds over without written consent at the same rate provided in the previous sentence and shall also be liable for any
and all other damages Landlord suffers as a result of such holdover including, without limitation, the loss of a prospective tenant
for such space. Nothing in this Section shall be construed as a consent by Landlord for any holding over by Tenant after the expiration
of the Term hereof, or any renewal term.

 

31.         LANDLORD
COVENANTS. Landlord shall furnish services, utilities and facilities which are usual in this Building. Landlord covenants
that Tenant, shall peacefully and quietly have, hold and enjoy the Premises, subject to all of the terms and provisions of this
Lease. Notwithstanding anything to the contrary contained herein, if (i) Landlord ceases to furnish any service in the Building
which service is within Landlord's direct control, (ii) such cessation does not arise as a result of an act or omission of Tenant,
its agents, employees, contractors, licensees or invitees, (iii) such cessation is not caused by a fire or other casualty for
example, hurricane or other emergency, and (iv) as a result of such cessation, the Premises or a material portion thereof, is
rendered untenantable (meaning that Tenant is unable to use the Premises in the normal course of its business) and Tenant in fact
ceases to use the Premises or material portion thereof, then Tenant shall be entitled to an equitable abatement of Rent due hereunder
with respect to the period beginning on the day after the date on which the Premises are rendered untenantable and ending on the
date the Premises become tenantable. This provision relating to furnishing of services, utilities and facilities shall only apply
if Landlord has failed or refused to exercise its reasonable and best efforts to restore services and
utilities in a reasonable time in light of the circumstances or event causing the interruption. 

 

    	11

    	 

    

  

32.             GENERAL
PROVISIONS.

 

32.1.          Construction
Principles. The words “including” and “include” and similar words will not be construed restrictively
to limit or exclude other items not listed. This Lease has been negotiated “at arm’s-length” by Landlord and
Tenant, each having the opportunity to be represented by legal counsel of its choice and to negotiate the form and substance of
this Lease. Therefore, this Lease shall not be more strictly construed against either party by reason of the fact that one party
may have drafted this Lease. If any provision of this Lease is determined to be invalid, illegal, or unenforceable, the remaining
provisions of this Lease shall remain in full force, if the essential provisions of this Lease for each party remain valid, binding,
and enforceable. The parties may amend this Lease only by a written agreement of the parties. This Lease shall constitute the
entire agreement of the parties concerning the matters covered by this Lease. All prior understandings and agreements had between
the parties concerning those matters, including all preliminary negotiations, lease proposals, letters of intent and similar documents
are merged into this Lease, which alone fully and completely expresses the understanding of the parties. Landlord and Tenant intend
that faxed signatures constitute original signatures binding on the parties. This Lease shall bind and inure to the benefit of
the heirs, personal representatives, and, except as otherwise provided, the successors and assigns of the parties to this Lease.
Any liability or obligation of Landlord or Tenant arising during the Lease Term shall survive the expiration or earlier termination
of this Lease.

 

32.2.          Radon
Gas. The following notification is provided under Section 404.056(6), Florida Statutes: “Radon is a naturally occurring
radioactive gas that, when it has accumulated in a building in sufficient quantities, may present health risks to persons who
are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida.
Additional information regarding radon and radon testing may be obtained from the Miami-Dade County Health Department."

 

32.3.          No
Recording. The Parties agree that this Lease shall not be filed for record.

 

32.4.          Waiver;
Amendment. No failure to exercise and no delay in exercising any right or power under this Lease shall operate as a waiver
thereof. No modification or amendment of this Lease shall be valid and binding, unless it is in writing and signed by parties
hereto.

 

32.5.          Governing
Law. This Lease shall be construed in all respects according to the laws of the State of Florida, without application of conflict
of law principle.

 

32.6.          Captions.
The captions and defined terms contained in this Lease are for convenience of reference only and shall not affect the interpretation
or construction of the provisions of this Lease.

 

32.7.          Counterparts.
This Lease may be executed in counterparts, each of which shall be deemed an original and all of which shall together constitute
but one agreement.

 

32.8.          Binding
Effect. This Lease shall be binding upon and inure to the benefit of Landlord and Tenant and their respective successors,
assigns and legal representatives.

 

    	12

    	 

    

  

32.9.          Authority.
Each of the signatories executing this Assignment on behalf of Landlord or Tenant, as the case may be, does hereby personally
represent and warrant that Landlord or Tenant, as the case may be, is a duly organized and validly existing limited liability
company or corporation, that Landlord or Tenant, as the case may be, is qualified to do business in the State of Florida, and
that Landlord or Tenant, as the case may be, has full right, power and authority to enter into this Lease, and that each person
signing on behalf of Landlord or Tenant, as the case may be, is authorized to do so.

 

 

 

	IN WITNESS WHEREOF, this Lease has been executed
    on behalf of Landlord and Tenant as of the Date of this Lease.	 	 
	 	 	 
	WITNESSES:	 	LANDLORD:
	 	 	 
	 	 	BGC LLC, a Florida limited liability
    company 
	/s/ Shannon
    D. Ovalles	 	 
	Signature of Witness 1	 	By:	/s/
    Eduardo Namnom
	 	 	Print Name:
    	Eduardo Namnom
	Shannon
    D. Ovalles	 	Title:	Manager
	Print name of Witness 1	 	 
	 	 	Date Executed:	5/10/2013
	/s/
    Shawn Robinson	 	 
	Signature of Witness 2	 	 
	 	 	 
	Shawn Robinson	 	 
	Print name of Witness 2	 	 
	 	 	 
	 	 	TENANT:
	/s/ Emily
    English	 	 
	Signature of Witness 1	 	Net Element International , Inc., 
	 	 	a Delaware company 
	Emily English	 	 	 
	Print name of Witness 1	 	By:	/s/ Oleg Firer
	 	 	Print Name:	Oleg Firer
	/s/ Giovanni
    DiFedo	 	Title:	CEO
	Signature of Witness 2	 	 
	 	 	 
	Giovanni
    DiFedo	 	 
	Print name of Witness 2	 	Date Executed:	5/10/2013
	 	 	 	 	 	 

 

    	13

    	 

    

  

EXHIBIT
“A”

 

SKETCH OF PREMISES

 

    	14

    	 

    

 

 

 

    	 

    	 

    

  

EXHIBIT
“B”

 

FURNITURE

 

    	15

    	 

    

  

 

Exhibit B

Office Inventory

 

Executive Suites 705, 706, and 707 are tastefully appointed
with the furnishings listed below.

