Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 1757

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 9B
Chunk 1757
---
 
            -  
    $     -  
           -  
             - 

     500,000  
     -  
     -  
    $4.50  
    7/11/2032 
     -  
     -  
     -  
     - 
  
    Richard Rosenblum 
     333,334  
     -  
     -  
    $4.50  
    8/16/2031 
     -  
    $-  
     -  
     - 

33

Agreements with Named
Executive Officers

William Corbett

The Company entered into
an executive employment agreement with William Corbett effective June 24, 2020 (as amended, the “Corbett Employment Agreement”)
which provided that Mr. Corbett be (i) employed as the Company’s Chief Executive Officer for a term of three (3) years, provide
for a base salary of $12,500 per month, (ii) granted a signing bonus of $25,000, (iii) receive a bonus of up to 50% of his the annual
base salary upon the Company’s achievement of $2,000,000 EBITDA and  additional performance bonus payments as may be determined
by the Company’s Board of Directors and (iv) provide for severance in the event of a termination without cause in amount equal to
equal to fifty percent (50%) of his annual base salary rate then in effect, provided that if such termination without cause occurs after
an Acquisition of the Company (as defined in the agreement), Mr. Corbett will be entitled to receive severance in an amount equal to equal
to 100% of his annual base salary rate then in effect.

Further, pursuant to
the Corbett Employment Agreement, the Company granted Mr. Corbett 170,792 shares of the Company’s common stock, which are fully
vested and not subject to forfeiture.

On June 24, 2020, the
Company entered into a restricted stock agreement with Mr. Corbett pursuant to which the Company granted him a restricted stock award
of 512,375 shares of the Company’s common stock, with such shares are subject to forfeiture and which forfeiture restriction lapse
33%, 33% and 34%, respectively, on the first, second and third anniversary of