Document:

Exhibit 10.2

 

RESTRICTED STOCK AGREEMENT

 

[Innovative Payment Solutions, Inc.]

 

This RESTRICTED
STOCK 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”).

 

WHEREAS, pursuant to
the terms of the Executive Employment Agreement dated as of June 24, 2020 (“Employment Agreement”), the Company
has agreed to grant to Executive a specified number of Restricted Shares under and in accordance with this Agreement.

 

NOW, THEREFORE, in
consideration of the premises and agreements, covenants and promises contained herein and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged by the Parties, the Parties agree as follows:

 

1.0 Defined
Terms.

 

Capitalized terms in
this Agreement, unless defined in the text hereof or as may be defined in the Employment Agreement, shall have the following meanings:

 

“Board of Directors”
or “Board” means the board of directors of Company. “Cause" shall have the meaning set forth in the Employment
Agreement. “Change of Control” means the occurrence or happening of any of the following:

 

(a) Any
“person” as defined in Section 3(a)(9) of the Exchange Act, and as used in Section 13(d) and 14(d) thereof, including
a “group” as defined in Section 13(d) of the Exchange Act (but excluding any shareholder of record of the Company as
of June 24, 2020 owning ten percent (10%) or more of the combined voting power of the Company’s securities which are entitled
to vote in the election of directors of the Company), directly or indirectly, becomes the “beneficial owner” (as defined
in Rule 13d-3 under the Exchange Act) of securities of the Company representing thirty percent (30%) or more of the combined voting
power of the Company’s then outstanding securities which are entitled to vote with respect to the election of directors;
or

 

(b) When,
during any period of twenty-four (24) consecutive months, the individuals who, at the beginning of such period, constitute the
Board of Directors of the Company (the “Incumbent Directors”) cease for any reason other than death or disability
to constitute at least a majority thereof; provided, however, that a director who was not a director at the beginning
of such 24- month period shall be deemed to have satisfied such 24-month requirement (and be an Incumbent Director) if such director
was elected by, or on the recommendation of or with approval of, at least two-thirds of the directors who then qualified
as Incumbent Directors either actually (because they were directors at the beginning of such 24-month period) or by operation of
this provision;

 

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(c) The
acquisition of the Company or all or substantially all of the Company’s assets by an entity other than the Company (or a
subsidiary) through purchase of assets, or by merger, or otherwise, except in the case of a transaction pursuant to which, immediately
after the transaction, the Company’s shareholders immediately prior to the transaction own immediately after the transaction
at least a majority of the combined voting power of the surviving entity’s then outstanding securities which are entitled
to vote with respect to the election of directors of such entity; or

 

(d) The
Company files a report or proxy statement with the SEC pursuant to the Exchange Act disclosing in response to Form 8-K, Form 10-K
or Schedule 14A (or any successor schedule, form or report or item therein) that a change in control of the Company has or may
have occurred or will or may occur in the future pursuant to any then existing contract or transaction.

 

“Company Stock”
means the common stock of Company.

 

“Exchange Act”
means the (U.S.) Securities Exchange Act of 1934, as amended. “Restricted Shares” means the shares of Company Stock
granted to Executive under the terms of this Agreement.

 

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

 

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

 

2.0 Grant
of Restricted Stock.

 

2.1 Restricted
Shares. Pursuant to and in accordance with the Employment Agreement, 15,371,250 shares (the “Restricted Shares”)
of Company’s common stock, no par value (“Company Stock”), shall be issued as hereinafter provided in
Executive’s name subject to certain restrictions attaching to such Restricted Shares as provided herein.

 

2.2 Issuance
of Restricted Shares. The Restricted Shares shall be issued upon acceptance hereof by Executive and upon satisfaction of
the conditions of this Agreement.

 

2.3 Employment
Agreement. Executive acknowledges and agrees that the grant of Restricted Shares is being made pursuant to the Employment
Agreement and shall be subject to the provisions thereof as well as the terms, conditions and provisions set forth in this Agreement.
In the event of any conflict between the Employment Agreement and this Agreement, this Agreement shall prevail.

 

2.4 Long-Term
Restricted Stock Incentive Plans. In the event that Company, after the date of this Agreement, adopts a Long-Term Restricted
Stock Incentive Plan (each a “Plan”), Executive shall be eligible to participate in or under such Plan in accordance
with the terms thereof.

 

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Notwithstanding any
such Plan, however, the Restricted Shares issued to Executive under this Agreement shall be governed by the terms and conditions
contained herein.