 

	RECEPTION	 
	Reception Desk	1
	Lounge Chair	2
	Table	2
	 	 
	OFFICE 1	 
	Bow Front Table with Curved Interior Access & Integrated Left Half-Return 72 x 42/18	1
	Left Dual Depth Table 30 x 24/18	1
	Freestanding Pedestal without Top / Box-Box-File	1
	Chrome Satin Handles - Code J	 
	Deluxe Arm Chair with Ratchet Back, Cantilever Arms and Platinum Angled Base	3
	Imagine Mid Back Manager Chair Black Leather with Chrome Base 	1
	 	 
	OFFICE 2	 
	Bow Front Table with Curved Interior Access & Integrated Left Half-Return 72 x 42/18	1
	Left Dual Depth Table 30 x 24/18	1
	Freestanding Pedestal without Top / Box-Box-File	1
	Chrome Satin Handles - Code J	 
	Metal Lateral File Cabinet - Chrome Satin Handles	1
	Executive High Back Black Leather Chair with Chrome Base	2
	 	 
	OFFICE 3	 
	Desk with Bow Front and Curved Interior Access	2
	Left Pedestal    (72 X 30/36)	 
	Air Grid Back Deluxe Task Chair with Leather Seat	1
	 	 
	OFFICE 4	 
	Bow Front Table with Curved Interior Access & Integrated Left Half-Return 66 x 42/18	1
	Executive High Back Black Leather Chair with Chrome Base	1
	 	 
	OFFICE 5	 
	Credenza with 2 Drawer Lateral File Cabinet and 2 Doors	1
	Right Dual Depth Table 30 x 24/18	1
	Air Grid Back Visitors Chair with Leather Seat, Fixed	1
	Bow Front Table with Curved Interior Access & Integrated Right Half-Return 72 x 42/18	1
	Freestanding Pedestal without Top / Box-Box-File	1
	Chrome Satin Handles - Code J	 
	Air Grid Back Deluxe Task Chair with Leather Seat	1

 

    	 

    	 

    

  

Exhibit B

Office Inventory

 

	OFFICE 6	 
	Bow Front Table with Curved Interior Access & Integrated Left Half-Return 72 x 42/18	1
	Left Dual Depth Table 30 x 24/18	1
	Bow Front Table with Curved Interior Access & Integrated Right Half-Return 66 x 42/18	1
	Right Dual Depth Table 30 x 24/18	1
	Freestanding Pedestal without Top / Box-Box-File	1
	Chrome Satin Handles - Code J	 
	Metal Lateral File Cabinet - Chrome Satin Handles	1
	Executive High Back Leather Chair 2	 
	 	 
	OFFICE 7	 
	Desk with Bow Front and Curved Interior Access	1
	Left Pedestal    (72 x 30/36)	 
	Credenza with 2 Drawer Lateral File Cabinet and 2 Doors	1
	Executive High Back Leather Chair 2	1
	Hutch for Credenza	1
	White Visitor Chair with Chrome Legs	2
	 	 
	CONFERENCE ROOM	 
	Credenza with 2 Drawer Lateral File Cabinet and 2 Doors	2
	Modular Table	1
	Philips 42" Plasma TV	1
	Imagine Mid Back Manager Chair Black Leather with Chrome Base	9
	 	 
	OFFICE 9	 
	Credenza with 2 Drawer Lateral File Cabinet and 2 Doors	1
	Desk with Bow Front and Curved Interior Access	1
	Left Pedestal    (72 x 30/36)	 
	Executive High Back Black Leather Chair with Chrome Base	1
	 	 
	OFFICE 10	 
	Metal Lateral File Cabinet - Chrome Satin Handles	3
	Desk with Bow Front and Curved Interior Access	1
	Left Pedestal    (72 x 30/36)	 
	 	 
	OFFICE 11	 
	Bow Front Table with Curved Interior Access & Integrated Left Half-Return 72 x 42/18	1
	Left Dual Depth Table 30 x 24/18	1
	Freestanding Pedestal without Top / Box-Box-File	2
	Chrome Satin Handles - Code J	 
	Bow Front Table with Curved Interior Access & Integrated Right Half-Return 66 x 42/18	1

 

    	 

    	 

    

  

Exhibit B

Office Inventory

 

	Right Dual Depth Table 30 x 24/18	1
	Credenza with 2 Drawer Lateral File Cabinet and 2 Doors	1
	 	 
	706 ENTRY	 
	Reception Desk 2	1
	Executive High Back Leather Chair 2	1
	 	 
	CLERK AREA	 
	Deluxe Arm Chair with Ratchet Back, Cantilever Arms and Platinum Angled Base	2
	Air Grid Back Visitors Chair with Leather Seat, Fixed	2
	Air Grid Back Deluxe Task Chair with Leather Seat	1
	Executive High Back Leather Chair 2	2
	 	 
