Document:

EX-10.24

 EXHIBIT 10.24 

TERMINATION AGREEMENT 

AMONG 
 FEDERAL DEPOSIT
INSURANCE CORPORATION, as 
 RECEIVER OF PREMIER AMERICAN BANK, 

MIAMI, FLORIDA; 
 RECEIVER
OF FLORIDA COMMUNITY BANK, 
 IMMOKALEE, FLORIDA; 

RECEIVER OF PENINSULA BANK, 

ENGLEWOOD, FLORIDA; 

RECEIVER OF CORTEZ COMMUNITY BANK, 

BROOKSVILLE, FLORIDA; 

RECEIVER OF FIRST NATIONAL BANK OF CENTRAL FLORIDA, 

WINTER PARK, FLORIDA; and 

RECEIVER OF COASTAL BANK, 

COCOA BEACH, FLORIDA 

FEDERAL DEPOSIT INSURANCE CORPORATION 

and 
 FLORIDACOMMUNITY
BANK, NA 
 WESTON, FLORIDA 

DATED AS OF 
 MARCH 4,
2015 

 TERMINATION AGREEMENT 

 

	 	1.1	        THIS TERMINATION AGREEMENT (the “Agreement”), is made and entered into as of the 4th day of March, 2015,
by and among the FEDERAL DEPOSIT INSURANCE CORPORATION, as RECEIVER OF PREMIER AMERICAN BANK, MIAMI, FLORIDA; FLORIDA COMMUNITY BANK,IMMOKALEE, FLORIDA; PENINSULA BANK, ENGLEWOOD, FLORIDA;CORTEZ COMMUNITY BANK, BROOKSVILLE, FLORIDA; FIRST NATIONAL
BANK OF CENTRAL FLORIDA, WINTER PARK, FLORIDA; and COASTAL BANK, COCOA BEACH, FLORIDA (the “Receiver”), FLORIDA COMMUNITY BANK, NA (formerly doing business as PREMIER AMERICAN BANK, NA) organized under the laws of the United States of
America and having its principal place of business in WESTON, FLORIDA (the “Assuming Institution”), and the FEDERAL DEPOSIT INSURANCE CORPORATION, organized under the laws of the United States of America and having its principal office in
Washington, D.C., acting in its corporate capacity (the “Corporation”). 

 RECITALS 

 

	A.	The Receiver, the Assuming Institution and the Corporation entered into the following Purchase and Assumption Agreements (collectively, the “P&A Agreements”): 

 

	 	1.	P&A Agreement dated as of January 22, 2010 with respect to certain assets and liabilities of Premier American Bank (the “Premier American Bank P&A”); 

 

	 	2.	P&A Agreement dated as of January 29, 2010 with respect to certain assets and liabilities of Florida Community Bank (the “Florida Community Bank P&A”); 

 

	 	3.	P&A Agreement dated as of June 25, 2010 with respect to certain assets and liabilities of Peninsula Bank (the “Peninsula Bank P&A”); 

 

	 	4.	P&A dated as of April 29, 2011 with respect to certain assets and liabilities of Cortez Community Bank (the “Cortez Community Bank P&A”); 

 

	 	5.	P&A Agreement dated as of April 29, 2011 with respect to certain assets and liabilities of First National Bank of Central Florida (the “FNBCF P&A”); and 

 

	 	6.	P&A Agreement dated as of May 6, 2011 with respect to certain assets and liabilities of Coastal Bank (the “Costal Bank P&A”), (all banks collectively, the “Failed Banks”);

  

	B.	The Receiver, the Assuming Institution and the Corporation desire to terminate the Single Family Shared-Loss Agreement, Exhibit 4.15A of the P&A Agreements (the “SFSLA”) and the Commercial Shared-Loss
Agreement, Exhibit 4.15 B of the P&A Agreements (the “CSLA”) (collectively, the “Shared-Loss Agreements”). 

NOW, THEREFORE, in consideration of the mutual promises herein set forth and other valuable consideration, the parties
hereto agree as follows: 
 ARTICLE I 

CLOSING 

Except as noted below in Section 2.1 and subject to the satisfaction, or waiver in writing of the conditions precedent
set forth in Article III, the transactions contemplated by this Agreement shall be consummated at a closing (the “Closing”) to be held in person or by electronic means, as the Receiver shall direct, on March 4, 2015, or such earlier
or later date, or in such other manner, as the parties hereto may agree in writing (the “Closing Date”). 

