# EDGAR Filing Document

**Accession Number:** 0001832161
**File Stem:** 0001641172-25-013598
**Filing Date:** 2025-6
**Character Count:** 85654
**Document Hash:** 6a0867bfc01ada0645cc94362fca0ed1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001641172-25-013598.hdr.sgml**: 20250604

**ACCESSION NUMBER**: 0001641172-25-013598

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20250528

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Unregistered Sales of Equity Securities

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250604

**DATE AS OF CHANGE**: 20250604

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VIP Play, Inc.
- **CENTRAL INDEX KEY:** 0001832161
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-MISCELLANEOUS RETAIL [5900]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 850738656
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56290
- **FILM NUMBER:** 251022953

**BUSINESS ADDRESS:**
- **STREET 1:** 78 SW 7TH STREET
- **STREET 2:** SUITE 500
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33130
- **BUSINESS PHONE:** 866-783-9435

**MAIL ADDRESS:**
- **STREET 1:** 78 SW 7TH STREET
- **STREET 2:** SUITE 500
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33130

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KeyStar Corp.
- **DATE OF NAME CHANGE:** 20201112

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): **May 28, 2025**

**VIP Play, Inc** **.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Nevada** | **000-56290** | **85-0738656** |
| (State or other jurisdiction of<br> incorporation) | (Commission<br> File Number) | (I.R.S. Employer<br> Identification No.) |

---

---

| | |
|:---|:---|
| **1645 Pine Tree Ln** **, Suite 2, Sarasota, Florida** | **34236** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(866)** **783-9435**

**n/a**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: None.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

---

| | |
|:---|:---|
| **Item 1.01** | **Entry into a Material Definitive Agreement.** |

---

The disclosures set forth in Item 5.02 are incorporated by reference into this Item 1.01.

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| | |
|:---|:---|
| **Item 2.03** | **Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.** |

---

In a Current Report on Form 8-K filed on April 3, 2025, VIP Play, Inc., a Nevada corporation (the "**Company**," "**we**," "**us**" or "**our**") disclosed that on March 31, 2025 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**"). Excel is controlled by Mr. Bruce Cassidy, our Chief Executive Officer, Secretary and sole member of our board of directors. The Note does not constitute a committed line of credit. Loans under the Note are made by Excel in its sole and absolute discretion. Upon repayment of any amount of principal or interest under the Note, we may not reborrow under the Note.

The aggregate outstanding principal balance of all loans under the Note as of the date we entered into the Note was $12,097,000. We borrowed an additional aggregate amount of $880,000 in two separate draws under the Note from May 9, 2025 through May 28, 2025. As of June 4, 2025, the aggregate outstanding principal balance of all loans under the Note is $14,511,000.

All loans made under the Note accrue interest at a fixed rate per annum equal to 12.0% (the "**Fixed Rate**"). The outstanding principal and accrued and unpaid interest under the Note are due and payable upon demand. We have the right to prepay the Note, in whole or in part, at any time; provided, however, we must: (i) provide Excel prior written notice of our intention to make such prepayment; and (ii) pay to Excel all interest accrued on the outstanding principal balance of the Note to the date of such prepayment.

If we: (i) fail to comply with any provision under the Note, including, but not limited to, failing to immediately pay all amounts due to Excel after demand thereof is made; or (ii) become subject to certain bankruptcy or insolvency events, at the option of Excel, the unpaid principal amount of the Note, accrued interest thereon, any fees or any other sums payable thereunder will thereafter until paid in full bear interest at a rate per annum equal to the Fixed Rate plus 2.00%.

Excel may, at its sole option, upon written notice, convert all or any portion of the indebtedness incurred under the Note ("**Debt**") into fully paid and non-assessable common stock shares ("**Shares**") at a conversion price in an amount equal to the product of the Lowest Recent Price multiplied by 80%. The Lowest Recent Price is the lowest price per Share that we have sold one or more Shares to an investor or lender within the 12-month period prior to an applicable date of conversion; provided, however, that if no Shares were sold within such 12-month period, the Lowest Recent Price will be $0.50 per Share.

In case of a stock split, a stock combination, or a reverse stock split of the Shares, the number of Shares into which any Debt may be converted and the conversion price shall be proportionately adjusted in the manner determined by the Board acting in good faith. Furthermore, in connection with any reclassification, capital reorganization, or other change of outstanding Shares, or in case of any consolidation or merger of the Company with or into another entity, Excel shall have the right thereafter, by converting the Debt, to receive upon such conversion the kind and number of shares of stock or other securities or property (including cash) receivable upon such reclassification, capital reorganization, or other change, consolidation or merger by a holder of the number of Shares that could have been received upon conversion of the Debt immediately prior to such reclassification, capital reorganization, or other change, consolidation or merger.