	CEO OFFICE	 
	Credenza with 2 Drawer Lateral File Cabinet and 2 Doors	1
	Hutch for Credenza	1
	White Leather Sectional	1
	Round Meeting Table	1
	Brown Leather Task Chair with Chrome Base	4
	2 Drawer Cabinet with Glass Door	2
	4 Drawer Entertainment Table with Glass Top	1
	Hand Crafted Wood Chair	1
	Custom Executive Desk with Electronic Height Adjustment	1
	Dell 42" TV	4
	Apple TV	1
	Wine Refrigerator	1
	 	 
	SERVER ROOM	 
	All Crestron Automation Systems	 
	Samsung DCS 100	 
	5 Port GB Switch 	 
	 	 
	KITCHEN	 
	Refrigerator	2
	Table	1
	Chairs	4
	Microwave	2
	Toaster Oven	1

 

    	 

    	 

    

  

 

    	 

    	 

    

  

 

    	 

    	 

    

  

 

    	 

    	 

    

  

 

    	 

    	 

    

  

 

    	 

    	 

    

  

 

    	 

    	 

    

  

 

    	 

    	 

    

  

 

    	 

    	 

    

  

 

    	 

    	 

    

  

 

    	 

    	 

    

  

 

    	 

    	 

    

  

 

    	 

    	 

    

  

 

    	 

    	 

    

 

EXHIBIT
“C”

 

GUARANTY

 

THIS IS A GENERAL
GUARANTY WHICH IS ENFORCEABLE BY THE LANDLORD, ITS SUCCESSORS AND ASSIGNS. THIS IS ALSO AN ABSOLUTE AND UNCONDITIONAL GUARANTY.

 

The undersigned, jointly
and severally (together, the “Guarantor”), absolutely and unconditionally guaranty the prompt and full performance
and observance by Unified Payments, a Florida limited liability company (the “Tenant”), and by its legal representatives,
successors, and assigns, of all of the provisions to be performed by the Tenant under that certain Commercial Lease of even date
herewith (the "Lease"), between BGC LLC, a Florida limited liability company (the “Landlord”) and
Tenant for the use of the Premises, as defined in the Lease, located at 3363 N.E. 163rd St., North Miami Beach, Florida
33160, whether before, during, or after the Lease Term, as defined in the Lease. Each Guarantor represents and warrants that he
has a direct financial interest in Tenant and that he has received substantial consideration in exchange for making this Guaranty.

 

This is a guaranty
of payment and not collection and Landlord may proceed directly against any Guarantor without first proceeding with any remedies
against Tenant. This Guaranty shall not be impaired by, and Guarantor consents to, any modification, supplement, extension, or
amendment of the Lease to which the parties to the Lease may hereafter agree. Presentment, notice, and demand on Tenant or Guarantor
and subsequent dishonor are not conditions to proceeding against Guarantor.

 

In connection with
any suit, action, or other proceeding, including arbitration or bankruptcy, arising out of or in any manner relating to this Guaranty,
the successful or prevailing party or parties shall be entitled to recover reasonable attorneys’, paralegals’, and
legal assistants’ fees and disbursements (including disbursements which would not otherwise be taxable as costs in the proceeding)
and expert witness fees through and including all post-judgment and appellate levels.

 

Any legal action or
proceeding arising out of or in any way connected with this Guaranty shall be instituted in a court (federal or state) located
in the county in which the Premises are located, which shall be the exclusive jurisdiction and venue for litigation concerning
this Guaranty. Landlord and Guarantor shall be subject to the jurisdiction of those courts. The execution of this Guaranty and
performance of its obligations by Guarantor, for purposes of personal or long-arm jurisdiction, constitutes doing business in
the State of Florida under Section 48.193, Florida Statutes. In addition, Landlord and Guarantor waive any objection that they
may now or hereafter have to the laying of venue of any action or proceeding in those courts, and further waive the right to plead
or claim that any action or proceeding brought in any of those courts has been brought in an inconvenient forum. All payments
to be made by Guarantor under this Guaranty shall be payable at Landlord’s office at 3363 N.E. 163rd St., Suite
805, North Miami Beach, Florida 33160.

 

This Guaranty is a
continuing guaranty that shall be effective before the commencement of the Lease Term and shall remain effective following the
Lease Term, and any renewal thereof, as to any surviving provisions that remain effective after the termination of the Lease.
Guarantor’s obligations under this Guaranty shall also continue in full force and effect after any transfer of the Tenant’s
interest under the Lease, during any renewals or extensions of the Lease Term, and during any holdover by Tenant after expiration
of the Lease Term.

 

    	16

    	 

    

  

The liability of Guarantor
under this Guaranty shall in no way be affected, modified, or diminished by reason of (a) any assignment, renewal, modification,
amendment, or extension of the Lease, or (b) any modification or waiver of or change in any of the terms, covenants, and conditions
of the Lease by Landlord and Tenant, or (c) any extension of time that may be granted by Landlord to Tenant, or (d) any consent,
release, indulgence, or other action, inaction, or omission under or in respect of the Lease, or (e) any dealings or transactions
or matter or thing occurring between Landlord and Tenant, or (f) any bankruptcy, insolvency, reorganization, liquidation, arrangement,
assignment for the benefit of creditors, receivership, trusteeship, or similar proceeding affecting Tenant, or the rejection or
disaffirmance of the Lease in any proceedings, whether or not notice of the proceedings is given to Guarantor.

 

For purposes of this
Guaranty, on a default by Tenant under the Lease, the entire balance of all forms of Rent due under the Lease for the remainder
of the Lease Term may be declared to be forthwith due and payable as provided in the Lease notwithstanding any stay, injunction,
or other prohibition preventing a similar declaration as against Tenant and, in the event of any such declaration by Landlord,
all of the obligations (whether or not due and payable by Tenant) shall forthwith become due and payable by Guarantor under this
Guaranty.

