On June 20, 2012, BEESFREE, Inc. announced that David W. Todhunter, the Company's Chief Financial Officer, had been appointed to serve as interim President and Chief Executive Officer of the Company. Effective October 19, 2012, Mr. Todhunter's positions as President and Chief Executive Officer of the Company were made permanent and the Company and Mr. Todhunter entered into a new Employment Agreement. The Agreement will initially expire on December 31, 2015, unless sooner terminated, and will thereafter automatically renew for additional one-year periods unless either the Company or Mr. Todhunter inform the other that the agreement will not be extended.

Mr. Todhunter will be employed by the Company as President, Chief Executive Officer and Chief Financial Officer of the Company.