Document:

Exhibit 10.1 

 

 

 

employment
agreement

 

This employment agreement (the “Employment
Agreement”) is entered into on this day between Neonode Technologies AB, Karlavägen 100, 115 26 Stockholm, corporate reg. no.
556771-2095 (“Neonode”); and Fredrik Nihlén, personal identity number: XXXXXX-XXXX, address XXX (the “Employee”).

 

		1	employment, Term
and position

 

		1.1	The Employee is hereby employed as Chief Financial Officer (the
“Position”). The Position is reporting to the company Chief Executive Officer.

 

		1.2	The employment shall commence as soon as possible and latest
on September 29, 2021. The actual commencement date will be agreed separately between parties. The agreement is a full time (40 hours
per week) permanent agreement. The employment shall last until further notice.

 

		1.3	As from the to-be-agreed commencement date, the Employee’s
employment is governed by the terms and conditions of this Employment Agreement between the parties. This Employment Agreement overrules
and supersedes all previous agreements between the parties.

 

		1.4	The Employee’s place of work is the Stockholm office or
at such other locations to be decided from time to time. The Employee is expected to be prepared to travel within as well as outside
Sweden as a part of the employee duties. No further reimbursement is paid for the performance of the duties in addition to what is set
out in this Employment Agreement.

 

		2	duties and responsibilities

 

		2.1	The Employee’s main duties as Chief Financial Officer
include, but are not limited to, the following:

 

		-	Leadership and development of Neonode’s finance function
to drive profitable growth and to drive efficiency and effectiveness in the finance and treasury processes as well as in the company
as a whole.

 

		-	Responsibility for Neonode’s financial management and
reporting, including cash management, insurances, taxes, funding, pricing, control of credit and treasury management as well as accounting
topics related to controlling, audit, and tax planning.

 

     

     

    

 

 

		-	Responsibility for Neonode’s capital market communication
and investor, authority, auditor and bank relations.

 

		-	Responsibility for coordinating and drawing up budgets, producing
precise forecasts, and developing company’s annual planning cycle including the planning of information flow and ensuring that required
information is stored in information systems.

 

		-	Responsibility for company governance/controls/risk position
and policies, as well as legal compliance including assuring that all financial reporting meets legal standards and internal process
and excellence standards.

 

		2.2	The Employee shall during the employment diligently and faithfully
perform such duties and responsibilities and exercise such powers as may from time to time be assigned to the Employee. The Employee
is obligated to perform the Employee’s obligations in accordance with the instructions, from time to time, issued by the management
of Neonode.

 

		2.3	For the purpose of this Employment Agreement, a company is considered
to be an “affiliated company” if it is a legal entity that either directly or indirectly controls, or is controlled
by, Neonode.

 

		3	Loyalty

 

This Employment Agreement is based
on the mutual loyalty and trust between the parties. The Employee shall in all situations safeguard and promote Neonode’s and its
affiliated companies’ interests as well as devote the entire Employee’s working hours to Neonode. Without the prior written
approval of the Chief Executive Officer, the Employee may not engage, either directly or indirectly, in any other professional or commercial
business, regardless of whether said business activity competes with Neonode’s business or not. The foregoing shall not, however,
prevent the Employee from owning or investing in financial instruments listed on a Swedish or foreign stock exchange.

 

		4	REmuneration and
other benefits

 

		4.1	The Employee is entitled to a gross monthly salary amounting
to SEK 120,000 per month. The salary is paid in accordance with Neonode’s prevalent payment routines. The gross monthly salary
will be reviewed on an annual basis. Neonode is under no obligation to award an increased salary following a salary review. There shall
be no review of the salary after notice has been given by either party to terminate the employment.

 

		4.2	The parties acknowledge that the Position may require overtime
work in relation to which no additional compensation will be paid. Overtime work has been taken into consideration, inter alia,
when determining the salary level and other benefits according to this Employment Agreement.

