Exhibit 10.1


 


 


 


 


 


EXECUTIVE
EMPLOYMENT AGREEMENT


 


 


 


 


between


 


 


 


 


INNOVATIVE
PAYMENT SOLUTIONS, INC.


 


 


 


and


 


 


 


 


WILLIAM
CORBETT


 


 


 


 


 


 


 


 


 


 


 


June
24, 2020


 



    Page 1 of 18


     


    

 


EXECUTIVE
EMPLOYMENT AGREEMENT


[Innovative
Payment Solutions, Inc.]


 


This
EXECUTIVE EMPLOYMENT AGREEMENT (“Agreement”), dated and made effective as of June 24, 2020 (the “Effective
Date”), is entered into by and between INNOVATIVE PAYMENT SOLUTIONS, INC., a corporation organized and existing
under the laws of the State of Nevada (USA), having offices at 19355 Business Center Drive, Northridge, CA 91324 (“Company”),
and WILLIAM CORBETT, an individual residing at                                        
 (“Executive”) (the parties hereto sometimes referred to individually as a “Party” or collectively
as the “Parties”).


 


W
I T N E S S E T H


 


WHEREAS,
Company desires to employ Executive pursuant to the terms and conditions set forth in this Agreement, and Executive desires to
enter the employ of Company pursuant to such terms and conditions and for the consideration set forth herein.


 


NOW,
THEREFORE, for and in consideration of the mutual promises, covenants and obligations contained herein and for other good and
valuable consideration, Company and Executive agree as follows:


 


ARTICLE
1.0 – DEFINITIONS & INTERPRETATION


 


1.1
Defined Terms.


 


Wherever
the following terms are used in this Agreement, they shall have the meanings ascribed to them below, unless the context clearly
indicates otherwise. Other capitalized terms in this Agreement are defined in the text hereof or in any Company stock or benefit
plan in or under which Executive may receive compensation or benefits hereunder or therein.


 


“Affiliate”
means, with reference to Company, any other Person controlling, controlled by or under the common control of Company. For purposes
hereof, the term “control” (or any equivalent term) means having ownership of more than fifty percent (50%) of the
voting securities of a Person or the power, whether through voting power or otherwise, to control the management policies of such
Person.


 


“Board
of Directors” or “Board” means the board of directors of Company.


 


“Company
Stock” means the common stock of Company.


 


“Person”
means any natural person, corporation, company, partnership (including both general and limited partnerships), limited liability
company, sole proprietorship, association, joint stock company, firm, trust, trustee, joint venture, unincorporated organization,
executor, administrator, legal representative or other legal entity, including any governmental authority, entity or instrumentality.


 



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“Restricted
Shares” means the shares of Company Stock awarded to Executive hereunder and pursuant to a Restricted Stock Agreement substantially
in the form of Exhibit A hereto.


 


“SEC”
means the (U.S.) Securities and Exchange Commission.


 


“SEC
Rule 144” means Rule 144 promulgated by the SEC under the authority of the Securities Act and codified at 17 C.F.R. §
231.144.


 


“Securities
Act” means the (U.S.) Securities Act of 1933.


 


“Term”
means the primary or initial term of this Agreement as specified in Section 2.1.


 


“Termination
Date” means the date on which this Agreement expires or is terminated in accordance with the provisions contained herein.


 


1.2
Interpretation; Protocols.


 


(a)
The name assigned to this Agreement and the Article and Section (or subsection) captions used herein are for convenience
of reference only and shall not be construed to affect the meaning, construction or effect hereof. The terms defined in the singular
shall have a comparable meaning when used in the plural, and vice versa.


 


(b)
Unless otherwise specified, the terms “hereof,” “herein” and similar terms refer to this Agreement as
a whole, and references herein to Articles or Sections refer to Articles or Sections of this Agreement. Pronouns in masculine,
feminine, and neuter genders will be construed to include any other gender, and words in the singular form will be construed to
include the plural and vice versa, unless the context otherwise requires.


 


(c)
For purposes of this Agreement, the words, “include,” “includes” and “including,” when used
herein, shall be deemed in each case to be followed by the words “without limitation”.


 


(d)
Unless stated otherwise, references to money herein shall mean and refer to the currency (U.S. Dollars) of the United States of
America.


 


1.3
Exhibits and Schedules.


 


The
following Exhibits and Schedules are attached to this Agreement, each of shall be executed by the Parties concurrently with or
following execution and delivery of this Agreement:


 


Exhibit
A – Restricted Stock Agreement


Exhibit
B – Indemnification Agreement


 



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ARTICLE
2.0 – EMPLOYMENT AND DUTIES 


 


2.1
Term of Employment.


 


(a)
Company agrees to employ Executive and Executive agrees to be employed by Company on a full-time basis beginning as of the Effective
Date and continuing until the close of business on June 24, 2023 (the “Term”).