The above is a summary of the material terms of the Note and is qualified in its entirety by reference to the full text of the Note, which is attached hereto as Exhibit 10.1, and is incorporated herein by reference. This summary may not contain all of the information about the Note that is important to you. ***We urge you to read the Note in its entirety carefully.***

---

| | |
|:---|:---|
| **Item 3.02** | **Unregistered Sales of Equity Securities.** |

---

The disclosures set forth in Item 5.02 are incorporated by reference into this Item 3.02.

---

| | |
|:---|:---|
| **Item 5.02** | **Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.** |

---

**Departure of Certain Officer:**

Effective June 2, 2025, Mr. Bruce A. Cassidy resigned as our interim Chief Executive Officer and Principal Executive Officer. Mr. Cassidy continues to serve as our sole director and corporate Secretary. There was no specific separation agreement.

**Appointment of New Officer:**

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.

The material terms of the Agreement are as follows:

● Annual
 Salary - $600,000.

● Signing
 Bonus – $100,000.

● Term
 – 2 years with auto-renewals of successive 1-year terms.

● Awarded
 7,284,464 restrictive stock units with a four-year vesting schedule, whereby 1/16th of the units, or 455,279 units, vest on the first
 day of each quarter, starting on October 1, 2025. Vesting is accelerated upon a sale of substantially all of our assets, a merger
 in which we are not the surviving entity, termination of his employment by us other than for cause, death or disability or his resignation
 with good reason.

● Eligible
 for annual incentive bonus of no less than 50% of the then salary.

● Eligible
 for additional bonuses in connection with performance goals in amounts that total no less than an additional 50% of the then salary.

● Eligible
 to participate in company benefit plans.

● He
 retains all rights to certain intellectual property such as listed in an exhibit to the Agreement regardless of whether it was developed
 prior to the employment period or further developed during the employment period but outside of the scope of his work for us.

Mr. Ottolenghi also retains all rights to certain intellectual property set forth in an exhibit to the Agreement, including Generative AI Agent Frameworks, Local Media Distribution & AI Advertising Switches, Search Engines, Answer Engines, and Smart Sites, NotebookLM and Colab-based Architectures, Vectorized Database and Knowledge Systems and Meat Search Tools and methods for AI based systems regardless of whether it was developed prior to the employment period or further developed during the employment period but outside of the scope of his work for us.

Prior to entering into the Agreement, Mr. Ottolenghi provided the Company his services as a consultant, for which he was paid $10,000 and issued 500,000 shares of our common stock in May as compensation for such services.

The above is a summary of the material terms of the Agreement and is qualified in its entirety by reference to the full text of the Agreement, which is attached hereto as Exhibit 10.2, and is incorporated herein by reference. This summary may not contain all of the information about the Agreement that is important to you. ***We urge you to read the Agreement in its entirety carefully.***

**Les Ottolenghi**; *Chief Executive Officer, Principal Executive Officer and President; Age 63.* For the past year, Mr. Ottolenghi served as the Chief Transformation Officer and Commercial Officer of Lee Enterprises, Incorporated. From June 2021 to April 2024, he served as Executive Vice President and Chief Information and Technology officer for Stride Inc., leading the education company's digital transformation, artificial intelligence and digital products initiatives. Immediately prior to that, he served as Executive Vice President and Global Chief Information Officer for Caesars Entertainment Corp. He also previously served as Global Chief Information Officer for Las Vegas Sands Corp. and Chief Information Officer for Carlson Wagonlit Travel, Inc. Mr. Ottolenghi has been recognized as Chief Information Officer of the year by CIO Magazine, Gartner Group and Computerworld. Also, he co-founded the world's largest public technology innovation center, BlackFire, in Las Vegas. He received a Bachelor of Arts degree from Duke Trinity College in 1984, and a Master of Business Administration degree from Emory University Goizeuta School of Business in 1994.

**Executive Officer Qualifications for Ottolenghi:**

We believe that Mr. Ottolenghi should serve as our Chief Executive Officer, Principal Executive Officer and President due to his extensive business and leadership experience in a wide variety of entities.

