Document:

Exhibit

Exhibit 10.2

PROFESSIONAL SERVICES AGREEMENT

This PROFESSIONAL SERVICES AGREEMENT (“Agreement”), entered into as of the 1st day of February, 2016, is between Coeur Mining, Inc., a Delaware corporation (“Coeur”), whose mailing address is 104 S. Michigan Ave., Ste. 900, Chicago, Illinois 60603, and Keagan J. Kerr (“Consultant”) whose address is 237 Geneva Avenue, Elmhurst, IL 60126. 

RECITALS

WHEREAS, Coeur desires the professional services of a Consultant for the purpose of providing human resources support to Coeur; and 

WHEREAS, Consultant represents that he is qualified and desires to perform the professional services requested by Coeur, for the specified purpose provided above.

NOW THEREFORE, for and in consideration of the mutual promises and covenants hereinafter set forth to be kept and performed by the parties hereto, Coeur and Consultant hereby agree as follows:

AGREEMENT

ARTICLE 1.0.  COEUR'S REPRESENTATIVE(S).

1.1    Coeur's Representative for the project shall be Mitchell J. Krebs.

1.2    Coeur may, by written Notice signed by Coeur's authorized agent, appoint additional or substitute representatives.

ARTICLE 2.0.  SCOPE OF SERVICES.

2.1    Consultant shall perform, pursuant to the terms and conditions of this Agreement, the professional services as set forth in Exhibit A, hereinafter referred to as “Services”.  Exhibit A and written instructions to Consultant from Coeur shall more particularly describe the Services to be performed, the place of performance; the date of performance; the date of completion; and the maximum number of days of Services to be performed.  Exhibit A is incorporated into this Agreement by this reference and may be amended or further extended by the parties’ mutual agreement.

2.2    From time to time, Consultant shall engage in discussions with authorized Coeur personnel while performing Services under this Agreement.

2.3    Consultant shall not contact third parties in connection with performance of the Services without prior written authorization from Coeur.

Page 1 of 7

PROFESSIONAL SERVICES AGREEMENT
BY AND BETWEEN COEUR MINING, INC.
AND KEAGAN J. KERR

2.4    Upon the written request of Coeur, Consultant shall prepare and deliver to Coeur progress reports and a final report of his findings and recommendations, and such other reports or writings as Coeur may, from time to time, find necessary and reasonable.

ARTICLE 3.0.  COMPENSATION AND EXPENSES.

3.1    Compensation for the Services shall be provided in and described by the schedule set forth in Exhibit A, attached hereto.  All amounts shall be in United States dollars.  Unless this Agreement specifies otherwise in Exhibit A, the compensation to Consultant shall be inclusive of any and all costs of Consultant’s operation, including, without limitation, costs attributable to payroll, employee benefits, fringe benefits, overhead and profits, and costs associated with licenses, bonds, permits, supplies, machinery, safety devices, protective clothing, transportation and any taxes associated with goods and services acquired by Consultant for use in performing the Services to be provided under this Agreement.

3.2    In addition to compensation for Services, Coeur shall reimburse Consultant for all reasonable and necessary travel expenses actually incurred by Consultant upon the request of Coeur.  Transportation and subsistence costs shall be paid by Coeur, except when Consultant is providing Services outside of a 50 mile radius from Consultant’s home located in Elmhurst, Illinois. Complete and accurate records of reimbursable costs and expenses shall be kept and submitted to Coeur by Consultant and shall be subject to audit by Coeur, using generally accepted accounting principles for auditing procedures.

3.3    Except as otherwise provided in Exhibit A, Consultant shall prepare and submit to Coeur, on a calendar month basis, a detailed statement of charges.  The statement shall set forth the number of days or fractions of days of Services performed and the dates and locations of performance, and shall be accompanied by receipts and other evidence substantiating travel or other expenses incurred.  Statements shall be directed to Coeur's Representative, Coeur Mining, Inc., 104 S. Michigan Ave., Ste. 900, Chicago, Illinois 60603.  Subject to verification by Coeur, payments of amounts due shall be made by Coeur within 30 days after receipt of such statements.