 

3.0 Restricted
Shares; Terms, Conditions & Restrictions.

 

Executive hereby accepts
the Restricted Shares when issued and agrees with respect thereto as follows:

 

3.1 Forfeiture
Restrictions. The Restricted Shares may not be sold, assigned, pledged, exchanged, hypothecated or otherwise transferred,
encumbered or disposed of to the extent then subject to the Forfeiture Restrictions (as hereinafter defined). In the event that
Executive resigns from his employment with Company or the Employment Agreement and Executive’s employment with the Company
are terminated for Cause (as defined in Section 4.2 of the Employment Agreement), Executive shall, for no consideration, automatically
forfeit to Company all Restricted Shares to the extent then subject to the Forfeiture Restrictions. The prohibition against transfer
and the requirement of forfeiture and surrender to Company of Restricted Shares as to which applicable forfeiture lapse dates have
not occurred on or as of the date of Executive’s resignation of his employment with Company or a termination of his employment
with Company for Cause are referred to herein as "Forfeiture Restrictions." The Forfeiture Restrictions shall
be binding upon and enforceable against any transferee of the Restricted Shares.

 

3.2 Lapse
of Forfeiture Restrictions. The Forfeiture Restrictions shall lapse as to the Restricted Shares in accordance with the
following schedule, provided that Executive has been continuously employed by Company from the date of this Agreement through the
lapse date:

 

	Percentage of Total Number of Restricted Shares as to Which Forfeiture Lapse Date Restrictions Lapse
	First Anniversary of the Effective Date of this Agreement	 	 	33	%
	Second Anniversary of the Effective Date of this Agreement	 	 	33	%
	Third Anniversary of the Effective Date of this Agreement	 	 	34	%

 

3.3 Accelerated
Lapse. Notwithstanding the provisions of Section 3.2, the Forfeiture Restrictions shall lapse as to all of the Restricted
Shares on the earlier of (a) the occurrence of a Change of Control, or (b) the date Executive's employment with Company is ceases
or is terminated by reason of his death, disability (as determined by the Board of Directors or any committee designated by the
Board to administer this Agreement or any Plan (the "Committee")), or retirement on or after age sixty-five or
retirement prior to age sixty-five with consent of the Board or Committee, as the case may be, or (c) involuntary termination by
the Company other than for Cause, or (d) Executive's termination of his employment with Company (1) because of a material breach
by Company of any material provision of any employment agreement between Company and Executive which remains uncorrected for thirty
(30) days following written notice of such breach by Executive to Company, or (2) within six (6) months of a material reduction
in Executive's rank or responsibilities with Company.

 

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3.4 Certificates.
(a) A certificate evidencing the Restricted Shares shall be issued by Company in Executive's name or, at the option of Company,
in the name of a nominee of Company, pursuant to which Executive shall have voting rights and shall be entitled to receive
all dividends unless and until the Restricted Shares are forfeited pursuant to the provisions of this Agreement. The certificate
shall bear a legend evidencing the nature of the Restricted Shares, and Company may cause the certificate to be delivered upon
issuance to the Secretary of Company or to such other depository as may be designated by Company as a depository for safekeeping
until the forfeiture occurs or the Forfeiture Restrictions lapse pursuant to the terms of this Agreement.

 

(b) Upon request of
the Board or Committee, or any delegate appointed by either of them, as the case may be, Executive shall deliver to Company a stock
power, endorsed in blank, relating to the Restricted Shares then subject to the Forfeiture Restrictions. Upon the lapse of the
Forfeiture Restrictions without forfeiture, Company shall cause a new certificate or certificates to be issued in Executive’s
name, and without the legend showing the Forfeiture Restrictions hereunder, for the shares upon which or as to which the Forfeiture
Restrictions have lapsed.

 

3.5 Postponements
in Issuance of Company Stock. Notwithstanding any other provisions of this Agreement, the issuance or delivery of any shares
of Company Stock (whether subject to Forfeiture Restrictions or not) may be postponed for such period as may be required to comply
with applicable requirements of any national securities exchange or any over-the-counter markets upon which Company Stock may be
listed, or of any requirements under any federal or state law or regulation applicable to the issuance or delivery of such shares.
Company shall not be obligated to issue or deliver any shares of Company Stock if the issuance or delivery thereof shall constitute
a violation of any provision of any law or of any regulation of any governmental authority or any national securities exchange
or any over-the-counter market upon which Company Stock may be listed.