 

		4.3	In addition to the salary set out in Clause 4.1 above, the Employee
is entitled to participate in Neonode’s from time-to-time applicable short- and long-term incentive programs for the executive
management. The terms and conditions for these programs are at the sole discretion of the Chief Executive Officer and the Board of Directors
of Neonode.

 

    2

     

    

 

 

 

		4.4	The Employee is entitled to preventive health care allowance
(Sw. friskvårdsbidrag) in accordance with Neonode’s from time-to-time applicable health care allowance policy. The
Employee is not, in addition to what is stipulated in this Employment Agreement, entitled to any additional remuneration for the Employee’s
duties.

 

		5	Pension and Insurance

 

		5.1	The Employee is entitled to pension and insurance benefits in
accordance with Neonode ́s policy as applicable from time to time as described in the company Pension and Benefit policy.

 

		5.2	In addition to Clause 5.1 above, Neonode undertakes to supply
occupational group life insurance (Sw. Tjänstegrupplivförsäkring), industrial (occupational) injury insurance (Sw.
Trygghets-försäkring vid arbetsskada) and work travel insurance.

 

		6	holiday

 

The Employee is entitled to thirty
(30) days of paid holiday per annum. Holiday shall be taken after agreement with the Chief Executive Officer and in accordance with Neonode’s
policies applicable from time to time. The calculation of holiday pay is made in accordance with the provisions under the Swedish Annual
Leave Act (Sw. Semesterlagen (1977:480)). The Employee is entitled to holiday in advance (Sw. förskottssemster). Neonode
is entitled to offset holiday pay made in advance against salary and accrued holiday pay at the termination of employment in accordance
with the Swedish Annual Leave Act.

 

		7	sick pay

 

In the event of sickness, the Employee
shall be entitled to sick pay in accordance with Swedish statutory requirements.

 

		8	Expenses

 

The Employee shall, upon submission
of appropriate receipts, receive reimbursement for reasonable and pre-approved out-of-pocket business expenses properly incurred by the
Employee in connection with the Employee’s duties. Neonode will also reimburse the Employee for any reasonable business travel expenses
which the Employee incurs in connection with the Employee’s duties, subject to and in accordance with the from time-to-time applicable
business travel policy (or equivalent), or, where applicable, in accordance with a specific agreement to be agreed upon by Neonode and
the Employee. Reimbursement is subject to the Employee providing Neonode with appropriate receipts and/or invoices.

 

    3

     

    

 

 

 

		9	Personal Data and
IT Security

 

		9.1	The Employee confirms that Neonode has informed the Employee
of the principles governing Neonode’s processing employees’ personal data in accordance with the Personal Data Act (EU 2016/679,
GDPR) and that the Employee has given consent thereto.

 

		9.2	The Employee undertakes to comply with Neonode’s, and
its affiliated companies’, from time-to-time applicable policies regarding the use of Neonode’s (and its affiliated companies’)
computers, e-mail system, Internet services and software programs. The Employee is aware that Neonode has full access to all files, e-mail
correspondence and document handling systems as well as full access to all Internet usage which is stored in the Neonode’s IT system.

 

		10	Intellectual Property
RIghts

 

		10.1	Without any additional compensation, Neonode is the sole owner
of all rights (and has the exclusive right of disposition to all rights), including but not limited to all intellectual property rights,
to any results and material made, designed or produced by the Employee within the frame of the Employee’s employment. Accordingly,
Neonode is entitled to modify and/or further develop any results, material or intellectual property rights as well as to transfer or
license the rights to such results, material or intellectual property rights to third parties.

 

		10.2	The Employee is obliged to and agrees to support and procure
that Neonode, at any time during the employment or after its expiration, can fully profit from the rights relating to Clause 10.1 above.
Accordingly, the Employee is, inter alia, obliged to prepare any documentation which Neonode, at its sole discretion, deems necessary
or desirable in order to protect, register and/or maintain Neonode’s rights according to Clause 10.1 above, including but not limited,
where necessary, to transfer (without the right to any additional compensation) any such rights to Neonode.