3.4    During the Term and for a period of three (3) years following the termination of this Agreement, Consultant shall maintain complete and accurate books and records with respect to the Services rendered, the materials and equipment provided in connection with the Services, any allowed expenses, and the invoices submitted to Coeur for payment under this Agreement.  Coeur may audit such books and records of Consultant as is reasonably necessary to determine the accuracy of any Invoice rendered by Consultant until three (3) years after the date of the Invoice.  Such audits shall not be performed more often than annually, and shall not be performed in a manner which substantially impedes Consultant's business.  Coeur shall require any accountants conducting such audits to execute a confidentiality agreement imposing upon such accountants the same obligations of confidentiality towards Consultant that such accountants have towards Coeur.

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PROFESSIONAL SERVICES AGREEMENT
BY AND BETWEEN COEUR MINING, INC.
AND KEAGAN J. KERR

ARTICLE 4.0.  AGREEMENT DURATION.

4.1    This Agreement shall commence on the date first mentioned above and shall be in effect, subject to the terms of this Agreement, through the earliest to occur of (i) May 31, 2016 or (ii) the date Consultant commences employment or consulting services for a party other than Coeur or its affiliates, unless sooner terminated (the “Term”).  

4.2    Coeur may immediately terminate this Agreement by written notice to Consultant if Consultant fails to comply with any applicable local, state, and federal laws, regulations, rules, and orders of any governmental authority or any policies, guidelines, or practices of Coeur, the noncompliance with which presents, in the reasonable opinion of Coeur, a material threat to human safety or health or the environment. If so terminated, Coeur has no obligation to compensate or reimburse Consultant for any amounts except for Services rendered and expenses incurred prior to the termination date.

4.3    Coeur may terminate this Agreement if Consultant has breached any material provision hereof (other than those subject to immediate termination as described in Section 4.2 above) and such breach continues for a period of thirty (30) days after written notice thereof has been given.  If so terminated, Coeur has no obligation to compensate or reimburse Consultant for any amounts except for Services rendered and expenses incurred prior to the termination date. 

4.4    Coeur may terminate this Agreement for any reason by giving Consultant thirty (30) days written notice of termination and by paying Consultant the remaining term of the contract, subject to Consultant first signing a general release in a form acceptable to Coeur. 

4.5    Consultant may terminate this Agreement if (i) Coeur fails to make payment to Consultant when due in accordance with the terms of this Agreement and such failure continues for a period of thirty (30) days after written notice thereof has been given to Coeur, or (ii) Coeur has breached any material provision of this Agreement and such breach continues for a period of thirty (30) days after written notice thereof has been given to Coeur.

4.6    If this Agreement terminates, then the Services shall automatically terminate on the same date; provided that Coeur may specify in the notice of termination that certain Services are to be completed, in which event this Agreement shall continue to apply to such Services until such are completed.  Consultant shall not be entitled to payment for Services performed after the effective date of any notice of termination unless approved by Coeur or otherwise provided in this Agreement or the notice of termination.  No party shall be relieved of any of its obligations arising under this Agreement prior to the termination.  Termination will be without prejudice to any rights and remedies available to a Party, including injunctive relief.  The parties’ rights and obligations contained in Articles 8 and 9, and any other provisions of this Agreement that by their terms are intended to survive, shall continue to be effective following termination of this Agreement.

Page 3 of 7

PROFESSIONAL SERVICES AGREEMENT
BY AND BETWEEN COEUR MINING, INC.
AND KEAGAN J. KERR

ARTICLE 5.0.  COMPLIANCE WITH STATE AND FEDERAL LAWS.
    