 

4.0 Withholding
of Tax.

 

To the extent that
the receipt of the Restricted Shares or the lapse of any Forfeiture Restrictions results in income to Executive for federal (U.S.)
or state income tax purposes, Executive shall deliver to Company at the time of such receipt or lapse, as the case may be, such
amount of money or shares of unrestricted Stock as Company may require to meet its withholding obligation under applicable tax
laws or regulations, and, if Executive fails to do so, Company is authorized to withhold from any cash or Stock remuneration then
or thereafter payable to Executive any tax required to be withheld by reason of such resulting compensation income.

 

5.0 Compliance
with Securities Laws.

 

5.1 Executive
acknowledges and agrees that the Restricted Shares and the shares of Company Stock issued to Executive upon the lapse of the Forfeiture
Restrictions may not be sold or transferred by Executive unless the shares are or have been included in a registration statement
filed with the SEC under and in accordance with the Securities Act of 1933 and other applicable securities laws and the rules and
regulations promulgated thereunder and any applicate state securities laws (the “Securities Laws”) or the shares
qualify and may be sold or transferred under or pursuant to an exemption from the registration and prospectus delivery requirements
in the Securities Act. If, upon the issuance of the Restricted Shares or issuance of a new certificate evidencing shares of Company
Stock as to which the Forfeiture Restrictions have lapsed as provided herein, such shares have not been included in an effective
registration filed with the SEC, all such shares shall be considered “restricted securities” within the meaning of
the SEC’s Rule 144 and certificate(s) issued and delivered to Executive evidencing the shares shall contain the following
restrictive legend:

 

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THE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) OR UNDER THE APPLICABLE STATE
SECURITIES LAWS. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR SOLD
EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO
BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME SINCE THE SECURITIES REPRESENTED HEREBY MAY NOT BE
TRANSFERRED OR SOLD UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT COVERING SUCH SECURITIES OR THE ISSUER RECEIVES AN OPINION
OF COUNSEL, IN A FORM SATISFACTORY TO THE ISSUER, STATING THAT ANY TRANSFER OR SALE OF SUCH SECURITIES IS EXEMPT FROM THE REGISTRATION
AND PROSPECTUS REQUIREMENTS UNDER THE ACT AND OTHER APPLICABLE SECURITIES LAWS.

 

5.2 Executive
agrees that the Restricted Shares will not be sold or otherwise disposed of in any manner that would constitute a violation of
the Securities Laws. Executive is acquiring or accepting the Restricted Shares for his/her own account for investment purposes
only and not with a view to resale in connection with any “distribution” thereof within the meaning of the Securities
Laws. Executive understands that the Restricted Shares and any shares of Company Stock issued upon lapse of the Forfeiture Restrictions
have not been registered under the Securities Laws and may only be sold or transferred under an exemption from registration that
depends, among other things, upon the nature of the Executive’s investment intent, the applicable holding period, and certain
requirements of Company.

 

5.3 Executive
acknowledges and understands that the Restricted Shares and any shares of Company Stock issued to Executive upon lapse of the Forfeiture
Restrictions hereunder are “restricted securities” under the Securities Laws and are a highly speculative investment.
Executive may be required to hold such shares indefinitely unless they are included in an effective registration statement filed
with the SEC or an exemption from the registration and prospectus delivery requirements in the Securities Laws is available. Executive
further understands that Company is under no obligation to register the Restricted Shares or shares of Company Stock issued upon
lapse of the Forfeiture Restrictions. Executive is aware that the SEC’s Rule 144 permits a limited resale of securities acquired
in a private placement or transaction subject to satisfaction of certain conditions.

 

5.4 Executive
understands that Company has a limited financial and operating history and any investment in Company Stock involves substantial
risks. Executive understands the risks related to the acquisition or acceptance of the Restricted Shares and is capable of evaluating
the merits and risks of investing in Company Stock and has the ability to protect his/her own interests.

 

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6.0 Employment
Relationship.

 

For purposes of this
Agreement, Executive shall be considered to be in the employment of Company as long as Executive remains an employee of either
Company, any successor corporation, or a parent or subsidiary corporation (as defined in section 424 of the (U.S.) Internal Revenue
Code, as amended) of Company or any successor corporation. Any question as to whether and when there has been a termination of
such employment, and the cause of such termination, shall be determined by the Board of Directors and its determination shall be
final.

 

7.0 Governing
Law; Consent to Jurisdiction.

 

7.1 Governing
Law. This Agreement, including the validity, substance, interpretation and enforcement thereof, shall be governed in all
respects by the laws of the State of California without regard to its conflicts of laws or choice of laws principles.

