secwatch.observer — SEC 8-K summary
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Issuer:     Innovative Payment Solutions, Inc. (IPSI)
CIK:        0001591913
Form:       8-K
Filed at:   2021-08-20T23:59:59+00:00
Accession:  0001213900-21-044008
Event type: leadership
Sentiment:  neutral
Materiality: 0.50
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

CEO William Corbett enters new employment; receives options for 20M shares at $0.15
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- William Corbett's new employment agreement runs through Dec 31, 2024, with base salary of $30,000 per month.
- Corbett receives option to purchase 20M shares at $0.15 exercise price; 50% vests immediately, 50% over 3 years.
- Corbett eligible for cash bonus based on revenue or financial objectives set by Board; car allowance $800/month.
- Severance: 50% of annual base salary if terminated without cause; 100% if within 12 months of an Acquisition.
- Richard Rosenblum's amendment sets option grant date of Aug 31, 2021 for 10M shares at $0.15 exercise price.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1591913/000121390021044008/0001213900-21-044008-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1591913/000121390021044008/ea146209-8k_innovative.htm
  HTML page:      https://secwatch.observer/filing/0001213900-21-044008

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