 ARTICLE II 

PAYMENTS AND TERMINATION 

2.1 Payment of Termination Amount. Within two Business Days after the Closing Date, subject to the satisfaction or waiver in
writing of the conditions precedent set forth herein, the Assuming Institution shall pay or cause to be paid to the Receiver by wire transfer in immediately available funds, Fourteen Million Eight Hundred Fourteen Thousand Dollars Six Hundred
Eighty-Six United States Dollars ($14,814,686) (the “Termination Amount”). The Assuming Institution and the Receiver hereby acknowledge that the amount of shared-loss claims filed by the Assuming Institution but not yet paid by the
Receiver were accounted for in the calculation of the Termination Amount. 
 2.2 Termination of the SFSLA and the CSLA. Upon
the occurrence of the Closing all rights and obligations of the parties to make and receive payments pursuant to the SFSLA and the CSLA and all rights and obligations of the parties thereto, shall terminate effective as of the Closing Date. 

2.3 Legal Action; Utilization of Special Receivership Powers. As of the Closing Date, the Assuming Institution’s right, pursuant
to: (1) SFSLA, Section 3.5 of the Peninsula Bank P&A, Florida Community Bank P&A and Premier American Bank P&A, and Section 3.4 of the FNBCF P&A, Costal Bank P&A and Cortez Community Bank P&A; and
(2) CSLA, Section 3.6 of the Peninsula Bank P&A, Florida Community Bank P&A and Premier American Bank P&A, and Section 3.4 of the FNBCF P&A, Costal Bank P&A and Cortez Community Bank P&A, to request to utilize
any special legal power or right which the Assuming Institution derived as a result of having acquired an asset from the Receiver shall terminate; provided, however, any prior requests to utilize such special powers or rights that were granted by
the Receiver shall not be affected hereby, and the Assuming Institution may continue to use such special legal rights or powers in the litigation in which the permission to use those special legal powers or rights was given. Notwithstanding the
foregoing, the Assuming Institution shall continue to have all rights and remedies available to it under applicable state and federal laws, which shall not be limited or altered by this Agreement. 

ARTICLE III 

CONDITIONS PRECEDENT 

The obligations of the parties to this Agreement are subject to the Receiver and the Corporation having received at or before the Closing Date
evidence reasonably satisfactory to each of any necessary approval, waiver, or other action by any governmental authority, the board of directors of the Assuming Institution, or other third party, with respect to this Agreement and the transactions
contemplated hereby, and any agreements, documents, matters or proceedings contemplated hereby or thereby. 
 ARTICLE IV 

MISCELLANEOUS 

4.1 No Third Party Beneficiary. Nothing expressed or referred to in this Agreement is intended or shall be construed to give any
Person other than the Receiver, the Corporation and the Assuming Institution (and their respective successors and assigns) any legal or equitable right, remedy or claim under or with respect to this Agreement or any provisions contained herein, it
being the intention of the parties hereto that this Agreement, the obligations and statements of responsibilities hereunder, and all other conditions and provisions hereof are for the sole and exclusive benefit of the Receiver, the Corporation and
the Assuming Institution and that there be no other third party beneficiaries. 

 4.2 Rights Cumulative. Except as otherwise expressly provided herein, the rights of
each of the parties under this Agreement are cumulative, may be exercised as often as any party considers appropriate and are in addition to each such party’s rights under this Agreement, any of the agreements related thereto or under
applicable law. Any failure to exercise or any delay in exercising any of such rights, or any partial or defective exercise of such rights, shall not operate as a waiver or variation of that or any other such right, unless expressly otherwise
provided. 
 4.3 Entire Agreement. This Agreement embodies the entire agreement of the parties hereto in relation to the
subject matter herein and supersedes all prior understandings or agreements, oral or written, between the parties. 
 4.4
Counterparts. This Agreement may be executed in any number of counterparts and by the duly authorized representative of a different party hereto on separate counterparts, each of which when so executed shall be deemed to be an original
and all of which when taken together shall constitute one and the same Agreement. 
 4.5 GOVERNING LAW. THIS AGREEMENT AND THE
RIGHTS AND OBLIGATIONS HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE FEDERAL LAW OF THE UNITED STATES OF AMERICA, AND IN THE ABSENCE OF CONTROLLING FEDERAL LAW, IN ACCORDANCE WITH THE LAWS OF THE STATES IN WHICH
THE MAIN OFFICE OF EACH OF THE FAILED BANKS WAS LOCATED. 
 4.6 Successors. All terms and conditions of this Agreement shall
be binding on the successors and assigns of the Receiver, the Corporation and the Assuming Institution. 
 4.7 Modification.
No amendment or other modification, rescission or release of any part of this Agreement shall be effective except pursuant to a written agreement subscribed by the duly authorized representatives of the parties hereto. 

