Document:

EXHIBIT 10.31

                              CONSULTING AGREEMENT

      THIS  CONSULTING  AGREEMENT is entered into as of the 3rd day of May, 2004
("Consulting  Agreement"),  by and among Cirilium Holdings,  Inc., a corporation
formed  and  existing  under  the  laws of the  State  of  Delaware  and/or  its
subsidiaries, successors, and assigns (hereinafter the "Company") and Timothy M.
Simpson, ("Consultant").  For purposes of this Consulting Agreement, the Company
and Consultant  shall be herein  collectively  referred to as "Parties" and each
individually as a "Party."

      WHEREAS,  The Company  wishes to retain the  Consultant as an  independent
contractor,  and  Consultant  wishes to be retained in such capacity and perform
certain  services for the Consultant to promote the interests of the business of
the Consultant and the Company.

      NOW THEREFORE, intending to be bound, the Parties hereto agree as follows:

1.  Services Provided.

      (a) Consultant,  for the Term of this Consulting  Agreement,  shall expend
reasonable best efforts to assist the Company in strategic  developments,  asset
management,  customer development,  operations and all aspects of the Company as
directed by the Board of Directors (the "Services"). Consultant agrees to devote
reasonable time and efforts to rendering the Services.

      (b)  Consultant   recognizes  that  determination  of  whether  to  accept
Consultant's  efforts in  effecting  the  Services or the results  thereof  made
pursuant  shall be in the sole  discretion  of the Company,  taking into account
factors including,  without limitation,  applicable law and costs of compliance,
as well as prevailing or anticipated business and market conditions.

2.   Compensation.

      (a) Cash Compensation. In consideration for the Services, Consultant shall
receive cash  compensation  in the amount of $8,500.00 per month for the term of
this Consulting  Agreement,  payable in bi-monthly  payments  beginning with the
initial date of this Agreement.

      (b) Option  Participation.  In  addition  to the  compensation  referenced
above, Consultant will receive consideration in the form of stock options, which
shall entitle  Consultant to purchase one hundred and fifty  thousand  (150,000)
shares of the Company's restricted common stock, at an exercise price of $0.0001
per share.

      All options  subject to this section shall vest according to the following
schedule:

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  ---------------------------------------------- --------------------------
  Vesting Date                                   Number of Options (1)
  ---------------------------------------------- --------------------------
  At the end of the 12th month from the date     50,000
  of this Agreement
  ---------------------------------------------- --------------------------
  At the end of the 24th month from the date     50,000
  of this Agreement
  ---------------------------------------------- --------------------------
  At the end of the 36th month from the date     50,000
  of this Agreement
  ---------------------------------------------- --------------------------

      (1) The exercise price of said options shall be $.0001  (one-hundredth  of
      one cent) per share.

      In the event that this Agreement is  terminated,  whether by Consultant or
      With or Without Cause by the Company, Consultant shall receive options for
      the  current  fiscal  year in an amount pro rata with that  portion of the
      year in which  Consultant  performed  services for the Company pursuant to
      this  Agreement and  Consultant  shall receive these options at the end of
      the  relevant  twelve-month  period  as if this  Agreement  had  not  been
      terminated.

      (c) Additional incentive compensation,  if any, shall be at the discretion
of the Board of Directors of the Company.

3.    Term

      This  Agreement  shall be in full force and  effect  from the date of this
Agreement  and  continuing  for a period  of three  (3)  years,  unless  earlier
terminated at any time by either party (the "Term").

4.    Representations and Warranties

      (a) Neither the execution,  delivery,  nor  performance of this Agreement,
with or without the giving of notice,  the passage of time, or both, will result
in the violation or breach of any contract, agreement, instrument,  undertaking,
order,  judgment,  decree,  rule,  regulation,  law, or any other restriction to
which  Contractor  is a  party.  Consultant  warrants  to  Company  that (i) all
Services shall be performed in a workmanlike and  professional  manner and, (ii)
he has the legal right to perform all Services provided hereunder.

