<SEC-DOCUMENT>0001493152-15-000737.txt : 20150304
<SEC-HEADER>0001493152-15-000737.hdr.sgml : 20150304
<ACCEPTANCE-DATETIME>20150304130710
ACCESSION NUMBER:		0001493152-15-000737
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150303
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
FILED AS OF DATE:		20150304
DATE AS OF CHANGE:		20150304

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NETSOL TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0001039280
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				954627685
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22773
		FILM NUMBER:		15672522

	BUSINESS ADDRESS:	
		STREET 1:		24025 PARK SORRENTO
		STREET 2:		SUITE 410
		CITY:			CALABASAS
		STATE:			CA
		ZIP:			91302
		BUSINESS PHONE:		8182229195

	MAIL ADDRESS:	
		STREET 1:		24025 PARK SORRENTO
		STREET 2:		SUITE 410
		CITY:			CALABASAS
		STATE:			CA
		ZIP:			91302

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NETSOL INTERNATIONAL INC
		DATE OF NAME CHANGE:	19990819

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MIRAGE HOLDINGS INC
		DATE OF NAME CHANGE:	19970519
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8-k.htm
<TEXT>
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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">UNITED STATES</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Washington, DC 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">FORM 8-K</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">CURRENT REPORT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Date of Report (Date of earliest event reported):
March 3, 2015 (March 1, 2015)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">Commission file number: 0-22773</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">NETSOL TECHNOLOGIES, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(Exact name of small business issuer as specified
in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 48%; text-align: center">NEVADA</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 4%; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 48%; text-align: center">95-4627685</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">(State or other Jurisdiction
    of<BR>
 Incorporation or Organization)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">(I.R.S. Employer NO.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">24025
Park Sorrento, Suite 410, Calabasas, CA 91302</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Address
of principal executive offices) (Zip Code)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(818)
222-9195 / (818) 222-9197</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Issuer&rsquo;s
telephone/facsimile numbers, including area code)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">Check the appropriate
box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">[&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
of Certain Officers</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Effective
March 1, 2015, Roger K. Almond, Chief Financial Officer, joins the Company as a full time employee. Mr. Almond has previously
served as Chief Financial Officer as a consultant since September 9, 2013.<BR>
<BR></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other
than his employment relationship, Mr. Almond does not have a direct or indirect material interest in any transaction to which
the Company is a party. There are no family relationships between Mr. Almond and any of the Company&rsquo;s other directors, executive
officers or persons nominated or chosen by the Company to become directors or executive officers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mr.
Almond&rsquo;s compensation has been modified as part of his transition from consultant to employee. He will receive a base salary
of $175,000 per year and will participate in the following compensation programs:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)
The Company will grant 10,000 shares of Company common stock vesting at 2,500 per quarter of completed service;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)
the Company shall grant cash and/or stock awards based on performance indicators to be determined by the CEO and approved by the
Compensation Committee; and,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)
The Company provides continued compensation to the Executive if there is termination Without Cause or Good Reason. If the Company
shall terminate Executive&rsquo;s employment without Cause, Executive shall be entitled to the following (i) Executive&rsquo;s
Base Salary, and accrued and unused vacation earned through the date of termination; (ii) Continuation of Executive&rsquo;s annual
Base Salary, in effect at the time of termination, for a period of twelve (12) months after the termination date subject to standard
deductions and withholding; (iii) Continuation of Executive&rsquo;s medical, disability and other benefits for a period for twelve
(12) months after the termination date, as if Executive had continued in employment during said period, or in lieu thereof, cash
(including a tax-equivalency payment for Federal, state and local income and payroll taxes assuming Executive is in the maximum
tax bracket for all such purposes) where such benefits may not be continued (or where such continuation would adversely affect
the tax status of the plan pursuant to which the benefit is being provided) under applicable law or regulation; and, (iv) 100%
vesting of all of Executive&rsquo;s Options, all other options granted to Executive and all restricted stock received upon early
exercise. Finally, 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&rsquo;s salary for the previous twelve (12) months
and (b) a one-time payment equal to the higher of (i) Executive&rsquo;s bonus for the previous year and (ii) one-half a percent
of the Company&rsquo;s consolidated gross revenues for the previous twelve (12) months (the &ldquo;Change of Control Termination
Payment&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Employment Agreement with Mr. Almond contains restrictive covenants which prohibit the executive from (i) associating with a business
that is competitive with any line of business of the Company for which the executive provided services, without the Company&rsquo;s
consent and (ii) soliciting the Company&rsquo;s agents and employees. These restrictive covenants remain in effect for a period
of 24 months following any termination of employment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EXHIBIT:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.46
Employment Agreement between NetSol Technologies, Inc. and Roger K. Almond, dated March 1, 2015.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In accordance
with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">NETSOL TECHNOLOGIES,
INC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date:
    March 4, 2015</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>/s/
    Najeeb Ghauri</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">NAJEEB
    GHAURI</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief
    Executive Officer, Chairman</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date:
    March 4, 2015</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>/s/ Roger K.