4.8 Manner of Payment. All payments due under this Agreement shall be in lawful money of the United States of America in
immediately available funds as each party hereto may specify to the other parties; provided that in the event the Receiver or the Corporation is obligated to make any payment hereunder in the amount of $25,000.00 or less, such payment may be made by
check. 
 4.9 Waiver. Each of the Receiver, the Corporation and the Assuming Institution may waive its respective rights,
powers or privileges under this Agreement; provided that such waiver shall be in writing; and further provided that no failure or delay on the part of the Receiver, the Corporation or the Assuming Institution to exercise any right, power or
privilege under this Agreement shall operate as a waiver thereof, nor will any single or partial exercise of any right, power or privilege under this Agreement preclude any other or further exercise thereof or the exercise of any other right, power
or privilege by the Receiver, the Corporation, or the Assuming Institution under this Agreement, nor will any such waiver operate or be construed as a future waiver of such right, power or privilege under this Agreement. 

4.10 Severability. If any provision of this Agreement is declared invalid or unenforceable, then, to the extent possible, all of
the remaining provisions of this Agreement shall remain in full force and effect and shall be binding upon the parties hereto. 

 4.11 Survival of Covenants. The covenants, representations, and warranties in this
Agreement shall survive the execution of this Agreement and the consummation of the transactions contemplated hereunder. 
 4.12
Capitalized Terms. Capitalized terms not otherwise defined herein shall have the meanings given such terms in the P&A Agreement, the SFSLA or the CSLA, as applicable. 

[Signature Page Follows] 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed by themselves or their
respective officers, as the case may be, as of the day and year first above written. 
  

									
							FLORIDA COMMUNITY BANK, NA
					
							BY:		 /s/ Kent S. Ellert

							NAME:		 Kent S. Ellert

							TITLE:		  

					
	Attest:								
					
	 /s/ Paul D. Burner
								
				
							FEDERAL DEPOSIT INSURANCE CORPORATION, RECEIVER OF FAILED BANKS
					
							BY:		 /s/ Phillip Mangano

							NAME:		 Phillip Mangano

							TITLE:		 Assistant Director

					
	Attest:								
					
	 /s/ Robert B. Stoner
								
				
							FEDERAL DEPOSIT INSURANCE CORPORATION
					
							BY:		 /s/ Sharon L. Yore

							NAME:		 Sharon L. Yore

							TITLE:		 Associate Director, DRR

					
	Attest:								
					
	 /s/ Robert B. StonerEMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT (the “Agreement”)
is made and entered into as of March 1, 2015 (the “Effective Date”), by and between NetSol Technologies, Inc., a Nevada
corporation (the “Company”) and Roger K. Almond, an individual (“Executive”).

 

BACKGROUND

 

A. The Company
desires assurance of the association and services of Executive in order to retain Executive’s experience, skills,
abilities, background and knowledge, and is willing to engage Executive’s services on the terms and conditions set
forth in this Agreement.

 

B. Executive desires
to be in the employ of the Company, and is willing to accept such employment on the terms and conditions set forth in this
Agreement.

 

AGREEMENT

 

In consideration of the foregoing recitals and
the mutual promises and covenants herein contained, and for other good and valuable consideration, the parties, intending to be
legally bound, agree as follows:

 

	1.	EMPLOYMENT.

 

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 two 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 one 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.

 

1.2 Executive shall
serve as Chief Financial Officer of the Company.

 

1.3 Executive shall
perform all services, acts or things necessary or advisable to manage and conduct the business of the Company and which are
normally associated with the position of Executive and consistent with the bylaws and policies, including, but not limited to
the committee charters and Code of Ethics of the Company.

 

1.4 The employment
relationship between the parties shall be governed by the policies and practices established by the Company, except that when
the terms of this Agreement differ from or are in conflict with the Company’s policies or practices, this Agreement
shall control.

 

1.5 Unless the
parties otherwise agree in writing, during the term of this Agreement, Executive shall perform the services he is required to
perform pursuant to this Agreement at the Company’s offices, located at its present or future locations in Calabasas,
California; provided, further, that the Company may from time to time require Executive to travel temporarily to other
locations in connection with the Company’s business and in accordance with the Company’s standard policies
regarding travel for executive and senior management employees.

 

	2.		LOYAL AND CONSCIENTIOUS PERFORMANCE; NONCOMPETITION.

 

2.1 During the
Employment Period, Executive shall devote substantially all his business energies, interest, abilities and productive time to
the proper and efficient performance of his duties under this Agreement. The foregoing shall not preclude Executive from
engaging in civic, charitable or religious activities, or from serving on boards of directors of companies or organizations
which will not present any direct conflict with the interest of the Company or affect the performance of Executive’s
duties hereunder.

