Document:

EX-10.1

 Exhibit 10.1 

LONG-TERM INCENTIVE PLAN 

ANNUAL GRANT PROGRAM 

(Amended and Restated Effective as of December 4, 2019) 

ARTICLE 1 
 ESTABLISHMENT
AND PURPOSE 
 1.1    Purpose. IES Holdings, Inc. (f/k/a Integrated Electrical Services, Inc.), a Delaware
corporation (“Company”), hereby establishes this Long-Term Incentive Plan Annual Grant Program (this ”Program”). This Program is intended to increase stockholder value and the success of the
Company by motivating key executives, and such other employees as may be designated by the Human Resources and Compensation Committee (the “Committee”) of the Company’s Board of Directors (the
“Board”), to perform to the best of their abilities and to achieve the objectives set forth by the Committee. 

1.2    Effective Date. This Program was originally adopted by the Board on February 28, 2019, and was
subsequently amended and restated on December 4, 2019. The terms of this Program as set forth in this document shall be effective on December 4, 2019. 

ARTICLE 2 
 GRANT OF
AWARDS 
 2.1    Determination of LTI Measures. On or before December 20 of each calendar year, the
Committee, in its sole discretion, shall establish for each three fiscal-year period commencing October 1 of such calendar year, or such other period as determined by the Committee (each, a “Performance Period”): 

 

	 	•	 	 cumulative measures of Company or individual performance (the ” LTI Measures”),

  

	 	•	 	 the corresponding cumulative performance levels that constitute “maximum” performance (“LTI
Maximum Performance”), “target” performance (“LTI Target Performance”), and “threshold” performance (“LTI Threshold Performance”), 

 

	 	•	 	 the vesting percentages for LTIP Maximum Performance, LTI Threshold Performance and LTI Target Performance, as
set forth in Section 2.3 hereof, 

  

	 	•	 	 the Participants, as defined below, and 

 

	 	•	 	 the Target Grant for each Participant, as defined below. 

2.2    LTIP Grant. The Committee may grant any executive officer of the Company or such other key employees as
shall be designated by the Committee (the “Participants”) an equity or equity-based grant (an “LTIP Grant”) that shall vest based on the terms and conditions set forth by the Committee,
which may include continued service of the Participant through the scheduled vesting date of the grant, and/or the achievement of the LTI Measures for the applicable Performance Period. The target number of

 
shares of Company common stock underlying an LTIP Grant shall be determined by the Committee (the “Target Grant”). Each LTIP Grant will be evidenced by an award agreement
(an “Award Agreement”) pursuant to the Company’s Amended and Restated 2006 Equity Incentive Plan dated as of February 9, 2016 or any successor plan (the “Plan”) and may be settled in cash,
shares of Company common stock or a combination of the foregoing in the discretion of the Committee. 
 2.3
    Vesting of the LTIP Grant. Unless otherwise determined by the Committee, vesting of the portion of the LTIP Grant, if any, that vests based on the achievement of the LTI Measures for the applicable Performance Period
(the “Performance Grant”) shall be determined as follows: 
 (a)    In the event actual Company
performance equals or exceeds LTI Maximum Performance, one hundred twenty percent (120%), or such other percentage as the Committee may designate, of the Performance Grant shall vest; 

(b)    In the event actual Company performance equals LTI Threshold Performance, fifty percent (50%), or such other
percentage as the Committee may designate, of the Performance Grant shall vest; 
 (c)    In the event actual Company
performance exceeds LTI Threshold Performance but is less than LTI Target Performance, a portion of the Performance Grant shall vest, calculated as the product of (a) the Performance Grant and (b) a percentage calculated as a linear
interpolation between fifty percent (50%), or such other percentage as the Committee may designate, and one hundred percent (100%), based on actual Company performance relative to LTI Threshold Performance and LTI Target Performance; 

(d)    In the event actual Company performance equals LTI Target Performance, one hundred percent (100%) of the
Performance Grant shall vest; 
 (e)    In the event actual Company performance exceeds LTI Target Performance but is
less than LTI Maximum Performance, a portion of the Performance Grant shall vest, calculated as the product of (a) the Performance Grant and (b) a percentage calculated as a linear interpolation between one hundred percent (100%) and one
hundred twenty percent (120%), or such other percentage as the Committee may designate, based on actual Company performance relative to LTI Target Performance and LTI Maximum Performance; and 

(f)    In the event actual Company performance is less than LTI Threshold Performance, none of the Performance Grant shall
vest. 

 ARTICLE 3 

GENERAL PROVISIONS 

3.1    Committee is the Administrator. This Program shall be administered by the Committee. The Committee may
exercise any discretion provided hereunder in a non-uniform manner among Participants. 