 

		11	Termination

 

		11.1	The employment may be terminated by either party giving the
other not less than six (6) months’ notice.

 

		11.2	The Employee acknowledges that the Employee’s obligations
according to Clause 12 (Confidentiality) will continue to remain in force after the expiration of this Employment Agreement, regardless
of the reasons for the expiration.

 

		11.3	Upon termination of the employment or at any earlier point in
time when the Employee leaves the Employee’s position, the Employee shall return any business material, reports, documents and
other property (e.g. computer programs and software), including copies thereof (stored electronically or otherwise), which have been
entrusted to the Employee or which have come into the Employee’s possession in connection with the employment. Such material is
always Neonode’s property.

 

    4

     

    

 

 

 

		12	Confidentiality

 

		12.1	The Employee may not make use of, transfer or otherwise disclose
to a third party, neither during the employment nor after its expiration, such information regarding Neonode or its affiliated companies
or regarding Neonode’s or its affiliated companies’ businesses, that Neonode wishes to remain confidential.

 

		12.2	For the purpose of this Clause 12, “information”
is considered to be all information, including but not limited to information regarding products, materials, pricing, market and sales
strategies, management and Neonode’s (or its affiliated companies’) customers and clients, regardless of whether the information
is of technical, of commercial or of any other nature, and regardless of whether the information is documented in writing or otherwise.

 

		12.3	The prohibition in Clause 12.1 shall not, however, apply where:

 

		(a)	it is required by this Employment Agreement, by law or mandatory
regulations that the information is disclosed, or

 

		(b)	the parties have agreed in writing that the information could
be disclosed to a third party, or

 

		(c)	the information is publicly known and has come to public knowledge
in any way other than by breach of the confidentiality undertakings in Clause 12.1 or any other breach of this Employment Agreement.

 

		12.4	The parties agree that Section 7, paragraph 1 of the Act on
Protection of Trade Secrets (1990:409) (Sw. lagen om skydd för företagshemligheter) shall apply also after the
expiration of the employment regardless of whether any particular reasons (Sw. synnerliga skäl) apply or not. The
limitations stipulated in Section 7 paragraph 2 of the Act on the Protection of Trade Secrets (1990:409) shall thus not apply to the
Employee in relation to Neonode’s (or its affiliated companies’) trade secrets.

 

		13	Post-termination
restrictions

 

		13.1	In order to protect the confidential information of Neonode
or of any affiliated company referred to above under Clause 12 to which the Employee has access as a result of the employment, the Employee
covenants that the Employee shall neither directly or indirectly, without the prior written consent from the Chief Executive Officer
or the Board of Directors of Neonode, for a period of twelve months following the expiration of the employment:

 

		(a)	actively solicit the services of or entice away from Neonode
or from any of its affiliated companies or engage, whether on his own behalf or on behalf of others, any person who is or was an executive
director or a senior manager of Neonode or of any of its affiliated companies at any time during the twelve-month period immediately
preceding the date on which the Employee’s employment with Neonode terminated; nor

 

    5

     

    

 

 

 

		(b)	actively solicit the customer of or entice away from Neonode
or from any of its affiliated companies the customer or business of any person who is or was a customer of Neonode or of any of its affiliated
companies at any time during the twelve-month period immediately preceding the date on which the Employee’s employment with Neonode
terminated and with whom the Employee or one of his subordinates dealt with during the said twelve-month period.

 

		13.2	In the event of termination of the employment, the Employee
undertakes not to copy or use information regarding Neonode’s operations or otherwise utilise Neonode’s contacts and materials.

 

		14	APPLICABLE LAW AND
DISPUTE RESOLUTIOn

 

This Employment Agreement shall be
governed by the substantive laws of Sweden.

 

		15	AMENDMENTS AND MODIFICATIONS

 

This Employment Agreement may not
be amended nor modified unless agreed upon in writing and signed by the parties.

 

 

 

This Employment Agreement has been executed in
duplicate and the parties have received one copy each.

