Document:

Exhibit 4.17

                          REGISTRATION RIGHTS AGREEMENT

      This  Registration  Rights Agreement (this  "AGREEMENT"),  dated April 19,
2004 (the  "AGREEMENT  DATE"),  is between  ADVENTRX  Pharmaceuticals,  Inc.,  a
Delaware corporation (the "COMPANY") and Franklin M. Berger (the "INVESTOR").

                                   BACKGROUND

            A. The Company and the Investor have entered into a Common Stock and
      Warrant Purchase Agreement (the "PURCHASE  AGREEMENT") as of the Agreement
      Date pursuant to which the Company desires to sell to the Investor and the
      Investor  desires to purchase from the Company shares of Common Stock, par
      value $0.001 per share ("COMMON STOCK"), of the Company (the "SHARES").

            B. As  additional  consideration  for the  purchase  of the  Shares,
      pursuant  to the  Purchase  Agreement,  the  Company  shall  issue  to the
      Investor  certain  warrants  to  purchase  shares  of  Common  Stock  (the
      "WARRANTS").

            C. A condition to the  obligations  under the Purchase  Agreement is
      that the Company and the  Investor  enter into this  Agreement in order to
      provide the  Investor  with  certain  rights to register the resale of the
      Shares and the Warrant Shares (as defined herein).

                                    AGREEMENT

      In  consideration  of the mutual  promises,  representations,  warranties,
covenants  and  conditions  set forth in this  Agreement,  the parties  agree as
follows:

1.    DEFINITIONS. For purposes of this Agreement, the term:

            (A)  "REGISTRABLE  SECURITIES"  means (a) the Shares and the Warrant
      Shares or other  securities  issued or  issuable  to the  Investor  or its
      transferees,  assignees or designee (i) upon exercise of the Warrants,  or
      (ii) upon any dividend or  distribution  with respect to, any exchange for
      or any replacement of the Shares, Warrants or Warrant Shares or (iii) upon
      any  conversion,   exercise  or  exchange  of  any  securities  issued  in
      connection  with any  such  distribution,  exchange  or  replacement;  (b)
      securities  issued or  issuable  upon any  stock  split,  stock  dividend,
      recapitalization  or similar  event with  respect  to the  foregoing;  (c)
      securities issued pursuant to Section 8 of the Purchase Agreement, Section
      9 or Section 10 of this Agreement or Section 3 of the Warrants and (d) any
      other security issued as a dividend or other distribution with respect to,
      in exchange for, in  replacement  or redemption of, or in reduction of the
      liquidation  value of, any of the securities  referred to in the preceding
      clauses.  The parties  acknowledge  that the Company may choose to include
      the  Registrable  Securities  hereunder on a  registration  statement with
      other similar securities.

            (B) "INVESTOR" means  collectively the Investor and any transferees,
      assignees or designees thereof who hold Registrable Securities.

            (C) "COMMISSION" means the Securities and Exchange Commission.

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            (D) "WARRANT  SHARES" means the shares of Common Stock issuable upon
      exercise of the Warrants.

            (E) "SECURITIES ACT" means the Securities Act of 1933, as amended.

            (F) "EXCHANGE ACT" means the Exchange Act of 1934, as amended.

