Patti McGlasson
About Patti McGlasson
Patti L. W. McGlasson is Senior Vice President, Legal and Corporate Affairs; General Counsel; and Corporate Secretary at NetSol Technologies (NTWK). She joined NetSol as General Counsel in January 2004, was elected Corporate Secretary in March 2004, and appointed SVP in 2013 . Age 60, she brings 30+ years of corporate law, M&A, cross-border transactions, and securities experience; she leads the legal department, oversees corporate governance and ethics, and is a member of the Board’s Cybersecurity Committee . Education: BA Political Science (UC San Diego, 1987), JD (1991) and LLM in Transnational Business (1993) from McGeorge School of Law; she also interned at Loeff Claeys Verbeke (Rotterdam) in 1991 . Company fundamentals have improved during her tenure: FY2025 revenue was $66.1M vs $52.4M in FY2023, and NetSol recorded $2.9M net income in FY2025 after losses in FY2023 (see table below, values from S&P Global and filings) .
NTWK Performance (Pay-for-Performance context)
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenues ($) | $52,393,215 * | $61,393,091 * | $66,088,229 * |
| EBITDA ($) | -$5,535,420* | $5,215,355* | $4,965,501* |
| Net Income ($) | -$5,243,748* | $683,873 * | $2,923,233 * |
*Values retrieved from S&P Global. Where company filing citations are shown, figures are cross-verified in NTWK’s 10-K; EBITDA and FY2023 net income shown from S&P Global due to lack of explicit filing line item.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Vogt & Resnick (law corporation) | Attorney | Not disclosed | Corporate law, M&A, cross-border and securities practice immediately prior to joining NTWK |
| Loeff Claeys Verbeke (Rotterdam, NL) | Legal intern | 1991 | Transnational business exposure during LLM program |
External Roles
- None disclosed in company filings for McGlasson .
Fixed Compensation
| Component | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Base Salary ($) | $233,622 | $233,622 | $252,312 |
| Bonus ($) | $0 | $0 | Discretionary eligibility; actual not disclosed |
| Bonus Target % | Not disclosed (bonus at CEO discretion) | Not disclosed | Not disclosed |
Performance Compensation
| Incentive Type | Metric(s) | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| Equity awards (RSUs/PSUs) | Not disclosed | — | — | No stock grants in last two fiscal years | — |
| Stock options | Not applicable | — | — | None outstanding for McGlasson as of FY2024 year-end | — |
| Annual cash bonus | Discretionary (no fixed metrics) | — | Not disclosed | Not disclosed; eligible at CEO discretion | N/A |
Notes:
- NTWK prohibits option repricing without shareholder approval .
- Named executive officers cannot sell newly issued shares for three months after grant; hedging, margin purchases, and pledges are prohibited under insider trading policy .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 81,050 shares (<1% of outstanding) |
| Shares outstanding (reference) | 11,709,543 as of Apr 30, 2025 |
| Vested vs. unvested shares | No unvested share awards disclosed as of FY2024 year-end; no grants in last two fiscal years |
| Options (exercisable / unexercisable) | None disclosed for McGlasson |
| Shares pledged as collateral | Hedging and pledging prohibited; no pledging disclosed |
| Ownership guidelines | Executive stock ownership guidelines exist; individual compliance status not disclosed |
| 10b5-1 plans | No director/executive adopted/modified/terminated 10b5-1 plans in quarter ended June 30, 2025 |
Employment Terms
| Provision | Key Terms |
|---|---|
| Role & tenure | General Counsel since Jan 2004; Corporate Secretary since Mar 2004; SVP Legal & Corporate Affairs since 2013 |
| Contract term & renewal | One-year terms; auto-extend for an additional one-year unless notice ≥6 months before end of term |
| Base salary | $252,312 for FY2025; $258,620 for FY2026 per GC Agreement appendix |
| Bonus eligibility | Annual bonuses at CEO discretion |
| Benefits | Six weeks paid vacation; health plan participation |
| Severance (without cause / Good Reason) | 24 months of salary continuance at rate in effect on termination date; immediate vesting of all options; continuation of health benefits for 24 months |
| Change-of-control (double-trigger) | Receives above severance plus: 2.99× prior 12-month salary; one-time payment equal to the higher of prior-year bonus or 0.5% of consolidated gross revenues for preceding 12 months; example table shows: salary continuance $504,624; health benefits $25,752; salary multiple payout $754,413; bonus/revenue payout $330,441; total $1,615,230 (as of 6/30/2024) |
| Good Reason definition | Includes assignment of duties inconsistent with title, material reduction in salary/perquisites, office relocation ≥60 miles, illegal acts or material breach by company |
| Non-compete / Non-solicit / Confidentiality | Included in GC Agreement (durations not disclosed in summary) |
| Clawback policy | Company-adopted SEC/Nasdaq-compliant clawback for incentive-based comp (3-year lookback) effective Oct 2, 2023 |
Performance & Track Record
- Responsibilities: Leads legal, governance, and ethics; oversees board meetings as Corporate Secretary; member of Board’s Cybersecurity Committee .
- Company operating performance: FY2025 net revenues $66.1M; subscription/support $32.9M; services $32.6M; net income attributable to NetSol $2.9M .