3.2    Committee Authority. The Committee shall have all discretion and authority necessary or appropriate to
administer this Program and to interpret the provisions of this Program. Any determination, decision or action of the Committee in connection with the construction, interpretation, administration or application of this Program shall be final,
conclusive, and binding upon all persons, and shall be given the maximum deference permitted by law. 

3.3    Participant Rights. No grant of a Target Award to a Participant for a particular Performance Period shall
give such Participant a claim to be granted a Target Award for any other Performance Period. 
 3.4    Subject to
Plan. The LTIP Grant is subject to the terms of the Award Agreement and the Plan (collectively, the “Grant Documents”) and shall be governed by the terms and conditions set forth therein. Nothing in this Program shall be
construed to limit any authority afforded to the Committee pursuant to the terms of the Plan. In the event of a conflict or ambiguity between any term or provision contained herein and a term or provision of the Grant Documents, the Grant Documents
will govern and prevail. 
 ARTICLE 4 

AMENDMENT AND TERMINATION 

The Board or a duly authorized committee thereof may amend or terminate this Program at any time and for any reason. 

*      *      *      *    
  *Exhibit 10.1

 

EMPLOYMENT AGREEMENT

This EMPLOYMENT
AGREEMENT (the “Agreement”) between Innovative Payment Solutions, Inc, a Nevada corporation (the “Company”),
and Andrey Novikov (the “Executive”) is effective as of December 3rd, 2019 (the “Effective
Date”).

W I T N E S S E T H:

WHEREAS,
the Executive has served as the Chief Operating Officer and Secretary of the Company’s subsidiaries and the Company desires
to employ the Executive as its Chief Technology Officer and Secretary and the Executive desires to accept such employment, on the
terms and conditions set forth in this Agreement.

NOW, THEREFORE,
in consideration of the promises and the mutual covenants and agreements contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as
follows:

1.                 
EMPLOYMENT TERM. The Company hereby offers to employ the Executive, and the Executive hereby accepts continued
employment by the Company, upon the terms and conditions set forth in this Agreement, for a term of one (1) year unless there is
an earlier termination in accordance with Section 11 below (the “Employment Term”).

2.                 
POSITION & DUTIES. During the Employment Term, the Executive shall serve as the Company’s Chief Technology
Officer and Secretary. As Chief Technology Officer and Secretary, the Executive shall have such duties, authorities and responsibilities
commensurate with the duties, authorities and responsibilities of persons in similar capacities in similarly sized companies and
such other duties and responsibilities as the Company’s Chief Technology Officer and Board of Directors (the “Board”)
shall designate that are consistent with the Executive’s position as Chief Technology Officer and Secretary. During the Employment
Term, the Executive shall, if requested by the Board, also serve, without additional compensation, as a member of the Board and
in such other executive-level positions or capacities at the Company and/or its subsidiaries as may, from time to time, be reasonably
requested by the Board.

3.                 
LOCATION. During the Employment Term, the shall work and perform his services under this Agreement remotely via
telephone and email.

4.                 
BASE SALARY. The Company agrees to pay the Executive a base salary (the “Base Salary”)
at a rate of US$8,000.00 per month, payable US$5,000.00 in cash in accordance with the regular payroll practices of the Company
and US$3,000.00 in restricted common stock of the Company (based on then current fair market value of the common stock on the date
of grant as determined by the Board). The Executive’s Base Salary shall be subject to review and adjustment from time to
time by the Board (or a committee thereof) in its sole discretion but may not be decreased.

5.                 
ANNUAL BONUS. With respect to each calendar year during the Employment Term (beginning in the year of the Effective
Date), the Executive will be eligible to earn an annual performance bonus up to fifty percent (50%) of the Base Salary (the “Annual
Bonus”). The Annual Bonus will be based upon the Board’s assessment of the Executive’s performance and
the Company’s attainment of targeted goals as set by the Board in its sole discretion. The Annual Bonus, if any, will be
subject to applicable payroll deductions and withholdings. Following the close of each calendar year, the Board will determine
whether the Executive has earned the Annual Bonus, and the amount of any Annual Bonus, based on the set criteria. No amount of
the Annual Bonus is guaranteed, and the Executive must be an employee in good standing through the end of the applicable calendar
year to be eligible to receive an Annual Bonus; no partial or prorated bonuses will be provided. The Annual Bonus, if earned, will
be paid on or about December 1, but no later than December 31, of the applicable calendar year for which the Annual Bonus is being
measured. The Executive’s eligibility for an Annual Bonus is subject to change in the discretion of the Board (or any authorized
committee thereof).