    Almond</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Roger
    K. Almond</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief
    Financial Officer</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exhibit
10.46</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Employment
Agreement between NetSol Technologies, Inc. and Roger K. Almond</FONT></P>



<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<TYPE>EX-10.46
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<FILENAME>ex10-46.htm
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<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">EMPLOYMENT AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">This EMPLOYMENT AGREEMENT (the &ldquo;Agreement&rdquo;)
is made and entered into as of March 1, 2015 (the &ldquo;Effective Date&rdquo;), by and between NetSol Technologies, Inc., a Nevada
corporation (the &ldquo;Company&rdquo;) and Roger K. Almond, an individual (&ldquo;Executive&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">BACKGROUND</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">A. The Company
desires assurance of the association and services of Executive in order to retain Executive&rsquo;s experience, skills,
abilities, background and knowledge, and is willing to engage Executive&rsquo;s services on the terms and conditions set
forth in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">1.</TD><TD STYLE="text-align: justify">EMPLOYMENT.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1.1 The Company
hereby enters into this Agreement with Executive, and Executive hereby accepts employment under the terms and conditions set
forth in this Agreement for a period of two years thereafter (the &ldquo;Employment Period&rdquo;); provided, however, that
the Employment Period may be terminated earlier as provided herein. The Employment Period shall be automatically extended for
additional one year periods unless either party notifies the other in writing six months before the end of the term to elect
not to so extend the Employment Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1.2 Executive shall
serve as Chief Financial Officer of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1.3 Executive shall
perform all services, acts or things necessary or advisable to manage and conduct the business of the Company and which are
normally associated with the position of Executive and consistent with the bylaws and policies, including, but not limited to
the committee charters and Code of Ethics of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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&rsquo;s policies or practices, this Agreement
shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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&rsquo;s offices, located at its present or future locations in Calabasas,
California; provided, further, that the Company may from time to time require Executive to travel temporarily to other
locations in connection with the Company&rsquo;s business and in accordance with the Company&rsquo;s standard policies
regarding travel for executive and senior management employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">2.</TD><TD STYLE="width: 0%"></TD><TD STYLE="text-align: justify">LOYAL AND CONSCIENTIOUS PERFORMANCE; NONCOMPETITION.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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&rsquo;s
duties hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.2 Except with the
prior written consent of the Company&rsquo;s Board of Directors (&ldquo;Board&rdquo;), 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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in; text-align: justify">2.2.1 Executive will
not, either individually or in conjunction with any person, as principal, agent, director, officer, employee or in any other
manner whatsoever, directly or indirectly engage in or become financially interested in any competitive business within the
US, except as a passive investor holding not more than one percent of the publicly traded stock of a corporation in which
Executive is not involved in management;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in; text-align: justify">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&rsquo;s employment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in; text-align: justify">2.2.3 Executive will not, either directly or