      (b) Consultant  shall maintain  accurate  written records of contacts made
pursuant to this Consulting Agreement,  and agrees to give the Company copies of
such records upon request.  This duty to maintain said records referenced in the
sentence  immediately  preceding and to provide such records upon request to the
Company shall survive the termination of this Consulting Agreement.

5. Confidentiality.

      (a) All information,  knowledge and data relating to or concerned with the
operations,  business and affairs of the Company (including for purposes of this
Section any investor,  Member, parent,  subsidiary, or affiliate of the Company)
or the Consultant  which are exchanged by the Parties hereto in connection  with

<PAGE>

the  performance by the Company or Consultant of any duties  hereunder  shall be
the  property  of the Company or the  Consultant,  whichever  is the  disclosing
Party,  and be  treated  as  confidential  information  and  shall  be held in a
fiduciary capacity by the Parties hereunder.

      (b)   "Confidential   Information"   shall  mean  any   facts,   opinions,
conclusions,   projections,   data,  programs,  processes,   algorithms,  ideas,
concepts,  information, trade secrets or know-how, business projections,  market
studies,  client lists or documents  containing same,  whether legally protected
from  disclosure  or not,  relating to any research  project,  work in progress,
future   development,    engineering,    current    development,    programming,
manufacturing,  marketing,  financial or personnel  matters relating to Company,
its  present  or future  products,  projects,  technologies,  sales,  Company's,
investors,  prospects, markets or businesses,  whether communicated orally or in
writing or obtained by Contractor through  observation or examination of Company
's  facilities,  businesses,  trade  secrets or  procedures,  existing as of the
Effective Date or thereafter  developed in which there is a proprietary interest
and that there is a legitimate business reason for guarding against unauthorized
use or disclosure.

      (c) "Trade Secrets" shall mean any information or thing that constitutes a
trade  secret  under  Federal,  State,  and/or  local  law,  including,  without
limitation, a formula, pattern, compilation, algorithm, program, device, method,
technique,   process,  or  information   related  thereto,   that:  (i)  derives
independent economic value, actual or potential,  from not being generally known
to the  public  or to other  persons  who can  obtain  economic  value  from its
disclosure or use; and (ii) is the subject of efforts that are reasonable  under
the circumstances to maintain its secrecy.  Contractor acknowledges that Company
would suffer  irreparable  injury and damage from disclosure of its confidential
and  trade  secret  information.  Contractor  therefore  covenants  to hold such
information in the strictest of confidence, to use all reasonable precautions to
safeguard  the  information  and not to use any  confidential  or  trade  secret
information for business purposes other than those of Company. Contractor agrees
to hold  the  confidential  and  trade  secret  information  of  Company  in the
strictest of confidence  indefinitely,  to ensure that such  information  is not
used by third parties for any improper purpose and to indemnify  Company against
any  loss or  damage  arising  from  unauthorized  use  directly  or  indirectly
resulting  from its improper  disclosure.  Contractor  covenants that Company is
entitled to an injunction of any actions in violation of this Covenant,  as well
as damages, for a breach of this confidentiality covenant. All work produced and
all notes and documentation provided by Contractor hereunder which are conceived
or made in response to matters  related to the  Services or based in whole or in
part on or derived from  information  supplied by the Company or its  affiliated
companies,  whether  preliminary  or  final,  and  on  whatever  media  rendered
(collectively  "Work Product")  shall be the exclusive  property of the Company.
Title to all Work Product shall remain in the Company and the Company shall have
the  unlimited  right to make,  have made,  use,  reconstruct,  repair,  modify,
reproduce,  publish, distribute, and sell the Work Product, in whole or in part,
or combine the Work  Product with other  matter,  or not use the Work Product at
all, as it sees fit. Title to all materials and  documentation  furnished by the
Company to the  Contractor  or by the  Contractor to the Company shall remain in
the  Company.  The  Contractor  shall  deliver to the  Company  any and all such
materials  and  documentation  including  all copies  thereof on whatever  media
rendered,  upon  (i) the  Company's  request  or (ii)  the  termination  of this
Agreement for any reason.