 

    	 

    	 

    

 

2.2 Except with the
prior written consent of the Company’s Board of Directors (“Board”), Executive will comply with all the
restrictions set forth below at all times during his employment and for a period of eighteen months after the termination of
his employment:

 

2.2.1 Executive will
not, either individually or in conjunction with any person, as principal, agent, director, officer, employee or in any other
manner whatsoever, directly or indirectly engage in or become financially interested in any competitive business within the
US, except as a passive investor holding not more than one percent of the publicly traded stock of a corporation in which
Executive is not involved in management;

 

2.2.2 Executive will not, either directly or
indirectly, on his own behalf of on behalf of others, solicit, divert or appropriate or attempt to solicit, divert or appropriate
to any competitive business, any business or actively sought prospective business of the Company or any customers with whom the
Company or any affiliate of the Company has current agreements relating to the business of the Company, or with whom Executive
has dealt, or with whom Executive has supervised negotiations or business relations, or about whom Executive has acquired confidential
information in the course of Executive’s employment;

 

2.2.3 Executive will not, either directly or
indirectly, on Executive’s behalf or on behalf of others, solicit, divert or hire away, or attempt to solicit, divert, or hire
away, any independent contractor or any person employed by the Company or any affiliate of the Company or persuade or attempt to
persuade any such individual to terminate his or her employment with the Company; and,

 

2.2.4 Executive will not directly or indirectly
impair or seek to impair the reputation of the Company or any affiliate of the Company, nor any relationship that the Company or
any affiliate of the Company has with its employees, customers, suppliers, agents or other parties with which the Company or any
other affiliate of the Company does business or has contractual relation; and,

 

2.2.5 Executive will not receive or accept for
his own benefit, either directly or indirectly, any commission, rebate, discount, gratuity or profit from any person having or
proposing to have one or more business transactions with the Company or any affiliate of the Company, without the prior approval
of the Board, which may be withheld; and,

 

2.2.6 Executive will, during the term of this
employment with the Company, communicate and channel to the Company all knowledge, business and customer contacts and any other
information that could concern or be in any way beneficial to the business of the Company. Any such information communicated to
the Company as aforesaid will be and remain the property of the Company notwithstanding any subsequent termination of Executive’s
employment.

 

Failure to comply with the terms of this section 2 shall be ground
for immediate termination, and if applicable during the post-termination period shall be grounds for an immediate cessation of
any and all payments due to Executive under section 4.4 of this Agreement.

 

	3.		COMPENSATION OF EXECUTIVE.

 

3.1 The Company shall
pay Executive a base salary of One Hundred Seventy-Five Thousand Dollars ($175,000) 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 and approved by the Board
with an anticipated first year bonus of $10,000 after the conclusion of the first year.

 

    	 

    	 

    

 

3.2 Executive’s
Base Salary and other compensation may be changed from time to time by mutual agreement of Executive and the Board and shall
be evaluated on an at least annual basis by the Board of Director’s Compensation Committee.

 

3.3 All of
Executive’s compensation shall be subject to customary withholding taxes and any other employment taxes applicable to
Executive’s jurisdiction of employment as are commonly required to be collected or withheld by the Company.

 

3.4 During the
Employment Period, the Company agrees to reimburse Executive for all reasonable and necessary business expenses subject to
the Company’s standard requirements with respect to reporting and documentation of such expenses.

 

3.5 Executive shall,
in accordance with the Company policy and the terms of the applicable plan documents, be eligible to participate in benefits
under any Executive benefit plan or arrangement which may be in effect from time to time and made available to its executive
or key management employees, including, as applicable, health and disability insurance, dental insurance, and participation
in Employer’s 401(k) plan. The Company may modify or cancel its benefit plan(s) as it deems necessary.

 

3.6 Executive shall
receive the vacation according to the standard policies of the Company.

 

3.7 Executive shall
be granted 10,000 shares of common stock to be granted in equal 25% tranches (2,500) upon the conclusion of each quarter of
service. The shares are granted from the Company’s 2013 Equity Incentive Plan. The shares shall be granted in tranches
of 2,500 shares on June 1, 2015; the next 2,500 on September 1, 2015; the next 2,500 on December 1, 2015 and the final 2,500
shares on March 1, 2016. 

 

3.8 The Company and Executive shall enter into
an Indemnity Agreement to provide indemnification of and the advancing of expenses to Executive to the fullest extent (whether
partial or complete) permitted by law, and, to the extent the Company maintains insurance, for the coverage of Executive under
the Company’s directors’ and officers’ liability insurance policies.

