Company: NTWK
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001493152-25-015950
Chunk: 1489

Company: NETSOL TECHNOLOGIES INC
Filing Date: 2025-09-29
Form: 10-K
Item: Item 8
Chunk 1489
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i into the
Appendix to the CEO Agreement. All other material terms remain unchanged. From the agreement entered into with Mr. Ghauri in January
1, 2007, and amended thereafter. Pursuant to the CEO Agreement between Mr. Ghauri and the Company the Company agreed to employ Mr. Ghauri
as its Chief Executive Officer for a five-year term. The term of employment automatically renews for 12 additional months unless notice
of intent to terminate is received by either party at least 6 months prior to the end of the term. For the fiscal year 2025, Mr. Ghauri
is entitled to an annualized compensation of $1,040,000 consisting of salary, allowances, perquisites and benefits, and is eligible for
annual bonuses based on the bonus structure adopted by the Compensation Committee as described in Item 11 under Executive Compensation
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,