IPSI · Innovative Payment Solutions, Inc.

The shares were issued pursuant to a common stock purchase warrant as part of a financing agreement by and between David Rios and Innovative Payment Solutions, Inc.

The shares are held by the 1999 Rios Family Trust. David Rios is the Trustee of the 1999 Rios Family Trust.

David Rios entered into a Convertible Promissory Note with Innovative Payment Solutions in the amount of $200,000, which is at any time convertible into shares of common stock at a conversion price of $0.345 per share.

The shares are held by the 1999 Rios Family Trust. David Rios is the Trustee of the 1999 Rios Family Trust.

The stock options were granted under Innovative Payment Solutions, Inc.'s 2021 Stock Incentive Plan in consideration of services as a non-employee director.

The stock options were granted under Innovative Payment Solutions, Inc.'s 2021 Stock Incentive Plan in consideration of services as a non-employee director.

The stock options were granted under Innovative Payment Solutions, Inc.'s 2021 Stock Incentive Plan in consideration of services as a non-employee director.

The stock options were granted under Innovative Payment Solutions, Inc.'s 2021 Stock Incentive Plan for in consideration of services as a non-employee director.

The shares were granted under Innovative Payment Solutions, Inc.'s 2021 stock incentive plan for no consideration.

The stock options were granted pursuant to Innovative Payment Solutions, Inc.'s 2021 Stock Incentive Plan.

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.

Fifty percent (50%) of the shares vest on August 31, 2021, and the remaining fifty percent (50%) of the shares vesting at the rate of 1/36th per month over a three-year period.

The two reported transactions involved an amendment of an outstanding option, resulting in the deemed cancellation of the "old" option and the grant of a replacement option. The option was originally granted on February 22, 2021 and vested in full on the day of grant.

Mr. William D. Corbett was granted a five-year warrant to purchase 20,000,000 shares of the Issuer's common stock, par value $0.0001 per share, at an exercise price of $0.24 per share for his service as Chairman and CEO of the Issuer.

This Form 4/A is being filed to amend and restate footnote 1 in the original Form 4 filed by Mr. Corbett on February 23, 2021 to correct a typographical error and to uncheck the box on the top left corner of the original Form 4 which had incorrectly indicated that Mr. Corbett was no longer subject to Section 16. All other information in the original Form 4 remains unchanged.

Mr. James Fuller was granted a ten-year option to purchase 208,333 shares of the Issuer's common stock, par value $0.0001 per share, at an exercise price of $0.24 per share (the "Options") for his service as a member of the Issuer's board of directors, pursuant to the Issuer's 2018 Stock Incentive Plan. The Option vested in full on the grant date.

This Form 4/A is being filed to correct a typographical error in the footnote of the original Form 4 filed by Mr. James Fuller on February 23, 2021 which showed the option grant as a five-year option rather than a ten-year option and to uncheck the box on the top left corner of the original Form 4 which had incorrectly indicated that Mr. Fuller was no longer subject to Section 16. All other information in the original Form 4 remains unchanged.

The two reported transactions involved an amendment of an outstanding option, resulting in the deemed cancellation of the "old" option and the grant of a replacement option. The option was originally granted on February 22, 2021 and vested in full on the day of grant.

Mr. Andrey Novikov was granted a ten-year option to purchase 208,333 shares of the Issuer's common stock, par value $0.0001 per share, at an exercise price of $0.24 per share (the "Options") for his service as a member of the Issuer's board of directors, pursuant to the Issuer's 2018 Stock Incentive Plan. The Option vested in full on the grant date.

This Form 4/A is being filed to correct a typographical error in the footnote of the original Form 4 filed by Mr. Andrey Novikov on February 23, 2021 which showed the option grant as a five-year option rather than a ten-year option and to uncheck the box on the top left corner of the original Form 4 which had incorrectly indicated that Mr. Novikov was no longer subject to Section 16. All other information in the original Form 4 remains unchanged.

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.

Mr. Novikov received 1,016,408 shares of restricted common stock, par value $0.0001 per share, pursuant to his employment agreement for services rendered as the Chief Technology Officer and Secretary of the issuer.

Mr. Corbett received 15,371,250 shares of restricted stock for services rendered as CEO of the Company. The forfeiture restrictions on the restricted stock lapse as to 33%, 33% and 34% of the grant on the one, two and three year anniversary of the grant date, subject to Mr. Corbett's continued service to the Company.

Mr. Corbett received 5,123,750 shares of common stock for services rendered as CEO of the Innovative Payment Solutions, Inc. (the "Company").

Mr. Novikov received 282,146 shares of common stock for services rendered as a Chief Technology Officer of the company.

Mr. Fuller received 2,000,000 shares of common stock for services rendered as a director of the company.