**Item 9.01 Financial Statements and Exhibits**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 10.1 | [First Amended and Restated Discretionary Convertible Revolving Line Of Credit Demand Note dated as of March 31, 2025 made by VIP Play, Inc. (incorporated by reference to Exhibit 10.1 to VIP Play, Inc. Current Report on Form 8-K filed on April 3, 2025)](https://www.sec.gov/Archives/edgar/data/1832161/000164117225002439/ex10-1.htm) |
| 10.2 | [Employment Agreement between VIP Play, Inc. and Les Ottolenghi, dated and effective as of June 2, 2025](ex10-2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: June 4, 2025 | **VIP PLAY, INC.** | **VIP PLAY, INC.** |
|  | By: | */s/ James Mackey* |
|  |  | James Mackey, CFO |

---

## Exhibit 10.2

**Exhibit 10.2**

**EMPLOYMENT AGREEMENT**

This EMPLOYMENT AGREEMENT (this "<u>Agreement</u>") is effective as of June 2, 2025 (the "<u>Effective Date</u>"), between VIP PLAY, INC., a Nevada corporation ("<u>Company</u>"), and LES OTTOLENGHI, an individual residing in the State of Colorado (the "<u>Executive</u>"). Company and Executive are each referred to as a "<u>Party</u>" and collectively as the "<u>Parties</u>."

<u>RECITALS</u>

Company desires to employ Executive and Executive desires to be employed by Company on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

Section 1. <u>Employment</u>.

Company will employ Executive, and Executive accepts employment with Company, upon the terms and conditions set forth in this Agreement for the period beginning on the Effective Date and ending as provided in <u>Section 4</u>.

Section 2. <u>Position and Duties</u>. The following provisions of this <u>Section 2</u> will apply during the Employment Period (as defined in <u>Section 4(a)</u> below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Executive will serve as both (i) the Chief Executive Officer of Company, and (ii) the President of Company, and will have the usual and customary duties, responsibilities, and authority of such positions, subject to the reasonable oversight of the Board of Directors of Company (the "<u>Board</u>"). If elected, Executive will serve from time to time without additional compensation, as a member of the Board, and/or as an officer, director, or member of a board of any entities which are directly or indirectly owned or controlled by, or under common control with, Company (each, an "<u>Affiliate</u>", and collectively, the "<u>Affiliates</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the oversight and instructions of the Board, Executive will be authorized to: (i) hire and terminate employees and contractors of Company, including officers and managers; (ii) direct Company's business strategy, products, and operational execution; and (iii) offer employment to John Dermody (as a Vice President of Operations and Growth) and Lou Ann Pippenger (as EA and Project Coordinator).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Executive will report to the Board and will devote his best full-time efforts and all of his active business time and attention (except for permitted vacation periods and reasonable periods of illness or other incapacity) to the business and affairs of Company and its Affiliates. Executive will perform his duties and responsibilities in a diligent and professional manner. Subject to <u>Section 2(d)</u>, Executive will not engage in any outside business activity (other than those previously disclosed to Company) without the prior written approval of the Board, whether or not such activity is pursued for gain, profit, or other pecuniary advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The foregoing restrictions will not limit or prohibit Executive from engaging in passive investments, serving on non-profit boards (provided that Executive provides written notice to Company of such service), engaging in community, charitable and social activities, and managing his personal investments, in each case, not interfering in any material respect with Executive's performance and obligations hereunder.

