Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 1314

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 6
Chunk 1314
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 24, 2020, the
Company entered into an indemnification agreement with Mr. Corbett to indemnify him, in connection with his position of employment with
the Company and in the discharge of his duties and responsibilities to the Company, to the maximum extent allowed under the laws of the
State of Nevada. The Company is not required or obligated to indemnify Mr. Corbett to extent it would violate the Securities Act of 1933,
as amended, or the Securities Exchange Act of 1934, as amended, or the rules and regulations thereunder.

On December 14, 2020,
the Company entered into an amendment to the Corbett Employment Agreement whereby the Company agreed to increase Mr. Corbett’s base
salary to $20,000 per month and to pay Mr. Corbett a bonus of $20,000 for the year ended December 31, 2020.

On February 22, 2021,
the Board of Directors of the Company appointed William Corbett, its Chief Executive Officer and Interim Chief Financial Officer, as its
Chairman of the board and issued him a five-year warrant to purchase 666,667 shares of the Company’s common stock at an exercise
price of $7.20. The board also agreed to increase Mr. Corbett’s monthly base salary to $30,000.

On August 16, 2021, the
Company and Mr. Corbett entered into an Executive Employment Agreement that replaced and superseded the previous executive employment
agreement (the “August 2021 Corbett Employment Agreement”). The purpose of the August 2021 Corbett Employment Agreement was
to provide a replacement grant for warrants previously granted to Mr. Corbett under the terms of his previous employment agreement with
the Company. Pursuant to the August 2021 Corbett Employment Agreement, Mr. Corbett would continue to serve as the Company’s Chief
Executive Officer on a full time basis effective as of the date of the August 2021 Corbett Employment Agreement until the close of business
on December 31, 2024. Mr. Corbett’s base salary will be $30,000 per month, which shall be paid in accordance with the Company’s
standard payroll practice for its executives, managers and salaried employees. In addition, the August 2021 Corbett Employment Agreement
provides that: (1) Mr. Corbett will be eligible for a cash bonus as determined by the board to the extent the Company achieves (