<PAGE>

6.    Indemnification

      (a) Except as provided  below,  the Parties  shall  indemnify  each other,
their  parents,  affiliates,  and  subsidiaries,  and each of  their  directors,
officers,   employees,   agents,   representatives,   investors,   and   Members
(collectively,  the  "Indemnified  Parties"),  and hold them  harmless  from and
against any and all claims, actions, damages, consequential damages, liabilities
and expenses  (collectively,  "Losses") occasioned by any act or omission of the
other  Party,  its  parents,  affiliates,  and  subsidiaries,  and  each  of its
directors,  officers, employees, agents, representatives investors, partners, or
Members, relating to the performance of its obligations hereunder, provided such
obligations  arise after the  execution  of this  Consulting  Agreement.  If the
Indemnified  Parties  shall,  without  fault on their part, be made party to any
litigation   concerning  the  Indemnified  Party  or  the  Indemnified   Party's
performance  hereof, or commenced by or against the Indemnified  Party, then the
other Party shall protect and hold the Indemnified Party harmless, and shall pay
all costs, Losses,  expenses, and reasonable attorney's fees incurred or paid by
the Indemnified Party in connection with said litigation.

     (b) In addition to the  indemnification  provisions  above, the Indemnified
Parties shall  reimburse one another for any legal or other expenses  reasonably
incurred by them in connection with  investigating,  preparing,  or preparing to
defend or defending losses,  lawsuits,  claims, or other proceedings  arising in
any manner out of or in connection with the rendering of services to the Company
hereunder,  except for any losses or  expenses  arising  out of a failure on the
part  of  Consultant   to  procure  or  maintain  any   necessary   licenses  or
qualifications necessary to perform services under this Consulting Agreement.

     (c) The Indemnified  Parties agree that  indemnification  and reimbursement
commitments set forth in this Section 6 of this Consulting Agreement shall apply
whether  or not any  Indemnified  Party is a formal  party to any such  lawsuit,
claim, or other proceeding, and that each of the Indemnified Parties is entitled
to retain  separate  legal counsel of its choice in  connection  with any of the
matters to which such commitments  relate and that such commitments shall extend
beyond the Term of this Consulting Agreement.

      (d) The Company  (including  for  purposes of this  Section any  investor,
shareholder,  parent,  subsidiary,  or affiliate of the Company,  as well as any
person or entity acting for or on behalf of the Company) shall not be liable for
any mistakes of fact, errors of judgment, for business or other losses sustained
by the  Consultant or for any acts or omissions of any kind  (including  acts or
omissions of the Company) unless caused by intentional misconduct,  recklessness
or gross negligence by the Company.

7.    Independent Contractor Status

      (a) It is the  understanding of the Parties that this Agreement creates an
independent  contractor  agreement  and not an employment  agreement.  It is the
intention of the Parties that Consultant shall be an independent  contractor and
not an employee of the Company for all purposes,  including, but not limited to,
the  application  of any  federal or state law  relating  to  employment  or tax
liability.  It is the further  understanding of the Parties that Consultant will
not be eligible to participate in any of the employee benefit plans and programs
offered by the Company to its employees only.  Consultant  acknowledges that the
compensation  specified in this Agreement constitutes all of the compensation to
which  Consultant is entitled for the rendition of services to the Company,  and
that  Consultant  will not be entitled  to vacation or sick pay or any  benefits
under the Company's pension, profit sharing, health, disability, life insurance,
severance,  or any other plan or program of  employee  benefits  provided by the
Company to its employees.

