---
schema_version: "secwatch.filing_event.v1"
accession: "0001641172-25-013598"
form_type: "8-K"
ticker: "VIPZ"
cik: "0001832161"
company_name: "VIP Play, Inc."
filed_at: "2025-06-04T23:59:59+00:00"
generated_at: "2026-05-20T00:11:55.831225+00:00"
event_type: "leadership"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# VIP Play appoints Les Ottolenghi as CEO; Bruce Cassidy resigns

## Summary
- Bruce Cassidy resigned as interim CEO effective June 2, 2025, remains sole director and Secretary.
- Les Ottolenghi named CEO, President and Principal Executive Officer; $600K salary, $100K signing bonus, 7.28M RSUs with 4-year quarterly vesting.
- Additional $880K drawn under Excel Family Partners convertible note; total outstanding $14.511M at 12% fixed rate.
- Note convertible at 80% of lowest recent share price within prior 12 months; dilution risk for existing holders.
- Ottolenghi previously CTO/COO at Lee Enterprises, EVP/CIO at Stride Inc.; background in digital and AI.

## SEC filing metadata
- accession: 0001641172-25-013598
- form_type: 8-K
- ticker: VIPZ
- cik: 0001832161
- company_name: VIP Play, Inc.
- filed_at: 2025-06-04T23:59:59+00:00
- event_type: leadership
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 5.02, 2.03, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1832161/000164117225013598/0001641172-25-013598-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1832161/000164117225013598/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001641172-25-013598
- JSON: https://secwatch.observer/filing/0001641172-25-013598.json
- Plain text: https://secwatch.observer/filing/0001641172-25-013598.txt

## Key facts
- Debt Financings
  VIP Play, Inc. incurred convertible notes of an additional aggregate amount of $880,000 with Excel Family Partners, LLLP at 12.0%.
  - Instrument: convertible notes
  - Principal: an additional aggregate amount of $880,000
  - Counterparty: Excel Family Partners, LLLP
  - Rate: 12.0%
  - Event: incurrence
  source text: We borrowed an additional aggregate amount of $880,000 in two separate draws under the Note from May 9, 2025 through May 28, 2025.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1832161/000164117225013598/0001641172-25-013598-index.htm
- Executive change
  Bruce A. Cassidy resigned as interim Chief Executive Officer and Principal Executive Officer at VIP Play, Inc..
  - Action: resigned
  - Role: interim Chief Executive Officer and Principal Executive Officer
  source text: Effective June 2, 2025, Mr. Bruce A. Cassidy resigned as our interim Chief Executive Officer and Principal Executive Officer.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1832161/000164117225013598/0001641172-25-013598-index.htm
- Executive change
  Les Ottolenghi was appointed as Chief Executive Officer, Principal Executive Officer and President at VIP Play, Inc..
  - Action: appointed
  - Role: Chief Executive Officer, Principal Executive Officer and President
  source text: The Company entered into an Employment Agreement with Mr. Les Ottolenghi (the " Agreement ") in connection with his appointment by our board of directors as our new Chief Executive Officer, Principal Executive Officer and President, effective as of June 2, 2025.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1832161/000164117225013598/0001641172-25-013598-index.htm

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