    

     

    

6.                 
EMPLOYEE BENEFITS.

(a)               
BENEFIT PLANS. The Executive shall, in accordance with Company policy and the terms of the applicable Company benefit
plan documents, be eligible to participate in any benefit plan or arrangement, including health, life and disability insurance,
retirement plans and the like, that may be in effect from time to time and made available to the Company’s senior management.
All matters of eligibility for coverage or benefits under any benefit plan shall be determined in accordance with the provisions
of such plan. The Company reserves the right to change, alter, or terminate any benefit plan in its sole discretion. Notwithstanding
the foregoing, in the event that the terms of this Agreement differ from or are in conflict with the Company’s general employment
policies or practices, this Agreement shall control.

(b)              
VACATION. The Executive shall be entitled to vacation, holiday and sick leave per year in accordance with the Company’s
policies and shall be entitled to accrue 28 days of vacation time during the Employment Term in accordance with the Company’s
vacation policy. Vacation is to be taken at such intervals as shall be appropriate and consistent with the proper performance of
the Executive’s duties hereunder.

(c)               
GENERAL EXPENSE REIMBURSEMENTS. The Company will reimburse the Executive for all usual, reasonable and necessary
business expenses, including travel, computer and cellular phone costs that the Executive incurs in performing the services hereunder
pursuant to the Company’s usual expense reimbursement policies and practices, following submission by the Executive of reasonable
documentation thereof. All reimbursements provided under this Agreement shall be made in accordance with the requirements of Section
409A (as defined below) to the extent that such reimbursements are subject to Section 409A, including, as applicable, the requirements
that: (i) any reimbursement is for expenses incurred during the Employment Term; (ii) the amount of expenses eligible for reimbursement
during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year; (iii) the reimbursement
of an eligible expense shall be made on or before the last day of the calendar year following the calendar year in which the expense
was incurred; and (iv) the right to reimbursement is not subject to liquidation or exchange for any other benefit.

8.       CONFIDENTIALITY
AND POST-EMPLOYMENT OBLIGATIONS.

 

(a)           Executive
agrees that during the course of his employment or at any time thereafter, he will not disclose or make accessible to any other
person, the Company’s products, services and technology, both current and under development, promotion and marketing programs,
lists, trade secrets and other confidential and proprietary business information of the Company or any affiliates or any of their
clients. Executive agrees: (i) not to use any such information for himself or others, and (ii) not to take any such material or
reproductions thereof from the Company’s facilities at any time during his employment by the Company other than to perform
his duties hereunder. Executive agrees immediately to return all such material and reproductions thereof in his possession to the
Company upon request and in any event upon termination of employment.

 

(b)           Except
with prior written authorization by the Company, Executive agrees not to disclose or publish any of the confidential, technical
or business information or material of the Company, its clients or any other party to whom the Company owes an obligation of confidence,
at any time during or after his employment with the Company.

 

(c)           In
the event that Executive breaches any provisions of this Section 8 or there is a threatened breach, then, in addition to any other
rights which the Company may have, the Company shall be entitled, without the posting of a bond or other security, to injunctive
relief to enforce the restrictions contained herein. In the event that an actual proceeding is brought in equity to enforce the
provisions of this Section 8, Executive shall not urge as a defense that there is an adequate remedy at law, nor shall the Company
be prevented from seeking any other remedies which may be available. In addition, Executive agrees that in the event that he breaches
the covenants in this Section 8, in addition to any other rights that the Company may have, Executive shall be required to pay
to the Company any amounts he receives in connection with such breach.

 

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(d)           Executive
recognizes that in the course of his duties hereunder, he may receive from the Company or others information which may be considered
“material, non-public information” concerning a public company that is subject to the reporting requirements of the
United States Securities and Exchange Act of 1934, as amended. Executive agrees not to:

 

(i)           Buy
or sell any security, option, bond or warrant while in possession of relevant material, non-public information received from the
Company or others in connection herewith, and

 

(ii)           Provide
the Company with information with respect to any public company that may be considered material, non-public information, unless
first specifically agreed to in writing by the Company.

 

9.       INVENTIONS
DISCOVERED BY EXECUTIVE

 