5.1    Consultant shall comply with all applicable State, Federal, international or local laws, rules or regulations, including, but not limited to all relevant provisions of the Foreign Corrupt Practices Act of 1977 as amended (“FCPA”), 15 USC §§78 dd-1, et seq. in the execution and completion of its Services. Consultant must also abide by Coeur’s policies, guidelines, rules, and procedures, as the same may be amended from time to time. Consultant represents that he has all licenses or other authorizations required by law to enable him to perform Services hereunder in the country or state where the Services are to be performed.  Consultant shall be fully and solely responsible for conducting all operations under this Agreement, at all times, in such a manner as to avoid the risk of bodily harm to persons and damage to property.  

ARTICLE 6.0.  INDEPENDENT CONTRACTOR.

6.1    Consultant is and shall be, in the performance of all Services, an independent contractor.  Consultant shall not in any way, at any time, be an employee or agent of Coeur, and shall not indicate or represent to any third party that Consultant is an employee or agent of Coeur.  Consultant shall have no authority contractually to bind or obligate Coeur or to incur any debt or obligation on behalf of Coeur.

ARTICLE 7.0.  PROFESSIONAL RESPONSIBILITY.

7.1    Consultant agrees that he will perform the work requested under this Agreement, in accordance with the standards of care, skill, and diligence normally provided by competent professionals in the performance of services in respect to work similar to that contemplated by this Agreement.

ARTICLE 8.0.  INDEMNIFICATION.

8.1    Coeur shall not be liable for Consultant’s failure to exercise reasonable care in performing Services, except in the case of damages or injuries caused directly by Coeur or its employees, officers, or agents.  Consultant agrees to defend, indemnify, and hold Coeur’s and Coeur’s affiliated and subsidiary companies and their employees, officers or agents, harmless against all costs, loss or damage (including attorney's fees) arising directly or indirectly out of the performance of the Services hereunder, except only claims arising out of accidents resulting from the sole negligence of Coeur.

ARTICLE 9.0.  NONDISCLOSURE AND OWNERSHIP OF WORK PRODUCT.

9.1    Consultant shall not, without the prior written consent of Coeur, disclose the facts and circumstances surrounding the entry by Coeur and Consultant into this Agreement.

9.2    All reports, publications, exhibits, films, data, conclusions, and other non-public information, documentation or work product furnished by Coeur to Consultant or obtained or developed by Consultant in providing the Services under this Agreement, and all information 

Page 4 of 7

PROFESSIONAL SERVICES AGREEMENT
BY AND BETWEEN COEUR MINING, INC.
AND KEAGAN J. KERR

regarding Coeur's business plans, operations, properties, practices, methods, inventions, and discoveries, shall be and remain the property of Coeur, and the same shall be kept confidential by Consultant, who shall not, directly or indirectly, use or  disclose the same to any third person except upon the prior written consent of Coeur.  Upon termination of this Agreement or upon the proper request of Coeur, Consultant will deliver such work product and information to Coeur.

9.3    All work product created by Consultant pursuant to this Agreement shall be owned by Coeur and for Coeur’s sole use and ownership for any reason.

ARTICLE 10.0.  AMENDMENT.

10.1    This Agreement may only be amended in writing, signed by each party hereto.

ARTICLE 11.0.  ASSIGNMENT.

11.1    Consultant may not assign this Agreement nor any rights to payments or other rights hereunder nor shall Consultant subcontract any services to be provided by Consultant without first obtaining Coeur’s written consent.  In the event any assignment is made in violation of this paragraph, Coeur shall retain the right to immediately terminate this Agreement and any obligations of Coeur thereunder. Coeur, for its part, may assign its rights and obligations under this Agreement without further consent by Consultant.

ARTICLE 12.0.  BINDING EFFECT.

12.1    The terms and covenants of this Agreement shall apply to and be binding upon the successors and permitted assigns of the respective parties hereto.

ARTICLE 13.0.  GOVERNING LAW AND VENUE.