 

7.2 Dispute
Resolution; Arbitration. Company and Executive each hereby agree that any action, proceeding or dispute that arises out
of or relates to this Agreement shall be subject to the dispute resolution provisions contained in Article 9.0 of the Employment
Agreement.

 

8.0 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.

 

9.0 General
Provisions.

 

9.1 Amendment,
Waiver & Termination. No amendment, modification, supplement, termination or cancellation of this Agreement shall be
effective unless it is in writing and signed by each Party. No waiver of any of the provisions of this Agreement shall be deemed
to be or shall constitute a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a
continuing waiver.

 

9.2 Integration;
Entirety. This Agreement, together with the Employment Agreement and the Indemnification Agreement, sets forth the entire
understanding between the Parties and supersedes and merges all previous written and oral negotiations, commitments, understandings
and agreements relating to the subject matter hereof between the Parties.

 

9.3 Disclaimer
of Employment Agreement. Nothing contained in this Agreement shall be construed as giving Indemnitee any right to be retained
in the employ of Company or any of affiliates or subsidiary companies.

 

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9.4 Severability.
In the event that any provision contained in this Agreement (including any provision within a single section, paragraph or sentence)
is held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable, the remaining provisions shall remain
enforceable to the fullest extent permitted by law. In connection therewith, and to the fullest extent possible, the provisions
of this Agreement (including each portion of this Agreement containing any provision held to be invalid, void or otherwise unenforceable
that is not itself invalid, void or unenforceable) shall be construed so as to give effect to the intent manifested by the Parties
in the provision held invalid, illegal or unenforceable.

 

9.5 Counterparts.
This Agreement may be executed in one or more counterparts, including facsimile or digital counterparts, each of which shall constitute
an original and all of which taken 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:

 

	 	/s/ William Corbett
	 	Name: William Corbett

 

 

7 | PageExhibit 10.3

 

INDEMNIFICATION
AGREEMENT

 

[Innovative
Payment Solutions, Inc.]

 

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

 

W
I T N E S S E T H

 

A.
Company desires to attract and retain the services of highly qualified individuals, including individuals such as Indemnitee,
to serve as officers, directors, and managers to or with Company and its affiliated companies and recognizes that competent and
experienced individuals are reluctant to serve as directors, officers, or managers of corporations unless they are protected by
indemnification or by liability insurance, or both, in light of increased exposure to litigation risks and costs that may arise
in connection with the services they provide to corporations and other legal entities and enterprises;

 

B.
Existing laws governing or relating to the duties of officers and directors are frequently difficult to interpret and apply and
are often unclear or ambiguous and fail to provide officers and directors with clear, adequate and reliable knowledge or guidance
with respect to the legal risks and potential liabilities to which they may be exposed and the actions that they should take in
performing their duties and responsibilities in good faith for their companies;

 

C.
The Nevada Corporation Law authorizes and empowers Company to indemnify its officers, directors, employees and agents and the
persons that serve or served, at the request of Company, as officers, directors, employees or agents of another corporation, partnership,
joint venture, trust or other enterprise and provides that a Nevada corporation, in its articles of incorporation or bylaws, or
in an agreement, may provide that the expenses of officers and directors incurred in defending a civil or criminal action, suit
or proceeding may be paid by the corporation as such expenses are incurred and in advance of the final disposition of such action,
suit or proceeding upon receipt of an undertaking to repay the amount if it is ultimately determined by a court of competent jurisdiction
that the officer or director is not entitled to be indemnified;

 

D.
To induce Indemnitee to serve as an officer, director, employee or agent of Company as contemplated hereinabove, Company desires
to indemnify Indemnitee to the fullest extent permitted by or under the Nevada Corporation Law.

 

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NOW,
THEREFORE, in consideration of the premises and agreements, covenants, and promises contained herein and for other good and valuable
consideration, the Parties agree as follows:

 

1.
Defined Terms. In addition to any term that may be defined in the text of this Agreement, the following terms shall be
defined as follows:

 

“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.

 

“Articles”
means the Articles of Incorporation of Company.

 

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

“Claim”
means any threatened, pending or completed action, suit, proceeding or alternative dispute resolution proceeding, or any hearing,
inquiry or investigation, that Indemnitee in good faith believes might lead to the institution of any such action, suit, proceeding
or alternative dispute resolution proceeding, whether civil, criminal, administrative, investigative or otherwise.