(a)       Executive
shall promptly disclose to the Company any invention, improvement, discovery, process, formula, or method or other intellectual
property, whether or not patentable or copyrightable (collectively, “Inventions”), conceived or first
reduced to practice by Executive, either alone or jointly with others, while performing services hereunder (or, if based on any
Confidential Information, within one (1) year after the Term): (i) which pertain to any line of business activity of the Company,
whether then conducted or then being actively planned by the Company, with which Executive was or is involved, (ii) which is developed
using time, material or facilities of the Company, whether or not during working hours or on the Company premises, or (iii) which
directly relates to any of Executive’s work during the Employment Term, whether or not during normal working hours. Executive
hereby assigns to the Company all of Executive’s right, title and interest in and to any such Inventions. During and after
the Employment Term, Executive shall execute any documents necessary to perfect the assignment of such Inventions to the Company
and to enable the Company to apply for, obtain and enforce patents, trademarks and copyrights in any and all countries on such
Inventions, including, without limitation, the execution of any instruments and the giving of evidence and testimony, without further
compensation beyond Executive’s agreed compensation during the course of Executive’s employment. All such acts shall
be done without cost or expense to Executive. Executive shall be compensated for the giving of evidence or testimony after the
term of Executive’s employment at the rate of $1,000/day. Without limiting the foregoing, Executive further acknowledges
that all original works of authorship by Executive, whether created alone or jointly with others, related to Executive’s
employment with the Company and which are protectable by copyright, are "works made for hire" within the meaning of the
United States Copyright Act, 17 U.S .C. (S) 101, as amended, and the copyright of which shall be owned solely, completely and exclusively
by the Company. If any Invention is considered to be work not included in the categories of work covered by the United States Copyright
Act, 17 U. S. C. (S) 101, as amended, such work is hereby assigned or transferred completely and exclusively to the Company. Executive
hereby irrevocably designates counsel to the Company as Executive's agent and attorney-in-fact to do all lawful acts necessary
to apply for and obtain patents and copyrights and to enforce the Company’s rights under this Section. This Section 9 shall
survive the termination of this Agreement. Any assignment of copyright hereunder includes all rights of paternity, integrity, disclosure
and withdrawal and any other rights that may be known as or referred to as "moral rights" (collectively “Moral
Rights”). To the extent such Moral Rights cannot be assigned under applicable law and to the extent the following
is allowed by the laws in the various countries where Moral Rights exist, Executive hereby waives such Moral Rights and consents
to any action of the Company that would violate such Moral Rights in the absence of such consent. Executive agrees to confirm any
such waivers and consents from time to time as requested by the Company.

 

10.             
OUTSIDE ACTIVITIES DURING EMPLOYMENT.

(a)               
NO ADVERSE INTERESTS. The Executive agrees not to acquire, assume or participate in, directly or indirectly, any
position, investment or interest known by him to be adverse or antagonistic to the Company, its business or prospects, financial
or otherwise during the Employment Term without the consent of the Board. Notwithstanding the foregoing, nothing shall not prevent
the Executive from participating in charitable, civic, educational, professional, community or industry affairs or, with prior
approval of the Board, serving on the board of directors or advisory boards of other companies; provided that such activities
or services do not (i) create a conflict with his employment hereunder; (ii) materially interfere with the performance of his duties;
or (iii) violate the terms of Section 8.

(b)              
NON-COMPETITION. Other than as permitted by Section 10(a), during the Employment Term and for the one year period
thereafter (the “Non-Competition Period”), except on behalf of the Company, the Executive will not directly
or indirectly, whether as an officer, director, stockholder, partner, proprietor, associate, representative, consultant, or in
any capacity whatsoever engage in, become financially interested in, participate in, be employed by or have any business connection
with any other person, corporation, firm, partnership or other entity whatsoever which competes with the Company, within the United
States of America, in any line of business engaged in by the Company or that is directly competitive with the business of the Company
other than de minimis stock holdings in public companies; provided, however, that anything above to the contrary notwithstanding,
he may own, as a passive investor, securities of any competitor corporation, so long as his direct holdings in any one such corporation
shall not in the aggregate constitute more than five percent (5%) of the voting stock of such corporation, and provided that
the Executive promptly discloses to the Board any such participation, other than such de minimis stock holdings.

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(c)               
NON-SOLICITATION. During the Non-Competition Period, Executive shall not, directly or indirectly: (i) induce or attempt
to induce or aid others in inducing anyone working at or for the Company to cease working at or for the Company, or in any way
interfere with the relationship between the Company and anyone working at or for the Company except in the proper exercise of Executive’s
authority; or (ii) in any way interfere with the relationship between the Company and any customer, supplier, licensee or other
business relation of the Company)

(d)              
NON-DISPARAGEMENT. Executive agrees that at all times during the Employment Term and for a period of three (3) years
following any cessation of employment with the Company:

(i)        He
will not knowingly or intentionally perform any act or make any statement that will or may impair, damage or destroy the goodwill
and esteem for the Company held by its suppliers, employees, patrons, customers and others that may at any time be employed by
or engaged in conducting business with the Company or by the public at large or any segment thereof; and

 

(ii)        He
will not knowingly or intentionally engage in any activity or conduct or perform or omit to perform any act or thing that is detrimental
to the Company or its business or that is inconsistent with or in violation of the fiduciary duties owed by Executive to the Company
and its Stockholders, including without limitation the duty of loyalty.