 

If Landlord assigns
the Lease or sells the Unit, Landlord may assign this Guaranty to the assignee or transferee, who shall thereupon succeed to the
rights of Landlord under this Guaranty to the same extent as if the assignee were an original guaranteed party named in this Guaranty,
and the same rights shall accrue to each subsequent assignee of this Guaranty. If Tenant assigns or sublets the Premises, the
obligations of the Guarantor under this Guaranty shall remain in full force and effect.

 

From time to time,
Guarantor, on not less than five days’ prior notice, shall execute and deliver to Landlord an estoppel certificate in a
form generally consistent with the requirements of institutional lenders and certified to Landlord and any mortgagee or prospective
mortgagee or purchaser of the Premises and/or Unit. In addition, if requested, Guarantor shall provide any financial information
concerning Guarantor that may be reasonably requested by any mortgagee or prospective mortgagee or purchaser of the Unit.

 

(Remainder of page
intentionally left blank)

 

(Signatures and notary
acknowledgment appearing in the next page)

 

    	17

    	 

    

  

	Dated this ___ day of _________,
    2012	 	 
	 	 	 
	 	 	Oleg Firer, Guarantor
	 	 	 
	 	 	Guarantor’s address:
	 	 	 
	 	 	Guarantor’s Social Security No.

 

STATE OF FLORIDA            )

                                                   )
ss:

COUNTY OF MIAMI-DADE)

 

	The foregoing instrument was acknowledged before 	 	OFFICIAL NOTARIAL SEAL:
	me this ____ day of __________________, 2012, by 	 	 
	Oleg Firer, who is personally known to me or who 	 	 
	has produced _____________________________ as 	 	 
	identification.	 	 
	 	 	(type, print, or stamp name)
	 	 	NOTARY PUBLIC
	 	 	 
	 	 	My commission expires: __________________________
	 	 	 
	 	 	Commission No. _______

 

    	18

    	 

    

  

EXHIBIT
“D”

 

PARKING

 

    	19

    	 

    

 

EXHIBIT D

 

Parking Space 

 

Suites 705, 706, and 707 have the use of
nine (9) reserved parking spaces as illustrated below:

 

Parking Bumpers Labeled: PRIVATE 705

		-	Three (3) covered parking spaces located in the Garage on Level 3A

 

Parking Bumpers Labeled: PRIVATE 706

		-	Two (2) covered parking spaces in the Garage on Level 3A

		-	Four (4) covered parking spaces in the Garage on Level 3

 

Suite 707 has two (2) parking spaces which
are included in Suite 706 above for ease of reference as the parking bumpers are labeled PRIVATE 706.Exhibit 10.5

 

LEGALGURU RESTRUCTURING

BINDING TERM SHEET

May 10, 2013

 

	LegalGuru	LegalGuru, LLC
	NETE	Net Element International, Inc., formerly Net Element, Inc.
	Present Equity of LegalGuru	
        NETE - 70% common interest

        Lobos Advisors (Curtis Wolfe) - 30% common interest

	NETE Investment	$861,000
	Goal	Maximize NETE’s ability to recover the NETE investment while allowing LegalGuru to secure third party investment funds
	Restructuring Steps	
        STEP 1: Subject to conditions precedent set forth below under
        caption "Timing and Binding Effect," both Parties will sign this Term Sheet.

        STEP 2: Curtis Wolfe will solicit an investment term sheet(s)
        for investment in LegalGuru.

        STEP 3: LegalGuru will close on investment round. Concurrently
        with and subject to closing and funding to LegalGuru of a suitable 3rd party investment round (minimum $500,000; provided, however,
        that NETE may waive in writing such minimum requirement) pursuant to a bona fide term sheet described in STEP 2 (the "Closing"),
        parties will convert of NETE’s 70% common interest (70,000,000 membership units) in LegalGuru into the Series A Convertible,
        Preferred Interest with the principal amount/liquidation preference of $861,000. Such Preferred Interest shall (i) have no voting
        rights except as provided in the last sentence of this paragraph and except with respect to approval of any liquidation event,
        any bankruptcy, any dissolution and winding up and liquidation, any merger, consolidation or sale of all or substantially all of
        LegalGuru's assets or business; (ii) be ranked senior to any common equity (whenever issued) of LegalGuru; and (iii) shall be convertible
        into common interest in LegalGuru as set forth below. LegalGuru shall not issue any other preferred equity without NETE's prior
        written consent. The existing First Amended and Restated Limited Liability Company Agreement of LegalGuru, LLC will be amended
        and restated to reflect such provisions.

	Fund Raising:	Curtis Wolfe will be responsible for raising investment capital for the ongoing operations of LegalGuru (“Fund Raising”) within 90 days from the date of this Term Sheet and close on the investment round within a reasonable period of time thereafter.
	Series A Interest:	NETE’s Series A Convertible Preferred interest will be:  (i) at LegalGuru's option, redeemable in full (at any time until the date of conversion notice from NETE) for $861,000; and (ii) at NETE's option (at any time until redeemed in full) convertible into the common interest  membership units in LegalGuru as follows:

	 	Fund Raise
    Amount:	 	Percentage of NETE Common Equity
    Interest:
	 	 	 
	Less than $500,000 if NETE waives $500,000 minimum raise requirement	 	Percentage of all common equity in LegalGuru post-money (i.e., not dilatable by the amount of such fund raise) to be negotiated depending on the fund raise amount
	 	 	 
	$500,000 to $999,999.99	 	49% of all common equity in LegalGuru post-money (i.e., not dilatable by the amount of such fund raise)
		 	 