 

	4.		TERMINATION.

 

4.1 Termination by
the Company. Executive’s employment with the Company may be terminated under the following conditions:

 

4.1.1 Death or
Disability. Executive’s employment with the Company shall terminate effective upon the date of Executive’s death
or “Complete Disability” (as defined in Section 4.5.1).

 

4.1.2 For Cause. The Company may terminate Executive’s employment
under this Agreement for “Cause” (as defined in Section 4.5.3) by delivery of written notice to Executive specifying
the cause or causes relied upon for such termination. Any notice of termination given pursuant to this Section 4.1.2 shall effect
termination as of the date specified in such notice or, in the event no such date is specified, on the last day of the month in
which such notice is delivered or deemed delivered as provided in Section 8 below.

 

4.1.3 Without Cause.
The Company may terminate Executive’s employment under this Agreement at any time and for any reason by delivery of
written notice of such termination to Executive. Any notice of termination given pursuant to this Section 4.1.4 shall effect
termination as of the date specified in such notice (which shall be no earlier than 30 days after such notice is given) or,
in the event no such date is specified, on the last day of the month following the month in which such notice is delivered or
deemed delivered as provided in Section 8 below.

 

    	 

    	 

    

 

4.2 Termination By
Executive. Executive may terminate his employment with the Company for “Good Reason” (as defined below in Section
4.5.2) by (i) delivery of written notice to the Company specifying the “Good Reason” relied upon by Executive for
such termination, provided that such notice is delivered within six (6) months following the occurrence of any event or
events constituting Good Reason, or (ii) at any time during the Employment Period without Good Reason.

 

4.3 Termination by
Mutual Agreement of the Parties. Executive’s employment pursuant to this Agreement may be terminated at any time upon a
mutual agreement in writing of the parties. Any such termination of employment shall have the consequences specified in such
agreement.

 

4.4 Compensation Upon
Termination.

 

4.4.1 Death or
Complete Disability. If Executive’s employment shall be terminated by death or Complete Disability as provided in
Section 4.4.1, the Company shall (i) pay Executive his accrued Base Salary and accrued and unused vacation benefits earned
through the date of termination at the rate in effect at the time of termination, and (ii) continue Executive’s annual
Base Salary, in effect at the time of termination, for a period of two (2) months after the termination date, in both cases
subject to standard deductions and withholding, and the Company shall thereafter have no further obligations to Executive
under this Agreement.

 

4.4.2 Cause or
Without Good Reason. If Executive’s employment shall be terminated by the Company for Cause, or if Executive terminates
employment hereunder without Good Reason, the Company shall pay Executive his accrued Base Salary and accrued and unused
vacation benefits earned through the date of termination at the rate in effect at the time of the notice of termination, and
the Company shall thereafter have no further obligations to Executive under this Agreement.

 

4.4.3 Without Cause
or Good Reason. If Executive shall terminate Executive’s employment with the Company with Good Reason or the Company
shall terminate Executive’s employment without Cause, Executive shall be entitled to the following:

 

(i) Executive’s Base
Salary, and accrued and unused vacation earned through the date of termination;

 

(ii) Continuation of
Executive’s annual Base Salary, in effect at the time of termination, for a period of twelve (12) months after the
termination date subject to standard deductions and withholding;

 

(iii) Continuation of Executive’s
medical, disability and other benefits for a period for twelve (12) months after the termination date, as if Executive had
continued in employment during said period, or in lieu thereof, cash (including a tax-equivalency payment for Federal, state
and local income and payroll taxes assuming Executive is in the maximum tax bracket for all such purposes) where such
benefits may not be continued (or where such continuation would adversely affect the tax status of the plan pursuant to which
the benefit is being provided) under applicable law or regulation; and,

 

(iv) 100% vesting of
all of Executive’s Options, all other options granted to Executive and all restricted stock received upon early
exercise.

 

(v) in the event such
termination occurs within twelve (12) months after a Change of Control, the Company shall pay Executive (a) a one-time
payment equal to the product of 2.99 and Executive’s salary for the previous twelve (12) months and (b) a one-time
payment equal to the higher of (i) Executive’s bonus for the previous year and (ii) one-half a percent of the
Company’s consolidated gross revenues for the previous twelve (12) months (the “Change of Control Termination
Payment”).