(e)               
SCOPE.  If, at the time of enforcement of this Section 10, a court shall hold that the duration, scope,
area or other restrictions stated herein are unreasonable under circumstances then existing, the parties agree that the maximum
duration, scope, area or other restrictions reasonable under such circumstances shall be substituted for the stated duration, scope,
area or other restrictions.

(e)        INDEPENDENT
AGREEMENT.  The covenants made in this Section 10 shall be construed as an agreement independent of any other provisions
of this Agreement, and shall survive the termination of this Agreement.  Moreover, the existence of any claim or cause
of action of Executive against the Company or any of its affiliates, whether or not predicated upon the terms of this Agreement,
shall not constitute a defense to the enforcement of these covenants.

(f)        SURVIVAL.
The provisions of paragraphs (a) and (b) of this Section 10 shall survive termination of this Agreement.

11.        TERMINATION.
The Executive’s employment and the Employment Term shall terminate on the first of the following to occur:

(a)               
DISABILITY. Upon the 30th day following the Executive’s receipt of notice of the Company’s
termination due to Disability (as defined in this Section); provided that, the Executive has not returned to full-time performance
of his duties within thirty (30) days after receipt of such notice. If the Company determines in good faith that the Executive’s
Disability has occurred during the Employment Term, it will give the Executive written notice of its intention to terminate his
employment.  For purposes of this Agreement, “Disability” shall occur when the Board determines
that the Executive has become physically or mentally incapable of performing the essential functions of his job duties under this
Agreement with or without reasonable accommodation, for ninety (90) consecutive days or one hundred twenty (120) nonconsecutive
days in any twelve (12) month period. For purposes of this Section, at the Company’s request, the Executive agrees to make
himself available and to cooperate in a reasonable examination by an independent qualified physician selected by the Board. The
written medical opinion of such physician shall be conclusive and binding upon each of the parties hereto as to whether a Disability
exists and the date when such Disability arose. If the Executive refuses to submit to appropriate examinations by such physician
at the request of the Company, the determination of the Executive’s Disability by the Company in good faith will be conclusive
as to whether such Disability exists

(b)              
DEATH. Automatically on the date of death of the Executive.

(c)               
CAUSE. Immediately upon written notice by the Company to the Executive of a termination for Cause. For purposes of
this Agreement, “Cause” shall mean the occurrence of any of the following events, as determined by the
Board in its sole and absolute discretion: (i) Executive's conviction (which, through lapse of time or otherwise, is not subject
to appeal) of any crime or offense involving money or other property of the Company or its subsidiaries or which constitutes a
felony in the jurisdiction involved; (ii) Executive's performance of any act or his failure to act, for which if he were prosecuted
and convicted, a crime or offense involving money or property of the Company or its subsidiaries, or which would constitute a felony
in the jurisdiction involved would have occurred; (iii) Executive's breach of any of the representations, warranties or covenants
set forth in this Agreement; or (iv) Executive's continuing, repeated, willful failure or refusal to perform his duties required
by this Agreement, provided that Executive shall have first received written notice from the Company stating with specificity the
nature of such failure and refusal and affording Executive an opportunity, as soon as practicable, to correct the acts or omissions
complained of.

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(d)              
WITHOUT CAUSE. Upon written notice by the Company to the Executive of an involuntary termination without Cause and
other than due to death or Disability.

(e)               
WITH GOOD REASON. Upon the Executive’s notice following the end of the Cure Period (as defined in this Section).
For purposes of this Agreement, “Good Reason” for the Executive to terminate his employment hereunder
shall mean the occurrence of any of the following events without the Executive’s consent: (i) a material reduction in the
Executive’s Base Salary (other than an across-the-board decrease in base salary applicable to all executive officers of the
Company); (ii) a material breach of this Agreement by the Company; (iii) a material reduction in the Executive’s duties,
authority and responsibilities relative to the Executive’s duties, authority, and responsibilities in effect immediately
prior to such reduction; or (iv) the relocation of the Executive’s principal place of employment, without the Executive’s
consent, in a manner that lengthens his one-way commute distance by fifty (50) or more miles from his then-current principal place
of employment immediately prior to such relocation; provided, however, that, any such termination by the Executive shall
only be deemed for Good Reason pursuant to this definition if: (1) the Executive gives the Company written notice of his intent
to terminate for Good Reason within thirty (30) days following the first occurrence of the condition(s) that he believes constitute(s)
Good Reason, which notice shall describe such condition(s); (2) the Company fails to remedy such condition(s) within thirty (30)
days following receipt of the written notice (the “Cure Period”); and (3) the Executive voluntarily terminates
his employment within thirty (30) days following the end of the Cure Period.