13.1    The parties to this Agreement agree to exclusive jurisdiction and venue of any proceedings relating to this Agreement, or any terms and conditions hereof, in Federal courts of located in the City of Chicago, State of Illinois.  This Agreement and the rights, duties and liabilities of the parties hereunder shall be governed by the laws of the State of Illinois.

ARTICLE 14.0.  ENTIRE AGREEMENT.

14.1    This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements, discussions, and understanding of the parties in connection herewith.  

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURE PAGE TO FOLLOW]

Page 5 of 7

PROFESSIONAL SERVICES AGREEMENT
BY AND BETWEEN COEUR MINING, INC.
AND KEAGAN J. KERR

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

		
	Coeur Mining, Inc.
	          Consultant

By:    _/s/ Mitchell J. Krebs________        _/s/ Keagan J. Kerr______________
Print Name: Mitchell J. Krebs            Print Name:  Keagan J. Kerr                       
Title: President & Chief Executive Officer        

 

    

Page 6 of 7

PROFESSIONAL SERVICES AGREEMENT
BY AND BETWEEN COEUR MINING, INC.
AND KEAGAN J. KERR

EXHIBIT A

		
	1.
	Consulting Fees

Consultant will provide consulting services to Coeur at a rate of $23,750 per month.  

		
	2.
	Expenses and Reimbursable Rates

Meals, accommodations, rented vehicles, and other normal and reasonable out-of-pocket expenses related to Services performed will be reimbursed at cost, pursuant to those procedures detailed above.  Unless otherwise approved in writing by Coeur’s representative, Consultant will use least costly class air travel for all domestic travel (usually Coach/Economy) and business class for any international travel that exceeds 8 hours of total flight time.

		
	3.
	All Notices under this Agreement shall be directed to the Agreement representatives, as appointed above, at the following address:

		
	(a)
	Consultant:

Keagan J. Kerr
237 Geneva Avenue
Elmhurst, IL 60126
Home: 
Cell: 
Email: 
		
	(b)
	Coeur Mining, Inc.:

Mitchell J. Krebs
Coeur Mining, Inc.
104 S. Michigan Ave., Ste. 900
Chicago, Illinois 60603
Office: (312) 489-5800
Email: mkrebs@coeur.com

		
	4.
	Services

Consultant shall provide human resources services from Consultant’s home or other personal office location unless otherwise requested by Coeur.

Page 7 of 7Exhibit 4.1

 

EXHIBIT A

 

FORM OF OPTION

 

THIS OPTION AND THE UNDERLYING
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). THEY MAY NOT BE SOLD,
OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO SUCH SECURITIES UNDER THE
ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED OR UNLESS SOLD PURSUANT TO RULE
144 UNDER THE ACT.

 

NET ELEMENT, INC.

 

OPTION TO PURCHASE SHARES OF RESTRICTED
COMMON STOCK

 

__________, 2016

Void
After __________, 2021

 

This Certifies That,
for value received, Kenges Rakishev
(the “Investor”), with its principal office located across from such party’s name on the first
page of the Purchase Agreement (as defined below) or its assigns (the “Holder”), is entitled to subscribe
for and purchase from Net Element, Inc., a Delaware corporation (the “Company”),
with its principal office at 3363 NE 163 Street, Suite 705, North Miami Beach, FL 33160, those
Exercise Shares (as defined below) at the Exercise Price (as defined below).

 

This option to purchase
shares of restricted common stock of the Company is issued as part of a series of similar options (collectively, the “Options”)
issued pursuant to the terms of that certain Letter Agreement, dated as of September 11, 2015, by and among the Company, the Investor
and certain other parties thereto, as modified by that certain Additional Letter Agreement dated as of October 7, 2015 and that
certain Second Additional Letter Agreement dated as of January 8, 2016 (as so modified, the “Purchase Agreement”).
Pursuant to the Purchase Agreement, the Company is selling to Investor certain restricted shares of the Company’s common
stock and this option to purchase shares of restricted common stock of the Company (this “Option”).