2.    FILING OF REGISTRATION STATEMENT.

            (A) The Company shall prepare and file with the Commission a "shelf"
      registration  statement (a  "REGISTRATION  STATEMENT")  on Form S-3 (or if
      such form is not available to the Company on another form  appropriate for
      such  registration  in  accordance   herewith)  covering  all  Registrable
      Securities  for a secondary or resale  offering to be made on a continuous
      basis pursuant to Rule 415, such Registration  Statement to be filed by no
      later than June 30, 2004 (the "TARGET FILING DATE"). The Company shall use
      its best  efforts  to cause  the  Registration  Statement  to be  declared
      effective under the Securities Act not later than 90 days after the Target
      Filing  Date   (including   filing  with  the  Commission  a  request  for
      acceleration  of  effectiveness  in accordance  with Rule 461  promulgated
      under the  Securities  Act within five  business days of the date that the
      Company is notified  (orally or in writing,  whichever  is earlier) by the
      Commission that a Registration Statement will not be "reviewed," or not be
      subject  to  further  review)  and to  keep  such  Registration  Statement
      continuously  effective under the Securities Act until such date as is the
      earlier of (x) the date when all  Registrable  Securities  covered by such
      Registration Statement have been sold or (y) the second anniversary of the
      Agreement  Date (the  "EFFECTIVENESS  PERIOD").  Upon the  initial  filing
      thereof,  the  Registration  Statement  shall  cover at least  100% of the
      Shares and 100% of the Warrant Shares.  Such  Registration  Statement also
      shall cover,  to the extent  allowable  under the  Securities  Act and the
      rules  promulgated  thereunder  (including  Securities Act Rule 416), such
      indeterminate  number of additional  shares of Common Stock resulting from
      stock splits,  stock dividends or similar transactions with respect to the
      Registrable  Securities.  Not less than three  business  days prior to the
      filing of the  Registration  Statement  or any related  prospectus  or any
      amendment  or  supplement  thereto,  the Company  shall (i) furnish to the
      Investor  copies  of  all  such  documents  proposed  to be  filed,  which
      documents  (other than those  incorporated  by reference)  and (ii) at the
      request of the Investor of Registrable  Securities  cause its officers and
      directors, counsel and independent certified public accountants to respond
      to such  inquiries as shall be  reasonably  necessary,  in the  reasonable
      opinion of the Investor, to conduct a reasonable  investigation within the
      meaning of the Securities Act. The Company shall not file the Registration
      Statement or any such prospectus or any amendments or supplements  thereto
      to which the  Investor  shall  reasonably  object in writing  within three
      business days after their receipt thereof.

            (B) The Company shall (i) prepare and file with the Commission  such
      amendments,  including  post-effective  amendments,  to  the  Registration
      Statement  as  may  be  necessary  to  keep  the  Registration   Statement
      continuously   effective  as  to  all   Registrable   Securities  for  the
      Effectiveness Period and to the extent any Registrable  Securities are not
      included in such Registration Statement for reasons other than the failure
      of the Investor to comply with Section 4 hereof,

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shall  prepare  and  file  with  the  Commission  such  additional  Registration
Statements  in order  to  register  for  resale  under  the  Securities  Act all
Registrable  Securities;  (ii)  cause the  related  prospectus  to be amended or
supplemented by any required  prospectus  supplement,  and as so supplemented or
amended to be filed  pursuant  to Rule 424 (or any  similar  provisions  then in
force)  promulgated  under the  Securities  Act;  (iii)  respond as  promptly as
possible,  and in no event later than 10 business days, to any comments received
from the Commission with respect to the Registration  Statement or any amendment
thereto and as promptly as possible, upon request, provide the Investor true and
complete copies of all correspondence from and to the Commission relating to the
Registration  Statement;  and (iv)  comply  in all  material  respects  with the
provisions  of the  Securities  Act and the  Exchange  Act with  respect  to the
disposition of all Registrable  Securities covered by the Registration Statement
during  the  applicable  period  in  accordance  with the  intended  methods  of
disposition by the Investor thereof set forth in the  Registration  Statement as
so amended or in such prospectus as so supplemented.

            (C) The Company  shall  notify the  Investor as promptly as possible
      (i) when a  prospectus  or any  prospectus  supplement  or  post-effective
      amendment to the Registration Statement is proposed to be filed (but in no
      event in the case of this  subparagraph (i), less than three business days
      prior to the date of such filing);  (ii) when the Commission  notifies the
      Company whether there will be a "review" of such  Registration  Statement;
      and (iii) with respect to the Registration Statement or any post-effective
      amendment, when the same has become effective, and after the effectiveness
      thereof:  (A) of any  request by the  Commission  or any other  Federal or
      state  governmental   authority  for  amendments  or  supplements  to  the
      Registration Statement or prospectus or for additional information; (B) of
      the  issuance  by  the  Commission  of  any  stop  order   suspending  the
      effectiveness  of the  Registration  Statement  covering any or all of the
      Registrable  Securities  or the  initiation  of any  proceedings  for that
      purpose;  (C) of the  receipt  by the  Company  of any  notification  with
      respect  to  the  suspension  of  the   qualification  or  exemption  from
      qualification  of  any of  the  Registrable  Securities  for  sale  in any
      jurisdiction,  or the initiation or threatening of any proceeding for such
      purpose;  and (D) if the financial statements included in the Registration
      Statement become  ineligible for inclusion therein or of the occurrence of
      any event that makes any statement made in the  Registration  Statement or
      prospectus  or any  document  incorporated  or deemed  to be  incorporated
      therein by reference  untrue in any material  respect or that requires any
      revisions to the Registration Statement,  prospectus or other documents so
      that, in the case of the Registration Statement or the prospectus,  as the
      case may be, it will not contain any untrue  statement of a material  fact
      or omit to state  any  material  fact  required  to be stated  therein  or
      necessary  to  make  the   statements   therein,   in  the  light  of  the
      circumstances  under  which  they  were  made,  not  misleading.   Without
      limitation  to any remedies to which the  Investor  may be entitled  under
      this Agreement, if any of the events described in Section 2(c)(iii) occur,
      the  Company  shall use its best  efforts to respond  to and  correct  the
      event.

