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
Date
of
Report (Date of earliest event reported): December 1, 2008 (December 1,
2008)
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)
Section
5 - Corporate Governance and Management
Item
5.02 Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
On
December 1, 2008, NetSol Technologies, Inc. issued a press release announcing
the appointment of Mr. Dan Lee, age 47, as the Chief Financial Officer of the
Company as of December 15, 2008. Prior to joining NetSol, Mr. Lee served as
the
chief
financial officer of Levanta, Inc., a Linux-based enterprise software company,
from 2001 to 2008. Ms.
Gilger had previously submitted her resignation however will continue her role
as Chief Financial Officer until the arrival of Mr. Lee to help ensure and
assist a flawless transition.
In
connection with the appointment of Mr. Lee, the Company and Mr. Lee
anticipate entering into an at-will employment agreement whereby the terms
of
Mr. Lee’s employment will be articulated. A copy of the same will be filed with
the SEC once materialized. As a sign on bonus, Mr. Lee received 20,000 shares
of
restricted stock of the Company. Mr. Lee’s salary will be $200,000 per annum;
250,000 stock options with the exercise price determined the same as the closing
price on the date of hire to vest quarterly for two (2) years; Mr. Lee is
also eligible to participate in the Company’s bonus plan whereby he will earn a
bonus based on certain milestones to be established for him by the Company
for
his performance during fiscal year 2009.
There
are
no relationships or related transactions between the Company and Mr. Lee that
would be required to be reported under Item 404(a) of Regulation S-K.
The
information in this report shall not be deemed to be “filed” for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), or otherwise subject to the liability of that section, and shall not be
incorporated by reference into any registration statement or other document
field under the Securities Act of 1933, as amended, or the Exchange Act, except
as shall be expressly set forth by specific reference in such
filing.
Exhibits
| 99.1 |
News
Release dated December 1, 2008.
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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:
December 1, 2008
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/s/
Najeeb Ghauri
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NAJEEB
GHAURI
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Chief
Executive Officer
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Date:
December 1, 2008
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/s/
Tina Gilger
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TINA
GILGER
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Chief
Financial Officer
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