Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 428

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 428
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, who have the authority to administer the Plan and to exercise
all the powers and authorities specifically granted to it under the Plan.

The
maximum number of securities available under the Plan is 26,667  shares of Common Stock. The maximum number of shares of
Common Stock awarded to any individual during any fiscal year may not exceed 100,000 shares of Common Stock.

On
October 22, 2021, the Company established its 2021 Stock Incentive Plan (“2021 Plan”). The purpose of the Plan is to promote
the interests of the Company and the stockholders of the Company by providing directors, officers, employees and consultants, advisors
and service providers of the Company with appropriate incentives and rewards to encourage them to enter into and continue in the employ
or service of the Company, to acquire a proprietary interest in the long-term success of the Company and to reward the performance of
individuals in fulfilling long-term corporate objectives. The Plan terminates after a period of ten years in August 2031.

The
2021 Plan is administered by the Board or a Compensation Committee appointed by the Board, who have the authority to administer the Plan
and to exercise all the powers and authorities specifically granted to it under the Plan.

The
maximum number of securities available under the 2021 Plan is 1,766,667 shares of Common Stock.

Under
the 2021 Plan the Company may award the following: (i) non-qualified stock options; (ii)) incentive stock options; (iii) stock appreciation
rights; (iv) restricted stock; (v) restricted stock unit; and (vi) other stock-based awards.

On
July 11, 2022, the Board approved, granted and issued 500,000 ten-year incentive stock options, with immediate vesting, to the
Company’s Chairman and Chief Executive Officer at an exercise price of $4.50 per share. This resulted in an immediate expense
of $823,854 for the year ended December 31, 2022.

During 2023, the Company cancelled options exercisable for 23,891 shares of Common Stock due to the previous resignation or
termination of employees and officers whose stock options were not exercised in accordance with the terms allowed under the plan and were
therefore canceled.

During
2024, the Company options exercisable for 6,667 shares of Common Stock expired due to the resignation of a director whose options