            (D) The Investor acknowledges that the Registration  Statement shall
      also  register a  significant  amount of shares of Common  Stock  owned by
      other  stockholders  which have  "piggy-back"  registration  rights  under
      various agreements with the Company.

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3.    PIGGY-BACK REGISTRATION.

            (A) RIGHT TO  PIGGY-BACK.  If (but without any  obligation  to do so
      other than as provided above) the Company  proposes to register any shares
      of Common Stock in connection  with any offering of shares of Common Stock
      pursuant to a registration  statement under the Securities Act (other than
      a registration  relating  solely to the sale of securities to participants
      in a Company  stock  plan or a  transaction  covered by Rule 145 under the
      Securities Act, or a registration in which the only stock being registered
      is Common Stock issuable upon conversion of debt securities which are also
      being registered) (a "PUBLIC  OFFERING"),  the Company shall promptly give
      the Investor  written  notice of such  registration,  at least 10 business
      days  prior  to  the  filing  of  any  registration  statement  under  the
      Securities  Act. Upon the written  request of the Investor  given within 5
      business days after  delivery of such written  notice by the Company,  the
      Company shall,  subject to the  provisions of Section 3(b) below,  use its
      best efforts to cause to be registered  under the  Securities  Act on such
      registration statement all of the Registrable Securities that the Investor
      has requested to be registered.

            (B)  UNDERWRITING.  If the  registration  statement  under which the
      Company  gives notice under  Section  3(a) is for an  underwritten  Public
      Offering,  the  Company  shall so advise  the  Investor.  The right of the
      Investor  to  registration   pursuant  to  Section  3(a)  above  shall  be
      conditioned upon the Investor's participation in such underwriting and the
      inclusion of the Registrable  Securities in the underwriting to the extent
      provided  herein.  The Investor  shall  (together with the Company and any
      other holders of Company securities  distributing their securities through
      such underwriting) enter into an underwriting  agreement in customary form
      with the  underwriter or  underwriters  selected for  underwriting  by the
      Company.  Notwithstanding  any other  provision of Sections  3(a),  if the
      underwriter  determines that marketing factors require a limitation of the
      number of shares to be  underwritten,  the underwriter may exclude some or
      all of the Registrable Securities from such registration and underwriting.

      4.  FURNISH  INFORMATION.  It  shall  be  a  condition  to  the  Company's
obligations  to take  any  action  under  this  Agreement  with  respect  to the
Registrable  Securities of the Investor that the Investor shall promptly furnish
to the Company, upon request, such information regarding itself, the Registrable
Securities,  and the intended  method of disposition of such securities as shall
be necessary to effect the registration of its Registrable  Securities.  In that
connection,  the Investor shall be required to represent to the Company that all
such  information  which is given is both  complete and accurate in all material
respects when made.

      5. DELAY OF  REGISTRATION.  THE INVESTOR  shall have no right to obtain or
seek an injunction  restraining or otherwise  delaying any such  registration as
the  result  of  any   controversy   that  might  arise  with   respect  to  the
interpretation or implementation of the terms of this Agreement.

      6.  TERMINATION  OF  REGISTRATION   RIGHTS.   Following  the  end  of  the
Effectiveness  Period,  the Company  shall have no  obligation  to register  the
Registrable Securities pursuant to this Agreement or otherwise.

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7.  INDEMNIFICATION.

