Payment Data Systems Inc – ‘10-K’ for 12/31/03 – EX-14.1

On:  Monday, 3/29/04, at 6:05pm ET   ·   As of:  3/30/04   ·   For:  12/31/03   ·   Accession #:  1188112-4-443   ·   File #:  0-30152

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Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                         47    324K 
 2: EX-14.1     Material Foreign Patent                                2     11K 
 3: EX-23.1     Consent of Experts or Counsel                          1      6K 
 4: EX-31.1     Certification per Sarbanes-Oxley Act (Section 302)     2±     9K 
 5: EX-32.1     Certification per Sarbanes-Oxley Act (Section 906)     1      6K 

EX-14.1   —   Material Foreign Patent

EX-14.1
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                                                                    EXHIBIT 14.1

CODE OF ETHICS

PAYMENT DATA SYSTEMS, INC.

Introduction                                                                    

This Code of Ethics (the "Code") embodies the commitment of Payment Data        
Systems, Inc. and our subsidiaries to conduct our business in accordance with   
all applicable laws, rules and regulations and the highest ethical standards.   
This Code shall be our code of ethics for our principal executive officer,      
principal financial officer, principal accounting officer or controller, or     
persons performing similar functions (collectively, "Senior Financial           
Officers"). All Senior Financial Officers are expected to adhere to the         
principles and procedures set forth in this Code. This Code is separate and     
apart from, and in addition to, any policies our company may have in effect,    
from time to time, relating to our employees, officers and Board of Directors.  

A. Code Compliance and Reporting                                                

Our Senior Financial Officers should strive to identify and raise potential     
issues before they lead to problems, and should ask about the application of    
this Code whenever in doubt. Any Senior Financial Officer who becomes aware of  
any existing or potential violation of this Code must promptly notify an        
independent director of the Board of Directors or the Audit Committee of the    
Board of Directors, if such Audit Committee is established (collectively, the   
"Appropriate Ethics Contact"). Failure to report any existing or potential      
violation of this Code is a violation of this Code. Any act of retribution or   
retaliation against any person due to such person's report to the Appropriate   
Ethics Contact of any existing or potential violation of this Code is a         
violation of this Code. The company will take such disciplinary or preventive   
action as appropriate to address any existing or potential violation of this    
Code brought to our attention. Any report of an existing or potential violation 
of this Code will be given thorough attention by the company.                   

Any questions relating to how these policies should be interpreted or applied   
should be addressed to the Appropriate Ethics Contact.                          

B. Personal Conflicts of Interest                                               

A "personal conflict of interest" occurs when an individual's private interest  
improperly interferes with the interests of the company. Personal conflicts of  
interest, whether actual or apparent, are prohibited as a matter of company     
policy, unless they have been approved or waived by the company. In particular, 
a Senior Financial Officer must never use or attempt to use his or her position 
at the company to obtain any improper personal benefit for himself or herself,  
for his or her family members, or for any other person, including loans or      
guarantees of obligations, from any person or entity.                           

Service to the company should never be subordinated to personal gain and        
advantage. Conflicts of interest, whether actual or apparent, should, to the    
extent possible, be avoided.                                                    

Any Senior Financial Officer who is aware of a material transaction or          
relationship that could reasonably be expected to give rise to a conflict of    
interest must discuss the matter promptly with the Appropriate Ethics Contact.  

C. Public Disclosure                                                            

It is company policy that the information in our public communications,         
including our filings made with the United States Securities and Exchange       
Commission, be full, fair, accurate, timely and understandable. Our Senior      
Financial Officers who are involved in the company's disclosure process, are    
responsible for acting in furtherance of this policy. In particular, these      
individuals are required to maintain familiarity with the disclosure            
requirements applicable to the company and are prohibited from knowingly        
misrepresenting, omitting, or causing others to                                 

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misrepresent or omit, material facts about the company to others, whether within
or outside the company, including the company's independent auditors.           

D. Compliance with Laws, Rules and Regulations                                  

It is company policy to comply with all applicable laws, rules and regulations. 
It is the personal responsibility of each Senior Financial Officer to adhere to 
the standards and restrictions imposed by those laws, rules and regulations. If 
a Senior Financial Officer is not aware or familiar with the laws, rules or     
regulations that apply specifically to our business, they must request that the 
Appropriate Ethics Contact provide such information.                            

Generally, it is both illegal and against company policy for any Senior         
Financial Officer who is aware of material nonpublic information relating to the
company, any of the company's clients or any other private or governmental      
issuer of securities to buy or sell any securities of those issuers, or         
recommend that another person buy, sell or hold the securities of those issuers.
Any Senior Financial Officer who is uncertain about the legal rules involving   
his or her purchase or sale of any company securities or any securities in      
issuers with which he or she is familiar by virtue of his or her work for the   
company should consult with the Appropriate Ethics Contact before making any    
such purchase or sale.                                                          

E. Amendment, Modification and Waiver                                           

This Code may be amended or modified by our Board of Directors. Waivers of this 
Code may only be granted by the Board of Directors or a committee of the Board  
of Directors with specific delegated authority to grant such waivers. Waivers   
will be disclosed as required by the Securities Exchange Act of 1934, as        
amended, and the rules promulgated thereunder and any applicable rules relating 
to the maintenance of the listing of our securities on any stock exchange. The  
company will review this Code regularly to assess its utility given the changing
demands of the company and the scale and scope of its operations.               

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14 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 3/27/24  Usio, Inc.                        10-K       12/31/23   71:6.2M                                   RDG Filings/FA
 5/03/23  Usio, Inc.                        10-Q        3/31/23   47:3.4M                                   RDG Filings/FA
 5/01/23  Usio, Inc.                        10-K/A     12/31/22   15:623K                                   RDG Filings/FA
 3/08/23  Usio, Inc.                        10-K       12/31/22   73:6.4M                                   RDG Filings/FA
11/09/22  Usio, Inc.                        10-Q        9/30/22   48:4.1M                                   RDG Filings/FA
 8/11/22  Usio, Inc.                        10-Q        6/30/22   48:3.9M                                   RDG Filings/FA
 5/11/22  Usio, Inc.                        10-Q        3/31/22   48:3.5M                                   RDG Filings/FA
 3/17/22  Usio, Inc.                        10-K       12/31/21   77:6.9M                                   RDG Filings/FA
11/10/21  Usio, Inc.                        10-Q        9/30/21   53:4.8M                                   RDG Filings/FA
 8/12/21  Usio, Inc.                        10-Q        6/30/21   51:4M                                     RDG Filings/FA
 5/13/21  Usio, Inc.                        10-Q        3/31/21   52:3.3M                                   RDG Filings/FA
 3/30/21  Usio, Inc.                        10-K       12/31/20   82:24M                                    RDG Filings/FA
11/12/20  Usio, Inc.                        10-Q        9/30/20   49:3.6M                                   RDG Filings/FA
 8/14/20  Usio, Inc.                        10-Q        6/30/20   47:3.2M                                   RDG Filings/FA