Company: IPSI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110820
Chunk: 55

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 55
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 Board
or a committee appointed by the Board, who have the authority to administer the Plan and to exercise all the powers and authorities specifically
granted to it under the Plan.

The maximum number of securities available
under the Plan is 26,667 shares of Common Stock. The maximum number of shares of Common Stock awarded to any individual
during any fiscal year may not exceed 100,000 shares of Common Stock.

On October 22, 2021, the Company established
its 2021 Stock Incentive Plan (“2021 Plan”). The purpose of the Plan is to promote the interests of the Company and the stockholders
of the Company by providing directors, officers, employees and consultants, advisors and service providers of the Company with appropriate
incentives and rewards to encourage them to enter into and continue in the employ or service of the Company, to acquire a proprietary
interest in the long-term success of the Company and to reward the performance of individuals in fulfilling long-term corporate objectives.
The Plan terminates after a period of ten years in August 2031.

The 2021 Plan is administered by the
Board or a Compensation Committee appointed by the Board, who have the authority to administer the Plan and to exercise all the powers
and authorities specifically granted to it under the Plan.

The maximum number of securities available
under the 2021 Plan is 1,766,667 shares of Common Stock.

Under the 2021 Plan the Company may
award the following: (i) non-qualified stock options; (ii)) incentive stock options; (iii) stock appreciation rights; (iv) restricted
stock; (v) restricted stock unit; and (vi) other stock-based awards.

27

INNOVATIVE PAYMENT SOLUTIONS, INC.

Notes to the Unaudited
Condensed Financial Statements

10STOCKHOLDERS’
EQUITY (continued)

e.Stock
options (continued)

During 2024, options exercisable for 6,667 shares
of Common Stock expired due to the resignation of a director whose options were not exercised in accordance with the terms allowed under
the plan and were therefore canceled.

On January 7, 2025, in terms of an employment
agreement entered into with Mr. Corbett, the Company awarded him ten year options exercisable for 600,000 shares of
common stock at an exercise price of $0.09 per share.

On April