(f)               
WITHOUT GOOD REASON. Upon the expiration of the Transition Period (as defined in this Section) unless otherwise provided
by the Company as provided herein. The Executive shall provide thirty (30) days’ prior written notice (the “Transition
Period”) to the Company of the Executive’s intended termination of employment without Good Reason. During the
Transition Period, the Executive shall assist and advise the Company in any transition of business, customers, prospects, projects
and strategic planning, and the Company shall continue to pay Executive’s Base Salary and benefits through the end of the
Transition Period. The Company may, in its sole discretion, upon five (5) days prior written notice to the Executive, make such
termination of employment effective earlier than the expiration of the Transition Period, but it shall pay the Executive’s
Base Salary and benefits through the earlier of: the end of the Transition Period, or the date that the Executive accepts full-time
employment or a full-time consulting engagement from a third party.

11.             
CONSEQUENCES OF TERMINATION. Any termination payments made and benefits provided under this Agreement to the
Executive shall be in lieu of any termination or severance payments or benefits for which the Executive may be eligible under any
of the plans, policies or programs of the Company or its affiliates as may be in effect from time to time. Subject to satisfaction
of each of the conditions set forth in Section 12, the following amounts and benefits shall be due to the Executive. Any Accrued
Amounts (as defined in Section 11(a)) shall be payable on the next regularly scheduled Company payroll date following the date
of termination or earlier if required by applicable law.

(a)               
DISABILITY. Upon employment termination due to Disability, the Company shall pay or provide the Executive: (i) any
unpaid Base Salary through the date of termination and any accrued vacation; (ii) any unpaid Annual Bonus earned with respect to
any calendar year ending on or preceding the date of termination; (iii) reimbursement for any unreimbursed expenses incurred through
the date of termination; and (iv) all other payments and benefits to which the Executive may be entitled under the terms of any
applicable compensation arrangement or benefit, equity or perquisite plan or program or grant or this Agreement, including but
not limited to any applicable insurance benefits (collectively, “Accrued Amounts”). In addition, upon
the Executive’s termination due to Disability, the Executive shall be entitled to exercise any vested equity award(s) granted
to the Executive for a period equal to the shorter of: (i) six months after termination, or (ii) remaining term of the award(s).

(b)              
DEATH. In the event the Employment Term ends on account of the Executive’s death, the Executive’s estate
(or to the extent a beneficiary has been designated in accordance with a program, the beneficiary under such program) shall be
entitled to any Accrued Amounts, including but not limited to proceeds from any Company sponsored life insurance programs. In addition,
upon the Executive’s death, the Company will extend the time period that the Executive’s estate (or to the extent a
beneficiary has been designated in accordance with a program, the beneficiary under such program) shall be entitled to exercise
any vested equity award(s) granted to the Executive for a period equal to the shorter of: (i) six (6) months after termination,
or (ii) remaining term of the award(s).

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(c)               
TERMINATION FOR CAUSE OR WITHOUT GOOD REASON. If the Executive’s employment should be terminated (i) by the
Company for Cause, or (ii) by the Executive without Good Reason, the Company shall pay to the Executive any Accrued Amounts only,
and shall not be obligated to make any additional payments to the Executive.

(d)              
TERMINATION WITHOUT CAUSE OR FOR GOOD REASON. If the Executive’s employment by the Company is terminated by
the Company without Cause (and not due to Disability or death) or by the Executive for Good Reason, then the Company shall pay
or provide the Executive with the Accrued Amounts and subject to compliance with Section 12:

(i)                
continue payment of the Executive’s Base Salary as in effect immediately preceding the last day of the Employment
Term (ignoring any decrease in Base Salary that forms the basis for Good Reason), until the last day of the Employment Term (the
“Severance Period”) on the Company’s regular payroll dates; provided, however, that any
payments otherwise scheduled to be made prior to the effective date of the General Release (namely, the date it can no longer be
revoked) shall accrue and be paid in the first payroll date that follows such effective date with subsequent payments occurring
on each subsequent Company payroll date;

(ii)              
continue payment of any Company paid health insurance plans currently in effect for the benefit of Executive at the time
of termination until the earliest of (i) three (3) months following the last day of the Employment Term; or (ii) the date when
the Executive becomes eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment;
and

(iii)            
All unvested equity awards shall immediately vest and Executive shall be entitled to exercise all vested equity award(s)
granted to the Executive for a period equal to the shorter of: (i) twelve (12) months after termination; or (ii) the remaining
term of the award(s).

(iv)            
Any payment made under this Section 11(d) shall be credited against any severance payment that Executive may otherwise be
entitled to under the Mexican Labor Code or any other applicable law.

