Document:

Exhibit 10.6 

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.

 

1.           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").

 

2.           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 10, 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

 

    	 

    	 

    

 

 

		(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.

 

3.          General
Releases.

 

(a)          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

    	 

    

 

(b)          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.

 

(c)          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.

 

4.          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.

 

5.          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.

 

6.          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

    	 

    

 

7.           Non-Disparagement;
Confidentiality.

 

(a)          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.

 

(b)          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.

 

8.          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.

 

9.          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

    	 

    

 

10.         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.

 

11.         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.

 

12.         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.

 

13.         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.

 

14.         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.

 

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15.         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.

 

16.         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.

 

17.         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:	s/ Dmitry Kozk	 
	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:	/s/ Curtis Wolfe	 
	 	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: 	/s/ Natalia Elparin	 
	 	 	 
	(Print Name):	Natalia Elparin	 
	 	 	 
	Date:	May 10, 2013	 

 

    	Page 7 of 7Exhibit 10.7

 

PROMISSORY
NOTE

 

	US $2,000,000	Effective Date:  May 13, 2013
	 	Executed and Delivered in Moscow,
	 	Russia

 

FOR VALUE RECEIVED,
the undersigned, Net Element International, Inc., a Delaware corporation ("Maker"),
does hereby promise to pay to the order of K 1 Holding Limited, a company organized
under the laws of British Virgin Islands ("Holder"), the principal sum of TWO MILLION AND 00/100 U.S. DOLLARS
(US $2,000,000) on the terms set forth herein.

 

1.          Maximum
Interest Rate. There shall be no interest under this Note (this "Note"). If, however, any interest is
imputed to the indebtedness hereunder, then if any such applicable interest rate exceeds the maximum rate of interest permitted
by applicable law during any period that this Note is outstanding, such interest rate shall be automatically reduced, without any
further action by Maker or Holder, to equal the maximum interest rate permitted by applicable law during such period. For purposes
of this Note, the maximum rate of interest permitted by applicable law shall mean the maximum rate of interest that may be contracted
for, charged, taken, reserved or received under the laws of the State of Florida or applicable federal law (whichever permits the
higher rate) after taking into account, to the extent required by applicable law, any and all relevant payments or charges.

 

2.          Payment.
All sums payable by Maker hereunder shall be payable to Holder by wire transfer to the bank account as Holder may designate from
time to time in writing, in currency as shall be legal tender at the time of payment for the payment of public and private debts
in the United States of America. The entire outstanding principal balance of this Note shall be paid in full in a single payment
no later than May 14, 2015 (the "Maturity Date"), subject to paragraphs 3 and 4 below.

 

3.          Prepayment.
This Note may be voluntarily prepaid by Maker in whole or in part at any time or from time to time without penalty or charge. Any
partial prepayment made with respect to this Note shall reduce the outstanding principal balance hereunder.

 

4.          Acceleration
Upon Event of Default. The entire unpaid principal balance of this Note shall become immediately due and payable upon the
occurrence of any of the following events (each, an "Event of Default"):

 

(a)          Maker
shall: (i) apply for or consent to the appointment of a receiver, trustee, liquidator, or custodian of itself or of all or a substantial
part of its property, (ii) admit in writing its inability, to pay its debts generally as they mature, (iii) make a general assignment
for the benefit of any of its creditors, (iv) be dissolved or liquidated in full or in part, (v) commence a voluntary case or other
proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency,
or other similar law now or hereafter in effect or consent to any such relief or to the appointment of or taking possession of
its property by any official in an involuntary case or other proceeding commenced against it, or (vi) take any action for the purpose
of effecting any of the foregoing; or

 

    	 

    	 

    

 

(b)          Maker
seeks the appointment of a receiver, trustee, liquidator, or custodian of Maker or of all or a substantial part of the property
thereof, or an involuntary case or other proceedings seeking liquidation, reorganization, or other relief with respect to Maker
or the debts thereof under any bankruptcy, insolvency, or other similar law or hereafter in effect shall be commenced and an order
for relief entered or such proceeding shall not be dismissed or discharged within sixty (60) days of commencement; or

 

(c)          Maker
fails to pay the principal amount under this Note when due and payable (whether on the Maturity Date or due to an Event of Default)
and such failure continues for five (5) business days from the date of such failure.

 

5.          Use of
Proceeds. The entire principal amount under this Note shall be used for general business requirements of Maker as determined
by Maker; provided, however, that, in the event Maker consummates any capital reorganization, consolidation, joint venture, spin
off, merger or any other business combination or restructuring of any nature whatsoever, the entire principal amount shall be retained
by Maker.

