Item 3. Legal Proceedings
ITEM
3 - LEGAL PROCEEDINGS
On
or about July 13, 2020, the Company was named as a defendant in a civil lawsuit based on an alleged breach of contract claim filed
by Royal News Corp. d/b/a Royal Media Group (“RMG”). The lawsuit is captioned Royal News Corp. d/b/a Royal Media
Group v. Netsol Techs., Inc. , U.S. District Court Case No. 1:20-cv-05381-PAE (S.D.N.Y.) (the “Lawsuit”). On or
about August 24, 2020, the Company and RMG reached an agreement to fully resolve the case and are in the process of documenting
the agreement, which includes a release of each other from all obligations, contractual or otherwise, claims, disputes or other
matters, in exchange for (i) a payment by the Company to RMG in the amount of $100,000; and (ii) RMG dismissing the Lawsuit, with
prejudice, pursuant to Rule 41(a) of the Federal Rules of Civil Procedure. On September 22, 2020, a notice of dismissal with
prejudice was filed with the United States District Court Southern District of New York.
ITEM
4 – MINE SAFETY DISCLOSURES
Not
applicable.
13
PART
II
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