Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 747

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 747
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 of any arbitrator, unless the arbitrator or the court determines that (a) Company has no liability in such
dispute, or (b) the action or claims by Executive are frivolous in nature. In any other case or matter, the Company and Mr. Corbett shall
each bear its or his own attorney fees and costs.

With effect from April
1, 2024, Mr. Corbett voluntarily reduced his salary to $10,000 per month, with the resignation of Mr. Rosenblum on January 7, 2025, Mr.
Corbett’s salary was increased to $20,000 per month with immediate effect.

34

Richard Rosenblum

On July 22, 2021, the
Company appointed Richard 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