Document:

EXHIBIT 4.2

                                 FORM OF WARRANT

NUMBER W
WARRANT---------------

WARRANT TO PURCHASE---------SHARES
see reverse for certain definitions

                            NETSOL TECHNOLOGIES, INC.
                          COMMON STOCK PURCHASE WARRANT

will be void if not exercised prior to 11:59 P.M. Pacific Time on        , 200

THIS CERTIFIES THAT

FOR VALUE RECEIVED _______________, THE REGISTERED HOLDER ("HOLDER"),

is entitled to purchase from NetSol Technologies, Inc., a Nevada corporation
(the "Company") at any time after 9:00 A.M. Eastern Time on ________, _____ at
the purchase price per share of $___ (the "Warrant Price"), the number of shares
of Common Stock of the Company set forth above (the "Shares"). The Warrants
expire on _______, 200_. Holders will not have any rights or privileges of
shareholders of the Company prior to exercise of the Warrants. The Warrant
evidenced hereby may be exercised in whole or in part by presentation of this
Warrant certificate with the Purchase Form on the reverse side hereof fully
executed (with a signature guarantee as provided on the reverse side hereof) and
simultaneous payment of the Warrant Price (subject to adjustment) at the
principal office of the Company. Payment of such price shall be made at the
option of the holder in cash or by certified check or bank draft. The Warrants
evidenced hereby are part of a duly authorized issue of Common Stock Purchase
Warrants with rights to purchase an aggregate of up to ___________ shares of
Common Stock of the Company. Upon any partial exercise of the Warrant evidenced
hereby, there shall be countersigned and issued to the Holder a new Warrant
Certificate in respect of the Shares as to which the Warrants evidenced hereby
shall not have been exercised. This Warrant Certificate may be exchanged at the
office of the Company by surrender of this Warrant Certificate properly endorsed
with a signature guarantee either separately or in combination with one or more
other Warrants for one or more new Warrants to purchase the same aggregate
number of Shares as evidenced by the Warrant or Warrants exchanged. No
fractional Shares will be issued upon the exercise of rights to purchase
hereunder, but the Company shall pay the cash value of any fraction upon the
exercise of one or more Warrants. The Holder hereof may be treated by the
Company and all other persons dealing with this Warrant Certificate as the
absolute owner hereof for all purposes and as the person entitled to exercise
the rights represented hereby, any notice to the contrary notwithstanding, and
until such transfer is on such books, the Company may treat the Holder as the
owner for all purposes.
DATED:                                   NETSOL TECHNOLOGIES, INC.

------------------------------------     ------------------------------
Patti L.W. McGlasson , Secretary              Naeem Ghauri, President

<PAGE>

THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933. THE SHARES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT
BE OFFERED, SOLD, OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT FOR THE SHARES UNDER THE SECURITIES ACT OF 1933, OR A
PRIOR OPINION OF COUNSEL SATISFACTORY TO THE ISSUER, THAT REGISTRATION IS NOT
REQUIRED UNDER THAT ACT.

                              ELECTION TO PURCHASE

         The undersigned hereby elects irrevocably to exercise the within
Warrant and to purchase _______________________ shares of Common Stock of NetSol
Technologies, Inc. and hereby makes payment of $_________ (at the rate of $0.__)
per share) in payment of the Exercise Price pursuant hereto. Please issue the
shares as to which this Warrant is exercised in accordance with the instructions
given below.

         The undersigned represents and warrants that the exercise of the within
Warrant was solicited by the member firm of the National Association of
Securities Dealers, Inc. ("NASD") listed below. If not solicited by an NASD
member, please write "unsolicited" in the space below.

             ------------------------------------------------------
                  (Insert Name of NASD Member or "Unsolicited")

Dated:             , 200_                        Signature:_____________________

                     INSTRUCTIONS FOR REGISTRATION OF SHARES

Name (print)
             -----------------------------------

Address (print)
             -----------------------------------

THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933. THE SHARES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT
BE OFFERED, SOLD, OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT FOR THE SHARES UNDER THE SECURITIES ACT OF 1933, OR A
PRIOR OPINION OF COUNSEL SATISFACTORY TO THE ISSUER, THAT REGISTRATION IS NOT
REQUIRED UNDER THAT ACT.EXHIBIT 10.8

                        AMENDMENT TO EMPLOYMENT AGREEMENT
            BY AND BETWEEN NETSOL TECHNOLOGIES, INC. AND NAEEM GHAURI

This Amendment ("Amendment") to the Employment Agreement by and between NetSol
Technologies, Inc. ("Netsol" or the "Company") and Naeem Ghauri ("Ghauri"),
dated January 1, 2004 (the "Employment Agreement") is entered into effective as
of April 1, 2005, other than the specific amendments enumerated in the
Amendment, all of the terms of the Employment Agreement shall remain in the full
force and effect, and shall not be obviated or affected by this Amendment.