            (A)  To  the  extent   permitted   by  law,   the   Company   shall,
      notwithstanding  any  termination  of this  Agreement,  indemnify and hold
      harmless the Investor,  to the fullest extent permitted by applicable law,
      from and against any and all losses, claims, damages,  liabilities,  costs
      (including,  without  limitation,  costs  of  preparation  and  reasonable
      attorneys'  fees) and  expenses  (collectively,  "LOSSES"),  as  incurred,
      arising out of or relating to any untrue or alleged untrue  statement of a
      material fact contained or incorporated  by reference in the  Registration
      Statement, any prospectus or any form of prospectus or in any amendment or
      supplement thereto or in any preliminary prospectus,  or arising out of or
      relating to any omission or alleged  omission of a material  fact required
      to be stated therein or necessary to make the  statements  therein (in the
      case of any  prospectus  or form of  prospectus or amendment or supplement
      thereto, in the light of the circumstances under which they were made) not
      misleading  (collectively  a  "VIOLATION"),  provided,  however,  that the
      indemnity  agreement  contained  in this  Section  7(a) shall not apply to
      amounts paid in settlement of any such Loss if such settlement is effected
      without the prior written  consent of the Company (which consent shall not
      be unreasonably withheld), nor shall the Company be liable to the Investor
      to the  extent  that  any  Loss  arises  out of or is  based  upon  untrue
      statements,  omissions or  violations  which occur in reliance upon and in
      conformity with information furnished expressly for use in connection with
      such registration by the Investor.

            (B)  To  the  extent   permitted  by  law,   the   Investor   shall,
      notwithstanding  any  termination  of this  Agreement,  indemnify and hold
      harmless the Company, each of its directors,  each of its officers who has
      signed the registration  statement,  each person, if any, who controls the
      Company (within the meaning of Section 15 of the Securities Act or Section
      20 of the Exchange Act),  any  underwriter,  any other  stockholder of the
      Company  selling  securities  in  such  Registration   Statement  and  any
      controlling person of any such underwriter or other  stockholder,  against
      any Losses,  as incurred,  arising out of or relating to any  Violation in
      each case to the extent (but only to the extent)that such Violation occurs
      in reliance upon and in conformity with written  information  furnished in
      writing  expressly for use in  connection  with such  registration  by the
      Investor;  provided,  however,  that the indemnity  agreement contained in
      this  Section 7(b) shall not apply to amounts  paid in  settlement  of any
      such Loss if such  settlement  is  effected  without  the  consent  of the
      Investor,    which   consent   shall   not   be   unreasonably   withheld.
      Notwithstanding  anything to the contrary  contained herein,  the Investor
      shall be liable in the  aggregate  under this  Section  7(b) for only such
      amounts,  if any, as in the  aggregate  do not exceed the net  proceeds to
      such Investor as a result of the sale of Registrable  Securities  pursuant
      to such Registration Statement.

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      8.  LISTING.  The Company  shall cause all  Registrable  Securities  to be
listed on any United States securities  exchange,  quotation  system,  market or
over-the-counter  bulletin  board  on which  similar  securities  issued  by the
Company are then listed and use its best efforts to maintain such listing.

      9. FAILURE TO FILE  REGISTRATION  STATEMENT.  The Company and the Investor
agree that the Investor will suffer damages if the Registration Statement is not
filed  on or prior to the  Target  Filing  Date  and  maintained  in the  manner
contemplated  herein  during  the  Effectiveness  Period.  The  Company  and the
Investor  further agree that it would not be feasible to ascertain the extent of
such damages with precision.  Accordingly,  if the Registration Statement is not
filed on or prior to the Target Filing Date, the Company shall pay in cash or in
shares of Common Stock (at the Company's option) as liquidated  damages for such
failure and not as a penalty to the Investor an amount equal to two percent (2%)
of the purchase  price the Investor  paid for the Shares and Warrants  purchased
pursuant to the Purchase Agreement (the "PURCHASE PRICE") for each 30-day period
until the Registration Statement has been filed with the Commission, which shall
be pro rated for such  periods  less than 30 days (the "LATE  FILING  DAMAGES").
Payments to be made to the Investor  pursuant to this Section 9 shall be due and
payable within 5 business days of any demand therefor by the Investor, but in no
event more than once during any 30-day  period.  The parties agree that the Late
Filing Damages represent a reasonable estimate on the part of the parties, as of
the date of this Agreement, of the amount of damages that may be incurred by the
Investor if the  Registration  Statement  is not filed on or prior to the Target
Filing Date. If the Company  elects to pay the Late Filing  Damages in shares of
Common Stock, such shares of Common Stock shall be valued at the average closing
price of a share of Common Stock on the applicable trading market for the Common
Stock for the 5-trading-day  period immediately  preceding the date of demand of
such Late Filing Damages.