- Market context: NTWK stock high/low ranges—FY2025: $3.34/$2.14 and FY2024: $3.05/$1.72 (intraday) .
Compensation Peer Group (Benchmarking)
- Prior proxies listed peers including American Software, BSquare, Cass Information Systems, Digital Turbine, Everbridge, Mitek Systems, SPS Commerce .
- FY2025 peer framework examples: Logility Supply Chain Solutions, Cass Information Systems, Digital Turbine, Mitek Systems, SPS Commerce .
Say-on-Pay & Shareholder Feedback
- FY2024 AGM: 91% approval of named executive officer compensation .
- FY2023 AGM: 75% approval of NEO compensation; annual frequency adopted .
Risk Indicators & Red Flags
- Legal proceedings: None disclosed .
- Clawback and insider trading controls: Executive clawback policy (SEC/Nasdaq-compliant) –; hedging/pledging prohibited .
- Option repricing: Expressly prohibited without shareholder approval .
- Related party transactions: None over materiality thresholds since July 1, 2023 .
- 10b5-1 activity: None for directors/executives in Q4 FY2025 .
Investment Implications
- Alignment: McGlasson’s compensation is primarily fixed cash with limited recent equity grants (no stock awards in last two fiscal years and no options outstanding), reducing near-term selling pressure; hedging/pledging prohibited . Beneficial ownership (81,050 shares, <1%) provides some alignment but is modest vs top holders .
- Retention risk: Employment terms include robust severance (24 months salary + benefits) and sizable change-of-control economics (~$1.6M illustrative plus 2.99× salary and revenue-based payout), suggesting retention protections but potential CoC costs if governance changes occur .
- Pay-for-performance: With discretionary bonus structure and limited recent equity awards for McGlasson, direct pay linkage to financial metrics appears weaker than CEO’s program; however, corporate performance improved (FY2025 net income $2.9M and revenue growth vs FY2023), which may support future incentive opportunities under the 2025 Equity Incentive Plan –.
- Monitoring: Track grants under the 2025 Plan, any updates to GC Agreement terms, and insider filings for changes in ownership; watch say-on-pay trends and peer group evolution for compensation inflation risk – .
Citations:
- Roles/education/age/tenure: **[1039280_0001493152-25-015950_form10-k.htm:44]** **[1039280_0001493152-25-015950_form10-k.htm:46]**
- Company performance, segment metrics, net income: **[1039280_0001493152-25-015950_form10-k.htm:25]** **[1039280_0001493152-25-015950_form10-k.htm:27]** **[1039280_0001493152-25-015950_form10-k.htm:30]**
- Stock ranges: **[1039280_0001493152-25-015950_form10-k.htm:17]**
- Fixed pay (salary, bonus history): **[1039280_0001493152-24-015407_formdef14a.htm:46]** **[1039280_0001641172-25-007993_formdef14a.htm:58]** **[1039280_0001493152-24-015407_formdef14a.htm:43]** **[1039280_0001641172-25-007993_formdef14a.htm:55]** **[1039280_0001493152-25-015950_form10-k.htm:60]**
- Equity awards/options status: **[1039280_0001641172-25-007993_formdef14a.htm:60]** **[1039280_0001493152-24-015407_formdef14a.htm:48]** **[1039280_0001641172-25-007993_formdef14a.htm:63]**
- Ownership & policies: **[1039280_0001641172-25-007993_formdef14a.htm:68]** **[1039280_0001641172-25-007993_formdef14a.htm:6]** **[1039280_0001493152-25-015950_form10-k.htm:51]** **[1039280_0001493152-25-015950_form10-k.htm:41]**
- Employment terms & severance/CoC: **[1039280_0001641172-25-007993_formdef14a.htm:57]** **[1039280_0001493152-25-015950_form10-k.htm:60]** **[1039280_0001641172-25-007993_formdef14a.htm:65]**
- Clawback policy: **[1039280_0001493152-25-015950_ex97-1.htm:0]** **[1039280_0001493152-25-015950_ex97-1.htm:1]** **[1039280_0001493152-25-015950_ex97-1.htm:2]** **[1039280_0001493152-25-015950_ex97-1.htm:3]** **[1039280_0001493152-25-015950_ex97-1.htm:5]**
- Related party, repricing prohibition: **[1039280_0001641172-25-007993_formdef14a.htm:43]** **[1039280_0001493152-24-015407_formdef14a.htm:37]** **[1039280_0001641172-25-007993_formdef14a.htm:50]**
- Peer group: **[1039280_0001641172-25-007993_formdef14a.htm:53]** **[1039280_0001641172-25-007993_formdef14a.htm:54]** **[1039280_0001493152-24-015407_formdef14a.htm:41]** **[1039280_0001493152-24-015407_formdef14a.htm:42]** **[1039280_0001493152-25-015950_form10-k.htm:52]**
- Say-on-Pay: **[1039280_0001641172-25-007993_formdef14a.htm:50]** **[1039280_0001493152-24-015407_formdef14a.htm:37]**
Values retrieved from S&P Global: revenues (cross-verified), EBITDA, FY2023 net income.