 


(b)
Upon expiration of the Term, Executive’s employment with Company shall cease unless the Parties mutually agree in writing
to (1) extend the Term for a specified period under the terms and conditions set forth in this Agreement or in any amendment or
supplement thereto, or (2) continue Executive’s employment under the terms and conditions of this Agreement on an “at
will” basis under which Executive may resign or terminate his employment with Company and Company may terminate Executive’s
employment with Company, in either case for any lawful reason or for no reason at all, upon giving written notice of such resignation
or termination, as the case may be, at least thirty (30) days prior to the effective date of such resignation or termination.


 


2.2
Officer/Director of Company.


 


(a)
Executive has served as a member of the Board of Directors and as the Chief Executive Officer of Company since August 6th, 2019
and, as of March 1, 2020, began receiving compensation for his services at a salary of $15,000 per month.


 


(b)
Beginning as of the Effective Date:


 


(1)
Executive shall be employed on a full-time basis as the Chief Executive Officer of Company. Executive agrees to serve in the assigned
position and to perform diligently, and to the best of Executive’s abilities, the duties, responsibilities and services
involved or appertaining to such position as may be determined by Company through the Board of Directors, and to perform such
other additional or different duties and services that Executive may reasonably be directed to perform from time to time by the
Board. In addition to and as part of Executive’s duties and responsibilities as the Chief Executive Officer of the Company,
Executive shall have the primary responsibility to direct and manage all of the operations of the Company and its Affiliates.


 


(2)
Executive continue to serve as a director of Company during the Term or until such time as Executive elects to resign or is removed
in accordance with the governing documents of Company.


 


2.3
Business Time, Energy & Efforts.


 


(a)
During Executive’s employment with Company, Executive shall devote his full business time, energy and best efforts to the
business and affairs of Company and its operating subsidiaries. Except as provided hereinabove, Executive shall not, during the
period of his employment with Company, engage in any other business, investment or activity, either directly or indirectly, that
interferes with the performance of Executive’s duties and responsibilities to Company or that is contrary to the interests
of Company or requires a significant amount of Executive’s business time, energy or efforts.


 



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(b)
Notwithstanding Executive’s commitment to Company as provided hereinabove, Executive shall be entitled to engage in passive
personal investments and other business activities that do not conflict or interfere with the business and affairs of Company
or the time, energy and efforts required of Executive in order for him to perform his duties and responsibilities to Company.
In connection therewith, Executive may serve on the board of directors of a maximum of two other corporations (outside the Company’s
organization) of his choice, as long as Executive’s service or tenure on any such board of directors does not violate U.S.
or state laws governing interlocking directorates, or place Executive in a position of having a conflict of interest with respect
to his duties and responsibilities to Company, in potentially giving or receiving competitively sensitive or proprietary information,
or in violating his obligations of confidentiality contained in this Agreement.


 


(c)
Except as provided herein, Executive may not serve on the board of directors of any corporation or legal entity (other than in
Company’s organization) without the prior written approval or authorization of the Board. Executive shall be permitted to
retain any compensation or per diem that he may receive for any speaking engagement or service on the board of directors of any
corporation or legal entity in accordance with the provisions contained herein.


 


(d)
Executive shall, at all times hereunder, be subject to and comply with the policies and procedures of Company and the governing
direction of the Board, and shall conduct himself in a good and professional manner and in a light that consistently supports
and protects the best interests of Company.


 


2.4
Fiduciary Duties of Executive.


 


(a)
At all times during Executive’s employment with Company, Executive agrees that he owes to Company the fiduciary duties of
due and appropriate care, good faith and fair dealing, honesty and full disclosure, and loyalty and will at all times act in the
best interests of Company and will neither perform or do any act that would intentionally injure the business, interests or reputation
of Company.


 


(b)
As part of Executives fiduciary duties to Company, Executive agrees that he will not knowingly perform or engage in any act or
activity that constitutes or involves a conflict of interest with his duties and responsibilities to Company and that, upon the
discovery thereof, Executive will so advise the Board and will take such steps and perform such actions as may be necessary to
withdraw from or discontinue any such act or activity giving rise to any such conflict of interest. For purposes hereof, and by
way of illustration and not of limitation, the Parties acknowledge and agree that Executive’s direct or indirect interest
in, or any connection with or benefit from, any outside commercial activity that may in any way adversely affect the interests
of Company will constitute or involve a conflict of interest.


 



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(c)
Executive represents to Company that he is not aware of any medical or health condition of Executive that he has not disclosed
to the Board of Directors.