      10. FAILURE OF REGISTRATION STATEMENT TO BECOME EFFECTIVE. The Company and
the Investor  agree that the Investor  will suffer  damages if the  Registration
Statement  is not  declared  effective  by the  Commission  on or  prior  to the
ninetieth  (90th) day  following  the  Target  Filing  Date (the  "EFFECTIVENESS
DEADLINE").  The Company  and the  Investor  further  agree that it would not be
feasible to ascertain the extent of such damages with precision. Accordingly, if
the Registration  Statement is not declared effective by the Commission prior to
the Effectiveness Deadline, the Company shall pay in cash or in shares of Common
Stock (at the Company's  option) as liquidated  damages for such failure and not
as a penalty to the  Investor  an amount  equal to (a) two  percent  (2%) of the
Purchase Price for the first 30-day period following the Effectiveness  Deadline
(which  shall be pro  rated  for such  periods  less  than 30 days)  and (b) one
percent (1%) of the Purchase  Price for each  subsequent  30-day  period  (which
shall be pro rated for such periods  less than 30 days) (the  "NON-EFFECTIVENESS
DAMAGES") until either (x) the Registration  Statement is declared  effective by
the Commission or (y) the first  anniversary of the Agreement Date.  Payments to
be made to the  Investor  pursuant  to this  Section 10 shall be due and payable
within 5 business days of any demand  therefor by the Investor,  but in no event
more  than  once  during  any  30-day   period.   The  parties  agree  that  the
Non-Effectiveness  Damages  represent a  reasonable  estimate on the part of the
parties, as of the Agreement Date, of the amount of damages that may be incurred
by the Investor if the  Registration  Statement is not declared  effective on or
prior to the  ninetieth  (90th) day  following  the Target  Filing Date.  If the
Company elects to pay the  Non-Effectiveness  Damages in shares of Common Stock,
such shares of Common  Stock shall be valued at the average  closing  price of a
share of Common Stock on the applicable  trading market for the Common Stock for
the  5-trading-day  period  immediately  preceding  the date of  demand  of such
Non-Effectiveness Damages.

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11.   LISTING; EXCHANGE ACT REPORTS.

            (A) The Company shall use  commercially  reasonable  best efforts to
      list its Common Stock on the American Stock Exchange.

            (B) With a view to making  available to the Investor the benefits of
      Rule 144 promulgated under the Securities Act or any other similar rule or
      regulation of the  Commission  that may at any time permit the Investor to
      sell securities of the Company to the public without  registration  ("RULE
      144"), the Company agrees to:

      (I)   make and keep  public  information  available,  as those  terms  are
            understood and defined in Rule 144;

      (II)  file with the  Commission  in a timely  manner all reports and other
            documents  required of the Company under the  Securities Act and the
            Securities  Exchange Act of 1934, as amended (the "EXCHANGE ACT") so
            long as the Company  remains  subject to such  requirements  and the
            filing of such  reports  and other  documents  is  required  for the
            applicable provisions of Rule 144; and

      (III) furnish to the  Investor so long as the  Investor  owns  Registrable
            Securities,  promptly upon request,  (i) a written  statement by the
            Company that it has complied with the reporting requirements of Rule
            144, the  Securities  Act and the Exchange  Act,  (ii) a copy of the
            most recent annual or quarterly report of the Company and such other
            reports and documents so filed by the Company to the extent any such
            report is not available on the Commission's  website, and (iii) such
            other  information  as may be  reasonably  requested  to permit  the
            Investor  to sell  such  securities  pursuant  to Rule  144  without
            registration.

12.   MISCELLANEOUS.

            (A)  GOVERNING  LAW.  This  Agreement,  all  acts  and  transactions
      pursuant hereto and the rights and obligations of the parties hereto shall
      be governed,  construed and interpreted in accordance with the laws of the
      state of California, without giving effect to principles of choice of law.