 

    	 

    	 

    

 

4.5 Definitions. As
used herein, the following terms shall have the following meanings:

 

4.5.1 Complete
Disability. “Complete Disability” shall mean the inability of Executive to perform Executive’s duties under
this Agreement because Executive has become permanently disabled within the meaning of any policy of disability income
insurance covering employees of the Company then in force. In the event the Company has no policy of disability income
insurance covering employees of the Company in force when Executive becomes disabled, the term “Complete
Disability” shall mean the inability of Executive to perform Executive’s duties under this Agreement by reason of
any incapacity, physical or mental, which the Board, based upon medical advice or an opinion provided by a licensed physician
acceptable to the Board, determines to have incapacitated Executive from satisfactorily performing all of Executive’s
usual services for the Company for a period of at least 120 days. Based upon such medical advice or opinion, the
determination of the Board shall be final and binding and the date such determination is made shall be the date of such
Complete Disability for purposes of this Agreement.

 

4.5.2 Good Reason.
“Good Reason” shall be limited to the occurrence of any of the following events:

 

(i) If the Company is
in material breach of any provision of this Agreement; or

 

(ii) If the Company
asks Executive to perform any act which is illegal, including commission of any crime involving moral turpitude; or,

 

(iii) If there
shall be a material diminution in Executive’s position, status, offices, authority, duties or responsibilities as set
forth in the Agreement.

 

4.5.3 For Cause.
“For Cause” shall be limited to the occurrence of any of the following events:

 

(i)
Executive’s engaging or in any manner participating in any activity which is directly competitive with or intentionally
injurious to the Company or which violates any material provision of Section 6 hereof; or the use of alcohol or illegal
drugs, materially interfering with the performance of Executive’s obligations under this Agreement, continuing after
written warning;

 

(ii)
Executive’s commission of any fraud against the Company or use or intentional appropriation for his personal use or
benefit of any material funds or properties of the Company not authorized by the Board to be so used or appropriated;

 

(iii)
Executive’s conviction of any crime involving moral turpitude; or

 

(iv)
Executive’s failure or refusal to materially perform his duties and responsibilities set forth in this Agreement, if
such failure or refusal is not cured within two weeks after written notice thereof to Executive by the Company.

 

	5.	CHANGE IN CONTROL.

 

5.1A “Change of Control” shall, for purposes of
this Section mean: (1) a dissolution or liquidation of the Company; (2) any sale or transfer of more than 25% of the total assets
of the Company; (3) any merger, consolidation or other business reorganization in which the holders of the Company’s outstanding
voting securities immediately prior to such transaction do not hold, immediately following such transaction, securities representing
fifty percent (50%) or more of the combined voting power of the outstanding securities of the surviving entity; (4) the acquisition
by any person (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), of beneficial ownership (within the meaning of Rule 13d-3 or any successor rule or regulation promulgated
under the Exchange Act) of securities representing fifty percent (50%) or more of the combined voting power of the then-outstanding
securities of the Company; or (5) a majority of the incumbent Board of Directors has been changed.

 

    	 

    	 

    

 

5.2 If a Change In
Control occurs, Executive shall be entitled to full acceleration of the vesting of the then-unvested portion of the Options
granted to Executive under Section 3.9 hereof and of any other options granted to Executive (or any restricted shares
received upon early exercise). If Executive is terminated due to a Change In Control, Executive’s medical, disability
and other benefits shall continue for a period of twelve (12) months, as if Executive had continued in employment during said
period, or in lieu thereof, cash (including a tax equivalency payment for Federal, state and local income and payroll taxes
assuming Executive is in the maximum tax bracket for all such purposes) where such benefits may not be continued (or where
such continuation would adversely affect the tax status of the plan pursuant to which the benefit is being provided) under
applicable law or regulation.

 

5.3 Anything in this
Agreement to the contrary notwithstanding, in the event that it shall be determined that any payment or distribution by the
Company to or for the benefit of Executive, whether paid or payable or distributed or distributable pursuant to the terms of
this Agreement, including, without limitation, the Change of Control Termination Payment, or otherwise (the
“Payment”), would constitute an “excess parachute payment” within the meaning of Section 280G of the
Internal Revenue Code of 1986, as amended (the “Code”), Executive shall be paid an additional amount (the
“Gross-Up Payment”) such that the net amount retained by Executive after deduction of any excise tax imposed
under Section 4999 of the Code, and any federal, state and local income and employment tax and excise tax imposed upon the
Gross-Up Payment, and any interest and penalties imposed upon Executive, shall be equal to the Payment. For purposes of
determining the amount of the Gross-Up Payment, Executive shall be deemed to pay federal income tax and employment taxes
at the highest marginal rate of federal income and employment taxation in the calendar year in which the Gross-Up Payment is
to be made and state and local income taxes at the highest marginal rate of taxation in the state and locality of
Executive’s residence on the date of Payment, net of the maximum reduction in federal income taxes that may be obtained
from the deduction of such state and local taxes.

