8-K 1 v222780_8-k.htm Unassociated Document
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): May 16, 2011 (May 10, 2011)


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 5.07  Submission of Matters to a Vote of Security Holders.

On May 10, 2011, NetSol Technologies, Inc. (the "Company") convened its annual meeting of shareholders.  The following 5 proposals were submitted to a vote of security holders.  Of the total issued and outstanding shares as of April 1, 2011, the record date, 87% or 46,894,390 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 persons were elected directors of the Company to hold office until the next Annual General Meeting of the Shareholders.  A total of 27,260,240 shares were cast.  The following sets forth the tabulation of the shares voted for each director:

Director
For
Withhold
% of Total Voted
Najeeb Ghauri
26,847,897
412,343
98.49%
Naeem Ghauri
26,841,730
418,510
98.46%
Salim Ghauri
26,733,921
526,319
98.07%
Shahid Burki
26,710,787
549,453
97.98%
Eugen Beckert
26,678,838
581,402
97.87%
Mark Caton
26,771,707
488,533
98.21%
Alexander Shakow
26,715,034
545,206
98.00%

2.  Ratification of Appointment of Auditors

Kabani & Company Inc. was appointed as Auditors for the Company for the fiscal year ended June 30, 2011.  The following sets forth the tabulation of the shares voting for this matter.

Total Shares Voted
For
Against
Abstain
% of Total Voted
46,894,390
45,058,216
1,086,542
749,632
96.08%
.
3.  Approval of Executive Compensation by non-binding vote.
 
The shareholders approved, in a non-binding vote, the compensation of the named executives of the Company for the fiscal year ended June 30, 2010.   The following sets forth the tabulation of the shares voting in connection with this proposal:
 
Total Shares Voted
For
Against
Abstain
27, 260,240
25,724,444
1,193,103
342,693

4. Recommend, by non-binding vote, the Frequency of Votes on Executive Compensation.

The shareholders recommended, in a non-binding vote, that the frequency of executive compensation votes occur biennially.
 
The following sets for the tabulation of the shares voting in connection with this proposal:

Total Shares Voted
1 year-Annually
2 year-Biennially
3 year-Triennially
26,929,620
9,555,456
15,056,055
2,318,109

5.  2011 Equity Incentive Plan

The shareholders approved the adoption of the Company’s 2011 Equity Incentive Plan.  The following sets forth the tabulation of the shares voting in connection with this proposal.

Total Shares Voted
For
Against
Abstain
% of Total Voted
27,259,240
15,035,175
12,018,982
205,083
55.15%
 
 
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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: May 16, 2011
/s/Najeeb Ghauri
  
 
NAJEEB GHAURI
  
 
Chief Executive Officer
  
     
     
Date: May 16, 2011
/s/ Boo Ali Siddiqui
  
 
BOO ALI SIDDIQUI
  
 
Chief Financial Officer
  



 
 
 
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