Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 1176

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 5
Chunk 1176
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1,
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 Corbett entered into an Executive Employment Agreement that replaced and superseded the previous executive employment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 (or exceeds)
annual revenue or other financial performance objectives established by the board, 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.

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