 

	Place: Täby, Sweden	 	Place: Täby, Sweden
	Date: March 30, 2021	 	Date: March 30, 2021
	 	 	 
	Neonode Technologies AB	 	 
	 	 	 
	/s/ Urban Forssell	 	/s/ Fredrik Nihlén
	Urban Forssell	 	Fredrik Nihlén
	Chief Executive Officer	 	 

 

 

6Exhibit 4.24

 

DESCRIPTION OF SECURITIES

REGISTERED PURSUANT TO SECTION 12
OF THE

SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 

Innovative
Payment Solutions, Inc. (the “Registrant,” “we,” “us,” and “our”) had one
class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
which is our common stock, par value $0.0001 per share (the “Common Stock”).

 

General

 

The following description of the Common
Stock is a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to the Registrant’s
Articles of Incorporation, as amended (the “Articles of Incorporation”), and Bylaws (the “Bylaws”), each
of which are incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit is a part. We
encourage you to read our Articles of Incorporation, our Bylaws and the applicable provisions of Nevada Revised Statute (the “NRS”),
for additional information.

 

Description of Common Stock

 

Authorized Shares of Common Stock

 

 The authorized number of shares of
Common Stock is 500,000,000.

 

Voting Rights

 

The holders of the Common Stock are entitled
to one vote for each share held of record on all matters submitted to a vote of the stockholders, including the election of directors,
and do not have cumulative voting rights. Accordingly, the holders of a majority of the shares of the Common Stock entitled to
vote in any election of directors can elect all of the directors standing for election.

 

Dividend Rights

 

Subject to preferences that may be applicable
to any then outstanding preferred stock, the holders of Common Stock are entitled to receive dividends, if any, as may be declared
from time to time by our board of directors out of legally available funds.

 

Liquidation Rights

 

In the event of our liquidation, dissolution
or winding up, holders of the Common Stock will be entitled to share ratably in the net assets legally available for distribution
to stockholders after the payment of all of our debts and other liabilities, subject to the satisfaction of any liquidation preference
granted to the holders of any then outstanding shares of preferred stock.

 

Other Rights and Preferences

 

The holders of the Common Stock have no
preemptive, conversion or subscription rights, and there are no redemption or sinking fund provisions applicable to the Common
Stock. The rights, preferences and privileges of the holders of the Common Stock are subject to, and may be adversely affected
by, the rights of the holders of shares of any series of our preferred stock that we may designate and issue in the future.

 

Fully Paid and Nonassessable

 

All of our outstanding shares of Common
Stock are fully paid and nonassessable.

 

    1

     

    

 

Transfer Agent and Registrar

 

The transfer agent and registrar for the
Common Stock is Nevada Agency and Transfer Company. Its address is 50 West Liberty Street, Suite 880, Reno, Nevada 89501 and its
telephone number is (775) 322-0626.

 

OTCQB

 

The Common Stock is quoted on the OTCQB Venture Market under
the symbol “IPSI.”

 

Anti-Takeover Effects of Certain Provisions
of our Articles of Incorporation and Bylaws

 

Our Articles of Incorporation and Bylaws
contain certain provisions that may have anti-takeover effects, making it more difficult for or preventing a third party from acquiring
control of the Registrant or changing our board of directors and management. According to our Articles of Incorporation and Bylaws,
the holders of the Common Stock do not have cumulative voting rights in the election of our directors. The lack of cumulative voting
makes it more difficult for other stockholders to replace our board of directors or for a third party to obtain control of our
company by replacing its board of directors.

 

Authorized but Unissued Shares

 

Our authorized but unissued shares of Common
Stock will be available for future issuance without stockholder approval. We may use additional shares of Common Stock for a variety
of purposes, including future public offerings to raise additional capital, to fund acquisitions and as employee compensation.
The existence of authorized but unissued shares of Common Stock could render more difficult or discourage an attempt to obtain
control of us by means of a proxy contest, tender offer, merger or otherwise.

