Company: NTWK
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001493152-25-015950
Chunk: 1490

Company: NETSOL TECHNOLOGIES INC
Filing Date: 2025-09-29
Form: 10-K
Item: Item 8
Chunk 1490
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 Cause includes conviction of crime
involving moral turpitude, failure to perform his duties to the Company, engaging in activities which are directly competitive to or
intentionally injurious to the Company, or any material breach of the CEO Agreement by Mr. Ghauri.

41

The
above summary of the CEO Agreement is qualified in its entirety by reference to the full text of the CEO Agreement, a copy of which was
filed as an exhibit to the Company’s 10-K for the fiscal year ended June 30, 2024.

Employment
Agreement with Roger K. Almond

Effective
July 1, 2024, the Company entered into an amended and restated employment agreement with our Chief Executive Officer, Roger Almond (the
“CFO Agreement”). The CFO Agreement was amended solely to place the base salary for Mr. Almond into the Appendix to the CFO
Agreement. All other material terms remain unchanged from the agreement entered into with Mr. Almond on March 1, 2015, and amended thereafter.
According to the terms of the CFO Agreement, the term of the agreement automatically extends for an additional one-year period unless
notice of intent to terminate is received by either party at least 6 months prior to the end of the term. For the fiscal year 2025, Mr.
Almond was entitled to an annualized base salary of $275,000 per annum, and eligible for annual bonuses at the discretion of the Chief
Executive Officer. Mr. Almond’s salary for the fiscal year 2026 will be $281,875, and is eligible for annual bonuses at the discretion
of the Chief Executive Officer. In addition, Mr. Almond is entitled to participate in the Company’s equity incentive plans and
is entitled to six weeks of paid vacation per calendar year.

The
CFO Agreement also includes provisions respecting severance, non-solicitation, non-competition, and confidentiality obligations. Pursuant
to the CFO Agreement, if he terminates his employment for Good Reason (as described below), or, is terminated prior to the end of the
employment term by the Company other than for Cause (as described below) or death, he shall be entitled to all remaining salary from
the termination date until 24 months thereafter, at the rate of salary in effect on the date of termination, immediate vesting of all
options and continuation of all health related plan benefits for a period of 24 months. He shall have no obligation to