	$1,000,000 to $1,999,999	 	25% of all common equity in LegalGuru post-money (i.e., not dilatable by the amount of such fund raise)
	 	 	 
	$2,000,000 or more	 	12.5% of all common equity in LegalGuru post-money (i.e., not dilatable by the amount of such fund raise)
	 	 	 
		 	Provided, however, that any future 3rd party fund raises received by LegalGuru will dilute all holders of common equity in LegalGuru pro rata

 

    	 

    	 

    

 

	30-Day Option	During the period of thirty (30) days from the date this Term Sheet becomes binding, LegalGuru will have the option to redeem all (but not less than all) of NETE’s 70% common interest (70,000,000 membership units) in LegalGuru for $500,000.
	Studio	At the Closing, NETE will transfer to LegalGuru such studio related equipment, lighting, cameras, back grounds, computers and hard drives, each as listed on Exhibit A hereto.  LegalGuru can use the Studio space for its operations as long as NETE or EnerFund occupies the current space at 1450 South Miami Avenue, Miami, Florida.
	IP	At the Closing, NETE will assign to LegalGuru all right, title and interest to all intellectual property directly related to the LegalGuru platform, including all guru related domain names, each as listed on Exhibit B hereto.  
	Separation Agreement and General Release	Concurrently with the execution and delivery of this Term Sheet, Curtis Wolfe and Lobos Advisors shall execute and delivering to NETE the Separation Agreement and General Release attached hereto as Exhibit C (the "Release").  The Release shall contain full and complete release by Curtis Wolfe and Lobos Advisors and their respective affiliates in favor of NETE and its affiliates, directors, officers, employees, advisors and agents in exchange for (i) entering into this Term Sheet, (ii) issuance to Curtis Wolfe, after this Term Sheet becomes binding and effective (as set forth below under caption "Timing and Binding Effect") and after and subject to obtaining NETE's stockholders approval at the 2013 annual meeting of stockholders (to comply with Nasdaq rules), of Seventy-Five Thousand (75,000) unregistered shares of NETE common stock (Curtis Wolfe understands and acknowledges that any dispositions of such shares of stock will be subject to Rule 144 under the Securities Act of 1933), (iii) subject to this Term Sheet becoming binding and effective (as set forth below under caption "Timing and Binding Effect"), as soon as permissible under the applicable laws and regulations, including, without limitation, Rules 144 and 145 under the Securities Act of 1933, causing the removal of the restrictive legends from the shares of NETE common stock that are held by Curtis Wolfe as of the date hereof and (iv) if (a) NETE files any new registration statements for its common stock on Forms S-1 or S-3, (ii) at the time of such filing Curtis Wolfe continues owning (1) any of the shares of NETE common stock that are held by Curtis Wolfe as of the date hereof and (2) any of the newly-issued Seventy-Five Thousand (75,000) shares of NETE common stock (the shared in items (1) and (2) are referred to collectively as the "Subject Shares") and (iii) the Subject Shares are still subject to the restrictions under Rules 144 or 145 under the Securities Act of 1933 at the time NETE files any such new registration statements for its common stock on Forms S-1 or S-3, then Curtis Wolfe will have the right to request a piggy-back registration of the Subject Shares on the customary terms and conditions; in each case, subject to the terms and conditions set forth in the Release. 
	Timing and Binding Effect	This Term Sheet shall become binding and go into effect subject to (i) Curtis Wolfe and Lobos Advisors duly executing and delivering to NETE the Release and (ii) the revocation period set forth in the Release expires without the Release being revoked. 
	Termination of Amended and Restated Guru Joint Venture Agreement	The Amended and Restated Guru Joint Venture Agreement, dated as of December 31, 2011 (as such agreement may be amended, restated or modified through the date hereof, the "JV Agreement"), is hereby terminated and shall have no further force effective immediately upon this Term Sheet becoming binding (as set forth above).   For avoidance of doubt, upon such termination, any and all conversion rights, whether contained in the JV Agreement or any other agreements or documents to which Curtis Wolfe or LegaGuru are parties, of any interest into stock of Net Element, Inc. or its successors is terminated upon this Term Sheet becoming binding (as set forth above).  After such termination, Curtis Wolfe will not have any rights to any stock of NETE other than as described in the item (ii) of the paragraph captioned "Separation Agreement and General Release."

 

[Signatures are on next page.]

 

    	2

    	 

    

 

IN WITNESS WHEREOF, the parties hereto
have executed this Term Sheet on the date and year first above-written.

 

	NET ELEMENT INTERNATIONAL, INC.	 	LEGALGURU, LLC
	 	 	 
	By:  	/s/ Dmitry Kozko	 	By;	 /s/ Curtis Wolfe
	Name: Dmitry Kozko	 	Name:  Curtis Wolfe
	Title:  President	 	Title:  CEO
	 	 	 
	 	 	/s/ Curtis Wolfe
	 	 	Curtis Wolfe, personally

 

    	3

    	 

    

 

Exhibit A

 

List of Equipment

 

[Curtis to provide -
subject to D. Kozko review and approval]

 

none

 

    	4

    	 

    

 

Exhibit B

 

List of IP Directly Related to LegalGuru

 

[Curtis to provide -
subject to D. Kozko review and approval]

 

    	5

    	 

    

 

Exhibit C

 

Separation Agreement and General Release

 

[Attached hereto]

 

    	6

    	 

    

 

SETTLEMENT,
Separation Agreement and General Release

 

May 10, 2013

Curtis Wolfe

3042 Orange Street

Miami, FL 33133

lobosgp@bellsouth.net

 

Dear Curtis:

 

This Settlement, Separation
Agreement and General Release (this "Agreement"), upon your signature, will constitute the entire agreement by
and between you and Net Element International, Inc., a Delaware corporation and successor by merger to Net Element, Inc. (the "Company"),
on the terms of your separation from employment with the Company. For all purposes in this Agreement, the Company shall also include
its affiliates, subsidiaries, parents, and their respective present and former shareholders, officers, directors, members, employees,
representatives and agents.

