On May 4, 2023, AppTech Payments Corp. notified Infinios Financial Services B.S.C of its termination for convenience, an amenable effective termination date is being negotiated (the Termination Date") of the Company's strategic partnership with Infinios through which the Company licensed, in part, the Company's digital financial technology platform (the Platform). The termination relates to the Company's recent development of its newest technology.

With these developments, the Company determined that the technology licensed by Infinios was no longer necessary to support its CommerseTM Platform. On October 1, 2020, the Company entered a strategic partnership with Infinios Through a series of agreements, which included the following: (a) Subscription License and Services Agreement; (b) Digital Banking Platform Operating Agreement; (c) Subscription License Order Form; and (d) Registration Rights Agreement (collectively the Agreements). On February 11, 2021, the Company entered into an amended and restated Subscription License and Services Agreement, Digital Banking Platform Operating Agreement and Subscription License Order Form with Infinios (collectively the Restated Agreements).

The gross total fees due under the Restated Agreements are $2.2 million, excluding pass-through costs associated with infrastructure hosting fees. As of the Termination Date, the Restated Agreements will be terminated in their entirety and Infinios will not be entitled to any annual maintenance subscription fee or infrastructure support fee from the Company. In addition, as of the Termination Date, The Company will have no further obligation to integrate the technology previously licensed under the Restated Agreements and will instead utilize the Company's proprietary technology to support the Platform.