Section 3. <u>Base Salary; Bonuses; and Benefits</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the Employment Period, Executive's annualized base salary will be $600,000 (the "<u>Base Salary</u>"), which Base Salary will be payable in regular installments in accordance with Company's general payroll practices. On at least an annual basis, a merit increase of the Base Salary will be considered by the Compensation Committee of the Board, if one exists, otherwise by the Board, in its sole and absolute discretion. Notwithstanding such consideration, the Base Salary may not be decreased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On at least an annual basis, the Compensation Committee of the Board, if one exists, otherwise, the Board, will establish an annual incentive plan for Executive (the "<u>Annual Bonus Plan</u>"). Each Annual Bonus Plan must provide a minimum bonus of no less than 50% of the then Base Salary (the "<u>Bonus Minimum</u>") and will include performance goals whereby Executive may be eligible for additional bonuses in amounts that total no less than an additional 50% of the then Base Salary ("<u>Goal Bonuses</u>"). Executive acknowledges that: (i) Executive has no expectation that in any annual period there will be a short term incentive award; (ii) subject to the minimums detailed above for the Bonus Minimum and the Goal Bonuses, the total amount of bonuses available in an Annual Bonus Plan may change from year to year; (iii) the performance goals for the Goal Bonuses may change each annual period at the sole discretion of the Compensation Committee of the Board, if one exists, otherwise, the Board, and may include one or more benchmarks with various renumeration per benchmark; (iv) subject to applicable employment standards legislation, Executive must be actively employed by Company on the date any amount under an Annual Bonus Plan is earned and paid in order for Executive to have earned any amount under the applicable Annual Bonus Plan and to be eligible to receive payment thereof. For greater clarity, "actively employed" does not include any period of notice of termination or payment in lieu of notice, except for Executive's minimum statutory notice period under applicable employment standards legislation, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Within 30 days of the Effective Date, Company will award 7,284,464 restricted stock units (RSU) to Executive (the "<u>RSU Award</u>"). The RSU Award will (i) base each one RSU on one share of common stock of Company; (ii) have a four-year vesting schedule, whereby 1/16<sup>th</sup> of the 7,284,464 RSUs (i.e., 455,279 RSUs) will vest on the first day of each quarter, starting on October 1, 2025; (iii) be subject to and governed by the incentive stock plan of Company (which will hereafter be amended to include RSUs); and (iv) include acceleration of all vesting upon (A) a sale of all or substantially all of the assets of Company to a third-party or in the event of a merger in which Company is not the surviving entity (each, a "<u>Sale Event</u>"), (B) a termination of Executive's employment by Company other than for Cause, death or Disability, or (C) Executive's resignation with Good Reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Executive will receive a one-time signing bonus in the amount of $100,000 within 10 business days of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Executive shall receive such additional bonuses, if any, as the Compensation Committee of the Board, if one exists, otherwise as the Board may in its sole and absolute discretion determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any bonuses payable pursuant to this <u>Section 3</u> are sometimes hereinafter referred to as "<u>Incentive Compensation</u>." Any Incentive Compensation payable pursuant to this <u>Section 3</u> will be paid by the Company to the Executive in accordance with Company's general payroll practices after the Incentive Compensation is calculated in good faith by Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) During the Employment Period, Executive will be eligible to participate in any of the employee benefit programs that may be established from time to time for which executive employees of Company are generally eligible in accordance with the normal terms of such programs. Company will pay 100% of the premiums for Executive (and his family, if elected by Executive) for health, dental, and vision insurance plans offered under Company's medical health benefits. Company reserves the right to cancel or modify the benefit plans and programs it offers to its employees at any time. Should Company not offer medical health benefits at any time during the Employment Period, during such period, in addition to the Base Salary, Executive will be entitled to a payment of $2,500 each month to help cover the cost of private health insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Company will pay or reimburse Executive for all pre-approved, reasonable out-of-pocket business expenses incurred by Executive during the Employment Period in performing services hereunder, in accordance with policies then in effect with respect to payments of business expenses. The Board may establish budgets for Executive's approved expenses from time to time, and, at the Board's discretion, may establish policies or guidelines for such expenses. To the extent required to comply with the provisions of Section 409A of the Internal Revenue Code of 1986, as amended ("<u>Section 409A</u>"), (i) reimbursement of expenses incurred by Executive during any taxable year will be made on or before the last day of the following taxable year of Executive, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a taxable year of Executive will not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, to Executive in any other taxable year, and (iii) the right to reimbursement of such expenses will not be subject to liquidation or exchange for another benefit. All expenses will be accounted for in such reasonable detail as Company may require. Termination of Executive's employment will not relieve Company of its obligations to reimburse Executive for the above-described expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Executive will be entitled to the same paid vacation/PTO policy that Company extends to its other officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Executive will be provided with the same level of coverage of directors and officers (D&O) liability insurance that Company extends to its other officers and, if applicable, members of the Board, as applicable.

Section 4. <u>Term and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *General.* The employment period will commence on the Effective Date and will be for an initial term of two years (the "<u>Initial Term</u>"); provided, that, the employment period will be automatically renewed annually for successive one-year terms (each, a "<u>Renewal Term</u>"), unless and until either party provides ninety 90 days' advance written notice prior to the end of the Initial Term or any Renewal Term, as applicable, that such party declines to so renew; provided, further, that the Initial Term or Renewal Term (if any), as applicable, will terminate prior to such date upon the occurrence of any of the events set forth in clauses (b), (c) or (d) below. As used herein, the "<u>Employment Period</u>" means the actual period of time during which Executive is employed by Company under the terms and conditions of this Agreement. The last day on which Executive is employed by Company, whether separation is voluntary or involuntary, with or without Cause (as defined below), by reason of Executive's resignation or by reason of Executive's death or Disability, is referred to as the "<u>Termination Date</u>." If Executive is a member of the Board, upon the Termination Date, Executive will be deemed to have automatically and voluntarily resigned from the Board and from all offices, titles, and other roles of Company's Affiliates. Executive agrees that he will execute any documents reasonably required by Company to confirm such resignations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Termination by Company for Cause; Resignation by Executive.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Employment Period may be terminated by Company at any time for Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Executive may elect to terminate the Employment Period at any time due to his resignation, with or without Good Reason (as defined below). It is understood that if Executive elects to terminate the Employment Period through resignation without Good Reason, then he will use commercially reasonable efforts to provide Company with 60 days' advance written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Termination due to Death or Disability*. The Employment Period will automatically be terminated upon Executive's death and may be terminated by Company upon Executive's Disability (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Termination by Company other than for Cause.* The Employment Period may be terminated by Company at any time other than for Cause, death, or Disability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Definitions.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Cause.* For purposes of this Agreement, "<u>Cause</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) gross negligence, recklessness, intentional misrepresentation, insubordination, or willful misconduct by Executive in the performance of his duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the commission by Executive of any act of fraud, embezzlement, theft, or other financial dishonesty, or of any felony, or to any crime involving moral turpitude;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the material breach by Executive of this Agreement (other than any breach by Executive of the provisions of <u>Section 8</u> hereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) any breach by Executive of the provisions of <u>Section 8</u> hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) a governmental agency where Company conducts gaming operations, now or in the future, determines that Executive is not suitable to work in gaming in such jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) Executive's material violation of state or federal law relating to sexual harassment or other prohibited harassment or discrimination or any Company policy of which Executive had notice.

