On January 27, 2012, the Board of Directors of Network-1 Security Solutions Inc. elected Emanuel R. Pearlman as a director. Mr. Pearlman will serve as a director until his successor shall have been elected and qualified or until his earlier resignation or removal. Mr. Pearlman, age 51, has served as Chairman and CEO of Liberation Investment Group, LLC. From 2009 to the present Mr. Pearlman has served on the board of Fontainebleau Miami JV, LLC as Chairman of the Audit and Compensation Committee, from 2010 to the present he served as Chairman of the Board of Empire Resorts Inc., and since January of 2012 he has served on the board of Dune Energy Inc. where he is Chairman of the Nominating & Governance Committee.