Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 1641

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 9
Chunk 1641
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, in its sole discretion, from time to time; (2) the
Company will grant to Mr. Corbett options to purchase 666,667 shares of common stock of the Company at a per share exercise
price of $4.50; and (3) a car allowance for Mr. Corbett in the amount of $800 per month. Fifty percent (50%) of the shares subject
to the options shall vest on the grant date and the other 50% of the shares subject to the option shall vest at the rate of 1/36
per month over a three-year period. The options will be exercisable for a period of ten years after the date of grant and the Company
shall provide for cashless exercise of the option. The options are being granted pursuant to the Company’s 2021 Stock Incentive
Plan.

In addition, the Company
and Mr. Corbett entered into an Indemnification Agreement on August 16, 2021 (the “August 2021 Corbett Indemnification Agreement”),
pursuant to which the Company agreed to indemnify Mr. Corbett to indemnify Indemnitee to the fullest extent permitted by or under the
Nevada Corporation Law in respect of claims, including third-party claims and derivative claims and provides for advancement of expenses.
The August 2021 Corbett Indemnification Agreement amends the indemnification agreement in effect prior to entering into the August 2021
Corbett Indemnification Agreement to provide that unless Company shall pay Mr. Corbett’s attorneys’ fees and costs, including
the compensation and expenses of any arbitrator, unless the arbitrator or the court determines that (a) Company has no liability in such
dispute, or (b) the action or claims by Executive are frivolous in nature. In any other case or matter, the Company and Mr. Corbett shall
each bear its or his own attorney fees and costs.

With effect from April
1, 2024, Mr. Corbett voluntarily reduced his salary to $10,000 per month, with the resignation of Mr. Rosenblum on January 7, 2025, Mr.
Corbett’s salary was increased to $20,000 per month with immediate effect.

34

Richard Rosenblum

On July 22, 2021, the
Company appointed Richard Rosenblum as President and Chief Financial Officer of the Company. In addition, Mr. Rosenblum