 

Anti-Takeover Effects of Nevada Law

 

Business Combinations

 

The “business combination”
provisions of Sections 78.411 to 78.444, inclusive, of the NRS generally prohibit a Nevada corporation with at least 200 stockholders
from engaging in various “combination” transactions with any interested stockholder for a period of two years after
the date of the transaction in which the person became an interested stockholder, unless the transaction is approved by the board
of directors prior to the date the interested stockholder obtained such status or the combination is approved by the board of directors
and thereafter is approved at a meeting of the stockholders by the affirmative vote of stockholders representing at least 60% of
the outstanding voting power held by disinterested stockholders, and extends beyond the expiration of the two-year period, unless:

 

	 	·	the combination was approved by the board of directors prior to the person becoming an interested stockholder or the transaction by which the person first became an interested stockholder was approved by the board of directors before the person became an interested stockholder or the combination is later approved by a majority of the voting power held by disinterested stockholders; or

 

	 	·	if the consideration to be paid by the interested stockholder is at least equal to the highest of: (a) the highest price per share paid by the interested stockholder within the two years immediately preceding the date of the announcement of the combination or in the transaction in which it became an interested stockholder, whichever is higher, (b) the market value per share of Common Stock on the date of announcement of the combination and the date the interested stockholder acquired the shares, whichever is higher, or (c) for holders of preferred stock, the highest liquidation value of the preferred stock, if it is higher.

 

A “combination” is generally
defined to include mergers or consolidations or any sale, lease exchange, mortgage, pledge, transfer, or other disposition, in
one transaction or a series of transactions, with an “interested stockholder” having: (a) an aggregate market
value equal to 5% or more of the aggregate market value of the assets of the corporation, (b) an aggregate market value equal
to 5% or more of the aggregate market value of all outstanding shares of the corporation, (c) 10% or more of the earning power
or net income of the corporation, and (d) certain other transactions with an interested stockholder or an affiliate or associate
of an interested stockholder.

 

    2

     

    

 

In general, an “interested stockholder”
is a person who, together with affiliates and associates, owns (or within two years, did own) 10% or more of a corporation’s
voting stock. The statute could prohibit or delay mergers or other takeover or change in control attempts and, accordingly, may
discourage attempts to acquire our company even though such a transaction may offer our stockholders the opportunity to sell their
stock at a price above the prevailing market price.

 

Control Share Acquisitions

 

The “control share” provisions
of Sections 78.378 to 78.3793, inclusive, of the NRS apply to “issuing corporations” that are Nevada corporations with
at least 200 stockholders, including at least 100 stockholders of record who are Nevada residents, and that conduct business directly
or indirectly in Nevada. The control share statute prohibits an acquirer, under certain circumstances, from voting its shares of
a target corporation’s stock after crossing certain ownership threshold percentages, unless the acquirer obtains approval
of the target corporation’s disinterested stockholders. The statute specifies three thresholds: one-fifth or more but less
than one-third, one-third but less than a majority, and a majority or more, of the outstanding voting power. Generally, once an
acquirer crosses one of the above thresholds, those shares in an offer or acquisition and acquired within 90 days thereof become
“control shares” and such control shares are deprived of the right to vote until disinterested stockholders restore
the right. These provisions also provide that if control shares are accorded full voting rights and the acquiring person has acquired
a majority or more of all voting power, all other stockholders who do not vote in favor of authorizing voting rights to the control
shares are entitled to demand payment for the fair value of their shares in accordance with statutory procedures established for
dissenters’ rights.

 

A corporation may elect to not be governed
by, or “opt out” of, the control share provisions by making an election in its articles of incorporation or bylaws,
provided that the opt-out election must be in place on the 10th day following the date an acquiring person has acquired a controlling
interest, that is, crossing any of the three thresholds described above. We have not opted out of the control share statutes and
will be subject to these statutes if we are an “issuing corporation,” as defined in such statutes.

 

The effect of the Nevada control share
statutes is that the acquiring person, and those acting in association with the acquiring person, will obtain only such voting
rights in the control shares as are conferred by a resolution of the stockholders at an annual or special meeting. The Nevada control
share law, if applicable, could have the effect of discouraging takeovers of our company.

 

    3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00325-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00325-of-00352.parquet"}]]