Company: NTWK
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001493152-25-015950
Chunk: 417

Company: NETSOL TECHNOLOGIES INC
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1B
Chunk 417
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beginning on page 34. For fiscal year 2026, Mr. Ghauri’s annualized compensation consisting of salary, allowance, perquisites and
benefits will be $1,040,000. Mr. Ghauri is entitled to six weeks of paid vacation per calendar year.

The
CEO Agreement also includes provisions respecting severance, non-solicitation, non-competition, and confidentiality obligations. Pursuant
to the CEO 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 48 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 48 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 CEO 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 30 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 CEO Agreement by the Company. Under the CEO 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 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