 

“Company”
means (a) Innovative Payment Solutions, Inc. (“IPSI”), and (b) any constituent corporation absorbed in a consolidation
or merger to which IPSI (or any of its wholly owned subsidiaries) has been or becomes a party that, if its separate existence
had continued, would have had power and authority to indemnify its officers, directors, employees, agents or fiduciaries in a
manner substantially similar to the indemnification provided to Indemnitee under this Agreement.

 

“Exchange
Act” means the (U.S.) Securities Exchange Act of 1934, as amended. “Expenses” means any and all direct and indirect
costs and expenses, judgments, fines,

 

penalties,
sanctions and amounts paid in settlement (if such settlement is approved in advance by Company) of any Claim regarding or arising
from an Indemnity Event. For purposes hereof, the term “Expenses” includes attorneys’ fees and all other costs,
expenses and obligations incurred by Indemnitee in connection with investigating, defending, appearing as a witness in or otherwise
participating in (including any appeal) any action, suit, proceeding, alternative dispute proceeding, hearing, inquiry or investigation
involving any Claim regarding or arising from an Indemnity Event.

 

“Expense
Advance” means any advance payment of Expenses to Indemnitee under or pursuant to this Agreement or as otherwise permitted
under Nevada law.

 

“Indemnity
Event” means any event or occurrence arising from or relating to (a) Indemnitee’s position or status as a past or
current officer, director, employee, agent or fiduciary of Company or any of its Affiliates, or any predecessor thereof,
respectively, or in serving (or having served) at the request of Company (or any predecessor thereof) as an officer,
director, employee, agent or fiduciary of another corporation, partnership, joint venture, trust or other enterprise, or (b)
any act, action or inaction by or on the part of Indemnitee while serving in any such capacity or capacities.

 

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“Nevada
Corporation Law” means Chapter 78 of the Nevada Revised Statutes of the State of Nevada (codified at NRS §78.010 et
seq).

 

“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.

 

“SEC”
means the (U.S.) Securities and Exchange Commission. “Securities Act” means the (U.S.) Securities Act of 1933, as
amended.

2.
Interpretation; Protocols.

 

2.1
The name assigned to this Agreement and the Section (or subsection) headings or captions used herein are for convenience of reference
only and shall not be construed to affect the meaning, construction or effect hereof. Terms defined in the singular shall have
a comparable meaning when used in the plural and vice versa. Unless otherwise specified, the terms “hereof,” “herein”
and similar terms refer to this Agreement as a whole, and references herein to Sections refer to Sections of this Agreement. Pronouns
in masculine, feminine, and neutral 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.

 

2.2
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”.

 

2.3
References in this Agreement to “other enterprise” include employee benefit plans and the term “fines”
includes any administrative penalties or any excise taxes that may be assessed or imposed on Indemnitee under or with respect
to any employee benefit plan or pursuant to or as a result of any benefits paid to or conferred upon Indemnitee by Company or
its Affiliates.

 

2.4
Unless stated otherwise, references to money herein shall mean and refer to the currency (U.S. Dollars) of the United States of
America.

 

3.
Indemnification; Non-Exclusivity.

 

3.1
It is intended by Company and Indemnitee that the indemnification of Indemnitee as provided in this Agreement shall be to the
fullest extent allowed by the Nevada Corporation Law. Accordingly, the indemnification provided to Indemnitee under this
Agreement shall not be limited by, and shall be in addition to, any indemnification provided to or conferred upon Indemnitee
under the Articles or Bylaws or that may be otherwise provided under the Nevada Corporation Law or other applicable law, in
each case as they exist on and as of the date of this Agreement.

 

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3.2
In the event of any change in any applicable law, statute or regulation after the date of this Agreement that expands or enlarges
the right of a Nevada corporation to indemnify its officers, directors, employees, agents and/or fiduciaries, the Parties intend
that Indemnitee shall be entitled to such expanded or enlarged indemnity benefits as may be accorded by any such change in applicable
law, statute or regulation. In the event that any change in any applicable law, statute or regulation after the date of this Agreement
narrows or reduces the scope or benefits of any indemnity currently afforded Indemnitee under this Agreement or under the Articles
or Bylaws, or under or by virtue of existing applicable laws, statutes and regulations, any such changes shall not narrow or reduce,
or be applied to narrow or reduce, the scope and benefits of indemnification provided to Indemnitee as of the date of this Agreement.