 


ARTICLE
3.0 – COMPENSATION AND BENEFITS


 


3.1
Base Compensation.


 


Beginning
as of the effective date, Executive’s base salary shall be $12,500 per month, which shall be paid in accordance with Company’s
standard payroll practice for its executives, managers and salaried employees. The salary payable to Executive shall be subject
to all withholdings required by U.S. and state law and to such other withholdings as may be specified or authorized by Executive
from time to time.


 


3.2
Signing Bonus.


 


On
or prior to Effective Date, Company shall pay to Executive a signing bonus in the amount of $25,000 (the “Signing Bonus”).
Executive shall be required to repay the Signing Bonus to Company if Executive is terminated by Company for Cause (as hereinafter
defined) during the Term or voluntarily resigns his employment during the first eighteen (18) months of the Term.


 


3.3
Incentive Cash Awards.


 


Following
the end of each fiscal year of Company in which Executive has completed employment services with Company in accordance with the
provisions of this Agreement, Executive shall be eligible to receive a cash bonus as may be determined by the Board of Directors.
The actual amount of each annual bonus will be determined by the Board based on whether, and the extent to which, the Company
achieves (or exceeds) annual revenue or other financial performance objectives established by the Board from time to time.


 


3.4
Grant of Company Stock.


 


(a)
Within thirty days after the Effective Date, Company shall issue and deliver to Executive a grant consisting of 5,123,750 shares
of Company Stock on an unrestricted or fully vested basis. The Company Stock granted to Executive shall be fully-assessable and
shall be free and clear of adverse claims, encumbrances and other restrictions, except as provided herein.


 


(b)
The shares of Company Stock awarded to Executive hereunder shall be considered “restricted securities” as defined
in SEC Rule 144 and may not be sold or resold until such time, and to the extent that, such shares have been included in an effective
registration statement filed with the SEC under Section 5 of the Securities Act or otherwise qualify and may be sold under an
exemption from registration under the Securities Act or under SEC Rule 144.


 



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3.5
Grant of Restricted Stock.


 


(a)
Within thirty (30) days after the Effective Date, Company shall issue and deliver to Executive a grant of Restricted Shares under
and pursuant to a Restricted Stock Agreement executed by the Parties concurrently with or following execution of this Agreement.


 


(b)
Forfeiture restrictions upon the Restricted Shares granted to Executive under the Restricted Stock Agreement, save and except
for restrictions on transferability imposed by the Securities Laws, shall lapse upon Executive’s continuous employment with
Company from the date of this Agreement through the applicable forfeiture restrictions lapse dates set forth in the Restricted
Stock Agreement. In the event that Executive resigns from his/her employment with Company or his/her employment is terminated
for Cause prior to the applicable forfeiture restrictions lapse dates set forth in the Restricted Stock Agreement, any Restricted
Shares subject to forfeiture restrictions that have not lapsed as of the date of any such termination or resignation shall be
forfeited by Executive and deemed cancelled by Company.


 


3.6
Expenses.


 


Company
shall pay or reimburse Executive for all necessary and reasonable expenses incurred or paid by Executive in connection with the
performance of his/her responsibilities and duties under this Agreement upon presentation of expense statements or vouchers together
with such supporting information as Company or its accounts may require and as may be required by any policies and procedures
adopted by Company from time to time.


 


3.7
Employee Benefits.


 


(a)
During the term of this Agreement and Executive’s employment hereunder, Executive will be entitled to participate in any
group insurance, qualified pension, hospitalization, medical health and accident, disability or similar plan or program of Company
now existing or hereafter established to the extent that Executive is eligible under the general provisions thereof. Company shall
have the right to amend or terminate any such plans or programs from time to time upon notice to Executive. NOTWITHSTANDING THE
FOREGOING, EXECUTIVE UNDERSTANDS AND ACKNOWLEDGES THAT, AS OF THE EFFECTIVE DATE, COMPANY DOES NOT OFFER ANY BENEFIT PLANS TO
ITS EMPLOYEES OTHER THAN VACATION AS PROVIDED HEREINAFTER.


 


(b)
Any benefits provided or made available to Executive by Company are in Company’s sole discretion and are subject to change,
without compensation, upon Company’s providing appropriate written notice to Executive of any such change, including any
termination of any benefit(s).


 


(c)
Executive will be entitled to two (2) weeks of paid vacation each calendar year during the term of this Agreement, with the schedule
time taken by Executive for vacation determined by mutual agreement between Company and Executive. All vacation time accruing
to Executive must be taken and no compensation in lieu of vacation shall be paid by Company unless and to the extent otherwise
required by applicable law. Any unused vacation time not taken during any calendar year may not be carried over to any following
year.