            (B)  JURISDICTION  AND  VENUE.  Any  legal  action  or  other  legal
      proceeding  relating to this Agreement or the enforcement of any provision
      of this Agreement shall be brought or otherwise  commenced in any state or
      federal court located in the county of San Diego,  California.  Each party
      to this Agreement:  (i) expressly and irrevocably  consents and submits to
      the  jurisdiction of each state and federal court located in the county of
      San Diego,  California  and each  appellate  court located in the state of
      California, in connection with any such legal proceeding; (ii) agrees that
      each  state  and  federal  court  located  in the  county  of  San  Diego,
      California shall be deemed to be a convenient  forum; and (iii) agrees not
      to assert, by way of motion, as a defense or otherwise,  in any such legal
      proceeding  commenced in any state or federal  court located in the county
      of San  Diego,  California  any  claim  that  such  party  is not  subject
      personally to the  jurisdiction of such court,  that such legal proceeding
      has  been  brought  in an  inconvenient  forum,  that  the  venue  of such
      proceeding  is improper or that this  Agreement  or the subject  matter of
      this Agreement may not be enforced in or by such court.

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            (C) ENTIRE AGREEMENT.  This Agreement  embodies the entire agreement
      and  understanding  between the parties hereto with respect to the subject
      matter  hereof and  supersedes  all prior oral or written  agreements  and
      understandings  relating  to the  subject  matter  hereof.  No  statement,
      representation,  warranty, covenant or agreement of any kind not expressly
      set forth in this Agreement shall affect, or be used to interpret,  change
      or restrict, the express terms and provisions of this Agreement.

            (D) NOTICES. All notices and other communications hereunder shall be
      in writing and shall be given (and shall be deemed to have been duly given
      upon receipt) by delivery in person or facsimile transmission (received at
      the facsimile machine to which it is transmitted prior to 5:00 p.m., local
      time, on a business day in the state of California, for the party to which
      it is sent),  by courier or express  delivery  service or by registered or
      certified  mail  (postage  prepaid,   return  receipt  requested)  to  the
      respective  parties at the  following  addresses (or at such other address
      for a party as shall be  specified in a notice  given in  accordance  with
      this Section):

      if to the Company:                          ADVENTRX Pharmaceuticals, Inc.
                                                  9948 Hibert Street, Suite 100
                                                  San Diego, CA  92131
                                                  Attention: Nicholas J. Virca
                                                  Facsimile: (858) 271-9678
      with a copy to (not to constitute notice):  Bingham McCutchen LLP
                                                  3 Embarcadero Center
                                                  San Francisco, CA  94111-4067
                                                  Attention: Henry D. Evans, Jr.
                                                  Facsimile: (415) 393-2286

      if to the Investor:                         Franklin M. Berger
                                                  19 East 80th Street
                                                  New York, NY  10021
                                                  Facsimile:  (212) 988-9340

            (E)  AMENDMENTS  AND  WAIVERS.  Any  term of this  Agreement  may be
      amended,  waived or  departed  from only with the  written  consent of the
      Company and the Investor.  No such waiver or consent shall be deemed to be
      or shall constitute a waiver or consent with respect to any other terms or
      provisions of this Agreement,  whether or not similar. Each such waiver or
      consent  shall be  effective  only in the  specific  instance  and for the
      purpose  for which it was given,  and shall not  constitute  a  continuing
      waiver or consent.

            (F)  SUCCESSORS  AND ASSIGNS.  This Agreement is personal to each of
      the parties hereto and may not be assigned  without the written consent of
      the other party;  provided,  however, that the Investor shall be permitted
      to assign this Agreement to any person to whom it assigns or transfers the
      Warrants or  Registrable  Securities,  other than in a public  resale,  in
      compliance  with  applicable  securities  laws.  Any  assignee  must be an
      "accredited  investor"  as defined in Rule  501(a)  promulgated  under the
      Securities Act.

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            (G)  SEVERABILITY.   In  the  event  that  any  court  of  competent
      jurisdiction  shall determine that any provision,  or any portion thereof,
      contained in this Agreement shall be  unenforceable  in any respect,  then
      such provision shall be deemed limited to the extent that such court deems
      it  enforceable,  and as so limited shall remain in full force and effect.
      In the event that such court  shall  deem any such  provision,  or portion
      thereof, wholly unenforceable,  the remaining provisions of this Agreement
      shall nevertheless remain in full force and effect.

            (H)  INTERPRETATION.  The parties hereto acknowledge and agree that:
      (i) each  party  and such  party's  counsel  has  reviewed  the  terms and
      provisions of this Agreement;  (ii) the rule of construction to the effect
      that any ambiguities are resolved  against the drafting party shall not be
      employed in the interpretation of this Agreement;  and (iii) the terms and
      provisions of this Agreement  shall be construed  fairly as to the parties
      hereto and not in favor of or against any party, regardless of which party
      was generally responsible for the preparation of this Agreement.  Whenever
      used herein,  the singular  number  shall  include the plural,  the plural
      shall  include  the  singular,  the use of any gender  shall  include  all
      persons.