 

4.
Indemnification; Third Party Claims.

 

4.1
Company shall indemnify Indemnitee if Indemnitee is a party to or is threatened to be made a party to or is otherwise involved
in any Claim (other than a Claim by or in the right of Company), asserted or brought by reason of an Indemnity Event, against
all Expenses incurred by Indemnitee in connection such Claim, if Indemnitee either (a) is not liable pursuant to NRS § 78.138,
or (b) acted in good faith and in a manner he/she reasonably believed to be in or not opposed to the best interest of Company
and, in the case of a criminal claim or proceeding, had no reasonable cause to believe that his/her conduct was unlawful.

 

4.2
The termination or resolution of any Claim by judgment, judicial order, settlement, conviction or upon a plea of nolo contendere,
or its equivalent, does not, of itself, create a presumption that Indemnitee is liable under or pursuant to NRS § 78.138
or did not act in good faith or in a manner which he/she reasonably believed to be in or not opposed to the best interest of Company
or, with respect to any criminal claim or proceeding, that Indemnitee had reasonable cause to believe that his/her conduct was
unlawful. Any payment of Expenses under this Section 4 shall be made by Company within thirty (30) days after written demand by
Indemnitee for such payment is delivered or submitted to Company.

 

5.
Indemnification; Derivative Actions.

 

5.1
Company shall indemnify Indemnitee if Indemnitee is a party to or is threatened to be made a party to or is otherwise involved
in any Claim by or in the name of Company to procure a judgment in its favor, by reason of an Indemnity Event, against all Expenses
incurred by Indemnitee in connection with such Claim, if Indemnitee either (a) is not liable pursuant to NRS 78.138, or (b) acted
in good faith and in a manner he/she reasonably believed to be in or not opposed to the best interest of Company.

 

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5.2
Notwithstanding the provisions of Section 5.1, no indemnification thereunder shall be provided to Indemnitee for any Claim,
issue or matter to which Indemnitee has been adjudged by a court of competent jurisdiction, after the exhaustion of all
appeals therefrom, to be liable to Company or for amounts paid in settlement to Company, unless and to the extent that any
court in which such Claim is brought or other court of competent jurisdiction determines upon application that, in view of
all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnity for such Expenses as the court
deems proper. Any payment of Expenses under this Section 5 shall be made by Company, if Indemnitee is determined to be
entitled to such Expenses, within thirty (30) days after written demand by Indemnitee for such payment is delivered or
submitted to Company.

 

6.
Mandatory Payment/Reimbursement of Expenses.

 

Notwithstanding
any other provision contained in this Agreement (other than as provided in Sections 10 and 11), if and to the extent that Indemnitee
is successful on the merits or otherwise in defending any Claim regarding or arising from an Indemnity Event (including any favorable
judgment or dismissal with or without prejudice), Indemnitee shall be indemnified, and shall be paid for all Expenses incurred
by Indemnitee (other than Expenses previously advanced or paid to Indemnitee by Company), in connection with any such Claim.

 

7.
Indemnification; Payment of Expenses.

 

7.1
Expense Advances.

 

(a)
To the extent permitted by applicable law, Company shall advance to Indemnitee the Expenses incurred by Indemnitee in connection
with any Claim regarding or arising from an Indemnity Event, with the advance of such Expenses being made by Company within thirty
(30) days after Company receives a statement, invoice or written demand from Indemnitee (with any required or supporting documentation)
requesting such advance of Expenses, provided and on the condition that Indemnitee (i) has provided to Company an undertaking
to repay all such Expense Advances to Company if and to the extent that it is determined, by a court of competent jurisdiction
in a final non-appealable judgment or order, that Indemnitee is not entitled to be indemnified by Company, and (ii) such undertaking
remains in effect hereunder.

 

(b)
In requesting any Expense Advance from Company, Indemnitee may, in the event that any supporting documentation refers to legal
services rendered or anticipated in a manner, or to the extent that, it could result in a waiver of the attorney/client privilege
or other privilege accorded Indemnitee under applicable law, deliver or submit to Company only copies of invoices without supporting
documentation.

 

(c)
Any Expense Advances requested by Indemnitee shall be unsecured and interest-free and shall be made to Indemnitee without regard
to Indemnitee’s ability to repay such Expense Advances to Company (other than in providing Company with an undertaking by
execution of this Agreement as provided in Section 7.2 in the event that it is determined that Indemnitee is not entitled to indemnification
with respect to such Expenses. The right of Indemnitee to request and obtain Expense Advances hereunder shall continue until the
final disposition (including any appeal) of each Claim for which Expense Advances may be requested from time to time by Indemnitee
as provided herein.

 

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(d)
Indemnitee’s right to Expense Advances under this Section 7.1 shall not apply to any request or claim by Indemnitee for
or with respect to which indemnification is excluded or precluded under Sections 10 or 11.