indirectly, on Executive&rsquo;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,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in; text-align: justify">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,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in; text-align: justify">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,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in; text-align: justify">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&rsquo;s
employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Failure to comply with the terms of this section 2 shall be ground
for immediate termination, and if applicable during the post-termination period shall be grounds for an immediate cessation of
any and all payments due to Executive under section 4.4 of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">3.</TD><TD STYLE="width: 0%"></TD><TD STYLE="text-align: justify">COMPENSATION OF EXECUTIVE.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.1 The Company shall
pay Executive a base salary of One Hundred Seventy-Five Thousand Dollars ($175,000) per year (the &ldquo;Base Salary&rdquo;),
payable in accordance with the Company policy. Such salary shall be pro rated for any partial year of employment on the basis
of a 365-day fiscal year. Executive will be eligible for bonuses from time to time as determined by and approved by the Board
with an anticipated first year bonus of $10,000 after the conclusion of the first year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.2 Executive&rsquo;s
Base Salary and other compensation may be changed from time to time by mutual agreement of Executive and the Board and shall
be evaluated on an at least annual basis by the Board of Director&rsquo;s Compensation Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.3 All of
Executive&rsquo;s compensation shall be subject to customary withholding taxes and any other employment taxes applicable to
Executive&rsquo;s jurisdiction of employment as are commonly required to be collected or withheld by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.4 During the
Employment Period, the Company agrees to reimburse Executive for all reasonable and necessary business expenses subject to
the Company&rsquo;s standard requirements with respect to reporting and documentation of such expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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&rsquo;s 401(k) plan. The Company may modify or cancel its benefit plan(s) as it deems necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.6 Executive shall
receive the vacation according to the standard policies of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.7 Executive shall
be granted 10,000 shares of common stock to be granted in equal 25% tranches (2,500) upon the conclusion of each quarter of
service. The shares are granted from the Company&rsquo;s 2013 Equity Incentive Plan. The shares shall be granted in tranches
of 2,500 shares on June 1, 2015; the next 2,500 on September 1, 2015; the next 2,500 on December 1, 2015 and the final 2,500
shares on March 1, 2016. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">3.8 The Company and Executive shall enter into
an Indemnity Agreement to provide indemnification of and the advancing of expenses to Executive to the fullest extent (whether
partial or complete) permitted by law, and, to the extent the Company maintains insurance, for the coverage of Executive under
the Company&rsquo;s directors&rsquo; and officers&rsquo; liability insurance policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">4.</TD><TD STYLE="width: 0%"></TD><TD STYLE="text-align: justify">TERMINATION.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">4.1 Termination by
the Company. Executive&rsquo;s employment with the Company may be terminated under the following conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in">4.1.1 Death or
Disability. Executive&rsquo;s employment with the Company shall terminate effective upon the date of Executive&rsquo;s death
or &ldquo;Complete Disability&rdquo; (as defined in Section 4.5.1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in">4.1.2 For Cause. The Company may terminate Executive&rsquo;s employment
under this Agreement for &ldquo;Cause&rdquo; (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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in">4.1.3 Without Cause.