 

1.Definitions.
As used herein, the following terms shall have the following respective meanings:

 

(a)“Exercise
Period” shall mean the period commencing on the date hereof and ending on __________, 2021.

 

(b)“Exercise
Price” shall mean [110% of the closing trading price per one (1) share of the
Company’s common stock (“Common Stock”) reported on The NASDAQ Capital Market on _____________,
subject to adjustment pursuant to Section 5 below.]

 

(c)“Exercise
Shares” shall mean _____________ shares of the Common Stock (which
shall be equal to the number of shares set forth opposite Investor’s name on Exhibit A to the Purchase Agreement under the
column “Number of Restricted Options”).

 

2.Exercise
of Option. The rights represented by this Option may be exercised in whole or in part at any time during the Exercise
Period, by delivery of the following to the Company at its address set forth above (or at such other address as it may designate
by notice in writing to the Holder):

 

(a)An
executed Notice of Exercise in the form attached hereto;

 

    1. 

     

    

 

(b)Payment
of the Exercise Price either (i) in cash or by check, or (ii) by cancellation of indebtedness; and

 

(c)This
Option.

 

Upon the exercise of the rights represented
by this Option, a certificate or certificates for the Exercise Shares so purchased, registered in the name of the Holder or persons
affiliated with the Holder, if the Holder so designates, shall be issued and delivered to the Holder within a reasonable time after
the rights represented by this Option shall have been so exercised. In the event that this Option is being exercised for less than
all of the then-current number of Exercise Shares purchasable hereunder, the Company shall, concurrently with the issuance by the
Company of the number of Exercise Shares for which this Option is then being exercised, issue a new Option of like tenor exercisable
for the remaining number of Exercise Shares purchasable hereunder.

 

The person in whose name any certificate
or certificates for Exercise Shares are to be issued upon exercise of this Option shall be deemed to have become the holder of
record of such shares on the date on which this Option was surrendered and payment of the Exercise Price was made, irrespective
of the date of delivery of such certificate or certificates, except that, if the date of such surrender and payment is a date when
the stock transfer books of the Company are closed, such person shall be deemed to have become the holder of such shares at the
close of business on the next succeeding date on which the stock transfer books are open.

 

2.1Net Exercise.
Notwithstanding any provisions herein to the contrary, if the fair market value of one Exercise Share is greater than the Exercise
Price (at the date of calculation as set forth below), in lieu of exercising this Option by payment of cash, the Holder may elect
to receive shares equal to the value (as determined below) of this Option (or the portion thereof being canceled) by surrender
of this Option at the principal office of the Company together with the properly endorsed Notice of Exercise in which event the
Company shall issue to the Holder a number of Exercise Shares computed using the following formula:

 

X = Y * (A-B)

A

  

	Where	X =	the number of Exercise Shares to be issued to the Holder
	 	 	 
	 	Y =	the number of Exercise Shares purchasable under this Option or, if only a portion of this Option is being exercised, the portion of this Option being canceled (at the date of such calculation)
	 	 	 
	 	A =	the fair market value of one Exercise Share (at the date of such calculation)
	 	 	 
	 	B =	Exercise Price (as adjusted to the date of such calculation)

  

3.Covenants
of the Company.

 

3.1Covenants
as to Exercise Shares. The Company covenants and agrees that all Exercise Shares that
may be issued upon the exercise of the rights represented by this Option will, upon issuance, be validly issued and outstanding,
fully paid and nonassessable, and free from all taxes, liens and charges with respect to the issuance thereof. The Company further
covenants and agrees that the Company will at all times during the Exercise Period, have authorized and reserved, free from preemptive
rights, a sufficient number of Exercise Shares to provide for the exercise of the rights represented by this Option. If at any
time during the Exercise Period the number of authorized but unissued Exercise Shares shall not be sufficient to permit exercise
of this Option, the Company will take such corporate action as may, in the opinion of its counsel, be necessary to increase its
authorized but unissued Exercise Shares to such number of shares as shall be sufficient for such purposes.

