EXHIBIT 10.9
AMENDMENT TO EMPLOYMENT AGREEMENT
BY AND BETWEEN NETSOL TECHNOLOGIES AND XXXXXX XXXXXX
This Amendment ("Amendment") to the Employment Agreement by and between NetSol
Technologies, Inc. ("Netsol" or the "Company") and Xxxxxx Xxxxxx ("Ghauri"),
dated January 1, 2004 (the "Employment Agreement") is entered into effective as
of April 1, 2005, other than the specific amendments enumerated in the
Amendment, all of the terms of the Employment Agreement shall remain in the full
force and effect, and shall not be obviated or affected by this Amendment.
In the event of a conflict between the terms of this Amendment and the
Employment Agreement, the terms of this Amendment shall govern. All capitalized
terms contained herein are, unless otherwise stated, as defined in the
Agreement.
Now therefore, for good and valuable consideration, the sufficiency of which is
hereby acknowledged, the parties agree as follows:
Section 3.1 of the Employment Agreement is modified to read:
3.1 The Company shall pay Executive a base salary of Two Hundred Fifty Thousand
Dollars ($250,000) per year (the "Base Salary"), payable in accordance with the
Company policy. Such salary shall be pro rated for any partial year of
employment on the basis of a 365-day fiscal year. Executive will be eligible for
bonuses from time to time as determined by the Board.
A new section 3.10 shall be added to read as follows:
3.10 Executive shall be granted stock options for 1,000,000 shares of the common
stock of the Company (the "Options") pursuant to an option agreement (the
"Option Agreement") issued pursuant to the Company's 2004 Employee Stock Option
Plan and shall vest 25% per quarter over 4 quarters beginning April 1, 2005 and
ending on March 31, 2006, and be exercisable based on the customary provisions
of such plan. The Option Agreement will have customary provisions relating to
adjustments for stock splits and similar events. The exercise price of the
Options will be $1.94 for 500,000 shares and, $2.91 for 500,000 shares. The
options as granted shall provide for an "early exercise" right (i.e., the right
of Executive to exercise options prior to their vesting date and to receive
restricted stock subject to the same vesting requirements as the options
exercised). In addition, the options as granted shall permit Executive (or,
where applicable, his personal representative) up to eighteen (18) months
following termination of employment for any reason to exercise any options which
were vested at the time of such termination (including options vesting as the
result of such termination, where applicable).
The Amendment is agreed to and shall become effective as of the date first
written above.
Employee
By: /s/Xxxxxx Xxxxxx
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Xxxxxx Xxxxxx
NetSol Technologies, Inc.
By: /s/Xxxxx Xxxxxx By: /s/Xxxxx X. X. XxXxxxxxx
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Xxxxx Xxxxxx Xxxxx X. X. XxXxxxxxx
Chief Executive Officer Secretary