            (I) HEADINGS AND CAPTIONS.  The headings and captions of the various
      subdivisions  of this Agreement are for  convenience of reference only and
      shall in no way modify,  or affect the meaning or  construction  of any of
      the terms or provisions hereof.

            (J) NO WAIVER OF RIGHTS, POWERS AND REMEDIES. No failure or delay by
      a party  hereto  in  exercising  any  right,  power or remedy  under  this
      Agreement,  and no course of dealing  between  the parties  hereto,  shall
      operate as a waiver of any such  right,  power or remedy of the party.  No
      single or  partial  exercise  of any  right,  power or remedy  under  this
      Agreement by a party hereto,  nor any  abandonment  or  discontinuance  of
      steps to enforce  any such right,  power or remedy,  shall  preclude  such
      party from any other or further  exercise  thereof or the  exercise of any
      other right,  power or remedy  hereunder.  The election of any remedy by a
      party hereto  shall not  constitute a waiver of the right of such party to
      pursue  other  available  remedies.  No notice to or demand on a party not
      expressly  required under this Agreement shall entitle the party receiving
      such notice or demand to any other or further  notice or demand in similar
      or other  circumstances  or constitute a waiver of the rights of the party
      giving  such  notice  or  demand  to any  other or  further  action in any
      circumstances without such notice or demand.

            (K)  REGISTRATION  EXPENSES.  All fees and expenses  incident to the
      performance  of or compliance  with this Agreement by the Company shall be
      borne by the Company whether or not the Registration Statement is filed or
      becomes  effective and whether or not any Registrable  Securities are sold
      pursuant to the Registration Statement.  The fees and expenses referred to
      in the foregoing  sentence  shall  include,  without  limitation,  (i) all
      registration  and filing fees  (including,  without  limitation,  fees and
      expenses (A) with respect to filings required to be made with the American
      Stock  Exchange  and each other  securities  exchange,  quotation  system,
      market or over-the-counter  bulletin board on which Registrable Securities
      are required  hereunder to be listed, (B) with respect to filings required
      to be  made  with  the  Commission,  and  (C)  in  compliance  with  state
      securities or Blue Sky laws), (ii) printing expenses  (including,  without
      limitation,  expenses of printing certificates for Registrable  Securities
      and of printing or photocopying prospectuses),  (iii) messenger, telephone
      and delivery  expenses,  (iv) Securities Act liability  insurance,  if the
      Company so desires such insurance,  and (v) fees and expenses of all other
      persons retained by the Company in connection with the consummation of the

                                       9
<PAGE>

      transactions   contemplated   by  this   Agreement,   including,   without
      limitation,  the Company's independent public accountants  (including,  in
      the case of an underwritten  offering, the expenses of any comfort letters
      or costs associated with the delivery by independent public accountants of
      a comfort letter or comfort letters) and legal counsel.  In addition,  the
      Company shall be responsible for all of its internal  expenses incurred in
      connection with the consummation of the transactions  contemplated by this
      Agreement (including, without limitation, all salaries and expenses of its
      officers and employees performing legal or accounting duties), the expense
      of any annual audit, and the fees and expenses incurred in connection with
      the listing of the  Registrable  Securities on any securities  exchange as
      required hereunder.

            (L)  COUNTERPARTS  AND  FACSIMILE  DELIVERY.  This  Agreement may be
      executed in counterparts,  each of which shall be deemed an original,  but
      all of which together shall  constitute one and the same  instrument.  Any
      signature   page  delivered  by  facsimile  or  other   electronic   image
      transmission  shall be binding to the same extent as an original signature
      page,  with  regard to any  agreement  subject to the terms  hereof or any
      amendment thereto.  Any party who delivers such a signature page agrees to
      later deliver an original counterpart to any party who requests it.

                            [Signature page follows.]

                                       10
<PAGE>

      SIGNATURE PAGE TO THE  REGISTRATION  RIGHTS  AGREEMENT IN WITNESS WHEREOF,
the  parties  hereto have  executed  this  Agreement  as of the date first above
written.

