Item 5.02 Departure of Officer/Appointment of Officer

Mr. Dan Lee has tendered his resignation effective March 31, 2009 from the position of Chief Financial Officer for NetSol Technologies, Inc. (the "Company" or "NetSol") in response to and as part of the Company's overall cost cutting measures. There is no disagreement between Mr. Lee and the Company in connection with its business and financials. NetSol has appointed Mr. Boo-Ali Siddiqui as Chief Financial Officer. Mr. Siddiqui has held the position of Senior Vice President, Chief Financial Officer and Company Secretary of our Karachi Stock Exchange listed subsidiary, NetSol Technologies Ltd since 2005. Prior to joining NetSol, Mr. Siddiqui was Deputy Registrar of Companies at the Securities Exchange Commission Pakistan. He is a Chartered Accountant who held has held auditing positions with Ernst & Young affiliated accounting firms in Pakistan. Mr. Siddiqui's compensation arrangement will immediately remain unchanged from his previous position with NetSol.