 

5.4 All
determinations to be made under Section 5.3 shall be made by the Company’s independent public accountant (the
“Accounting Firm”), which firm shall provide its determinations and any supporting calculations both to the
Company and Executive within 10 days of the date of Payment. Any such determination by the Accounting Firm shall be binding
upon the Company and Executive. Within five days after the Accounting Firm’s determination, the Company shall pay (or
cause to be paid) or distribute (or cause to be distributed) to or for the benefit of Executive such amounts as are then due
to Executive.

 

5.5 In the event that
upon any audit by the Internal Revenue Service, or by a state or local taxing authority, of the Payment or Gross-Up Payment,
a change is finally determined to be required in the amount of taxes paid by Executive, appropriate adjustments shall be made
under this Agreement such that the net amount which is payable to Executive after taking into account the provisions of
Section 4999 of the Code shall reflect the intent of the parties as expressed in Section 5.3 above, in the manner determined
by the Accounting Firm.

 

5.6 All of the fees
and expenses of the Accounting Firm in performing the determinations referred to above shall be borne solely by the Company.
The Company agrees to indemnify and hold harmless the Accounting Firm of and from any and all claims, damages and expenses
resulting from or relating to its determinations above, except for claims, damages or expenses resulting from the gross
negligence or willful misconduct of the Accounting Firm.

 

	6.	CONFIDENTIAL AND PROPRIETARY INFORMATION

 

6.1 Executive
recognizes that his employment with the Company will involve contact with information of substantial value to the Company,
which is not old and generally known in the trade, and which gives the Company an advantage over its competitors who do not
know or use it, including but not limited to, techniques, designs, drawings, processes, inventions, developments, equipment,
prototypes, sales and customer information, and business and financial information relating to the business, products,
practices and techniques of the Company, (hereinafter referred to as “Confidential and Proprietary Information”).
Executive will at all times regard and preserve as confidential such Confidential and Proprietary Information obtained by
Executive from whatever source and will not, either during his employment with the Company or thereafter, publish or disclose
any part of such Confidential and Proprietary Information in any manner at any time, or use the same except on behalf of the
Company, without the prior written consent of the Company.

 

    	 

    	 

    

 

	7.		ASSIGNMENT AND BINDING EFFECT.

 

7.1 This Agreement
shall be binding upon and inure to the benefit of Executive and Executive’s heirs, executors, personal representatives,
assigns, administrators and legal representatives. Due to the unique and personal nature of Executive’s duties under
this Agreement, neither this Agreement nor any rights or obligations under this Agreement shall be assignable by Executive.
This Agreement shall be binding upon and inure to the benefit of the Company and its successors, assigns and legal
representatives. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation,
reorganization or otherwise) to all or substantially all of the business or assets of the Company, by agreement in form and
substance satisfactory to Executive, expressly to assume and agree to perform this Agreement in the same manner and to the
same extent the Company would be required to perform it if no succession had taken place.

 

	8.		NOTICES.

 

8.1 All notices or
demands of any kind required or permitted to be given by the Company or Executive under this Agreement shall be given in
writing and shall be personally delivered, which shall include overnight courier, (and receipted for) or mailed by certified
mail, return receipt requested, postage prepaid, addressed as follows:

 

8.1.1 If to the
Company:

 

NetSol Technologies, Inc.

24025 Park Sorrento, Suite 410

Calabasas, CA 91302

Attn: Chairman

 

8.1.2 If to
Executive:

 

Roger K. Almond

c/oNetSol Technologies, Inc.

24025 Park, Sorrento, Suite 410

Calabasas, CA 91024

 

Any such written notice shall be deemed received when personally
delivered or three (3) days after its deposit in the United States mail as specified above. Either party may change its address
for notices by giving notice to the other party in the manner specified in this section.

 

	9.		TRADE SECRETS OF OTHERS.

 

9.1 It is the
understanding of both the Company and Executive that Executive shall not divulge to the Company and/or its subsidiaries any
confidential information or trade secrets belonging to others, including Executive’s former employers, nor shall the
Company and/or its affiliates seek to elicit from Executive any such information. Consistent with the foregoing, Executive
shall not provide to the Company and/or its affiliates, and the Company and/or its affiliates shall not request, any
documents or copies of documents containing such information.

