Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 134

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 134
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 Options are being granted pursuant to the Company’s 2021 Stock Incentive Plan. 

If Mr. Rosenblum’s
employment with Company is terminated at any time during the term of the Employment Agreement other than for Cause (as defined in the
Employment Agreement), or due to voluntary termination, retirement, death or disability, then Mr. Rosenblum shall be entitled to severance
equal to fifty percent (50%) of his annual base salary rate in effect as of the date of termination. If Mr. Rosenblum’s employment
with Company is terminated at any time during the term of the Employment Agreement other than for Cause (as defined in the Employment
Agreement), or due to voluntary termination, retirement, death or disability, within 12 months following an Acquisition (as defined in
the Employment Agreement), then Mr. Rosenblum shall be entitled to severance equal to 100% of his annual base salary rate in effect
as of the date of termination. Severance payments shall be subject to execution and delivery of a general release in favor of the Company.

On August 16, 2021, the
Company entered into an amendment to the Rosenblum Executive Employment Agreement (the “First Amendment”) with Mr. Rosenblum.
Under the terms of the Executive Employment Agreement, the Company had agreed to grant to Mr. Rosenblum an option to purchase 333,334
common shares of Company Stock at a per share exercise price equal to the fair market value of the Company’s common stock, as reflected
in the closing price of the Company’s common shares on the OTC exchange or, in the event the stock is uplisted, on the NASDAQ exchange,
on the date of grant (the “Option”).” The First Amendment provided that the Option was granted on August 31, 2021 at
an exercise price of $4.50.

In addition, the Company
and Mr. Rosenblum entered into an Indemnification Agreement, pursuant to which the Company agreed to indemnify Mr. Rosenblum 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.

Mr. Rosenblum resigned
all his positions with the Company with effect from January 7, 2025.

35

Director Compensation

Board of Directors
Compensation

The executive directors
were not paid any fees for their