 

7.2
Expense Advance Undertaking. Company and Indemnitee each acknowledge and agree that Indemnitee’s execution
and delivery of this Agreement to Company shall constitute an undertaking by Indemnitee, to the fullest extent required by applicable
law, to repay to Company all Expense Advances if and to the extent that it is determined, by a court of competent jurisdiction
in a final non-appealable judgment or order, that Indemnitee is not entitled to be indemnified by Company.

 

8.
Notice of Claims; Duty to Cooperate.

 

8.1
Indemnitee agrees to provide Company with a written notice, as soon as possible or practicable, of any Claim threatened, asserted
or made against Indemnitee and for or as to which indemnification is or may be sought by Indemnitee under this Agreement or otherwise.
Each such notice by Indemnitee shall be directed to the board of directors of Company or to its chief executive officer or secretary
at the address for Company listed or displayed on the signature page of this Agreement (or such other address as Company may designate
in writing to Indemnitee from time to time). Any failure of Indemnitee to give written notice of any such Claim as provided hereinabove
shall not relieve Company of its obligation to indemnify Indemnitee unless and to the extent that Company demonstrates that such
failure on the part of Indemnitee has resulted or will result in irreparable economic harm to Company that could have been avoided
if Indemnitee had provided timely notice to Company as provided herein.

 

8.2
With respect to any Claim for or as to which Company may be required to indemnify Indemnitee (or as to which Company has assumed
the defense of Indemnitee as provided hereinafter), Indemnitee shall reasonably cooperate with Company in the defense of any such
Claim and will provide to Company such information and documents as Company may reasonably require to the extent that Indemnitee
is in possession of or has the power to access and obtain such information and documents.

 

9.
Selection of Counsel.

 

9.1
In the event that Company is obligated to indemnify Indemnitee for the Expenses incurred by Indemnitee in connection with any
Claim, Company shall be entitled, at its election and upon giving written notice to Indemnitee, to assume the defense of such
Claim with counsel selected by Company and approved by Indemnitee (with such approval not unreasonably withheld or delayed by
Indemnitee).

 

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9.2
Upon Company’s election to assume the defense of any Claim as provided herein (and counsel has been retained by Company
in connection therewith), Company shall have no further obligation to pay Indemnitee for attorneys’ fees incurred by
Indemnitee with respect to such Claim. Notwithstanding Company’s assumption of the defense of any such Claim,
Indemnitee shall have the right to employ separate counsel with respect to such Claim at Indemnitee’s expense. In
addition thereto, Company shall dispense with the counsel it has retained (with Indemnitee’s consent) and shall pay the
fees and charges of Indemnitee’s separate counsel if (a) Company agrees to do so in writing, or (b) Indemnitee and its
separate counsel has determined that a conflict of interest may exist between Company and Indemnitee in conducting the
defense of any Claim.

 

10.
Exclusions from Indemnity.

 

10.1
Notwithstanding anything to the contrary in this Agreement, Company shall not be required to indemnify Indemnitee or pay the Expenses
of Indemnitee in or with respect to any of the following:

 

(a)
Any Claims (and the Expenses incurred in connection therewith) that are initiated or asserted by Indemnitee and not by way of
defense of any Claim, except for claims, actions, suits or proceedings initiated by Indemnitee (1) to enforce his/her indemnification
rights under this Agreement or other agreement or insurance policy, or under the Articles or Bylaws, (2) with the prior authorization
or approval of the Board of Directors, or (3) as otherwise may be required under the Nevada Corporation Law to establish Indemnitee’s
right to indemnity or payment of Expenses (and regardless of its outcome or ultimate disposition).

 

(b)
Any claims asserted or any action, suit or proceeding instituted by Indemnitee to enforce the terms of this Agreement if a court
of competent jurisdiction determines that any such claim, action, suit or proceeding was not asserted or instituted by Indemnitee
in good faith or is otherwise determined to be frivolous or without any legitimate basis in fact or law.

 

(c)
Any acts, omissions, activities or other transactions conducted by Indemnitee for or as to which Indemnitee may not be indemnified
or relieved of liability under applicable law.

 

(d)
Any Claims (and the Expenses paid in connection therewith) if it is determined in a final non-appealable judgment or order that
(1) such payments were made in violation of applicable law, (2) Indemnitee must make an accounting of profits from Indemnitee’s
purchase and sale of Company’s securities under or pursuant to the provisions of Section 16(b) of the Exchange Act or a
similar provision under federal or state law, or (3) Indemnitee’s acts, actions or omissions involved intentional misconduct,
fraud or a knowing violation of law, including any determination that Indemnitee defrauded or stole from Company, misappropriated
confidential or proprietary information or the trade secrets of Company, or otherwise converted the assets or properties of Company
to his/her own personal use or benefit.