 

    2. 

     

    

 

4.Representations
of Holder.

 

4.1Acquisition
of Option for Personal Account. The Holder represents and warrants that Holder is acquiring
this Option and the Exercise Shares solely for Holder’s account for investment and not with a view to or for sale or distribution
of said Option or Exercise Shares or any part thereof. The Holder also represents that the entire legal and beneficial interests
of this Option and Exercise Shares the Holder is acquiring is being acquired for, and will be held for, Holder’s account
only.

 

4.2Securities
Are Not Registered.

 

(a)The
Holder understands that this Option and the Exercise Shares have not been registered under the Act on the basis of an applicable
exemption from such registration. The Holder realizes that the basis for the exemption may not be present if, notwithstanding Holder’s
representations, the Holder has a present intention of acquiring the securities for a fixed or determinable period in the future,
selling (in connection with a distribution or otherwise), granting any participation in, or otherwise distributing the securities.
The Holder has no such present intention.

 

(b)The
Holder recognizes that this Option and the Exercise Shares must be held indefinitely unless they are subsequently registered under
the Act or an exemption from such registration is available. The Holder recognizes that the Company has no obligation to register
this Option or the Exercise Shares of the Company, or to comply with any exemption from such registration.

 

(c)The
Holder is aware that neither this Option nor the Exercise Shares may be sold pursuant to Rule 144 adopted under the Act unless
certain conditions are met, including, among other things, the existence of a public market for the shares, the availability of
certain current public information about the Company, the resale following the requirements of Rule 144. 

 

4.3Economic
Risk and Protection of Interest. 

 

(a)The
Holder has substantial experience in evaluating and investing in private placement transactions of securities in companies similar
to the Company so that Holder is capable of evaluating the merits and risks of Holder’s investment in the Company and has
the capacity to protect Holder’s own interests. 

 

(b)The
Holder represents that by reason of Holder’s, or of Holder’s management’s, business or financial experience,
the Holder has the capacity to protect Holder’s own interests in connection with the transactions contemplated herein. Further,
the Holder is aware of no publication of any advertisement in connection with the transactions contemplated herein.

 

4.4Accredited
Investor. The Holder represents that Holder is an “accredited investor”
within the meaning of Regulation D under the Act.

 

4.5Corporate
Information. The Holder has had the full and complete opportunity to discuss the Company’s
business, management and financial affairs with directors, officers and management of the Company and has had the full and complete
opportunity to review the Company’s operations and facilities. The Holder has also had the opportunity to ask questions of
and receive answers from, the Company and its management regarding the terms and conditions herein.

 

4.6Residence.
If the Holder is an individual, then the Holder resides in the state or province identified in the address of the Holder set forth
below; if the Holder is a partnership, corporation, limited liability Company or other entity, then the office or offices of the
Holder in which Holder’s investment decision was made is located at the address or addresses of the Holder set forth herein.

 

    3. 

     

    

 

4.7Disposition
of Option and Exercise Shares.

 

(a)The
Holder further agrees not to make any disposition of all or any part of this Option or Exercise Shares in any event unless and
until:

 

(i)The
Company shall have received a letter secured by the Holder from the Securities and Exchange Commission stating that no action will
be recommended to the Commission with respect to the proposed disposition;

 

(ii)There
is then in effect a registration statement under the Act covering such proposed disposition and such disposition is made in accordance
with said registration statement; or

 

(iii)The
Holder shall have notified the Company of the proposed disposition and shall have furnished the Company with a detailed statement
of the circumstances surrounding the proposed disposition, and if requested by the Company or its transfer agent, the Holder shall
have furnished the Company and/or its transfer agent with an opinion of counsel for the Holder to the effect that such disposition
will not require registration of such Option or Exercise Shares under the Act or any applicable state securities laws.