 



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3.8
New or Successor Plans and Programs.


 


If
at any time after the Effective Date, Company establishes any new, replacement or additional pension, retirement, disability or
annuity plans, or compensation plans or programs for executives or senior managers of Company at comparable levels, Executive
shall be eligible, at Company's discretion, for coverage under such pension, retirement, disability and annuity plans, programs
or incentive compensation practices in accordance with the terms thereof.


 


3.9
Availability of Compensation & Benefits.


 


The
benefits and entitlements made available to Executive under the terms of this Agreement, or as to which Executive may be eligible,
excepting those provided in Article 4.0 of this Agreement, are and shall be contingent and conditional upon Executive maintaining
and continuing employment as an officer of Company in the position set forth in Article 2.0 of this Agreement or a similar position
with Company that is considered equivalent to such position.


 


ARTICLE
4.0 – TERMINATION & CESSATION OF EMPLOYMENT 


 


4.1
Termination of Employment.


 


(a)
Executive’s employment with Company shall be terminated (1) for Cause as specified in Section 4.2, (2) upon the Disability
of Executive as provided in Section 4.3, (3) upon Executive’s death as provided in Section 4.4, or (4) upon Executive’s
resignation or voluntary termination of employment.


 


(b)
During the term of this Agreement, if Executive’s employment with Company is terminated for any of the reasons or grounds
specified in Section 4.1, Executive shall not be entitled to receive any compensation or benefits under this Agreement following
such termination of employment except as expressly provided in this Article 4.0 or in any applicable compensation plan, employee
benefit plan or other Company sponsored plan available to all employees of Company in which Executive is or remains eligible to
participate following his/her termination of employment.


 


4.2
Termination for Cause.


 


(a)
Company may terminate Executive for Cause after written notice specifying the cause of such action shall have been given by Company
to Executive. For purposes of this Agreement, the term “Cause” means:


 


		(1)	Executive’s
breach of any material term, condition or provision of this Agreement which remains uncorrected for thirty (30) days following
Company’s written notice of such breach to Executive;



 



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		(2)	Executive’s
commission of any act or omission that has, or that has had or is likely to have, a material adverse effect on the business, operations,
financial condition or reputation of Company or any of its Affiliates;



 


		(3)	Executive’s
conviction (including a plea of guilty or nolo contendere) of a felony or any crime involving or including theft, dishonesty or
moral turpitude;



 


		(4)	Gross
omission or dereliction of any statutory or common law duty of loyalty to Company; or



 


		(5)	Any
repeated or continuous failure, neglect or refusal to perform Executive’s duties and responsibilities under this Agreement
or as may be directed by the Board of Directors or any executive of Company to whom Executive reports.



 


(b)
Any decision as to whether “Cause” exists for the termination of Executive’s employment with Company shall be
referred to the Board of Directors for a final determination. In the event that Executive disagrees with the decision or determination
made by Company, the dispute shall be limited to whether the Board made the determination in good faith.


 


4.3
Termination Due to Disability.


 


(a)
In the event that Executive is prevented from performing his/her usual duties for a period of six (6) consecutive months, or for
shorter periods aggregating more than six (6) months in any twelve-month period, by reason of physical or mental disability, whether
total or partial in nature or effect (referred to herein as “Disability”), Company shall continue to pay Executive
his/her full salary up to and including the last day of the sixth consecutive month of Disability, or the day on which the shorter
periods of Disability shall equal a total of six (6) months (in either case, such day being the “Disability Date”).
Company shall be entitled, on or at any time after the Disability Date, to terminate this Agreement and Executive’s employment
with Company due to Disability upon giving written notice to Executive.


 


(b)
The effective date of any termination of Executive’s employment due to or as a result of Disability shall be the Disability
Date, from and after which Company shall have no further obligation or liability to Executive under this Agreement except for
any compensation that has accrued under this Agreement and has not been paid, together with the following compensation and benefits:


 


		(1)	Executive’s
base salary, at the rate in effect immediately prior to the Disability Date, through the end of the month in which he/she is terminated
due to or as a result of Disability;



 


		(2)	An
annual bonus, pursuant to the terms of any Company incentive compensation, performance or bonus plan, for the year in which Executive’s
termination due to Disability occurs, payable on a pro rata basis through the date of termination and at the time that bonuses,
if any, are paid to other executives of Company;



 



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		(3)	Commencing
with the first month following the month in which Executive is terminated, payments to which Executive is entitled under any plan
or program of Company providing long-term disability or retirement benefits;



 


		(4)	Continued
participation in any Company sponsored employee benefit plan that is made available to all employees of Company and in which Executive
was participating as of the Disability Date, to the extent that Executive remains eligible to participate under the terms thereof,
until the earliest to occur of the cessation of Executive’s Disability, his/her death or his/her attainment of age 70.