 

Termination of Employment.
You acknowledge that your services to the Company are no longer required and that your employment terminated effective February
15, 2013 (the "Termination Date").

 

Settlement.

 

(a)           In consideration
of your acceptance of this Agreement, and in full satisfaction of any and all claims by you, your affiliates, Lobos Advisors, LLC
and its affiliates and Legal Guru, LLC, a Florida limited liability company, and its affiliates (other than the Company), with
respect to or against the Company or its affiliates and subsidiaries, including, without limitation, for any and all owed salary
and benefits through the Termination Date, the Company shall, after (i) you execute and deliver this Agreement and that certain
Legal Guru Restructuring Binding Term Sheet, dated May __, 2013, by and among you, the Company and LegalGuru, LLC (the "Term
Sheet") and (ii) the expiration of the seven (7) day revocation period set forth paragraph 12 below:

 

		(1)	execute and deliver the Term Sheet;

 

(2)           after
and subject to obtaining the Company's stockholders approval at the 2013 annual meeting of stockholders (to comply with Nasdaq
rules), issue to you Seventy-Five Thousand (75,000) unregistered shares of the Company's common stock (you understand and acknowledge
that any dispositions of such shares of stock will be subject to Rule 144 under the Securities Act of 1933);

 

		(2)	as soon as permissible under the applicable laws and regulations, including, without limitation,
Rules 144 and 145 under the Securities Act of 1933, cause to remove the restrictive legends from the shares of the Company's common
stock that are held by you as of the date hereof; and

 

    	Page 1 of 7

    	 

    

 

		(3)	if (i) the Company files any new registration statements for its common stock on Forms S-1 or S-3,
(ii) at the time of such filing you continue owning (1) any of the shares of the Company's common stock that are held by you as
of the date hereof and (2) any of the newly-issued Seventy-Five Thousand (75,000) shares of NETE common stock (the shared in items
(1) and (2) are referred to collectively as the "Subject Shares") and (iii) the Subject Shares are still subject
to the restrictions under Rules 144 or 145 under the Securities Act of 1933 at the time the Company files any such new registration
statements for its common stock on Forms S-1 or S-3, then you will have the right to request a piggy-back registration of the Subject
Shares on the customary terms and conditions.

 

You acknowledge that
the Settlement Amount represents more than you would otherwise be entitled to receive either under law or under the Company policy.
You acknowledge and agree that the Settlement Amount constitutes good and sufficient consideration for this Agreement.

 

(b)          The Company will
issue a W-2 form at the appropriate time for payment. You will receive a separate written notice, known as COBRA notice, regarding
your ability to continue at your expense your health and dental coverage under the Company's group plans.

 

(c)          You represent
that none of you, your affiliates, Lobos Advisors, LLC and its affiliates or Legal Guru, LLC and its affiliates (other than the
Company), will make any claim for any other amounts of money, additional wages (including overtime), paid time off, bonuses, and
other benefits and compensation to which you, your affiliates, Lobos Advisors, LLC and its affiliates or Legal Guru, LLC and its
affiliates (other than the Company) were or may have been entitled by virtue of your employment or any other association with the
Company or termination thereof except for those expressly described in this Agreement. You will not receive the payments described
in this paragraph 2 if you (i) do not sign this Agreement, (ii) rescind this Agreement after signing it, or (iii) violate any of
the terms and conditions set forth in this Agreement.

 

General Releases.

 

(b)           In exchange
for the consideration set forth in paragraph 2 above, each of you and each of your affiliates, Lobos Advisors, LLC and its affiliates
or Legal Guru, LLC and its affiliates (other than the Company) (collectively, the “Releasing Parties”), agree
unconditionally to waive, release, forever discharge, covenant not to sue with respect to, and to hold each of the Company, and
its affiliates, subsidiaries, parents, present and former shareholders, partners, members, managers, officers, directors, employees,
representatives, attorneys and agents (each, a “Released Party” and, collectively, the “Released Parties”)
harmless against, the assertion of each and every action, claim, right, or demand of any kind or nature, known or unknown, in law
or equity, contract or tort and however originating or existing which you have or may have against any of the Released Parties,
including, without limitation, with respect to your employment or the termination of your employment, with respect to LegalGuru,
LLC and any agreements and documents pertaining to it (other as set forth in the Term Sheet), with respect to any funding obligations
to LegaGuru, LLC, and otherwise. This includes, without limitation, all claims made to the Company by you any and all claims, rights,
actions, liabilities or demands of whatsoever nature which might be raised pursuant to any constitution, law, regulation, ordinance,
statute, or common law theory or other authority, whether in tort, contract, equity or otherwise, including, but not limited to,
Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. Section 1981, the Employee Retirement Income Security Act of 1974,
as amended, the Family and Medical Leave Act, the Americans with Disabilities Act of 1990, Fair Labor Standards Act, the Florida
Civil Rights Act, the Florida Whistle-Blower's Act, Fla. Stat. Section 440.205, the Age Discrimination in Employment Act, the Older
Worker Benefit Protection Act, the National Labor Relations Act, the Fair Credit Reporting Act, the Immigration Reform Control
Act, Executive Order 11246; the Occupational Safety and Health Act, the Equal Pay Act, the Uniformed Services Employment and Reemployment
Rights Act, the Worker Adjustment and Retraining Notification Act, the Employee Polygraph Protection Act, the United States Constitution,
the Florida Constitution, any state or federal anti-discrimination, consumer protection and/or trade practices act, and any local
laws, including any local ordinances, together with any expenses, costs and attorney's fees which might be raised pursuant to the
above stated laws. You expressly intend this release to reach to the maximum extent provided by law.