12.             
CONDITIONS. Any payments or benefits made or provided pursuant to Section 11 (other than Accrued Amounts)
are subject to the Executive’s (or, in the event of the Executive’s death, the beneficiary’s or estate’s,
or in the event of the Executive’s Disability, the guardian’s):

(a)               
compliance with the provisions of Section 8 hereof;

(b)              
delivery to the Company of an executed waiver and general release of any and all known and unknown claims, and other provisions
and covenants, in the form acceptable to the Company (which shall be delivered to the Executive within five (5) business days following
the termination date) (the “General Release”) within 21 days of presentation thereof by the Company to
the Executive (or a longer period of time if required by law), and permitting the General Release to become effective in accordance
with its terms; and

(c)               
delivery to the Company of a resignation from all offices, directorships and fiduciary positions with the Company, its affiliates
and employee benefit plans effective as of the termination date.

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Notwithstanding
the due date of any post-employment payments, any amounts due following a termination under this Agreement (other than Accrued
Amounts) shall not be due until after the expiration of any revocation period applicable to the General Release without the Executive
having revoked such General Release, and any such amounts shall be paid or commence being paid to the Executive within fifteen
(15) days of the expiration of such revocation period without the occurrence of a revocation by the Executive (or such later date
as may be required under Section 19 of this Agreement). Nevertheless (and regardless of whether the General Release has been executed
by the Executive), upon any termination of the Executive’s employment, the Executive shall be entitled to receive any Accrued
Amounts, payable after the date of termination in accordance with the Company’s applicable plan, program, policy or payroll
procedures. Notwithstanding anything to the contrary in this Agreement, if any severance pay or benefits are deferred compensation
under Section 409A (as defined below), and the period during which the Executive may sign the General Release begins in one calendar
year and the first payroll date following the period during which the Executive may sign the General Release occurs in the following
calendar year, then the severance pay or benefit shall not be paid or the first payment shall not occur until the later calendar
year.

13.             
ASSIGNMENT. This Agreement shall be binding upon and inure to the benefit of the Executive and the Executive’s
heirs, executors, personal representatives, assigns, administrators and legal representatives. Because of the unique and personal
nature of the Executive’s duties under this Agreement, neither this Agreement nor any rights or obligations under this Agreement
shall be assignable by the Executive. This Agreement shall be binding upon and inure to the benefit of the Company and its successors,
assigns and legal representatives. Any such successor or assign of the Company will be deemed substituted for the Company under
the terms of this Agreement for all purposes. For this purpose, “successor” means any person, firm, corporation or
other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially
all of the assets or business of the Company.

14.             
NOTICE. For the purpose of this Agreement, notices and all other communications provided for in this Agreement
shall be in writing and shall be deemed to have been duly given: (a) on the date of delivery if delivered by hand; (b) on the
date of transmission, if delivered by confirmed facsimile; (c) on the first business day following the date of deposit if delivered
by guaranteed overnight delivery service; or (d) on the fourth business day following the date delivered or mailed by United States
registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

If to the Company:

Innovative Payment
Solutions, Inc

4768 Park Granada,
Suite 200

Calabasas, CA
91302

 

Attention: William
Corbett

 

and a copy (which
shall not constitute notice) shall also be sent to:

 

Gracin & Marlow,
LLP

The Chrysler Building

405 Lexington
Avenue, 26th Floor

New York, New
York 10174

Facsimile: (212)
208-4657

Attention: Leslie
Marlow, Esq.

 

If to the Executive:

 

To the most
recent address of the Executive set forth in the personnel records of the Company or to such other address as either party may
have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only
upon receipt.

 

    7

     

    

 

15.             
SECTION HEADINGS; INCONSISTENCY. The section headings used in this Agreement are included solely for convenience
and shall not affect, or be used in connection with, the interpretation of this Agreement. If there is any inconsistency between
this Agreement and any other agreement (including but not limited to any option, stock, long-term incentive or other equity award
agreement), plan, program, policy or practice (collectively, “Other Provision”) of the Company the terms
of this Agreement shall control over such Other Provision.

16.             
SEVERABILITY. The provisions of this Agreement shall be deemed severable and the invalidity of unenforceability
of any provision shall not affect the validity or enforceability of the other provisions hereof.

17.             
COUNTERPARTS. This Agreement may be executed in counterparts, each of which shall be deemed to be an original
but all of which together will constitute one and the same instruments. One or more counterparts of this Agreement may be delivered
by facsimile, with the intention that delivery by such means shall have the same effect as delivery of an original counterpart
thereof.

