Document:

EXHIBIT
      10.1

    

    AMENDMENT
      TO EMPLOYMENT AGREEMENT

    

    This
      Amendment
      (“Amendment”) to the Employment Agreement by and between NetSol Technologies,
      Inc. (“Netsol” or the “Company”) and Salim Ghauri (“Executive”), dated January
      1, 2007 (the “Employment Agreement”) is entered into effective as of January 1,
      2008, 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
      1.1 of the
      Employment Agreement is modified to read:

    

    1.1 The
      Company hereby
      enters into this Agreement with Executive, and Executive hereby accepts
      employment under the terms and conditions set forth in this Agreement for a
      period of three years thereafter (the “Employment Period”); provided, however,
      that the Employment Period may be terminated earlier as provided herein. The
      Employment Period shall be automatically extended for additional three-year
      periods unless either party notifies the other in writing six months before
      the
      end of the term to elect not to so extend the Employment Period. 

    

    Section
      3.1 of the
      Employment Agreement is modified to read:

    

    3.1 The
      Company shall
      pay Executive a base salary of Two Hundred Twenty-Five Thousand Dollars
      ($225,000) 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 3.8 shall be added to read as follows:

    

    3.8
      Only upon the
      achievement of the Minimum Bonus Benchmark (as defined below), Executive shall
      be granted stock options for 525,000 shares of the common stock of the Company
      (the "Options") pursuant to an option agreement (the "Option Agreement") issued
      pursuant to the Company’s 2005 Employee Stock Option Plan and shall vest equally
      over twenty four months beginning on the grant date and will 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 $2.62 for 175,000 shares
      and,
      $3.90 for 350,000 shares. 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    A
      new section 3.9 shall be added to read as follows:

    

    3.9
      Pursuant to the
      power granted to the board to provide bonuses to the Executive in section 3.1
      of
      this Agreement, the compensation committee has authorized the following bonus
      structure. The bonus structure contemplates a bonus being awarded on the basis
      of a benchmark and accelerators. A bonus of Fifty Thousand Dollars ($50,000)
      is
      payable upon achieving the minimum bonus benchmark of: company-wide revenue
      of
      $32,230,000 for fiscal year 2007-2008; and, earnings per share of $0.22 (the
      “Minimum Bonus Benchmark”). Additional bonuses may be earned if certain
“accelerator goals” are achieved. The bonus is accelerated to 200% of the bonus
      amount if revenue of $35,000,000 is attained and earnings per share of $0.27;
      and, to 400% if revenue of $40,000,000 is attained and earnings per share of
      $0.32. Once the Minimum Bonus Benchmark is attained the accelerator bonus shall
      be awarded proportionally to the accelerator goals achieved.

    

    The
      Amendment is agreed to on February 11, 2008 and shall become effective as of
      the
      date first written above.

     

    
      	Employee	 	 	 
	 	 	 	 
	By:
              /s/ Salim
              Ghauri	 	 	 
	
              

              Salim
                Ghauri

            	 	 	
            
	
               

               

            	 	 	 

    

    
      	
              NetSol
                Technologies, Inc.

            	 	 	 
	 	 	 	 
	By:
              /s/ Tina
              Gilger	 	 	By:
              /s/ Patti
              L. W. McGlasson
	
              

            	 	 	
              

            
	Tina
              Gilger
Chief Financial Officer	 	 	Patti
              L. W. McGlasson
SecretaryEXHIBIT
        10.2

      

      AMENDMENT
        TO EMPLOYMENT AGREEMENT

      

      This
        Amendment
        (“Amendment”) to the Employment Agreement by and between NetSol Technologies,
        Inc. (“Netsol” or the “Company”) and Najeeb Ghauri (“Executive”), dated January
        1, 2007 (the “Employment Agreement”) is entered into effective as of January 1,
        2008, 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
        1.1 of the
        Employment Agreement is modified to read:

      

      1.1 The
        Company hereby
        enters into this Agreement with Executive, and Executive hereby accepts
        employment under the terms and conditions set forth in this Agreement for
        a
        period of three years thereafter (the “Employment Period”); provided, however,
        that the Employment Period may be terminated earlier as provided herein.
        The
        Employment Period shall be automatically extended for additional three-year
        periods unless either party notifies the other in writing six months before
        the
        end of the term to elect not to so extend the Employment Period. 

      

      Section
        3.1 of the
        Employment Agreement is modified to read:

      

      3.1 The
        Company shall
        pay Executive a base salary of Three Hundred Thousand Dollars ($300,000)
        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 3.8 shall be added to read as follows:

      

      3.8
        Only upon the
        achievement of the Minimum Bonus Benchmark (as defined below), Executive
        shall
        be granted stock options for 750,000 shares of the common stock of the Company
        (the "Options") pursuant to an option agreement (the "Option Agreement")
        issued
        pursuant to the Company’s 2005 Employee Stock Option Plan and shall vest equally
        over twenty four months beginning on the grant date and will 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 $2.62 for 250,000 shares
        and,
        $3.90 for 500,000 shares. 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      A
        new section 3.9 shall be added to read as follows:

      

      3.9
        Pursuant to the
        power granted to the board to provide bonuses to the Executive in section
        3.1 of
        this Agreement, the compensation committee has authorized the following bonus
        structure. The bonus structure contemplates a bonus being awarded on the
        basis
        of a benchmark and accelerators. A bonus of One Hundred Thousand Dollars
        ($100,000) is payable upon achieving the minimum bonus benchmark of:
        company-wide revenue of $32,230,000 for fiscal year 2007-2008; and, earnings
        per
        share of $0.22 (the “Minimum Bonus Benchmark”). Additional bonuses may be earned
        if certain “accelerator goals” are achieved. The bonus is accelerated to 200% of
        the bonus amount if revenue of $35,000,000 is attained and earnings per share
        of
        $0.27; and, to 300% if revenue of $40,000,000 and earnings per share $0.32.
        Once
        the Minimum Bonus Benchmark is attained the additional bonus may be earned
        based
        on a percentage of accelerator goals achieved.

      

      The
        Amendment is agreed to on February 11, 2008, and shall become effective as
        of
        the date first written above.

       

    

    
      	Employee	 	 	 
	 	 	 	 
	By:
              /s/ Najeeb
              Ghauri	 	 	 
	
              

              Najeeb
                Ghauri

            	 	 	
            
	
               

               

            	 	 	 

    

    
      	
              NetSol
                Technologies, Inc.

            	 	 	 
	 	 	 	 
	By:
              /s/ Tina
              Gilger	 	 	By:
              /s/ Patti
              L. W. McGlasson
	
              

            	 	 	
              

            
	Tina
              Gilger
Chief Financial Officer	 	 	Patti
              L. W. McGlasson
Secretary

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