 

	10.		CHOICE OF LAW.

 

10.1 This Agreement
shall be construed and interpreted in accordance with the laws of the State of Nevada.

 

    	 

    	 

    

 

	11.		INTEGRATION.

 

11.1 This Agreement
contains the complete, final and exclusive agreement of the parties relating to the subject matter of this Agreement, and
supersedes all prior oral and written employment agreements or arrangements between the parties.

 

	12.		AMENDMENT.

 

12.1 This Agreement
cannot be amended or modified except by a written agreement signed by Executive and the Company.

 

	13.		WAIVER.

 

13.1 No term,
covenant or condition of this Agreement or any breach thereof shall be deemed waived, except with the written consent of the
party against whom the wavier is claimed, and any waiver or any such term, covenant, condition or breach shall not be deemed
to be a waiver of any preceding or succeeding breach of the same or any other term, covenant, condition or breach.

 

	14.		SEVERABILITY.

 

14.1 The finding by
a court of competent jurisdiction of the unenforceability, invalidity or illegality of any provision of this Agreement shall
not render any other provision of this Agreement unenforceable, invalid or illegal. Such court shall have the authority to
modify or replace the invalid or unenforceable term or provision with a valid and enforceable term or provision which most
accurately represents the parties’ intention with respect to the invalid or unenforceable term or provision.

 

	15.		INTERPRETATION; CONSTRUCTION.

 

15.1 The headings
set forth in this Agreement are for convenience of reference only and shall not be used in interpreting this Agreement. This
Agreement has been drafted by legal counsel representing the Company, but Executive has been encouraged, and has consulted
with, his own independent counsel and tax advisors with respect to the terms of this Agreement. The parties acknowledge that
each party and its counsel has reviewed and revised, or had an opportunity to review and revise, this Agreement, and the
normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be
employed in the interpretation of this Agreement.

 

	16.		REPRESENTATIONS AND WARRANTIES.

 

16.1 Executive
represents and warrants that he is not restricted or prohibited, contractually or otherwise, from entering into and
performing each of the terms and covenants contained in this Agreement, and that his execution and performance of this
Agreement will not violate or breach any other agreements between Executive and any other person or entity.

 

	17.		LITIGATION COSTS.

 

17.1 Should any
litigation, arbitration, or administrative action be commenced between the parties or their personal representatives
concerning any provision of this agreement or the rights and duties of any person in relation to this agreement, the party or
parties prevailing in such action shall be entitled, in addition to such other relief as may be granted to a reasonable sum
as and for that party’s attorney’s fees in such litigation which shall be determined by the court, arbitrator, or
administrative agency, in such action or in a separate action brought for that purpose.

 

    	 

    	 

    

 

	18.		COUNTERPARTS.

 

18.1 This Agreement
may be executed in two counterparts, each of which shall be deemed an original, all of which together shall constitute one
and the same instrument.

 

	19.	ARBITRATION.

 

19.1 To ensure rapid
and economical resolution of any disputes which may arise under this Agreement, Executive and the Company agree that any and
all disputes or controversies of any nature whatsoever, arising from or regarding the interpretation, performance,
enforcement or breach of this Agreement shall be resolved by confidential, final and binding arbitration (rather than trial
by jury or court or resolution in some other forum) to the fullest extent permitted by law. Any arbitration proceeding
pursuant to this Agreement shall be conducted by the American Arbitration Association (“AAA”) in Los Angeles
under the then existing AAA arbitration rules. If for any reason all or part of this arbitration provision is held to be
invalid, illegal, or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity,
illegality or unenforceability will not effect any other portion of this arbitration provision or any other jurisdiction, but
this provision will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable
part or parts of this provision had never been contained herein, consistent with the general intent of the parties insofar as
possible.

 

20.
          PAYMENTS. Any amount hereunder not paid when due shall be subject until paid to an interest charge equal to the lesser of
(i) one-and-one-half percent of the amount due per month and (ii) the highest rate allowable by applicable law. The
late-paying party shall pay all of the other party’s costs and expenses (including reasonable attorney’s fees) to
collect any amount due.

 

IN WITNESS WHEREOF, the parties have executed
this Agreement as of the date first above written.

 

	NETSOL TECHNOLOGIES, INC.	 	NETSOL TECHNOLOGIES, INC.
	 	 	 	 	 
	By:	/s/ Najeeb Ghauri	 	By:	/s/ Patti McGlasson
	 	Najeeb Ghauri	 	 	Patti L. W. McGlasson
	Its: 	Chief Executive Officer	 	Its: 	Corporate Secretary

 

EXECUTIVE:

 

	/s/ Roger K. Almond	 
	Roger K. Almond	 
	 	 
	Dated: March 1, 2015

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