 

6.          Severability.
The invalidity of any one or more of the words, phrases, sentences, clauses, sections or subsections contained in this Note shall
not affect the enforceability of the remaining portions of this Note or any part hereof, all of which are inserted conditionally
on their being valid in law, and, in the event that any one or more of the words, phrases, sentences, clauses, sections or subsections
contained in this Note shall be declared invalid, this Note shall be construed as if such invalid word or words, phrase or phrases,
sentence or sentences, clause or clauses, section or sections, or subsection or subsections had not been inserted.

 

7.          Time is
of the Essence. Time shall be of the essence with respect to the terms of this Note.

 

8.          Amendments.
Except as expressly stated herein to the contrary, this Note may not be amended or modified in any way, except by a written instrument
executed by Maker and Holder.

 

9.          Assignment.
No party to this Note may assign or transfer this Note, nor may any of such party’s rights hereunder be assigned or transferred
in any manner to any person or entity.

 

10.        Governing
Law; Venue. This Note shall be governed by and construed in accordance with the local laws of the State of Florida without
reference to that state's rules regarding choice of law. The exclusive venue for all actions or disputes relating to this Note
shall be a state of federal court located in Miami-Dade County, Florida and the parties irrevocably submit to personal jurisdiction
before that court, and agree not to assert, by way of motion, as a defense or otherwise in any such suit, action or proceeding
that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper
or that this Note or the subject matter hereof may not be enforced by such court or that the court lacks personal jurisdiction
over them.

 

11.        Jury Trial
Waiver. EACH OF MAKER AND HOLDERVOLUNTARILY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS NOTE OR ANY OTHER DOCUMENT RELATED HERETO, OR THE TRANSACTIONS OR OBLIGATIONS
UNDER WHICH THIS NOTE WAS DELIVERED, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT (WHETHER ORAL OR WRITTEN) OR ACTIONS
OF ANY PARTY RELATING TO THIS NOTE.

 

    	- 2 -

    	 

    

 

12.        Notices.
All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be
deemed to have been duly given upon receipt) by delivery in person, by telecopy or email or by registered or certified mail (postage
prepaid, return receipt requested) to the respective parties at the following addresses:

 

If to Holder, to:

 

K
1 Holding Limited

125040 Russia Moscow, Leningradskiy
prospect, 30/2

Attention: Vyacheslav Lukashev

 

If to Maker, to:

 

Net
Element International, Inc.

1450
South Miami Avenue

Miami, Florida
33130

Attention: Jonathan New, CFO

 

13.        Presentation.
All parties now or hereafter liable with respect to this Note, whether Maker, endorser or any other person or entity, hereby expressly
waive presentation, demand of payment, protest, notice of demand of payment, protest and notice of non-payment, or any other notice
of any kind with respect hereto.

 

14.        Waiver.
No delay or failure on the part of Holder in the exercise of any right or remedy hereunder or at law or in equity, shall operate
as a waiver thereof, and no single or partial exercise by Holder of any right or remedy hereunder, under any loan agreement or
security agreement, or at law or in equity shall preclude or estop another or further exercise thereof or the exercise of any other
right or remedy.

 

15.        Counterparts.
This Note may be executed in any number of counterparts, each of which when executed, shall be deemed to be an original and all
of which together shall be deemed to be one and the same instrument binding upon all of the parties hereto notwithstanding the
fact that all parties are not signatory to the original or the same counterpart. For purposes of this Note, facsimile signatures
or signatures transmitted by electronic mail in pdf format shall be deemed originals.

 

16.        Bank Details.

 

Maker: 

 

Account Title: Net Element International,
Inc

1450 South Miami Avenue

Miami, FL 33180

USA

 

Account Number:

Bank Address:

Bank ABA:

Swift Code

 

    	- 3 -

    	 

    

 

17.        No Assignment.
The Parties herby agree that the principal sum under this Note shall be funded by K1 Associates Ltd. on behalf of Holder. However,
all rights and other obligations of Holder under this Note are not assigned or transferred to any party and shall remain the rights
and obligations of Holder, including, but not limited to, the right of claim under this Note, as well as the right to receive any
payments pursuant to this Note.

 

IN WITNESS WHEREOF,
Maker has executed this Note as of the Effective Date set forth above.

 

	 	MAKER:
	 	 
	 	Net Element International, Inc., a
	 	Delaware corporation
	 	 
	 	By:	 	/s/ Jonathan New
	 	Name:	Jonathan New
	 	Title:	CFO

 

HOLDER ACCEPTS AND ACKNOWLEDGES:

 

K 1 Holding Limited,
a company organized under the laws of British Virgin Islands

 

	By:	 	 
	Name: Andreas Moustras
	Title:   Director

 

    	- 4 -

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