Company: NTWK
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001493152-25-015950
Chunk: 1391

Company: NETSOL TECHNOLOGIES INC
Filing Date: 2025-09-29
Form: 10-K
Item: Item 7A
Chunk 1391
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 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 seek other employment
and any income so earned shall not reduce the foregoing amounts. If he is terminated by the Company for Cause (as described below), or
at the end of the employment term, he shall not be entitled to further compensation. Under the CFO Agreement, Good Reason includes the
assignment of duties inconsistent with his title, a material reduction in salary and perquisites, the relocation of the Company’s
principal office by 60 miles, if the Company asks him to perform any act which is illegal, including the commission of a crime or act
of moral turpitude, or a material breach of the CFO Agreement by the Company. Under the CFO Agreement, 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 CFO Agreement by Mr. Almond.

The
above summary of the CFO Agreement is qualified in its entirety by reference to the full text of the CFO Agreement, a copy of which was
filed as an exhibit to the