ADVENTRX PHARMACEUTICALS, INC.

By:    /s/ Evan M. Levine
       ----------------------------
Name:  Evan M. Levine
       ----------------------------
Title: Chief Operating Officer
       ----------------------------

/s/ Franklin M. Berger
-----------------------------------
FRANKLIN M. BERGER

                                       11Employment Agreement

Exhibit 10.1 

Naeem Ghauri’s Employment Contract

 

 

 

 

 

EMPLOYMENT AGREEMENT 

 	This EMPLOYMENT AGREEMENT (the "Agreement") is made and entered into as of January 1, 2004 (the "Effective Date"), by and between NetSol Technologies, Inc., a Nevada corporation
(the "Company") and Naeem Ghauri, 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 three years thereafter (the "Employment Period"); provided, however, that the Employment Period may be
terminated earlier pursuant 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 anniversary year to elect not to
so extend the Employment Period.

1.2 
      Executive shall serve as Chief Executive Officer (“CEO”) of the Company. It is hereby contemplated that the Executive will have a seat on the Board of Directors.

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 CEO and consistent with the bylaws 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 the United Kingdom; 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 North America or Europe, 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. 

3.                 COMPENSATION OF EXECUTIVE.

3.1       The Company shall pay Executive a base salary of One Hundred Ten Thousand Pounds Sterling
(110,000)(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. 

3.2       Executive's Base Salary and other compensation may be changed from time to time by mutual agreement of Executive and
the Board.

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. 

Page 2

 	 3.6       Executive shall cooperate with the Company and its insurers as reasonably required for the Company to acquire and keep in force key-man life insurance on Executive. 

 	3.7       Executive shall be granted stock options for 250,000 shares of the common stock of the Company (the "Options") pursuant to an option agreement (the "Option Agreement") issued
pursuant to the Company’s 2001 Employee Stock Option Plan and shall vest and be exercisable based on the customary provisions of such plan. The Option Agreement will have customary provisions relating to adjustments for stock splits and similar
events. The exercise price of the Options will be $2.21 for 100,000 shares; $3.75 for 100,000 shares and $5.00 for 50,000 shares. The options as granted shall provide for an "early exercise" right (i.e., the right of Executive to exercise options
prior to their vesting date and to receive restricted stock subject to the same vesting requirements as the options exercised). In addition, the options as granted shall permit Executive (or, where applicable, his personal representative) up to
eighteen (18) months following termination of employment for any reason to exercise any options which were vested at the time of such termination (including options vesting as the result of such termination, where applicable).

 	3.9.       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 4.1.3 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.

Page 3

 	 	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 for 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 thirty-six (36) months after the termination date subject to standard deductions and withholding;

 	 	 	(iii)       Continuation of Executive's medical, disability and other benefits for a period of six (6) 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;

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

 	 	 	(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 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; or 

 	 	 	(iv)       If there shall be a relocation or transfer of Executive's office to a location of more than 30 miles from London, United Kingdom. 

Page 4

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 thirty (30) days after written notice thereof to Executive by the Company. 

5.                
CHANGE IN CONTROL.

5.1       A "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 six(6) 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.

Page 5

 	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 (and receipted for) or mailed by certified mail, return receipt requested, postage prepaid, addressed as
follows: 

 	 	8.1.1       If to the Company: 

 	 	NetSol International, Inc.

2390 Calabasas Road, Suite 2072

Calabasas, CA 91302

Attn: General Counsel 

 	 	8.1.2       If to Executive: 

 	 	Naeem Ghauri 	 	
______________________
  	 	______________________

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. 

Page 6

 	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 is made in Calabasas, California. This Agreement shall be construed and interpreted in
accordance with the laws of the State of California.

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.

Page 7

 	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. 

		
  
	
	
  
	
	
By:  /s/ Patti McGlasson          
 	
  By:
 /s/ Najeeb Ghauri       
	
	
              
 Patti L. W. McGlasson 
 
		
          Najeeb Ghauri 
	
Its: Corporate Counsel 

		
 Its: Chief Financial Officer 
 
	
	
  
	
	
Dated: January 1, 2004 

		
  Dated: January 1, 2004 
 
	
	
  
	
	
  
	
	
EXECUTIVE: 

		
  
	
	
 	
 
	
/s/ Naeem
Ghauri              
 
NAEEM GHAURI 
		
 
	
 	
  
	
	
Dated: January 1, 2004

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