On April 11, 2012, the Board of Directors of Network-1 Security Solutions Inc. elected David Kahn as a director. Mr. Kahn will serve as a director until his successor shall have been duly elected and qualified or until his earlier resignation or removal. Mr. Kahn currently serves as Chief Financial Officer of the company, a position he has held since January 2004. Mr. Kahn, as a management director, will not be compensated for his service on the Board.