Company: NTWK
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001493152-25-015950
Chunk: 1691

Company: NETSOL TECHNOLOGIES INC
Filing Date: 2025-09-29
Form: 10-K
Item: Item 9A
Chunk 1691
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d 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, 2006, and amended thereafter.
Pursuant to the General Counsel Agreement, the Company agreed to employ Ms. McGlasson as its Secretary, General Counsel and Sr. Vice
President of Legal and Corporate Affairs 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