 


4.4
Termination Due to Death.


 


In
the event of Executive’s death during the term of this Agreement, this Agreement shall automatically terminate and expire,
except that (a) Executive’s estate shall be entitled to receive any compensation that has accrued or is owed to Executive
under this Agreement as of the date of his/her death, including any bonus or other compensation determined and paid to Executive
annually, which shall be prorated and paid through the last day of the month in which Executive’s death occurs, and (b)
such termination shall not affect any amounts payable to Executive’s estate as insurance or other death benefits under Company
plans or programs then in force or effect with respect to Executive.


 


4.5
Termination Without Cause; Severance.


 


(a)
Except as provided in Section 4.5(b), and subject to compliance with the terms and conditions of Section 4.5(c), if Executive’s
employment with Company is terminated at any time during the term of this Agreement without a reason or ground specified in Section
4.1, Executive shall be entitled to severance (“Basic Severance”) equal to fifty percent (50%) of Executive's
annual base salary rate in effect as of the date of Executive’s termination.


 


(b)
In the event that Company is acquired during the term of this Agreement, whether by merger, stock acquisition or purchase, or
consolidation, or by the acquisition of all or substantially all of the business or assets of Company, or otherwise (in each case,
an “Acquisition”), and Company or the acquiring or surviving Person in or as a result of any such Acquisition
(the “Acquiring Party”), as the case may be, either:


 


		(1)	Fails
or declines to offer to Executive, or on before the date on which the Acquisition is closed or concluded (the “Closing
Date”), new or continued employment with the Acquiring Entity in a position having or providing responsibilities, compensation
and benefits that are equivalent to or greater than the position of employment, and with the responsibilities, compensation and
benefits, provided to Executive under this Agreement and, as a result thereof, Executive elects to resign or voluntarily terminate
his/her employment with Company or the Acquiring Entity, as the case may be; or



 



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		(2)	Terminates
this Agreement and Executive’s employment with Company or the Acquiring Party, as the case may be, without Cause or any
other reason specified in Section 4.1, at any time within a period of twelve (12) months after the Closing Date;



 


then,
upon either such event, Executive shall be entitled, in lieu of the Basic Severance specified in Section 4.5(a), to severance
(“Enhanced Severance”) equal to one hundred percent (100%) of Executive's annual base salary rate in effect
as of the date of Executive’s termination.


 


(c)
Any obligation by Company to pay Basic Severance or Enhanced Severance pursuant to this Section 4.5 is and shall be (1) subject
to Executive’s compliance with the provisions, restrictions and limitations of Articles 5.0 and 6.0 of this Agreement, (2)
unless otherwise agreed, payable in twelve (12) equal monthly installments commencing the month immediately following the month
of termination, and (3) subject to Executive signing a standard release and agreement not to sue Company then in use by Company
in connection with terminated employees.


 


ARTICLE
5.0 – OWNERSHIP & PROTECTION OF COMPANY PROPERTY


 


5.1
Ownership; Results of Services.


 


Company
shall own, and Executive hereby assigns and agrees to fully disclose and convey to Company, all of Executive’s right, title
and interests, of every kind and character and in perpetuity, in and to the results of Executive’s services or work for
Company, including all tangible and intangible property, material, information. ideas, concepts, improvements, discoveries, and
inventions, whether patentable or not, that are conceived, generated, developed, made or acquired by Executive, individually or
in conjunction with others, during Executive's employment by Company (whether during business hours or otherwise and whether on
Company's premises or otherwise) which relate in any way to Company’s business, technologies, operations, products or services,
including (a) all rights and interests of Executive in any invention, patent or patent rights, trademark and other intellectual
property, including a waiver by Executive of rights granted under the (U.S.) Artists Visual Rights Act, (b) printed or digitally
generated or stored files, notes, memoranda, correspondence, lists, documents and other corporate instruments and records, (c)
information relating to or including any Confidential Information (as defined below), and (d) all writings or materials of any
type, whether printed or in digital format or otherwise, embodying any of the foregoing property, material or information.


 


5.2
Work for Hire; Assignments.


 


All
of the services performed by Executive for Company or during or within the scope of Executive’s employment by Company shall
constitute “work for hire” and the results of such services or work shall be owned by Company. Executive agrees to
execute and deliver to Company such assignments or other instruments as Company may require from time to time to evidence Company’s
ownership of the results, work product and proceeds of all such services and work performed by Executive hereunder.


 



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5.3
Return of Company Property.


