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): October 6, 2006 (October 6,
2006)
Commission
file number: 0-22773
NETSOL
TECHNOLOGIES, INC.
(Exact
name of small business issuer as specified in its charter)
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NEVADA
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95-4627685
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(State
or other Jurisdiction of
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(I.R.S.
Employer NO.)
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Incorporation
or Organization)
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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)
Item
5.02 Departure of Directors or Principal Officers
Effective
October 6, 2006, Mr. Naeem Ghauri resigned from the position of Chief Executive
Officer for NetSol Technologies, Inc. (the “Company” or “NetSol”). Mr. Ghauri,
who is based in London, has been appointed to the new position of President
of
the Company’s European Region. The material terms of Mr. Ghauri’s employment
agreement with the Company remain unchanged. Mr. Ghauri was replaced by Mr.
Najeeb Ghauri effective October 6, 2006. Mr. Najeeb Ghauri is currently the
Chairman of the Board, a position to which he was elected by the board of
directors, in February 2003. He acted as CFO of the Company from June 2002
to
July 2005. A founder of the Company, he was President and CEO of the Company
from April 1997 until August 2001. Prior to launching NetSol in the U.S. in
1997, Mr. Ghauri had over 15 years of combined marketing and management
experience with companies such as Unilever and Atlantic Richfield Corporation
(ARCO). He received his bachelor’s degree from Eastern Illinois University and
his MBA in marketing from the Drucker School of Management at Claremont College.
Mr. Ghauri is a founding member of USPBC (the US Pakistan American Business
Council) and was elected Vice Chairman in spring of 2006. Mr. Ghauri has lived
in the U.S. since 1977 and became a citizen in 1990. The material terms of
Mr.
Ghauri’s employment agreement with the Company remain unchanged.
Also
effective October 6, 2006, Mr. Salim Ghauri resigned from the position of
President of the Company. Mr. Ghauri who is based in Lahore, Pakistan is Chief
Executive Officer of the Company’s subsidiary, NetSol Technologies Ltd., and has
been appointed to the new position of President of the Company’s Asia Pacific
Region. The material terms of Mr. Ghauri’s employment agreement with the Company
remain unchanged.
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. |
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| Date: October
6, 2006 |
By: |
/s/
Najeeb Ghauri |
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NAJEEB GHAURI
Chief
Executive Officer
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| Date: October 6, 2006 |
By: |
/s/ Tina Gilger |
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TINA GILGER
Chief Financial Officer
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