---
schema_version: "secwatch.filing_event.v1"
accession: "0001393905-23-000054"
form_type: "8-K"
ticker: "VIPZ"
cik: "0001832161"
company_name: "VIP Play, Inc."
filed_at: "2023-02-10T23:59:59+00:00"
generated_at: "2026-06-19T18:17:54.723501+00:00"
event_type: "regulatory"
sentiment: "positive"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# KeyStar submits TN sports wagering license; CEO gets performance bonuses tied to revenue milestones

## Summary
- CEO Mark Thomas receives $380K annual salary; eligible for performance bonuses up to $500K+ total comp based on Board-set milestones.
- Thomas gets $50K cash bonus if KeyStar receives a TN sports betting license; $100K bonus for other new jurisdictions (capped at 0.01% of trailing 12-month handle).
- If FY2022-2023 net loss is below $6.197M, Thomas earns 8% of the difference as a cash bonus.
- KeyStar submitted TN sports wagering license application for ZenSports; TN had $440.4M handle and $49M revenue in Dec 2022.

## SEC filing metadata
- accession: 0001393905-23-000054
- form_type: 8-K
- ticker: VIPZ
- cik: 0001832161
- company_name: VIP Play, Inc.
- filed_at: 2023-02-10T23:59:59+00:00
- event_type: regulatory
- sentiment: positive
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1832161/000139390523000054/0001393905-23-000054-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1832161/000139390523000054/keyr-20230206.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001393905-23-000054
- JSON: https://secwatch.observer/filing/0001393905-23-000054.json
- Plain text: https://secwatch.observer/filing/0001393905-23-000054.txt

## Key facts
- Executive change
  Mark Thomas was appointed as Chief Executive Officer at VIP Play, Inc..
  - Action: appointed
  - Role: Chief Executive Officer
  source text: On January 10, 2023, the Board appointed Mark Thomas (" Thomas ") as the new Chief Executive Officer, Principal Executive Officer, President and Chief Technology Officer of the Company.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1832161/000139390523000054/0001393905-23-000054-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.