Document:

SPECIAL RESOLUTION OF THE BOARD OF DIRECTORS OF TELESIS TECHNOLGY CORPORATION

SPECIAL
RESOLUTION OF THE BOARD OF DIRECTORS

OF

TELESIS
TECHNOLGY CORPORATION

WHEREAS,
the Company wishes to issue to HASIT
VIBHAKAR. (Director),
an individual with an address at 6291 ROCK CREEK CIRCLE, ELLENTON, FL 34222, USA
restricted common stock of the Company’s for inventory that was transferred to
Telesis Technology Corporation.

RESOLVED,
the Company shall issue to HASIT VIBHAKAR 6,000,000 shares of its Common Stock
(“Common Stock”) as agreed upon in the “Inventory Transfer Document” dated
January 4th, 2005
and minutes of the special meeting of the board of directors on January
4th,
2005.

FURTHER
RESOLVED, such Common Stock shall be valued at $0.001 par value per share.

LASTLY
RESOLVED, the Common Stock will be issued under an exemption from the
registration provisions of Section 5 of the Securities Act of 1933, as amended
(the “Act”), as provided under Section 4(2) of the Act and the
Common Stock shall be restricted securities that cannot be resold by HASIT
VIBHAKAR without subsequent registration under the Act or the
applicability of a secondary transactional exemption from the registration
requirements of the Act (e.g. subject to the safe harbor guidelines and resale
limitations as provided under Rule 144 of the Act); and

The
undersigned hereby certifies that he or she is the duly elected Secretary of the
Company and the Custodian of the Books and Records of the Company which was duly
formed pursuant to the laws of the State of Florida and that the foregoing is a
true and correct record of the resolution duly adopted at a meeting of the
shareholders of the Company, and that said meeting was held in accordance with
the laws of the State of Florida and the By-Laws of the above-named Company on
January 4th, 2005, and that said resolution is now in full force and effect
without modification or rescission.

IN
WITNESS WHEREOF, I have executed my name as Secretary of said Company and have
hereunto affixed the corporate seal of the above-named Company this
4th day of
January 2005.

A TRUE
RECORD

ATTEST.

/S/:
Hasit Vibhakar________________

 Hasit
Vibhakar,
Secretary of the Company

 

 

 

 

1MINUTES OF THE SPECIAL MEETING OF THE BOARD OF DIRECTORS OF TELESIS TECHNOLGY CORPORATION

MINUTES
OF THE SPECIAL MEETING OF THE BOARD OF DIRECTORS

OF

TELESIS
TECHNOLGY CORPORATION

A Special
Meeting of the Board of Directors of Telesis Technology Corporation was held at
1611 12th Street
East, Unit A, Palmetto, FL 34221, USA on January 4th, 2005 at
3.00 o’clock this pm.

All the
Directors and Chairman of the Board being present, the meeting was called to
order by the Chairman. Upon motion duly made, seconded and carried, it
was

RESOLVED
that Hasit Vibhakar was issued (six million) 6,000,000 shares of its $ 0.001 par
value common stock for transfer of inventory as agreed upon in the “Inventory
Transfer Document” dated January 4th,
2005.

FURTHER
RESOLVED, that the signing of these minutes shall constitute full ratification
thereof and Waiver of Notice of the meeting by the signatories.

There
being no further business before the meeting, on motion duly made, seconded and
carried, the meeting was successfully adjourned.

Dated:
Tuesday, January 04, 2005

         /S/:
Hasit Vibhakar_______________ 

 Hasit
Vibhakar,
Secretary of the Company

______/S/:
Hasit Vibhakar_____________________

  Hasit
Vibhakar, Chairman of the Board

 

 

 

 

 

 

1Exhibit
10.14

SECURED
PROMISSORY NOTE

$80,417        

November
28, 2003 

FOR VALUE
RECEIVED, the undersigned, Najeeb Ghauri (the "Ghauri"), hereby promises to pay
to the order of NetSol Technologies, Inc., or its assign (the "Holder"), in
lawful money of the United States of America, and in immediately payable funds,
the principal sum of Eighty Thousand Four Hundred Seventeen Dollars ($80,417).
The principal hereof and any unpaid accrued interest thereon shall be due and
payable on the Maturity Date (as defined below). Payment of all amounts due
hereunder shall be made at the address of the Holder as provided by the Holder
to the Company from time to time or at such other address as the Holder shall
notify the Ghauri in writing. Payments may be made in deferred compensation or
cash. For purposes of this Note, "Maturity Date" shall mean the second
anniversary of this note or such extended maturity date as granted by Holder or
the occurrence of an Insolvency Event (as defined herein).

Ghauri
further promises to pay interest at the rate of 6% per annum on the outstanding
principal balance hereof, such interest to accrue from the date of issuance of
this Note and shall be payable on the Maturity Date. 