Company will not be entitled to terminate for Cause pursuant to <u>clauses (A)</u> or <u>(E)</u> unless (x) Company provides written notice to Executive stating in reasonable detail the condition constituting Cause within 30 days following Company first obtaining actual knowledge of all material facts establishing the occurrence of such condition and (y) Executive fails to cure such condition within 10 days following delivery to Executive of such notice (unless (i) Company reasonably determines that the facts and circumstances underlying such termination for Cause are not able to be cured, or (ii) Company has delivered to Executive a notice within the prior 12 months under the same clause of this <u>Section 4(e)(i)</u> the facts and circumstances of which were cured and which matter involves the repetition of the same issues that resulted in the prior notice; and in any case of <u>(i)</u> or <u>(ii)</u>, Company may terminate without providing an opportunity to cure). No termination of the Executive's employment for Cause shall be permitted unless the date of termination occurs during the 120-day period immediately following the date that the events or actions constituting Cause first become known to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Disability.* For purposes of this Agreement, "<u>Disability</u>" means "disability" or "permanent disability" as set forth in the long-term disability plan of Company, or if no such plan is in effect, it will mean any long-term disability or incapacity which renders Executive unable to substantially perform his duties hereunder with or without reasonable accommodation for 180 consecutive days from the date of such disability as determined by an approved medical doctor selected by Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Good Reason*. For purposes of this Agreement, "<u>Good Reason</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a diminution of Executive's Base Salary or benefits, without Executive's consent, that (I) does not apply to all executive employees of Company, or (II) does not correspond to any material change or reduction in the duties of Executive which is at the express request or consent of Executive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a change, without Executive's consents, to Executive's title as Chief Executive Officer or the reporting structure of officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) a material adverse change, without Executive' consent, to Executive's duties, or responsibilities, other than as a member of the Board or as a director or officer of an Affiliate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Company's failure to pay any material amount owed to Executive under this Agreement or the material breach of this Agreement by Company.

Executive will not be entitled to terminate for Good Reason (and Good Reason will not be deemed to be found) unless (x) Executive provides written notice to Company stating in reasonable detail the condition constituting Good Reason within 60 days following Executive first obtaining actual knowledge of all material facts establishing the occurrence of such condition, and (y) Company fails to cure such condition within 10 days following delivery to Company of such notice (unless Executive has delivered to Company a notice within the prior 12 months under the same clause of this Section <u>4(e)(iii)</u> the facts and circumstances of which were cured and which matter includes the repetition of the same issues that resulted in the prior notice, in which case Executive may terminate without providing an opportunity to cure).

