---
schema_version: "secwatch.filing_event.v1"
accession: "0001641172-25-020852"
form_type: "8-K"
ticker: "VIPZ"
cik: "0001832161"
company_name: "VIP Play, Inc."
filed_at: "2025-07-24T23:59:59+00:00"
generated_at: "2026-05-18T02:32:52.744567+00:00"
event_type: "leadership"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# VIP Play CFO resigns effective Aug 8; convertible note balance rises to $16.5M

## Summary
- CFO James Mackey resigning effective August 8, 2025; no separation agreement; CEO Les Ottolenghi thanks him.
- Company reaffirms prior financial guidance and is searching for a successor.
- Outstanding principal under Excel Family Partners convertible note now $16,466,000 after $790k in additional draws.
- Note bears 12% fixed interest, due on demand, convertible at 80% of lowest recent price per share ($0.50 floor).
- Note is controlled by board secretary Bruce Cassidy; original maximum was $14M.

## SEC filing metadata
- accession: 0001641172-25-020852
- form_type: 8-K
- ticker: VIPZ
- cik: 0001832161
- company_name: VIP Play, Inc.
- filed_at: 2025-07-24T23:59:59+00:00
- event_type: leadership
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.03, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1832161/000164117225020852/0001641172-25-020852-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1832161/000164117225020852/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001641172-25-020852
- JSON: https://secwatch.observer/filing/0001641172-25-020852.json
- Plain text: https://secwatch.observer/filing/0001641172-25-020852.txt

## Key facts
- Debt Financings
  VIP Play, Inc. amended convertible notes of principal amount of not more than $14,000,000 with Excel Family Partners, LLLP at fixed rate per annum equal to 12.0% maturing due and payable upon demand.
  - Instrument: convertible notes
  - Principal: principal amount of not more than $14,000,000
  - Counterparty: Excel Family Partners, LLLP
  - Rate: fixed rate per annum equal to 12.0%
  - Maturity: due and payable upon demand
  - Event: amendment
  source text: the Company entered into a First Amended and Restated Discretionary Convertible Revolving Line Of Credit Demand Note with Excel Family Partners, LLLP, a Florida limited liability limited partnership (“ Excel ”) in the principal amount of not more than $14,000,000 (the “ Note ”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1832161/000164117225020852/0001641172-25-020852-index.htm

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