Principal
and interest due hereunder shall be secured by shares of common stock of Holder
in the name of Ghauri (the “Security”) to be held by counsel for the Holder
until the earlier of: such date as full payment of principal and interest is
paid in full; such new or additional collateral satisfactory to the Holder is
substituted for the Security; or, an event of default. 

If one or
more of the following events (the "Events of Default" and each an "Event of
Default") (whatever the reason for such Event of Default and whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body) shall have occurred:

(a) a default
in the payment of all or any part of the principal or interest due under this
Note as and when the same shall become due and payable, at maturity, by
declaration as permitted hereunder, upon acceleration or otherwise;
or,

 

(b) Ghauri
shall have applied for or consented to the appointment of a custodian, receiver,
trustee or liquidator, or other court-appointed fiduciary of all or a
substantial part of his properties; or Ghauri has filed a voluntary petition in
bankruptcy, or a petition or an answer seeking reorganization or an arrangement
with its creditors or seeking to take advantage of any insolvency law, or an
answer admitting the material allegations of a petition in any bankruptcy,
reorganization or insolvency proceeding or has taken action for the purpose of
effecting any of the foregoing; or if, within ninety (90) days after the
commencement of any proceeding against Ghauri seeking any reorganization,
rehabilitation, arrangement, composition, readjustment, liquidation, dissolution
or similar relief under the Federal bankruptcy code or similar order under
future similar legislation, the appointment of any trustee, receiver, custodian,
liquidator, or other court-appointed fiduciary of Ghauri or of all or any
substantial part of his properties or assets, such order or appointment shall
not have been vacated or stayed on appeal or if, within ninety (90) days after
the expiration of any such stay, such order or appointment shall not have been
vacated (all such events, collectively "Insolvency Events");   

 

then, in
each and every such case, the Holder, by notice in writing to Ghauri (the
"Acceleration Notice"), may declare the entire principal of and the entire
accrued interest on this Note to be due and payable immediately, and upon any
such declaration the Security shall be delivered to Holder. 

 

Upon the
occurrence of any Event of Default, the Holder may, in addition to declaring all
amounts due hereunder to be immediately due and payable, pursue any available
remedy, whether at law or in equity. If an Event of Default occurs, Ghauri shall
pay to the Holder the reasonable attorney fees and disbursements and all other
out-of-pocket costs incurred by the Holder in order to collect amounts due and
owing under this Note or otherwise to enforce the Holder’s rights and remedies
hereunder.

 

No delay
or omission of the Holder in exercising any right or power accruing upon any
Event of Default occurring and continuing as aforesaid shall impair any such
right or power or shall be construed to be a waiver of any such Event of Default
or an acquiescence therein; and every power and remedy given by this Note or by
law may be exercised, from time to time, and as often as shall be deemed
expedient, by the Holder.

Notices
to be given hereunder shall be in writing and shall be deemed to have been
sufficiently given if delivered personally or sent by overnight courier or
messenger or sent by registered or certified mail (air mail if overseas), return
receipt requested, or by telex, facsimile transmission, telegram or similar
means of communication. Notice shall be deemed to have been received on the date
of personal delivery, telex, facsimile transmission, telegram or similar means
of communication, or if sent by overnight courier or messenger, shall be deemed
to have been received on the next delivery day after deposit with the courier or
messenger, or if sent by certified or registered mail, return receipt requested,
shall be deemed to have been received on the third business day after the date
of mailing. The address of Ghauri shall be his home address as provided from
time to time to the Holder.

It is the
intention of Ghauri and of the Holder to conform strictly to applicable usury
and similar laws. Accordingly, notwithstanding anything to the contrary in this
Note, it is agreed that the aggregate of all charges which constitute interest
under applicable usury and similar laws that are contract for, chargeable or
receivable under or in respect of this Note, shall under no circumstances exceed
the maximum amount of interest permitted by such laws, and any excess, whether
occasioned by acceleration or maturity of this Note or otherwise, shall be
canceled automatically, and if theretofore paid, shall be either refunded to the
Company or credited on the principal amount of this Note.

IN
WITNESS WHEREOF, the
Company has signed and sealed this Note and delivered it in the State of
California as of November 28, 2003.

GHAURI:

____________________________________

Najeeb
Ghauri

SECURED
PROMISSORY NOTE

$25,000        

March 31,
2004 

FOR VALUE
RECEIVED, the undersigned, Najeeb Ghauri (the "Ghauri"), hereby promises to pay
to the order of NetSol Technologies, Inc., or its assign (the "Holder"), in
lawful money of the United States of America, and in immediately payable funds,
the principal sum of Twenty Five Thousand Dollars ($25,000). The principal
hereof and any unpaid accrued interest thereon shall be due and payable on the
Maturity Date (as defined below). Payment of all amounts due hereunder shall be
made at the address of the Holder as provided by the Holder to the Company from
time to time or at such other address as the Holder shall notify the Ghauri in
writing. Payments may be made in deferred compensation or cash. For purposes of
this Note, "Maturity Date" shall mean the second anniversary of this note or
such extended maturity date as granted by Holder or the occurrence of an
Insolvency Event (as defined herein).