Section 5. <u>Payments Upon Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Termination for Cause; Resignation without Good Reason; Non-Renewal; Death or Disability.* If the Employment Period is terminated (i) by Company for Cause, (ii) due to Executive's resignation without Good Reason, (iii) due to the non-renewal of the Initial Term or any Renewal Term, or (iv) due to death or Disability, then Executive will be entitled to receive his Base Salary and all other remuneration and benefits (including any Incentive Compensation earned but unpaid) only to the extent that such amount has accrued through the Termination Date, including, without limitation reimbursement under this Agreement for expenses incurred prior to the Termination Date (the "<u>Accrued Obligations</u>"). For the avoidance of doubt, the Accrued Obligations will be paid on the next regular pay date after the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Termination other than for Cause; Resignation with Good Reason.* If the Employment Period is terminated (i) by Company other than for Cause, death or Disability, or (ii) due to Executive's resignation with Good Reason, then Executive will be entitled to the Accrued Obligations, which will be paid on the next regular pay date after the Termination Date, and, provided that Executive executes a general release of claims substantially in the form attached hereto as <u>Exhibit "A"</u> (a "<u>Release</u>"), and such Release becomes effective and irrevocable within 60 days following the Termination Date, then, subject to <u>Section 10</u>, for 12 months, Executive will also be entitled to receive (A) continued payments equal to Executive's monthly pay under the Base Salary, and (B) if Company does not offer medical health benefits as of the Termination Date, payment of $2,500 per month, or, if Company does offer medical health benefits as of the Termination Date, payment of Executive's COBRA premium while he is eligible for such coverage, which will be paid in installments in accordance with normal payroll practices; provided, that, the first installment will not be paid until the first payroll date of Company occurring after the 60th day following the Termination Date and will include any amounts that would have otherwise been paid prior to such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *No Other Benefits.* Except as otherwise required by law (<u>e.g.</u>, COBRA) or as specifically provided herein, all of Executive's rights to salary, severance, and fringe benefits hereunder (if any) accruing after the Termination Date will cease upon the Termination Date. Executive will not be entitled to any severance payments or benefits under any severance policy or practice maintained by Company or its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Compliance With Code Section 409A*. Notwithstanding anything herein to the contrary, this Agreement is intended to be interpreted and operated so that the payments and benefits set forth herein will either be exempt from the requirements of Section 409A or will comply with the requirements of such provision. Each payment of the Base Salary under <u>Section 5(b)</u> as severance (each, a "<u>Severance Payment</u>") will be treated as a right to a series of separate payments as set forth in Treasury Regulation 1.409A-2(b)(2)(iii) and no Severance Payment will be paid later than the last day of the second taxable year of Executive following the taxable year of Executive in which occurs a "separation from service" as defined in Treasury Regulation 1.409A-1(h) ("<u>Separation From Service</u>"). To the extent that any Severance Payment constitutes a "deferral of compensation" subject to Section 409A (a "<u>409A Payment</u>"), then, (A) in the event that a termination of Executive's employment does not constitute a Separation From Service, such 409A Payment will begin at such time as Executive has otherwise experienced such a Separation from Service, and the date of such Separation from Service will be deemed to be his Termination Date, and (B) if on the date of Executive's Separation from Service, Executive is a "specified employee," as such term is defined in Treas. Reg. Section 1.409A-1(h), as determined from time to time by Company, then such 409A Payment will not be made to Executive earlier than the earlier of (i) six months after Executive's Separation from Service; or (ii) the date of his death. The 409A Payments under this Agreement that would otherwise be made during such period will be aggregated and paid in one lump sum, without interest, on the first business day following the end of the six month period or following the date of Executive's death, whichever is earlier, and the balance of the 409A Payments, if any, will be paid in accordance with the applicable payment schedule provided in <u>Section 5</u>. Executive hereby agrees that no representations have been made to Executive relating to the tax treatment of any payment pursuant to this Agreement under Code Section 409A and the corresponding provisions of any applicable state income tax laws.

Section 6. <u>Nondisclosure and Nonuse of Confidential Information</u>. **For purposes of <u>Sections 6 - 9</u>, all references to Company will be deemed to refer collectively to Company and its direct and indirect subsidiaries, if any.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As used in this Agreement, the term "<u>Confidential Information</u>" means information that is not generally known to the public or within the industry and that is used, developed or obtained by Company in connection with its businesses, including, but not limited to, such information, observations, and data obtained by Executive while employed by Company (including those obtained prior to the Effective Date) concerning, in each case, with respect to Company or its Business: (i) the business or affairs of Company, (ii) products or services; (iii) fees, costs, and pricing structures; (iv) designs; (v) analyses; (vi) drawings, photographs, and reports; (vii) computer software, including operating systems, applications, and program listings; (viii) flow charts, manuals, and documentation; (ix) data bases; (x) accounting and business methods; (xi) inventions, devices, new developments, methods, and processes, whether patentable or unpatentable and whether or not reduced to practice; (xii) manufacturers, customers, clients, suppliers, manufacturer, customer, client, and/or supplier lists; (xiii) other copyrightable works; (xiv) all methods, processes, formulas, technology, and trade secrets; (xv) business strategies, acquisition plans, financial information, or other performance data; (xvi) personnel lists, candidates, and related data; and (xvi) all similar and related information in whatever form, unless: (A) the information is or becomes publicly known through lawful means; or (B) the information is disclosed to Executive without a confidential restriction by a third party who rightfully possesses the information and did not obtain it, either directly or indirectly, from Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything herein to the contrary, nothing herein will prevent Executive from (i) providing information to any governmental agency, (ii) participating in any investigation or proceeding conducted by a governmental agency, (iii) reporting possible violations of law to any governmental, regulatory, or self-regulatory agency or entity, or (iv) providing truthful testimony in response to a subpoena or other judicial process. In the case of clauses (i) to (iv) above, unless otherwise prohibited by applicable law or otherwise directed by governmental representatives, Executive agrees to provide Company with prompt written notice of any request to provide information or testimony, along with a copy of any such request.