The Company may terminate Executive&rsquo;s employment under this Agreement at any time and for any reason by delivery of
written notice of such termination to Executive. Any notice of termination given pursuant to this Section 4.1.4 shall effect
termination as of the date specified in such notice (which shall be no earlier than 30 days after such notice is given) or,
in the event no such date is specified, on the last day of the month following the month in which such notice is delivered or
deemed delivered as provided in Section 8 below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">4.2 Termination By
Executive. Executive may terminate his employment with the Company for &ldquo;Good Reason&rdquo; (as defined below in Section
4.5.2) by (i) delivery of written notice to the Company specifying the &ldquo;Good Reason&rdquo; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">4.3 Termination by
Mutual Agreement of the Parties. Executive&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">4.4 Compensation Upon
Termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in">4.4.1 Death or
Complete Disability. If Executive&rsquo;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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in">4.4.2 Cause or
Without Good Reason. If Executive&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in">4.4.3 Without Cause
or Good Reason. If Executive shall terminate Executive&rsquo;s employment with the Company with Good Reason or the Company
shall terminate Executive&rsquo;s employment without Cause, Executive shall be entitled to the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(i) Executive&rsquo;s Base
Salary, and accrued and unused vacation earned through the date of termination;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(ii) Continuation of
Executive&rsquo;s annual Base Salary, in effect at the time of termination, for a period of twelve (12) months after the
termination date subject to standard deductions and withholding;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(iii) Continuation of Executive&rsquo;s
medical, disability and other benefits for a period for twelve (12) months after the termination date, as if Executive had
continued in employment during said period, or in lieu thereof, cash (including a tax-equivalency payment for Federal, state
and local income and payroll taxes assuming Executive is in the maximum tax bracket for all such purposes) where such
benefits may not be continued (or where such continuation would adversely affect the tax status of the plan pursuant to which
the benefit is being provided) under applicable law or regulation; and,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(iv) 100% vesting of
all of Executive&rsquo;s Options, all other options granted to Executive and all restricted stock received upon early
exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(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&rsquo;s salary for the previous twelve (12) months and (b) a one-time
payment equal to the higher of (i) Executive&rsquo;s bonus for the previous year and (ii) one-half a percent of the
Company&rsquo;s consolidated gross revenues for the previous twelve (12) months (the &ldquo;Change of Control Termination
Payment&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">4.5 Definitions. As
used herein, the following terms shall have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in">4.5.1 Complete
Disability. &ldquo;Complete Disability&rdquo; shall mean the inability of Executive to perform Executive&rsquo;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 &ldquo;Complete
Disability&rdquo; shall mean the inability of Executive to perform Executive&rsquo;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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in">4.5.2 Good Reason.
&ldquo;Good Reason&rdquo; shall be limited to the occurrence of any of the following events:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(i) If the Company is
in material breach of any provision of this Agreement; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(ii) If the Company
asks Executive to perform any act which is illegal, including commission of any crime involving moral turpitude; or,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(iii) If there
shall be a material diminution in Executive&rsquo;s position, status, offices, authority, duties or responsibilities as set
forth in the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in">4.5.3 For Cause.
&ldquo;For Cause&rdquo; shall be limited to the occurrence of any of the following events:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(i)
Executive&rsquo;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&rsquo;s obligations under this Agreement, continuing after
written warning;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(ii)
Executive&rsquo;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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(iii)
Executive&rsquo;s conviction of any crime involving moral turpitude; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(iv)
Executive&rsquo;s failure or refusal to materially perform his duties and responsibilities set forth in this Agreement, if
such failure or refusal is not cured within two weeks after written notice thereof to Executive by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify">5.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">CHANGE IN CONTROL.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">5.1A &ldquo;Change of Control&rdquo; 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&rsquo;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
&ldquo;Exchange Act&rdquo;), 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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&rsquo;s medical, disability
and other benefits shall continue for a period of twelve (12) months, as if Executive had continued in employment during said
period, or in lieu thereof, cash (including a tax equivalency payment for Federal, state and local income and payroll taxes
assuming Executive is in the maximum tax bracket for all such purposes) where such benefits may not be continued (or where
such continuation would adversely affect the tax status of the plan pursuant to which the benefit is being provided) under
applicable law or regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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
&ldquo;Payment&rdquo;), would constitute an &ldquo;excess parachute payment&rdquo; within the meaning of Section 280G of the
Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;), Executive shall be paid an additional amount (the
&ldquo;Gross-Up Payment&rdquo;) 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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">5.4 All
determinations to be made under Section 5.3 shall be made by the Company&rsquo;s independent public accountant (the
&ldquo;Accounting Firm&rdquo;), 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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">6.</TD><TD STYLE="text-align: justify">CONFIDENTIAL AND PROPRIETARY INFORMATION</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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 &ldquo;Confidential and Proprietary Information&rdquo;).