Ghauri
further promises to pay interest at the rate of 6% per annum on the outstanding
principal balance hereof, such interest to accrue from the date of issuance of
this Note and shall be payable on the Maturity Date. 

Principal
and interest due hereunder shall be secured by shares of common stock of Holder
in the name of Ghauri (the “Security”) to be held by counsel for the Holder
until the earlier of: such date as full payment of principal and interest is
paid in full; such new or additional collateral satisfactory to the Holder is
substituted for the Security; or, an event of default. 

If one or
more of the following events (the "Events of Default" and each an "Event of
Default") (whatever the reason for such Event of Default and whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body) shall have occurred:

(a) a default
in the payment of all or any part of the principal or interest due under this
Note as and when the same shall become due and payable, at maturity, by
declaration as permitted hereunder, upon acceleration or otherwise;
or,

 

(b) Ghauri
shall have applied for or consented to the appointment of a custodian, receiver,
trustee or liquidator, or other court-appointed fiduciary of all or a
substantial part of his properties; or Ghauri has filed a voluntary petition in
bankruptcy, or a petition or an answer seeking reorganization or an arrangement
with its creditors or seeking to take advantage of any insolvency law, or an
answer admitting the material allegations of a petition in any bankruptcy,
reorganization or insolvency proceeding or has taken action for the purpose of
effecting any of the foregoing; or if, within ninety (90) days after the
commencement of any proceeding against Ghauri seeking any reorganization,
rehabilitation, arrangement, composition, readjustment, liquidation, dissolution
or similar relief under the Federal bankruptcy code or similar order under
future similar legislation, the appointment of any trustee, receiver, custodian,
liquidator, or other court-appointed fiduciary of Ghauri or of all or any
substantial part of his properties or assets, such order or appointment shall
not have been vacated or stayed on appeal or if, within ninety (90) days after
the expiration of any such stay, such order or appointment shall not have been
vacated (all such events, collectively "Insolvency Events");   

 

then, in
each and every such case, the Holder, by notice in writing to Ghauri (the
"Acceleration Notice"), may declare the entire principal of and the entire
accrued interest on this Note to be due and payable immediately, and upon any
such declaration the Security shall be delivered to Holder. 

 

Upon the
occurrence of any Event of Default, the Holder may, in addition to declaring all
amounts due hereunder to be immediately due and payable, pursue any available
remedy, whether at law or in equity. If an Event of Default occurs, Ghauri shall
pay to the Holder the reasonable attorney fees and disbursements and all other
out-of-pocket costs incurred by the Holder in order to collect amounts due and
owing under this Note or otherwise to enforce the Holder’s rights and remedies
hereunder.

 

No delay
or omission of the Holder in exercising any right or power accruing upon any
Event of Default occurring and continuing as aforesaid shall impair any such
right or power or shall be construed to be a waiver of any such Event of Default
or an acquiescence therein; and every power and remedy given by this Note or by
law may be exercised, from time to time, and as often as shall be deemed
expedient, by the Holder.

Notices
to be given hereunder shall be in writing and shall be deemed to have been
sufficiently given if delivered personally or sent by overnight courier or
messenger or sent by registered or certified mail (air mail if overseas), return
receipt requested, or by telex, facsimile transmission, telegram or similar
means of communication. Notice shall be deemed to have been received on the date
of personal delivery, telex, facsimile transmission, telegram or similar means
of communication, or if sent by overnight courier or messenger, shall be deemed
to have been received on the next delivery day after deposit with the courier or
messenger, or if sent by certified or registered mail, return receipt requested,
shall be deemed to have been received on the third business day after the date
of mailing. The address of Ghauri shall be his home address as provided from
time to time to the Holder.

It is the
intention of Ghauri and of the Holder to conform strictly to applicable usury
and similar laws. Accordingly, notwithstanding anything to the contrary in this
Note, it is agreed that the aggregate of all charges which constitute interest
under applicable usury and similar laws that are contract for, chargeable or
receivable under or in respect of this Note, shall under no circumstances exceed
the maximum amount of interest permitted by such laws, and any excess, whether
occasioned by acceleration or maturity of this Note or otherwise, shall be
canceled automatically, and if theretofore paid, shall be either refunded to the
Company or credited on the principal amount of this Note.

IN
WITNESS WHEREOF, the
Company has signed and sealed this Note and delivered it in the State of
California as of March 31, 2004.

GHAURI:

Najeeb Ghauri        

Najeeb
Ghauri

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