UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): July 20, 2005 (July 21, 2005)
Commission file number: 0-22773
NETSOL TECHNOLOGIES, INC.
(Exact name of small business issuer as specified in its charter)
NEVADA 95-4627685
(State or other Jurisdiction of (I.R.S. Employer NO.)
Incorporation or Organization)
23901 Calabasas Road, Suite 2072, Calabasas, CA 91302
(Address of principal executive offices) (Zip Code)
(818) 222-9195 / (818) 222-9197
(Issuer's telephone/facsimile numbers, including area code)
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Item 5.02 Departure of Directors or Principal Officers
Effective July 20, 2005, Mr. Najeeb Ghauri resigned from the position of Chief
Financial Officer for NetSol Technologies, Inc. (the "Company" or "NetSol")
retaining his position as Chairman of the Board. Mr. Ghauri was replaced by Ms.
Tina Gilger effective June 20, 2005. Ms. Gilger has acted as a consultant to the
Company of the past two years in the capacity of controller. Ms. Gilger's
services with the Company included, but were not limited to, preparing the
accounting records for auditor review and audit and provided assistance with the
preparation of the Company's quarterly and annual reports. Ms. Gilger has
fifteen years of accounting experience including work for both audit and
accounting firms. During the last three years, Ms. Gilger has acted as an audit
liaison for six reporting public companies, of which one was NetSol. From 2000
to 2002, Ms. Gilger acted as audit liaison for Newbridge Capital, a public
company specializing in reverse mergers for public companies listed on the
OTC:BB. The material terms of Ms. Gilger's employment arrangement with NetSol
include: salary of $84,000 per annum; the grant of options to purchase 10,000
shares of common stock of the Company at the exercise price of $1.86; and, the
grant of options to purchase 10,000 shares of common stock of the Company at the
exercise price of $2.79.
SIGNATURES
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.
NETSOL TECHNOLOGIES, INC.
Date: July 21, 2005 /s/ Naeem Ghauri
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NAEEM GHAURI
Chief Executive Officer
Date: July 21, 2005 /s/ Najeeb Ghauri
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NAJEEB GHAURI
Chairman
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