William D. Corbett - 22 Jul 2021 Form 4 Insider Report for Innovative Payment Solutions, Inc. (IPSI)

Role: CHARIMAN AND CEO, Director
Signature: /s/ William D. Corbett
Issuer symbol: IPSI
Transactions as of: 22 Jul 2021
Net transactions value: $0
Form type: 4
Filing time: 25 Aug 2021, 20:40:21 UTC
Next filing: 13 Jul 2022
SEC: View on sec.gov

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	IPSI	Common Stock Purchase Warrant	Disposed to Issuer	$0	-20,000,000	-100%	$0.000000^*	0	22 Feb 2021	Common Stock	20,000,000	$0.2400	Direct	F1
transaction	IPSI	Stock Option	Award	$0	+20,000,000		$0.000000	20,000,000	16 Aug 2021	Common Stock	20,000,000	$0.1500	Direct	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The two reported transactions involved relate to an amended employment agreement dated August 16, 2021 for William Corbett ("Mr. Corbett") which cancelled Mr. Corbett's February 22, 2021 Warrant Agreement for 20,000,000 shares (the "Warrant Agreement"). The warrants in this Warrant Agreement were replaced with stock options (the "Corbett Options"). Fifty percent (50%) of the shares in the Corbett Options vested on August 16, 2021, and the remaining fifty percent (50%) of the shares vest at the rate of 1/36th per month over a three-year period.

Content

The two reported transactions involved relate to an amended employment agreement dated August 16, 2021 for William Corbett ("Mr. Corbett") which cancelled Mr. Corbett's February 22, 2021 Warrant Agreement for 20,000,000 shares (the "Warrant Agreement"). The warrants in this Warrant Agreement were replaced with stock options (the "Corbett Options"). Fifty percent (50%) of the shares in the Corbett Options vested on August 16, 2021, and the remaining fifty percent (50%) of the shares vest at the rate of 1/36th per month over a three-year period.