 

(b)The
Holder understands and agrees that all certificates evidencing the shares to be issued to the Holder may bear the following legend:

 

THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES
MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE
SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS, OR (B) AN OPINION OF COUNSEL, IN
A REASONABLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE STATE SECURITIES LAWS, OR (II) UNLESS
SOLD PURSUANT TO RULE 144 UNDER SAID ACT.

 

5.Adjustment
of Exercise Price and Number of Exercise Shares. In the event of changes in the series of equity securities of the Company
comprising the Exercise Shares by reason of stock dividends, splits, recapitalizations, reclassifications, combinations, conversions
or exchanges of shares, separations, reorganizations, liquidations, or the like, the number and class of Exercise Shares available
under this Option in the aggregate and the Exercise Price shall be correspondingly adjusted to give the Holder of this Option,
on exercise for the same aggregate Exercise Price, the total number, class, and kind of shares as the Holder would have owned had
this Option been exercised prior to the event and had the Holder continued to hold such shares until after the event requiring
adjustment. The form of this Option need not be changed because of any adjustment in the number of Exercise Shares subject to this
Option.

 

6.Fractional
Shares. No fractional shares shall be issued upon the exercise of this Option as a consequence of any adjustment pursuant
hereto. All Exercise Shares (including fractions) issuable upon exercise of this Option may be aggregated for purposes of determining
whether the exercise would result in the issuance of any fractional share. If, after aggregation, the exercise would result in
the issuance of a fractional share, the Company shall, in lieu of issuance of any fractional share, pay the Holder otherwise entitled
to such fraction a sum in cash equal to the product resulting from multiplying the then current fair market value of an Exercise
Share by such fraction.

 

    4. 

     

    

 

7.Transfer
of Option and Exercise Shares. Subject to applicable laws and the restriction on transfer set forth on the first page
of this Option, this Option and all rights hereunder are transferable, by the Holder in person or by its duly authorized attorney,
upon delivery of this Option and the form of assignment attached hereto to any transferee designated by Holder. The transferee
shall sign an investment letter in form and substance satisfactory to the Company.

 

8.No
Stockholder Rights. This Option in and of itself shall not entitle the Holder to any voting rights or other rights as
a stockholder of the Company.

 

9.Lost,
Stolen, Mutilated or Destroyed Option. If this Option is lost, stolen, mutilated or destroyed, the Company may, on such
terms as to indemnity or otherwise as it may reasonably impose (which shall, in the case of a mutilated Option, include the surrender
thereof), issue a new Option of like denomination and tenor as the Option so lost, stolen, mutilated or destroyed. Any such new
Option shall constitute an original contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated
or destroyed Option shall be at any time enforceable by anyone.

 

10.Notices,
etc. All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon
personal delivery to the party to be notified, (b) when sent by confirmed facsimile or electronic mail if sent during normal
business hours of the recipient, if not, then on the next business day, (c) five (5) days after having been sent by registered
or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized
overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the
Company at the address listed on the signature page and to Holder at Holder’s address listed in the first paragraph hereto,
or at such other address as the Company or Holder may designate by ten (10) days advance written notice to the other parties hereto.

 

11.Acceptance.
Receipt of this Option by the Holder shall constitute acceptance of and agreement to all of the terms and conditions
contained herein.

 

12.Governing
Law. This Option and all rights, obligations and liabilities hereunder shall be governed by and construed under the
laws of the State of Delaware in all respects as such laws are applied to agreements among Delaware residents entered into and
performed entirely within Delaware. THE COMPANY AND THE HOLDER HEREBY WAIVE THEIR RIGHT TO A TRIAL BY JURY WITH RESPECT TO DISPUTES
ARISING UNDER THIS OPTION AND CONSENT TO A BENCH TRIAL WITH THE APPROPRIATE JUDGE ACTING AS THE FINDER OF FACT.