 

(e)
Settlement of any Claim, or any amounts paid in settlement of any Claim, without Company’s written consent.

 

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11.
Exclusion; Potential Liability Under Securities Laws.

 

Notwithstanding
any provision in this Agreement, Company shall not be required or obligated to indemnify Indemnitee under any Claim (or pay the
Expenses in connection therewith) to the extent that such indemnity and payment of Expenses (a) will violate the Securities Act
or the Exchange Act, or the rules and regulations thereunder, respectively, or any registration statement filed by Company under
the Securities Act, or any public policy relating thereto, or (b) will require Company, to achieve compliance with the undertakings
required in paragraph (h) of Item 512 of Regulation S-K, to submit to a court of competent jurisdiction any issue regarding whether
Indemnitee is entitled to indemnification for liabilities arising under the Securities Act.

 

12.
Statute of Limitations; Claims in the Right of Company.

 

No
civil action or proceeding shall be asserted, initiated or brought by or in the right of Company against Indemnitee or his/her
estate, spouse, heirs, executors or personal or legal representatives after the expiration of two (2) years from the date on which
any Claim (or any claim or cause of action asserted therein) arose or accrued under applicable law, and any such claim or cause
of action shall be time-barred, extinguished and deemed released unless asserted by the timely filing of a civil action or proceeding
within such two-year period; provided, however, in the event that any shorter statute or period of limitations is
or becomes applicable to any such claim or cause of action under applicable law, the shorter statute or period of limitations
shall govern.

 

13.
Governing Law; Consent to Jurisdiction.

 

13.1
Governing Law. This Agreement, including the validity, substance, interpretation and enforcement thereof, shall
be governed in all respects by the laws of the State of Nevada without regard to its conflicts of laws or choice of laws principles.

 

13.2
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.

 

(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.

 

    Page 8 of 11

     

    

 

(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.

 

13.3
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.

 

13.4
Expenses of Enforcement.

 

In
the event that Executive is the prevailing party in any arbitration under this Article 13.0, 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 13.2.

 

14.
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.

 

    Page 9 of 11

     

    

 

15.
General Provisions.

 

15.1
Amendment, Waiver & Termination. No amendment, modification, supplement, termination or cancellation of this
Agreement shall be effective unless it is in writing and signed by each Party. No waiver of any of the provisions of this Agreement
shall be deemed to be or shall constitute a waiver of any other provisions hereof (whether or not similar), nor shall such waiver
constitute a continuing waiver.

 

15.2
Integration; Entirety. This Agreement sets forth the entire understanding between the Parties and supersedes and
merges all previous written and oral negotiations, commitments, understandings and agreements relating to the subject matter hereof
between the Parties.

 

15.3
Disclaimer of Employment Agreement. Nothing contained in this Agreement shall be construed as giving Indemnitee
any right to be retained in the employ of Company or any of its Affiliates.

 

15.4
Severability. In the event that any provision contained in this Agreement (including any provision within a single
section, paragraph or sentence) is held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable, the
remaining provisions shall remain enforceable to the fullest extent permitted by law. In connection therewith, and to the fullest
extent possible, the provisions of this Agreement (including each portion of this Agreement containing any provision held to be
invalid, void or otherwise unenforceable that is not itself invalid, void or unenforceable) shall be construed so as to give effect
to the intent manifested by the Parties in the provision held invalid, illegal or unenforceable.

 

15.5
Subrogation. In the event of any payment by Company under this Agreement, Company shall be subrogated, to the extent
of such payment, to all of the rights of recovery of Indemnitee, who shall execute all documents required and shall do all acts
as may be necessary to secure such rights and to enable Company to assert all claims and to initiate all such civil actions, suits
and proceedings that may be required or necessary to enforce such rights and claims.

 

15.6
Counterparts. This Agreement may be executed in one or more counterparts, including facsimile or digital counterparts,
each of which shall constitute an original and all of which taken together shall constitute one and the same instrument.

 

[SIGNATURES
OF PARTIES ON FOLLOWING PAGE]

 

    Page 10 of 11

     

    

 

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
	 	 	 
	 	INDEMNITEE:
	 	 
	 	/s/ William Corbett
	 	Name: 	William Corbett

 

 

Page 11 of 11

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