<PAGE>

      (B) IT IS  UNDERSTOOD  AND AGREED BY THE PARTIES THAT BOTH PARTIES TO THIS
CONSULTING  AGREEMENT  ARE EACH  INDEPENDENT  CONTRACTORS  WITH  RESPECT TO EACH
OTHER, AND NOT EMPLOYEES,  AGENTS,  JOINT VENTURE  PARTNERS,  OR PARTNERS OF THE
OTHER FOR ANY PURPOSES WHATSOEVER. THE COMPANY SHALL HAVE NO RIGHT TO, AND SHALL
NOT CONTROL THE MANNER OR PRESCRIBE  THE  SPECIFIC  METHOD BY WHICH THE SERVICES
ARE PERFORMED BY THE CONSULTANT.

8.    State and Federal Taxes

      Consultant  shall be responsible  for the  withholding  and payment of any
required state and federal payroll taxes, including income, FICA, FUTA and state
unemployment for any assistants or employees retained by Consultant. The Company
shall not be  required  to make any  payroll  withholdings  with  respect to its
payments under this Agreement.

9.    Miscellaneous

      (a) This Agreement  constitutes the entire  Agreement  between the Parties
hereto  with  respect to the  subject  matter  hereof and  supersedes  all prior
agreements,  understandings and arrangements, both oral and written, between the
parties  hereto with respect to such subject  matter.  This Agreement may not be
modified in any way unless by a written instrument  executed by both Company and
Consultant.

      (b) Any notices  required or  permitted  to be given under this  Agreement
shall be in writing  and shall be deemed to have been duly given when  delivered
by hand or when deposited in the United States mail, by certified  mail,  return
receipt requested, postage prepaid, as follow:

                  If to Company:                     Cirilium Holdings, Inc.
                                                     625 N. Flagler Drive
                                                     Suite 605
                                                     West Palm Beach, FL 33401

                   If to Consultant: _________________________
                                     _________________________
                                     _________________________

      (c) The  determination  jointly by the parties  hereto or by a Court as to
the invalidity,  unenforceability  or  unreasonableness  of any provision hereof
shall in no way affect the validity or  enforceability  of any other  provision,
and the invalid, unenforceable or unreasonable provision shall be modified to be
valid and enforceable to the full extent permitted by law.

      (d) Neither this Consulting  Agreement nor any term hereof may be changed,
modified,  amended,  waived or  terminated  orally,  except by an  instrument in
writing signed by the party against which  enforcement of the change,  waiver or
termination is sought.

<PAGE>

      (e) The waiver by either Party hereto of a breach or violation of any term
or provision of this Agreement  shall not operate or be construed as a waiver of
any subsequent breach or violation.

      (f) This Consulting Agreement,  and all rights and obligations  hereunder,
shall be binding upon and inure to the benefit of each Party's heirs, executors,
representatives, successors and assigns.

      (g) Except as denoted herein,  this  Consulting  Agreement is not intended
for the  benefit of and should not be relied  upon by any third  parties and the
Company  shall have no liability  to any such party  arising out of the terms of
performance of this Consulting Agreement.

      (h) Each party  agrees to execute  this  Consulting  Agreement  and do all
things necessary to effectuate the purposes of this Consulting Agreement without
delay or limitation.  The Parties hereto agree that Consulting  Agreement may be
executed by facsimile transmission.

      (i) This Consulting  Agreement has been duly executed and delivered by the
Consultant  and  constitutes  valid  and  binding  obligations  of the  Parties,
enforceable against them according to the terms contained herein. The execution,
delivery and  performance of the  transactions  contemplated  by this Consulting
Agreement, and compliance with its provisions, will not violate any provision of
law, or constitute a default  under,  or require a consent or waiver under,  the
Company's  Articles of Incorporation or Bylaws (each as amended to date), or any
indenture,  lease,  agreement  or other  instrument  to  which  the  Company  or
Consultant is a party,  or which the Consultant,  the Company,  or any of either
Party's property is bound, or any decree,  judgment,  order,  statute,  rule, or
regulation applicable to the Company.

                [Remainder of this page intentionally left blank]

<PAGE>

IN WITNESS WHEREOF,  the parties hereto have caused this Consulting Agreement to
be executed by their respective officers thereunto duly authorized as of the day
and year first above written.