 

[SIGNATURE PAGE FOLLOWS]

 

    5. 

     

    

 

In Witness Whereof,
the Company has caused this Option to Purchase Common Stock to be executed by its duly authorized officer as of the date first
set forth above.

 

 

	 	Net Element, Inc.	 
	 	 	 
	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 

  

 

 

 

 

 

    6. 

     

    

NOTICE OF EXERCISE

 

TO: Net Element, Inc.

 

(1) ̈The
undersigned hereby elects to purchase ________ shares of the Common Stock of Net Element, Inc. (the “Company”)
pursuant to the terms of the attached Option, and tenders herewith payment of the exercise price in full, together with all applicable
transfer taxes, if any.

 

 ̈The
undersigned hereby elects to purchase ________ shares of the Common Stock of Net Element, Inc. (the “Company”)
pursuant to the terms of the net exercise provisions set forth in Section 2.1 of the attached Option, and shall tender payment
of all applicable transfer taxes, if any.

 

(2)Please issue a certificate or certificates representing
said shares of Common Stock in the name of the undersigned or in such other name as is specified below:

 

________________________

(Name)

 

________________________

________________________

(Address)

 

(3)The undersigned
represents that (i) the aforesaid shares of Common Stock are being acquired for the account of the undersigned for investment
and not with a view to, or for resale in connection with, the distribution thereof and that the undersigned has no present intention
of distributing or reselling such shares; (ii) the undersigned is aware of the Company’s business affairs and financial condition
and has acquired sufficient information about the Company to reach an informed and knowledgeable decision regarding its investment
in the Company; (iii) the undersigned is experienced in making investments of this type and has such knowledge and background in
financial and business matters that the undersigned is capable of evaluating the merits and risks of this investment and protecting
the undersigned’s own interests; (iv) the undersigned understands that the shares of Common Stock issuable upon exercise
of the Option have not been registered under the Securities Act of 1933, as amended (the “Securities Act”),
by reason of a specific exemption from the registration provisions of the Securities Act, which exemption depends upon, among other
things, the bona fide nature of the investment intent as expressed herein, and, because such securities have not been registered
under the Securities Act, they must be held indefinitely unless subsequently registered under the Securities Act or an exemption
from such registration is available; (v) the undersigned is aware that the aforesaid shares of Common Stock may not be sold
pursuant to Rule 144 adopted under the Securities Act unless certain conditions set forth in Rule 144 are met; (vi) the undersigned
is an “accredited investor” within the meaning of Regulation D under the Securities Act; and (vii) the undersigned
agrees not to make any disposition of all or any part of the aforesaid shares of Common Stock unless and until there is
then in effect a registration statement under the Securities Act covering such proposed disposition and such disposition is made
in accordance with said registration statement, or the undersigned has provided the Company and its transfer agent with an opinion
of counsel stating that such registration is not required.

 

		 	 	 
	(Date)	 	(Signature)	 
	 	 	 	 
	 	 	 	 
	 	 	(Print name)	 

 

 

 

 

    7. 

     

    

 

ASSIGNMENT FORM

 

(To assign the foregoing Option, execute
this form and supply required information. Do not use this form to purchase shares.)

 

For Value Received,
the foregoing Option and all rights evidenced thereby are hereby assigned to

 

 

	Name:  	 
	 	(Please Print)
	 	 
	Address:  	 
	 	(Please Print)

 

	Dated:  __________, 	20__	 
	 	 	 
	Holder’s	 	 
	Signature:  	 	 
	 	 	 
	Holder’s	 	 
	Address:  	 	 

  

NOTE: The signature to this Assignment Form must correspond
with the name as it appears on the face of the Option, without alteration or enlargement or any change whatever. Officers of corporations
and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing
Option.

 

 

 

    8.

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