 

    	Page 2 of 7

    	 

    

 

(c)           In consideration
of your acceptance of this Agreement and the covenants set forth in Section 3(a) above, each of the Company, its directors and
officers agree unconditionally to waive, release, forever discharge, covenant not to sue with respect to, and to hold each of the
Releasing Parties harmless against, the assertion of each and every action, claim, right, or demand of any kind or nature, known
or unknown, in law or equity, contract or tort and however originating or existing which the Company now has or may have against
any of the Releasing Parties. The covenants and releases set forth in this paragraph 3(b) shall not apply to any obligations of
the Releasing Parties hereunder, under the Term Sheet and under any future documents that the parties may enter into.

 

(d)           On or after
December 31, 2013, (i) you shall have the right to terminate, by a written notice to the Company, the covenants and releases set
forth in paragraph 3(a) above and (ii) the Company shall have the right to terminate, by a written notice to you, the covenants
and releases set forth in paragraph 3(b) above if and only if, in each case, the Company fails to issue to you Seventy-Five Thousand
(75,000) unregistered shares of the Company's common stock prior to December 31, 2013. Any such termination shall not affect the
force and effect of the Term Sheet and of all other provisions of this Agreement.

 

Legal Proceedings.
You, individually and on behalf of each of the Releasing Parties, warrant that neither you nor any of the Releasing Parties have
filed any legal proceeding, whether in court or with an administrative agency, nor you or any of the Releasing Parties have made
any assignment to anyone of any claims against any of the Released Parties. This Agreement is intended to be a full and complete
release of all claims against each Released Party. If you or any of the Releasing Parties nevertheless initiate a lawsuit against
any of the Released Parties in violation of this Agreement and receive monies therefrom, the Company shall be entitled to a set
off in the amounts you have received or are entitled to receive under this Agreement.

 

Prospective Employers.
The parties agree that any prospective employers who contact the Company for a reference will be advised of your dates of employment,
your job title and rate of pay. You agree that you will advise prospective employers to contact Katie Kezua on kkezua@netelement.com
and/or +1-305-507-8808 for any reference.

 

Non-Admission.
The parties further acknowledge that nothing in this Agreement constitutes an admission by the parties of any improper or unlawful
act(s) or of any (a) violation of any statute, regulation, or other provision of statutory, regulatory, or common law, (b) breach
of contract, or (c) commission of any tort. The parties forever waive all rights to assert that this Agreement was the result of
a mistake in law or in facts.

 

    	Page 3 of 7

    	 

    

 

Non-Disparagement;
Confidentiality.

 

(e)           From the time
of your execution of this Agreement, (i) you and your affiliates agree to refrain from making any negative or disparaging comments
about any of the Released Parties to anyone and (ii) the Company and its directors and officers agrees to refrain from making any
negative or disparaging comments about you to anyone.

 

(f)           From the time
of your execution of this Agreement, the Company, on the one hand, and you or anyone else acting on your behalf, on the other hand,
shall not disclose, either directly or indirectly, any information whatsoever regarding any of the terms of, or the existence of
this Agreement, or the fact that the Company is paying any Settlement Amount to you, or the amount of said payment. This confidentiality
provision shall not apply to any disclosure of this Agreement by (i) the Company to its representatives and advisors on a need
to know basis and (ii) you to your attorneys, accountant, or other bona fide tax adviser, or any bona fide financial planner you
have employed, but you shall inform each of them of the confidentiality of this Agreement, and they shall be similarly bound.

 

Information.
By signing this Agreement, you acknowledge and agree that you have had access in your employment with the Company to confidential
and proprietary information, and further acknowledge and agree that the release or disclosure of any confidential or proprietary
information will cause the Company or any other Released Party irreparable injury. By signing this Agreement, you acknowledge that
you have not directly or indirectly used or disclosed, and agree that you will not at any time directly or indirectly use or disclose,
to any other entity or person, directly or indirectly, any confidential or proprietary information of the Company or any other
Released Party. For purposes of this Agreement, the term "confidential or proprietary information" shall include, but
not be limited to, strategies, analyses, forecasts, formulas, drawings, photographs, reports, records, computer software (whether
or not owned by, or designed for, the Company or its affiliates), other operating systems, applications, program listings, flow
charts, manuals, documentation, data, databases, specifications, technology, inventions, new developments and methods, improvements,
techniques, trade secrets, devices, products, methods, know-how, processes, financial data, executive information, regulatory matters,
personnel matters, accounting and business methods, customer lists and information pertaining to customer or client lists, donor
lists, contact lists, and information about the personal or business affairs of the Company or any other Released Party. However,
you may disclose Confidential Information only to the extent you are required to disclose such Confidential Information by law.

 

Return of Property.
As of the Termination Date, you shall return all documents and materials that were in your possession or control relating to the
business of, or the services provided by, the Company or its affiliates. By signing this Agreement, you acknowledge and agree that
all documents and materials relating to the business of, or the services provided by, the Company or its affiliates are the sole
property of the Company or its affiliates. By signing this Agreement, you further agree and represent that you have returned and/or
shall return by the Termination Date to the Company all of its property, including but not limited to, all customer records and
other documents and materials, whether on computer disc, hard drive or other form, and all copies thereof, within your possession
or control, which in any manner relate to the business of or the duties and services you performed.

