Company: NTWK
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001493152-25-015950
Chunk: 1043

Company: NETSOL TECHNOLOGIES INC
Filing Date: 2025-09-29
Form: 10-K
Item: Item 5
Chunk 1043
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 for one-year terms. According to the terms of the GC 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. GC Agreement, Ms. McGlasson is entitled to an annualized base salary of $252,312 per annum for the fiscal year 2025
and is eligible for annual bonuses at the discretion of the Chief Executive Officer. Ms. McGlasson’s salary for fiscal year 2026
will be $258,620. In addition, Ms. McGlasson is entitled to participate in the Company’s equity incentive plans and is entitled
to six weeks of paid vacation per calendar year.

The
GC Agreement also includes provisions respecting severance, non-solicitation, non-competition, and confidentiality obligations. Pursuant
to the General Counsel Agreement, if she terminates her 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, she 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. She shall have no obligation to seek other
employment and any income so earned shall not reduce the foregoing amounts. If she is terminated by the Company for Cause (as described
below), or at the end of the employment term, she shall not be entitled to further compensation. Under the General Counsel Agreement,
Good Reason includes the assignment of duties inconsistent with her title, a material reduction in salary and perquisites, the relocation
of the Company’s principal office by 60 miles, if the Company asks her to perform any act which is illegal, including the commission
of a crime or act of moral turpitude, or a material breach of the General Counsel Agreement by the Company. Under the General Counsel
Agreement, Cause includes conviction of crime involving moral turpitude, failure to perform her duties to the Company, engaging in activities
which are directly competitive to or intentionally injurious to the Company, or any material breach of the General Counsel Agreement
by Ms. McGlasson.

42

The
above summary of the General Counsel Agreement is qualified in its entirety by reference to the full text of the GC, a copy of which