Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 305

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 305
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as of the date of termination. Severance payments shall be subject to execution and delivery of a general release in favor of the Company.

On August 16, 2021, the
Company entered into an amendment to the Rosenblum Executive Employment Agreement (the “First Amendment”) with Mr. Rosenblum.
Under the terms of the Executive Employment Agreement, the Company had agreed to grant to Mr. Rosenblum an option to purchase 333,334
common shares of Company Stock 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 uplisted, on the NASDAQ exchange,
on the date of grant (the “Option”).” The First Amendment provided that the Option was granted on August 31, 2021 at
an exercise price of $4.50.

In addition, the Company
and Mr. Rosenblum entered into an Indemnification Agreement, pursuant to which the Company agreed to indemnify Mr. Rosenblum to indemnify
Indemnitee to the fullest extent permitted by or under the Nevada Corporation Law in respect of claims, including third-party claims and
derivative claims and provides for advancement of expenses.

Mr. Rosenblum resigned
all his positions with the Company with effect from January 7, 2025.

35

Director Compensation

Board of Directors
Compensation

The executive directors
were not paid any fees for their service as directors; however, each of Messrs. Rosenblum and Corbett received compensation for service
as officers of Innovative Payment Solutions, Inc.

The following table sets
forth information for the fiscal year ended December 31, 2024 regarding the compensation of our directors who on December 31, 2024 were
not also our named executive officers.

    Name 
    Fees Earned or Paid in Cash  
    Option Awards  
    Other  
    Total 
  
    Madisson Butler (1) 
    $18,000  
    $       -  
    $    -  
    $18,000 
  
    David Rios(1) 
    $18,000  
    $-  
    $-  
    $18,000 

(1)As of December 31, 2024, the
following table sets forth the number of aggregate