 

    	Page 4 of 7

    	 

    

 

Remedies. You
agree that any breach by you of any of the provisions of paragraphs 7, 8 or 9 of this Agreement will cause irreparable harm to
the Company or its affiliates that could not be made whole by monetary damages and that, in the event of such a breach, you will
waive the defense in any action for specific performance that a remedy at law would be adequate, and the Company or its affiliates
will be entitled to specifically enforce the terms and provisions of paragraphs 7, 8 or 9 of this Agreement without the necessity
of proving actual damages or posting any bond or providing prior notice, in addition to any other remedy to which the Company or
its affiliates may be entitled at law or in equity. In addition, in the event of any breach by you of any of the provisions of
paragraphs 7, 8 or 9 of this Agreement, you shall repay the Settlement Amount set forth in paragraph 2.

 

Notice of Right
to Consult Attorney and Twenty-One (21) Day Consideration Period. By signing this Agreement, you agree and certify that (i)
you have carefully read and fully understand all of the provisions of this Agreement, (ii) you understand and agree that you are
and have been allowed a reasonable period of time (up to 21 days) from receipt of this Agreement to consider the terms hereof before
signing it; (ii) you have been encouraged and you are advised in writing, by this Agreement, to consider the terms of this Agreement
and consult with an attorney of your choice before signing this Agreement and you have done so, or chosen not to do so of your
own accord; and (iii) you agree to the terms of this Agreement knowingly, voluntarily, and without intimidation, coercion, or pressure,
and intend to be legally bound by this Agreement.

 

Revocation Period.
You may revoke this Agreement within the seven (7) day period following its execution by you. Any revocation must be submitted,
in writing, to Katie Kezua on kkezua@netelement.com and must state, “I hereby revoke my acceptance of my Agreement.”
If the last day of either revocation period is a Saturday, Sunday or legal holiday recognized by the State of Florida, then such
revocation period shall not expire until the next following day which is not a Saturday, Sunday or legal holiday. You acknowledge
and agree that the general release in this Agreement includes a WAIVER OF ALL RIGHTS AND CLAIMS you may have under the Age
Discrimination in Employment Act of 1967 (29 U.S.C. §621 et seq.), as amended by the Older Workers’ Benefit Protection
Act, and that this waiver is knowing and voluntary. You further acknowledge that you have been advised in writing by this Agreement
that you have a maximum of seven (7) days following the execution of this Agreement to revoke this Agreement and that this Agreement
shall not become effective until the revocation period has expired.

 

Expiration of Offer.
The offer contained in this Agreement shall expire at 5:00 p.m. on the twenty-second (22nd) day after you receive it,
not counting the date of receipt. If the Company has not received a signed original of this Agreement from you by that time, this
offer will be automatically revoked.

 

Entire Agreement;
Modifications. This Agreement constitutes the entire agreement and understanding between the parties with respect to the subject
matter hereof and all prior negotiations regarding any wages or compensation are merged into this Agreement. This Agreement may
not be modified except as may be set forth in writing and executed by the parties hereto. The parties acknowledge that there are
no other promises, agreements, condition, undertakings, warranties, or representation, oral or written, express or implied, between
them other than as set forth herein.

 

    	Page 5 of 7

    	 

    

 

Governing Law and
Venue. This Agreement shall be construed, enforced and interpreted in accordance with the laws of the State of Florida and
venue for any action to enforce or construe the Agreement shall be in Miami-Dade County, Florida. Should any action be brought
regarding the enforceability of the Agreement, the prevailing party shall be entitled to recover its reasonable attorney's fees
and costs, including any fees and costs of appeal.

 

Enforceability.
If one or more paragraph(s) of this Agreement shall be ruled unenforceable, the Company may elect to enforce the remainder of the
Agreement. This Agreement may be executed in two or more counterparts, each of which will take effect as an original and all of
which shall evidence one and the same agreement.

 

Counterparts.
This Agreement may be executed and delivered (including by facsimile transmission) in one or more counterparts, and by the different
parties hereto in separate counterparts, each of which when executed and delivered shall be deemed to be an original but all of
which taken together shall constitute one and the same agreement. Copies of executed counterparts transmitted by telecopy or other
electronic transmission service shall be considered original executed counterparts.

 

After you have reviewed
this Agreement and obtained whatever advice and counsel you consider appropriate regarding it, please evidence your agreement to
the provisions set forth in this Agreement by dating and signing this Agreement in the presence of a witness. The witness should
also date and sign in the spaces provided for the witness. You should keep a copy of this Agreement for your records.

 

[Signatures are on next page.]

 

    	Page 6 of 7

    	 

    

 

NET
ELEMENT INTERNATIONAL, INC.

 

	By:	 	 
	Name:  Dmitry Kozko	 
	Title: President	 

 

ACKNOWLEDGMENT AND SIGNATURE

 

By signing below, I acknowledge and agree
that I have read this Settlement, Separation Agreement and General Release carefully. I understand all of its terms. In signing
this Settlement, Separation Agreement and General Release I have not relied on any statements or explanations except as specifically
set forth in this Settlement, Separation Agreement and General Release. I have had adequate time to consider whether to sign this
Settlement, Separation Agreement and General Release and am voluntarily and knowingly releasing my claims against the Released
Parties (as defined in paragraph 3 of this Settlement, Separation Agreement and General Release) as set forth herein. I intend
this Settlement, Separation Agreement and General Release to be legally binding.

Date I received this Separation Agreement and General Release:
May 10, 2013.

 

Accepted this 10th day of May, 2013.

 

	Employee:	 	 
	 	Curtis Wolfe, individually and on behalf of each of  his affiliates, Lobos Advisors, LLC and its affiliates and Legal Guru, LLC and its affiliates (other than the Company)	 

 

	Witness: 	 	 
	 	 	 
	(Print Name):	 	 
	 	 	 
	Date:	 	 

 

 

    	Page 7 of 7

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