18.             
REPRESENTATIONS. The Executive represents and warrants to the Company that the Executive has the legal right
to enter into this Agreement and to perform all of the obligations on the Executive’s part to be performed hereunder in accordance
with its terms and that the Executive is not a party to any agreement or understanding, written or oral, which could prevent the
Executive from entering into this Agreement or performing all of the Executive’s obligations hereunder. The Executive further
represents and warrants that he has been advised to consult with an attorney and that he has been represented by the attorney of
his choosing during the negotiation of this Agreement, that he has consulted with his attorney before executing this Agreement,
that he has carefully read and fully understand all of the provisions of this Agreement and that he is voluntarily entering into
this Agreement.

19.             
WITHHOLDING. The Company may withhold from any and all amounts payable under this Agreement such federal, state
and local taxes as may be required to be withheld pursuant to any applicable law or regulation.

20.             
SURVIVAL. The respective obligations of, and benefits afforded to, the Company and the Executive which by their
express terms or clear intent survive termination of the Executive’s employment with the Company, including, without limitation,
the provisions of Sections 8 through 29, inclusive of this Agreement, will survive termination of the Executive’s employment
with the Company, and will remain in full force and effect according to their terms.

21.             
AGREEMENT OF THE PARTIES. The language used in this Agreement will be deemed to be the language chosen by the
parties hereto to express their mutual intent, and no rule of strict construction will be applied against any party hereto. No
agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made
by either party which are not expressly set forth in this Agreement. Neither the Executive nor the Company shall be entitled to
any presumption in connection with any determination made hereunder in connection with any arbitration, judicial or administrative
proceeding relating to or arising under this Agreement.

22.             
INTEGRATION. This Agreement contains the complete, final and exclusive agreement of the parties relating to the
terms and conditions of the Executive’s employment and the termination of the Executive’s employment, and supersedes
all prior and contemporaneous oral and written employment agreements or arrangements between the parties. This Agreement further
supersedes and replaces the Executive’s Employment Agreement, dated May 1, 2015, with QPAGOS Corporation, as amended on April
30, 2018 and June 12, 2019 (the “Prior Agreement”), which Prior Agreement shall hereupon be terminated and of no further
force or effect.

    8

     

    

23.             
AMENDMENT. This Agreement cannot be amended or modified except by a written agreement signed by the Executive
and a duly authorized officer of the Company.

24.             
WAIVER. No term, covenant or condition of this Agreement or any breach thereof shall be deemed waived, except
with the written consent of the party against whom the wavier is claimed, and any waiver or any such term, covenant, condition
or breach shall not be deemed to be a waiver of any preceding or succeeding breach of the same or any other term, covenant, condition
or breach.

25.             
CHOICE OF LAW. This Agreement shall be construed and interpreted in accordance with the State of Nevada without
regard to its conflict of laws principles.

26.             
DISPUTE RESOLUTION. To ensure the rapid
and economical resolution of disputes that may arise in connection with the Executive’s employment with the Company, the
Executive and the Company both agree that any and all disputes, claims, or causes of action, in law or equity, including but not
limited to statutory claims, arising from or relating to the enforcement, breach, performance, or interpretation of this Agreement,
the Executive’s employment with the Company, or the termination of the Executive’s employment from the Company, will
be resolved pursuant to the American Arbitration Association’s International Centre for Dispute Resolution (“ICDR”)
in accordance with and under the ICDR Arbitration rules. The place of arbitration shall be New York, New York and the language
shall be English. Unless otherwise agreed by the Parties in writing, the arbitration shall be conducted by a single arbitrator
(the “Sole Arbitrator”) appointed or designated jointly by the Parties, who in each case shall be a neutral
and impartial person having experience and expertise in corporate and employment matters. If the Parties are unable to agree upon
or jointly designate a Sole Arbitrator within thirty (30) calendar days after the date on which a written request for arbitration
has been received by the ICDR, the ICDR shall appoint the Sole Arbitrator, who in each case shall be a neutral and impartial person
having experience and expertise in corporate employment matters. Any order or award of the Sole Arbitrator (or tribunal), including
an award of the costs and expenses of the arbitration, shall be final, conclusive and binding on the parties thereto, and any right
of application or appeal to the courts in connection with any question of law or fact arising in the arbitration or in connection
with any award or decision made by the Sole Arbitrator (or tribunal) is and shall be, so far as lawfully possible, waived and excluded
(except as may be necessary to enforce such award or decision). The decision or award of the arbitrator(s) shall be in writing
and shall state his/her/their detailed reasoning for the award and shall be final and binding. 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement, effective as of the date first written above.

 

	 	Innovative Payment
Solutions, Inc
	 	 	 
	 	By:	/s/ William
Corbett
	 	 	

Name: William Corbett

	 	 	Title: Chief
Executive Officer
	 	 	 
	 	Date:
	 	 	 
	 	/s/ Andrey Novikov
	 	

Andrey Novikov

	 	 	 
	 	Date: December
3, 2019
	 	 	 

 

    9

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