 


(a)
Upon any termination of this Agreement or cessation of Executive’s employment with Company, Executive shall immediately
return to Company all property (including both tangible and intangible property) that is considered the property of Company, including
keys, records, employee badges, entry cards, records, notes, data, models, memoranda, and other documents, equipment or information
or data (including Confidential Information) that are in the possession, custody or control of Executive (or any person acting
with or at the behest of Executive), whether in physical, electronic or digital form, or otherwise, and whether or not such property
was conceived, developed, generated or made by Executive or by others. Under no circumstances shall Executive be entitled to replicate
or reproduce, or retain copies of, any of the property of Company following termination of his/her employment with Company.


 


(b)
Executive shall, upon any termination of his/her employment with Company (and no later than 24 hours following the effective date
of any such termination), certify to Company in writing that he/she has returned to Company all property of Company as required
hereunder and that no copies, replicas or reproductions of any such property have been retained by Executive or by any other Person
acting with or at the behest of Executive or to whom or which such materials may have been disclosed or delivered by Executive
at any time.


 


ARTICLE
6.0 – CONFIDENTIALITY & RELATED OBLIGATIONS


 


6.1
Confidential Information; Obligations.


 


(a)
Each Party acknowledges and agrees that, as a result of and during Executive’s employment with Company, Executive will acquire,
develop or participate in developing, or otherwise have access to non-public information, data and other matters that are considered
highly confidential to Company and that are the property of Company (or licensed by Company from other Persons), including:


 


		(1)	inventions,
ideas, discoveries, methods and methodologies, processes, products, product designs, technical information, know-how, copyrights
and works of authorship, drawings, schematics, and supplier, client and customer lists, prices and costs;



 


		(2)	information
technology, systems, processes, designs, platforms and software, including code, algorithms and other components of any software;



 


		(3)	studies,
analyses, strategic and tactical plans, marketing plans and surveys, maps, photographs and other media and image recordings, and
point-of-services locations and information;



 



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		(4)	corporate,
business, financial, accounting, legal and regulatory information, data and records generated maintained by or for Company (including
drafts, reproductions and copies thereof), including organizational charts, shareholder lists, meetings, minutes and resolutions,
personnel files and personal privacy data, contracts, agreements, notes, debentures, security instruments, finance and financing
instruments and documents, real and personal property leases, licenses and other commercial transaction documents and records;
and



 


		(5)	information
considered a “trade secret” under the (U.S.) Defend Trade Secrets Act (Pub. L. No. 114-153, 130 Stat. 376, codified
in Title 18, United States Code) (“DTSA”) and/or under the California Uniform Trade Secrets Act (Cal. Civ.
Code § 3426 et seq);.



 


(collectively,
“Confidential Information”). “Confidential Information” shall also include any non-public information
or data that has been disclosed by any Person to Company, or by Company to any Person, that is subject to any confidentiality
obligation or governed by a confidentiality and non-disclosure agreement entered into between Company and such Person.


 


(b)
Executive covenants and agrees that he/she will not, at any time or in any manner, either directly or indirectly, publish, disclose,
divulge or communicate any Confidential Information to any Person, without the prior written consent of Company, except (1) to
the directors, officers, managers, members or shareholders of Company or to other employees and contractors of Company that have
a “need to know” such information and have undertaken appropriate obligations of confidentiality to Company, or (2)
as may be required by law. Executive agrees to keep and maintain all Confidential Information as strictly confidential.


 


6.2
Post-Employment Confidentiality Obligations.


 


(a)
As part of the consideration for Company’s hiring of Executive and as an incentive for Company to enter into this Agreement,
Executive agrees that, during a period of five (5) years following termination or expiration of this Agreement and the end of
Executive’s employment with Company, Executive will not, directly or indirectly:


 


		(1)	publish
or disclose any of the Confidential Information to any Person other than Company and its management except as may be required
by applicable law or by legal process in any legislative, judicial or administrative proceeding if and to the extent that Executive,
prior to any such disclosure, gives Company sufficient written notice of any such proposed disclosure in order to give Company
sufficient time to obtain any protective order or other relief that Company may deem necessary or appropriate to ensure the continued
protection of the Confidential Information from improper publication or disclosure;



 


		(2)	disclose,
use or rely upon any of the Confidential Information in connection with employment, consulting or other services that Executive
may provide or render to any Person other than Company of its Affiliates;



 



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		(3)	induce
or attempt to induce any manager or employee of Company to terminate his/her employment with Company or any of its Affiliates
without Company’s prior written consent or agreement.



 


(b)
Company and Executive agree that the post-employment obligations undertaken by Executive herein are reasonable and necessary to
protect the Confidential Information from unauthorized or improper disclosure to or for the benefit of any Person (other than
Company and its Affiliates), including the potential for inevitable disclosure of such information.


