Company: NTWK
Filing Date: 2025-05-01
Form Type: DEF 14A
Source: 0001641172-25-007993
Chunk: 38

Company: NETSOL TECHNOLOGIES INC
Filing Date: 2025-05-01
Form: DEF 14A
Chunk 38
---
partner, parents, children, siblings, mothers- and fathers-in-law, sons- and daughters-in-law. The independence standards for the members
of the Audit Committee provide that, in addition to the foregoing standards, they may not receive any compensation other than director’s
fees for Board and Audit Committee service and permitted retirement pay or be an “affiliate” of the Company apart from their
capacity as a member of the Board as defined by applicable SEC rules.

The Common Stock is listed and traded on the NASDAQ
Capital Market. The corporate governance rules of the NASDAQ Capital Market require that a majority of the Board consist of directors
who are “independent” of the Company. The Board has determined each of the following directors and nominees for director qualify
as “independent” in accordance with Rule 5605(a)(2)(A) and (B) of the NASDAQ listing standards for determining independence.
Messrs. Mark Caton, Ian Smith, and Syed Kausar Kazmi are independent Board members as described in the listing standards. Annually, the Nominating and Corporate Governance Committee reviews all nominations for independent board members.

OUR BOARD LEADERSHIP STRUCTURE

Why our Board leadership structure is right for NetSol

Our Board and Nomination and Corporate Governance
Committee regularly review and evaluate the Board’s leadership structure. Mr. Najeeb Ghauri serves as both NetSol’s CEO and
Chairman of the Board, which the Board has determined is the most appropriate and effective leadership structure for the Board and the
Company, at this time. Mr. Ghauri has served in this dual capacity since 2006 and brings over 18 years of strategic leadership experience
and an unparalleled knowledge of NetSol’s business, operations, and risks to his role as Chairman of the Board. Currently, as a
small-cap global corporation, the combination of these two positions is the most appropriate and suitable structure for a proper, efficient,
and cost-effective Board functioning and communication. Mr. Najeeb Ghauri is the direct link between senior management globally and the
Board members and provides critical insight to the Board, as well as feedback to senior management through his comprehensive understanding
of the issues at hand. Mr. Ghauri’s travels and visits to all subsidiaries across the globe, holding meetings with heads of each
subsidiary and relaying the important aspects of such meetings to the Board, justify the need for Mr. Ghauri to hold his dual leadership
position.