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">7.</TD><TD STYLE="width: 0%"></TD><TD STYLE="text-align: justify">ASSIGNMENT AND BINDING EFFECT.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">7.1 This Agreement
shall be binding upon and inure to the benefit of Executive and Executive&rsquo;s heirs, executors, personal representatives,
assigns, administrators and legal representatives. Due to the unique and personal nature of Executive&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">8.</TD><TD STYLE="width: 0%"></TD><TD STYLE="text-align: justify">NOTICES.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">8.1 All notices or
demands of any kind required or permitted to be given by the Company or Executive under this Agreement shall be given in
writing and shall be personally delivered, which shall include overnight courier, (and receipted for) or mailed by certified
mail, return receipt requested, postage prepaid, addressed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in">8.1.1 If to the
Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in; text-align: justify">NetSol Technologies, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in; text-align: justify">24025 Park Sorrento, Suite 410</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in; text-align: justify">Calabasas, CA 91302</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in; text-align: justify">Attn: Chairman</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in">8.1.2 If to
Executive:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in; text-align: justify">Roger K. Almond</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in; text-align: justify">c/oNetSol Technologies, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in; text-align: justify">24025 Park, Sorrento, Suite 410</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in; text-align: justify">Calabasas, CA 91024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">9.</TD><TD STYLE="width: 0%"></TD><TD STYLE="text-align: justify">TRADE SECRETS OF OTHERS.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">10.</TD><TD STYLE="width: 0%"></TD><TD STYLE="text-align: justify">CHOICE OF LAW.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">10.1 This Agreement
shall be construed and interpreted in accordance with the laws of the State of Nevada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">11.</TD><TD STYLE="width: 0%"></TD><TD STYLE="text-align: justify">INTEGRATION.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">12.</TD><TD STYLE="width: 0%"></TD><TD STYLE="text-align: justify">AMENDMENT.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">12.1 This Agreement
cannot be amended or modified except by a written agreement signed by Executive and the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">13.</TD><TD STYLE="width: 0%"></TD><TD STYLE="text-align: justify">WAIVER.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">14.</TD><TD STYLE="width: 0%"></TD><TD STYLE="text-align: justify">SEVERABILITY.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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&rsquo; intention with respect to the invalid or unenforceable term or provision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">15.</TD><TD STYLE="width: 0%"></TD><TD STYLE="text-align: justify">INTERPRETATION; CONSTRUCTION.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">16.</TD><TD STYLE="width: 0%"></TD><TD STYLE="text-align: justify">REPRESENTATIONS AND WARRANTIES.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">17.</TD><TD STYLE="width: 0%"></TD><TD STYLE="text-align: justify">LITIGATION COSTS.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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&rsquo;s attorney&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0.5in; text-align: left">18.</TD><TD STYLE="text-align: justify; width: 0%"></TD>
    <TD>COUNTERPARTS.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">19.</TD><TD STYLE="text-align: justify">ARBITRATION.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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 (&ldquo;AAA&rdquo;) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">20.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&rsquo;s costs and expenses (including reasonable attorney&rsquo;s fees) to
collect any amount due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">IN WITNESS WHEREOF, the parties have executed
this Agreement as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2">NETSOL TECHNOLOGIES, INC.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">NETSOL TECHNOLOGIES, INC.</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 46%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 3%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 46%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 1.5pt">By:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; border-bottom: Black 1.5pt solid"><I>/s/ Najeeb Ghauri</I></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt">By:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; border-bottom: Black 1.5pt solid"><I>/s/ Patti McGlasson</I></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Najeeb Ghauri</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Patti L. W. McGlasson</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD>Its: </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Its: </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Corporate Secretary</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">EXECUTIVE:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; text-align: justify; border-bottom: Black 1.5pt solid"><I>/s/ Roger K. Almond</I></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Roger K. Almond</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Dated: March 1, 2015</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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