Document:

Exhibit
10.15

SECURED
PROMISSORY NOTE

$48,335        

November
28, 2003 

FOR VALUE
RECEIVED, the undersigned, Naeem Ghauri ("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 Forty Eight Thousand Three Hundred Thirty Five Dollars
($48,335). 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:

Naeem Ghauri      

Naeem
GhauriExhibit
10.16

SECURED
PROMISSORY NOTE

$72,221        

November
28, 2003 

FOR VALUE
RECEIVED, the undersigned, Salim Ghauri ("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 Seventy Two Thousand Two Hundred Twenty-One Dollars ($72,221).
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:

Salim Ghauri       

Salim
Ghauri

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