Company: NTWK
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001493152-25-015950
Chunk: 917

Company: NETSOL TECHNOLOGIES INC
Filing Date: 2025-09-29
Form: 10-K
Item: Item 4
Chunk 917
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 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 Company’s 10-K for the fiscal year ended June 30, 2024.

Employment
Agreement with Patti L. W. McGlasson 

Effective
July 1, 2024, the Company entered into an amended and restated employment agreement with our Secretary, General Counsel and Senior Vice
President, Legal and Corporate Affairs, Patti L. W. McGlasson (the “GC Agreement”). The GC Agreement was amended solely to
include Ms. McGlasson’s current title and to place the base salary for Ms. McGlasson into the Appendix to the GC Agreement. All
other material terms remain unchanged from the agreement entered into with Ms. McGlasson in January 1