Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 1760

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 9B
Chunk 1760
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 Rosenblum as President and Chief Financial Officer of the Company. In addition, Mr. Rosenblum was elected to
the Board of Directors of the Company to serve until the Company’s next annual meeting of shareholders.

On July 27, 2021, the
Company and Mr. Rosenblum entered into an Executive Employment Agreement (the “Employment Agreement”), pursuant to which Mr.
Rosenblum will serve as the Company’s President and Chief Financial Officer on a full time basis effective as of July 1. The effectiveness
of the Employment Agreement is subject to the approval of the Employment Agreement by the board, unless earlier terminated as provided
in the Employment Agreement. The term of the Employment Agreement is until December 31, 2024. Mr. Rosenblum’s base salary will be
$18,000 per month. In addition, the Employment Agreement provides that: (1) Mr. Rosenblum will be eligible for a cash bonus as determined
by the board to the extent the Company achieves (or exceeds) annual revenue or other financial performance objectives established by the
board, in its sole discretion, from time to time; and (2) the Company will grant to Mr. Rosenblum options to purchase 333,334 shares of
common stock of the Company 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 up listed, on the NASDAQ exchange,
on the date of grant (the “Options”)”. 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 (10) years after the date of grant and the Company shall provide for cashless exercise of the
Option by Executive. The 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