FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden hours per response... 0.5

(Print or Type Responses)
1. Name and Address of Reporting Person *
Ohana Laurent
   2. Issuer Name and Ticker or Trading Symbol
NETWORK 1 SECURITY SOLUTIONS INC [NSSI-OTC] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
63 EAST 96TH STREET		 3. Date of Earliest Transaction (Month/Day/Year)
10/13/2011
(Street)

NEW YORK, NY 10128		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock, $.01 par value per share 10/13/2011   M   200,000 A $ 0.68 200,000 D  
Common Stock, $.01 par value per share 10/13/2011   F   100,741 (1) D $ 1.35 99,259 D  
Common Stock, $.01 par value per share 10/13/2011   M   25,000 A $ 0.51 124,259 D  
Common Stock, $.01 par value per share 10/13/2011   F   9,444 (1) D $ 1.35 114,815 D  
Common Stock, $.01 par value per share 10/15/2011   D   114,815 (2) D $ 1.35 0 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. SEC 1474 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Option to purchase common stock (right to buy) $ 0.68 10/13/2011   M     50,000 09/16/2005 09/16/2015 Common Stock 50,000 (3) 0 D  
Option to purchase common stock (right to buy) $ 0.68 10/13/2011   M     50,000 12/20/2006 12/20/2014 Common Stock 50,000 (3) 0 D  
Option to purchase common stock (right to buy) $ 0.68 10/13/2011   M     25,000 01/02/2008 01/02/2013 Common Stock 25,000 (3) 0 D  
Option to purchase common stock (right to buy) $ 0.68 10/13/2011   M     25,000 01/02/2008 01/02/2013 Common Stock 25,000 (3) 0 D  
Option to purchase common stock (right to buy) $ 0.51 10/13/2011   M     25,000 12/01/2008 12/01/2013 Common Stock 25,000 (3) 0 D  
Option to purchase common stock (right to buy) $ 0.68 10/13/2011   M     50,000 12/21/2004 05/21/2014 Common Stock 50,000 (4) 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Ohana Laurent
63 EAST 96TH STREET
NEW YORK, NY 10128		   X      

Signatures

 By: /s/ Laurent Ohana   10/17/2011
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Reflects shares tendered to the Issuer by the Reporting Person to pay for the aggregate exercise price of options and warrants in Table II exercised on a net exercise (cashless) basis based on the market price of $1.35 per share.
(2) Represents the sale to the Issuer of the shares acquired by the Reporting Person on October 13, 2011 by exercise of the options and warrants in Table II on a net exercise (cashless) basis.
(3) Represents the exercise of options to purchase common stock.
(4) Represents the exercise of warrants to purchase common stock.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.