Cirilium Holdings, Inc., a Delaware corporation

By: /s/ Robert W. Pearce                       DATE:  May 3, 2004
    ------------------------------
    Robert W. Pearce, President

Consultant

By: /s/ Timothy M. Simpson                     DATE: May 3, 2004
    ------------------------------
    Timothy M. Simpson, ConsultantEXHIBIT 4.1

Number                                                         Shares

                           NETSOL TECHNOLOGIES, INC.

INCORPORATED UNDER THE LAWS                                    CUSIP
OF THE STATE OF NEVADA

THIS CERTIFIES THAT

-------------------

Is the owner of

   FULLY PAID AND NON-ASSESSABLE 25,000,000 AUTHORIZED SHARES COMMON SHARES,
                               PAR VALUE $001, OF

                           NETSOL TECHNOLOGIES, INC.

Transferable only on the books of the Company in person or by duly authorized
attorney upon surrender of this Certificate properly endorsed. This Certificate
is not valid unless countersigned and registered by the Transfer Agent and
Registrar.

IN WITNESS WHEREOF, the said Company has caused this Certificate to be executed
by the facsimile signatures of its duly authorized officers and to be sealed
with the facsimile seal of the Company.

Dated:

/s/Patti L. W. McGlasson                           /s/Naeem Ghauri
------------------------                           ---------------
CORPORATE SECRETARY             COMPANY SEAL       CHIEF EXECUTIVE OFFICER

<PAGE>

The Corporation will furnish to any stockholder upon request and without charge,
a statement of the powers, designations preferences and relative participating
optional or other special rights of each class of stock or series thereof and
the qualifications, limitations restriction of such preferences and/or rights,
so far as the same shall have been fixed, and of the authority of the Board of
Directors to designate and fix any preferences, rights and limitations of any
wholly unissued series. Any such requests should be addressed to the Secretary
of the Corporation at its corporate headquarters.

KEEP THIS CERTIFICATE IN A SAFE PLACE, IF IT IS LOST, STOLEN OR DESTROYED THE
CORPORATION WILL REQUIRE A BOND OF INDEMNITY AS A CONDITION TO THE ISSUANCE OF A
REPLACEMENT CERTIFICATE.

The following abbreviations, when used in the inscription on the fact of this
certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM      -as tenants in common
TEN ENT      -as tenants by the entireties
JT TEN       -as joint tenants with right of Survivorship

UNIF GIFT MIN ACT- _________ Custodian _________
                       (cust)          (minor)

                under Uniform Gifts to Minors Act ________
                                                  (state)

UNIF TRF MIN ACT- _________ Custodian __________
                      (cust)          (minor)

                under Uniform Transfers to Minors Act ____________
                                                      (state)

Additional abbreviations may also be used though not in the above list.

FOR VALUE RECEIVED,                        hereby sell, assign and transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE

-------------------------

--------------------------------------------------------------------------------
(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASIGNEE)
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Shares of the common stock represented by the within Certificate, and do hereby
irrevocably consent and appoint

--------------------------------------------------------------------------------
Attorney to transfer the said stock on the books of the within named Corporation
with full power of substitution in the premises

<PAGE>

Dated:
      -----------------------

                                   X
                                    -----------------------------------

                                   X
                                     ----------------------------------
                                  NOTICE: THE SIGNATURE(S) TO THIS ASSIGNMENT
                                  MUST CORRESPOND WITH THE NAME(S) AS WRITTEN
                                  UPON THE FACE OF THE CERTIFICATE IN EVERY
                                  PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT
                                  OR ANY CHANGE WHATEVER.

Signature(s) Guaranteed

By:
   -------------------------------------
The signature(s) must be guaranteed by an eligible guarantor institution (Banks,
stockbrokers, savings and loan associations and credit unions with membership in
an approved signature guarantee medallion program), Pursuant to S.E.C. Rule
17Ad-15

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