UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
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Item 5.07 Submission of Matters to a Vote of Security Holders.
On June 7, 2023, NetSol Technologies, Inc. (the “Company”) convened its annual meeting of shareholders. The following proposals were submitted to a vote of security holders. Of the total issued and outstanding shares as of April 13, 2023, the record date, 75.15% or 8,492,255 shares voted in this election. Broker non-votes, which are voted in the ratification of appointment of auditors, are present for purposes of establishing a quorum, but are not considered voted in other proposals.
1. Election of Directors
The following were elected directors of the Company to hold office until the next Annual General Meeting of the Shareholders. A total of 7,429,407 shares of common stock cast votes. The following sets forth the tabulation of the shares voted for each director:
| Director | For | Against | Abstain | % of Total Voted For * | |||||
| Najeeb Ghauri | 5,635,589 | 1,788,134 | 5,684 | 75.91% | |||||
| Mark Caton | 5,569,289 | 1,856,146 | 3,972 | 75% | |||||
| Malea Farsai | 5,656,256 | 1,669,179 | 3,972 | 76.17% | |||||
| Michael Francis | 5,660,478 | 1,762,927 | 5,992 | 76.25% | |||||
| Kausar Kazmi | 5,611,577 | 1,813,838 | 3,992 | 75.57% |
2. To approve, on an advisory basis, compensation of the named executive officers in this Proxy Statement:
The shareholders approved on an advisory basis the named executive officer compensation. The following sets forth the tabulation of the shares voting in connection with this proposal.
| Total Shares Voted | For | Against | Abstain | % of Total Voted in Favor * | |||||
| 7,429,407 | 5,535,574 | 1,849,877 | 43,956 | 74.95% |
3. To approve, on an advisory basis, vote on frequency of Future Shareholders’ Votes on Named Executive Officer Compensation. The following sets forth the tabulation of the shares voting in connection with this proposal.
| Total Shares Voted | For One Year | For Two Years | For Three Years | Abstain | % in Favor of 1 year* | |||||||
| 7,429,407 | 6,956,342 | 17,174 | 281,123 | 174,768 | 95.88% | |||||||
4. Ratification of Appointment of Auditors:
BF Borgers, CPA was appointed as Auditors for the Company for the fiscal year ending June 30, 2023. Ratification of this appointment was sought in this proposal. The following sets forth the tabulation of the shares voting for this matter.
| Total Shares Voted | For | Against | Abstain | % of Total Voted in Favor * | |||||
| 8,492,255 | 8,229,189 | 250,956 | 12,110 | 97.04% |
* Less Abstention/Withheld
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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. | |
| Date: June 7, 2023 | /s/Najeeb Ghauri |
| NAJEEB GHAURI | |
| Chief Executive Officer | |
| Date: June 7, 2023 | /s/ Roger K. Almond |
| ROGER K. ALMOND | |
| Chief Financial Officer |
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