VIP Play amends convertible credit line to $14M; CEO's entity holds $12.1M outstanding

VIP Play, Inc.

Amends prior $5M note from August 2024; new principal limit $14M with Excel Family Partners, controlled by CEO Bruce Cassidy.
Outstanding balance $12,097,000 as of April 2, 2025; includes $414,000 drawn in late March.
Interest at 12% fixed; unpaid March 2025 interest deferred; principal and accrued interest due on demand.
Lender may convert debt into common stock at 80% of lowest share price in prior 12 months, floor $0.50.
No committed line; advances at lender's sole discretion; prepayment allowed with notice and accrued interest.

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