In the event of a conflict between the terms of this Amendment and the
Employment Agreement, the terms of this Amendment shall govern. All capitalized
terms contained herein are, unless otherwise stated, as defined in the
Agreement.

Now therefore, for good and valuable consideration, the sufficiency of which is
hereby acknowledged, the parties agree as follows:

Section 3.1 of the Employment Agreement is modified to read:

3.1 The Company shall pay Executive a base salary of One Hundred Sixty Thousand
Pounds Sterling per year (the "Base Salary"), payable in accordance with the
Company policy. Such salary shall be pro rated for any partial year of
employment on the basis of a 365-day fiscal year. Executive will be eligible for
bonuses from time to time as determined by the Board.

A new section 3.10 shall be added to read as follows:

3.10 Executive shall be granted stock options for 1,000,000 shares of the common
stock of the Company (the "Options") pursuant to an option agreement (the
"Option Agreement") issued pursuant to the Company's 2004 Employee Stock Option
Plan and shall vest 25% per quarter over 4 quarters beginning April 1, 2005 and
ending on March 31, 2006, and be exercisable based on the customary provisions
of such plan. The Option Agreement will have customary provisions relating to
adjustments for stock splits and similar events. The exercise price of the
Options will be $1.94 for 500,000 shares and, $2.91 for 500,000 shares. The
options as granted shall provide for an "early exercise" right (i.e., the right
of Executive to exercise options prior to their vesting date and to receive
restricted stock subject to the same vesting requirements as the options
exercised). In addition, the options as granted shall permit Executive (or,
where applicable, his personal representative) up to eighteen (18) months
following termination of employment for any reason to exercise any options which
were vested at the time of such termination (including options vesting as the
result of such termination, where applicable).

<PAGE>

The Amendment is agreed to and shall become effective as of the date first
written above.

Employee

By: /s/Naeem Ghauri
    -------------------
       Naeem Ghauri

NetSol Technologies, Inc.

By: /s/Najeeb U. Ghauri                       By: /s/Patti L. W. McGlasson
    ---------------------                         ------------------------
       Najeeb U. Ghauri                              Patti L. W. McGlasson
       Chairman of the Board                         SecretaryEXHIBIT 10.9

                        AMENDMENT TO EMPLOYMENT AGREEMENT
              BY AND BETWEEN NETSOL TECHNOLOGIES AND NAJEEB GHAURI

This Amendment ("Amendment") to the Employment Agreement by and between NetSol
Technologies, Inc. ("Netsol" or the "Company") and Najeeb Ghauri ("Ghauri"),
dated January 1, 2004 (the "Employment Agreement") is entered into effective as
of April 1, 2005, other than the specific amendments enumerated in the
Amendment, all of the terms of the Employment Agreement shall remain in the full
force and effect, and shall not be obviated or affected by this Amendment.

In the event of a conflict between the terms of this Amendment and the
Employment Agreement, the terms of this Amendment shall govern. All capitalized
terms contained herein are, unless otherwise stated, as defined in the
Agreement.

Now therefore, for good and valuable consideration, the sufficiency of which is
hereby acknowledged, the parties agree as follows:

Section 3.1 of the Employment Agreement is modified to read:

3.1 The Company shall pay Executive a base salary of Two Hundred Fifty Thousand
Dollars ($250,000) per year (the "Base Salary"), payable in accordance with the
Company policy. Such salary shall be pro rated for any partial year of
employment on the basis of a 365-day fiscal year. Executive will be eligible for
bonuses from time to time as determined by the Board.

A new section 3.10 shall be added to read as follows:

3.10 Executive shall be granted stock options for 1,000,000 shares of the common
stock of the Company (the "Options") pursuant to an option agreement (the
"Option Agreement") issued pursuant to the Company's 2004 Employee Stock Option
Plan and shall vest 25% per quarter over 4 quarters beginning April 1, 2005 and
ending on March 31, 2006, and be exercisable based on the customary provisions
of such plan. The Option Agreement will have customary provisions relating to
adjustments for stock splits and similar events. The exercise price of the
Options will be $1.94 for 500,000 shares and, $2.91 for 500,000 shares. The
options as granted shall provide for an "early exercise" right (i.e., the right
of Executive to exercise options prior to their vesting date and to receive
restricted stock subject to the same vesting requirements as the options
exercised). In addition, the options as granted shall permit Executive (or,
where applicable, his personal representative) up to eighteen (18) months
following termination of employment for any reason to exercise any options which
were vested at the time of such termination (including options vesting as the
result of such termination, where applicable).

<PAGE>

The Amendment is agreed to and shall become effective as of the date first
written above.

Employee

By: /s/Najeeb Ghauri
    ----------------------
       Najeeb Ghauri

NetSol Technologies, Inc.

By: /s/Naeem Ghauri                          By: /s/Patti L. W. McGlasson
    ----------------------                       ------------------------
       Naeem Ghauri                                 Patti L. W. McGlasson
       Chief Executive Officer                      Secretary

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