 


6.3
Company’s Remedies for Violation of Confidentiality Obligations.


 


(a)
Any violation by Executive of the confidentiality obligations herein shall constitute “for cause” grounds for termination
of Executive’s employment hereunder. In addition, in the event of any such violation by Executive, including Executive’s
post-employment obligations specified in this Agreement, Company shall be entitled to any remedies, either at law or in equity,
that may be available under federal (U.S.) law and/or under California law.


 


(b)
In accordance with the (U.S.) Defend Trade Secrets Act, Company hereby provides to Executive the following notice of immunity
protection available thereunder:


 


“An
individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a
trade secret that is made in confidence to a Federal, State, or local government official or to an attorney solely for the purpose
of reporting or investigating a suspected violation of law. An individual shall not be held criminally or civilly liable under
any Federal or State trade secret law for the disclosure of a trade secret that is made in a complaint or other document filed
in a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer
for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret
information in the court proceeding, if the individual files any document containing the trade secret under seal; and does not
disclose the trade secret, except pursuant to court order.”


 


ARTICLE
7.0 – TAXES AND TAXATION


 


7.1
Executive shall be responsible for the payment of all U.S., state and local income, excise and similar taxes imposed by any governmental
entity or taxing authority on or with respect to the payments, compensation and benefits paid to or received by Executive under
this Agreement.


 


7.2
Company shall, within ninety (90) days after the end of each calendar year during the Term and any Extended Term (or as may be
required by applicable law), provide or deliver to Executive any forms, documents and other records required by U.S. or state
law that will enable Consultant to determine or verify any applicable taxes that may be imposed with respect to the payments,
compensation and benefits paid or payable under this Agreement and to prepare and file any tax returns or other documents required
by U.S. or any applicable state law or any regulations promulgated thereunder.


 



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ARTICLE
8.0 – INDEMNIFICATION & DEFENSE OF CLAIMS


 


8.1
Indemnification Agreement.


 


It
is the intent of the Parties, and as an inducement for Executive to accept employment with Company under the terms and conditions
of this Agreement, that Company will provide indemnity protection to Executive, both in connection with his/her position of employment
with Company and in the discharge of his/her duties and responsibilities to Company, to the maximum extent allowed under the laws
of the State of Nevada. Accordingly, Company and Executive shall, either concurrently with or immediately following the execution
of this Agreement, enter into and execute an Indemnification Agreement substantially in the form of Exhibit B hereto.


 


8.2
Other Indemnity Protection.


 


The
indemnity protections provided to Executive in the Indemnification Agreement shall be in addition to, and not in derogation of,
any of indemnification rights that may be granted or otherwise available to Executive under the governing documents of Company
or under Nevada law.


 


ARTICLE
9.0 – GOVERNING LAW; DISPUTE RESOLUTION


 


9.1
Governing Law.


 


This
Agreement shall be construed and enforced in accordance with the laws of the State of California without regard to the choice
of laws principles thereof.


 


9.2
Dispute Resolution; Arbitration.


 


(a)
At the option of Company or Executive, and to the extent permitted by applicable law, any dispute, controversy or question arising
under, based on or relating to this Agreement, or any breach or failure to comply with the terms hereof (each a “Dispute”),
shall be finally and exclusively resolved by binding arbitration administered by the American Arbitration Association (“AAA”)
under its Commercial Arbitration Rules (the “AAA Rules”). Unless otherwise agreed by the Parties, arbitration
of any Dispute shall be conducted before a single arbitrator selected by the Parties and the forum and venue for such arbitration
shall be AAA’s Los Angeles Regional Center in Los Angeles, California. Each Party hereby submits to AAA and the selected
forum for the arbitration of any Dispute, waives any objection to the venue of such arbitration, and agrees that service of process
and other notices, pleadings and documents in any arbitration or proceeding hereunder may be delivered to a Party in accordance
with the provisions governing “Notices” in this Agreement.


 



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(b)
If the Parties are unable to agree upon a neutral arbitrator within thirty (30) days after a Party notifies the other Party in
writing of its intent to submit a Dispute to arbitration, either Party may apply to AAA for the appointment of an arbitrator or,
if AAA is not then in existence or declines to act, either Party may apply to the Presiding Judge of the Superior Court of any
county in the State of California for the appointment of a neutral arbitrator to hear the Parties and settle the Dispute and such
Judge is hereby authorized to make such appointment.


 


(c)
If the Parties so agree in writing, and subject to the consent of the single arbitrator, hearings and proceedings conducted in
the arbitration of any Dispute hereunder may be conducted remotely by secure video conferencing technology that is acceptable
to the Parties.