Section 7. <u>Inventions and Patents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the maximum extent permitted by applicable law, subject to <u>Section 7(b)</u> below, Executive agrees that all inventions, innovations, improvements, technical information, systems, software developments, methods, designs, analyses, drawings, reports, service marks, trademarks, trade names, logos, and all similar or related information (whether patentable or unpatentable) which relates to the Business or existing or future products or services of Company and which are conceived, developed or made by Executive (whether or not during usual business hours or on the premises of Company and whether or not alone or in conjunction with any other Person (defined below)) while employed by Company (including those conceived, developed or made prior to the Effective Date) together with all patent applications, letters patent, trademark, tradename, and service mark applications or registrations, copyrights and reissues thereof that may be granted for or upon any of the foregoing (collectively referred to herein as the "<u>Work Product</u>"), belong in all instances to Company. Executive will perform all actions reasonably requested by the Board (whether during or after the Employment Period) to establish and confirm Company's ownership of such Work Product (including, without limitation, the execution and delivery of assignments, consents, powers of attorney and other instruments) and to provide reasonable assistance to Company, at the expense of Company in connection with the prosecution of any applications for patents, trademarks, trade names, service marks or reissues thereof or in the prosecution or defense of interferences relating to any Work Product. If Company is unable, after reasonable effort, to secure the signature of Executive on any such papers, any executive officer of Company will be entitled to execute any such papers as the agent and the attorney-in-fact of Executive, and Executive hereby irrevocably designates and appoints each executive officer of Company as Executive's agent and attorney-in-fact to execute any such papers on his behalf, and to take any and all actions as Company may deem necessary or desirable in order to protect its rights and interests in any Work Product, under the conditions described in this sentence. As used in this Agreement, "<u>Person</u>" means any corporation, association, joint venture, partnership, limited liability company, organization, business, individual, trust, government or agency or political subdivision thereof or other legal entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the representations and conditions set forth in this Agreement, as between Company, on the one hand, and Executive, on the other hand, Executive retains all rights to all intellectual property listed in <u>Exhibit "B"</u> herein (the "<u>Executive IP</u>") regardless of whether they were developed prior to the Employment Period or further developed during the Employment Period but outside of the scope of Executive's work for the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Executive will not cause or permit Company IP to contain, copy, use, rely upon, derive from, or license any Executive IP without the Board's prior written consent and only after Executive identifies to the Board in writing the specific Executive IP and the intended use of such Executive IP. In each event that Company IP contains, copies, uses, relies upon, derives from, or licenses any Executive IP at any time during the Employment Period, on behalf of Executive, Executive hereby grants Company a non-exclusive, transferable, royalty-free, fully paid, perpetual, irrevocable, worldwide license, with right of sublicense through multiple levels of sublicense, under all of Executive's intellectual property rights in and to any and all applicable Executive IP to: (a) reproduce, create derivative works of, distribute, publicly perform, publicly display, digitally transmit, and otherwise use the Executive IP in any medium or format, whether now known or hereafter discovered, and (b) use, make, have made, sell, offer to sell, import, and otherwise exploit any product or service based on, embodying, incorporating, or derived from the Executive IP.