 


(d)
The decision or award of the arbitrator shall be in writing and shall set forth detailed reasoning for the award. Discovery shall
be conducted expeditiously, bearing in mind the objective of limiting discovery and expediting the decision or award of the arbitrator
at the most reasonable cost and expense to the Parties. The decision of the arbitrator shall be final, conclusive and binding
on the Parties and no action at law or in equity shall be instituted or, if instituted, prosecuted by either Party other than
to enforce the award of the arbitrator. Judgment upon an award rendered pursuant to such arbitration may be entered in any court
having jurisdiction or application may be made to such court for a judicial acceptance of the award and/or an order of enforcement,
as the case may be.


 


9.3
Extraordinary Relief.


 


The
rights of Company under this Agreement are of a special, unique and intellectual character which gives them a unique value, and
a breach of any provision of this Agreement (including in particular the provisions contained in Articles 5.0 and 6.0) will cause
Company irreparable economic harm or damage that cannot be reasonably or adequately compensated in damages in an action at law.
Accordingly, without limiting any right or remedy that Company may have under this Agreement or applicable law, or otherwise,
Executive agrees that Company shall be entitled to seek injunctive and other extraordinary relief to enforce and protect its rights
granted under this Agreement, whether through arbitration or litigation as provided herein, without any requirement that it post
a bond or other security.


 


9.4
Expenses of Enforcement.


 


In
the event that Executive is the prevailing party in any arbitration or litigation under this Article 9.0, Company shall pay Executive’s
attorneys' fees and costs, including the compensation and expenses 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, Company and Executive shall each bear its or his/her own attorney fees and costs, except that Company shall pay
the costs of any arbitrator appointed under Section 9.2.


 



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ARTICLE
10.0 – GENERAL PROVISIONS


 


10.1
Board Approval.


 


This
Agreement, even if executed and delivered by the Parties, shall not become valid and enforceable until Company’s Board of
Directors has expressly approved this Agreement. Company agrees to notify Executive promptly of the date of such approval.


 


10.2
Non-Assignability.


 


This
Agreement is a personal contract and the rights, interests, benefits and obligations of Executive under this Agreement may not
be voluntarily or involuntarily assigned, sold, alienated, or transferred by Executive to any Person.


 


10.3
Notices.


 


All
notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed duly given (a) if
delivered by hand or by private courier and signed for by the receiving Party, on the date of such delivery, (b) if sent
by facsimile with written evidence of successful transmission, on the date of such transmission, or (c) if mailed by domestic
certified or registered mail with postage prepaid, on the third business day after the date postmarked.
The addresses for notices to either Party are as displayed in the introductory paragraph of this Agreement or as subsequently
modified by written notice by a Party to the other Party.


 


10.4
Taxes.


 


It
is understood that all payments and benefits provided under this Agreement are subject to withholding for applicable federal,
state and local income (or similar) taxes.


 


10.5
Waivers & Amendments.


 


Any
failure by either Party at any time to enforce and require full compliance with any provision of this Agreement shall not constitute
a waiver of any of the terms and conditions hereof at any future time and shall not prevent such Party from insisting on compliance
with and the performance of such terms and conditions at any later time. Neither this Agreement nor any of the provisions hereof
may be waived, modified, amended, discharged or terminated except by an instrument in writing and duly executed by each of the
Parties.


 


10.6
Severability.


 


The
Parties intend that the rights, obligations, remedies and other provisions contained in this Agreement shall be enforceable to
the fullest extent permitted by law. If any provision of this Agreement or the application thereof to any person, association
or entity shall, to any extent, be construed to be invalid or unenforceable, either in whole or in part, such provision shall
be construed in a manner so as to permit its enforceability under applicable law. In any case, the remaining provisions of this
Agreement shall remain in full force and effect.


 



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10.7
Entirety of Agreement; Integration.


 


This
Agreement constitutes the entire agreement of the Parties with regard to such subject matter and contains all of the covenants,
promises, representations, warranties, and agreements between the Parties with respect to such subject matter. No representation,
inducement, promise or agreement, oral or written, has been made by either Party with respect to such subject matter that is not
embodied in this Agreement and no agreement, statement, or promise relating to Executive’s employment by Company that is
not contained in this Agreement shall be valid or binding.


 


10.8
Counterparts.


 


This
Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall
constitute one and the same instrument.


 


IN
WITNESS WHEREOF, the Parties have executed this Agreement as of the date written above.


 


	 	COMPANY:
	 	 
	 	INNOVATIVE PAYMENT SOLUTIONS, INC.
	 	 	 
	 	By:	/s/ James
    W. Fuller
	 	Name: 	James W.
    Fuller
	 	Title:	Director
	 	 	 
	 	EXECUTIVE:
	 	 	 
	 	William
    Corbett
	 	Name:	William
    Corbett


 

 


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