Section 8. <u>Non-Compete; Non-Solicitation; Non-Disparagement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Executive acknowledges that by virtue of the employment relationship with Company contemplated by this Agreement, Executive has been and will be granted immediate access to certain trade secrets, Confidential Information, business methods, technologies and other proprietary information of Company, and the opportunity to have access to customers and associated goodwill, and that his services will be of special, unique, and extraordinary value to Company. Therefore, in order to protect Company's interest in the Confidential Information, Executive agrees that during the period beginning on the Effective Date and ending on the one-year anniversary of the Termination Date (subject to automatic extension by one day for each day Executive is in violation of this <u>Section 8(a)</u>, "<u>Restriction Period</u>"), he will not, directly or indirectly (including via any family member (whether or not sharing the same household) or any Affiliate of such a family member), provide services that are the same or similar in function or purpose to any of the services provided by Executive to Company (as an owner, manager, consultant, contractor, employee, agent, or otherwise) to any business within the Restricted Territory (defined below) that is competitive (i) with the Business as of the Effective Datre, or (ii) the business(s), product(s), or service(s) of Company as such businesses, products, and/or services of Company develop (or in development) during the Employment Period. As used in this Agreement, the term "<u>Restricted Territory</u>" means all of the United States, but if that geographic area is deemed unreasonable by a court of competent jurisdiction, the 100-mile radius of each of Company's physical locations or in which Company is actively planning to purchase or develop a physical location (and of which plan Executive has knowledge) as of the Termination Date. Nothing herein will prohibit Executive from being a passive owner of not more than 1% of the outstanding stock of any class of a corporation which is publicly traded, so long as Executive has no active participation in the business of such corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period beginning on the Effective Date and ending on the 12-month anniversary of the Termination Date (subject to automatic extension by one day for each day Executive is in violation of this <u>Section 8(b)</u>), Executive will not, directly or indirectly through another Person (including without limitation via any immediate family member (whether or not sharing the same household) or any Affiliate of such immediate family member):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) induce or attempt to induce any employee / independent contractor of Company to leave the employ/engagement of Company, or in any way interfere with the relationship between Company, on the one hand, and any employee / independent contractor thereof, on the other hand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) solicit for hire/engagement or hire/engage any Person who was an employee/independent contractor of Company until 12 months after such individual's employment/contractor relationship with Company has been terminated, *provided* that nothing herein will prohibit general advertisements offering employment not directed at any employees/independent contractors of Company (or hiring as a result of such general advertisements); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) solicit, induce or attempt to solicit or induce any customer (it being understood that the term "<u>customer</u>" as used throughout this Agreement includes any Person (x) that is purchasing goods or receiving services from Company, or (y) that is directly or indirectly providing or referring customers to, or otherwise providing or referring business for, Company), supplier, licensee, broker, distributor or other business relation of Company with whom Executive has had contact or about whom Executive obtained knowledge in connection with Executive's performance of services to Company (including prior to the date hereof) to cease or reduce doing business with Company, or in any way interfere or attempt to interfere with the relationship between any such customer, supplier, licensee, broker, distributor, or business relation, on the one hand, and Company, on the other hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Executive understands that the foregoing restrictions may limit his ability to earn a livelihood in a business similar to the business of Company, but he nevertheless believes that he will receive sufficient consideration and other benefits as an employee of Company to clearly justify such restrictions which, in any event (given his education, skills and ability), Executive does not believe would prevent him from otherwise earning a living.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) During the Restriction Period, Executive must inform any prospective or future employer of any and all restrictions contained in <u>Section 6</u> through <u>Section 8</u> and provide such employer with a copy of such restrictions (but no other terms of this Agreement), prior to the commencement of that employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Executive agrees that the restrictions contained in this <u>Section 8</u> are a part of this otherwise enforceable Agreement (including the enforceable promise to provide immediate access to Confidential Information (including trade secrets) and access to customer goodwill). Additionally, Executive agrees that the restrictions are reasonable and necessary, are valid and enforceable under Nevada law, and do not impose (i) a greater restraint than necessary to protect Company's legitimate business interests or (ii) an undue hardship on Executive. If, at the time of enforcement of <u>Sections 6</u> through <u>8</u>, a court holds that the restrictions stated herein are unreasonable under the circumstances then existing, Executive and Company agree that the maximum period, scope or geographical area reasonable under such circumstances will be substituted for the stated period, scope or area so as to protect Company to the greatest extent possible under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In order to protect the goodwill of Company, to the fullest extent permitted by law and subject to <u>Section 6(c)</u> hereof, Executive, during the period beginning on the Effective Date and ending on the last day of the Restriction Period, agrees not to publicly criticize, denigrate, or otherwise disparage Company, and/or any of its employees, officers, directors, consultants, other service providers, products, services, processes, policies, practices, standards of business conduct, business integration methods, employee hiring and termination practices, or areas or techniques of research, manufacturing, or marketing. The provisions of this <u>Section 8(f)</u> are not intended to prevent compliance with legal requirements and are not applicable to the giving of evidence in legal proceedings.

Section 9. <u>Enforcement</u>.

Because Executive's services are unique and because Executive has access to Confidential Information and Work Product, the Parties agree that money damages would be an inadequate remedy for any breach of this Agreement. Therefore, in the event of a breach or threatened breach of this Agreement by Executive, Company and any of its Affiliates or their successors or assigns may, in addition to other rights and remedies existing in their favor at law or in equity, apply to any court of competent jurisdiction (without any requirement to post bond) for specific performance and/or injunctive or other relief in order to enforce, or prevent any violations of, the provisions hereof, apply to a court of competent jurisdiction for Executive to account for and pay over to Company all compensation, profits, moneys, accruals, increments, or other benefits derived from or received as a result of any transactions constituting a breach of the covenants contained herein in this Agreement, as well as recover from Executive any and all other damages, including an award of reasonable attorney's fees and costs in any action brought by Company for a breach of or to enforce <u>Sections 6</u> through <u>8</u> of this Agreement.

Section 10. <u>Severance Payments</u>.

In addition to the foregoing, and not in any way in limitation thereof, or in limitation of any right or remedy otherwise available to Company, if Executive materially violates any provision of the foregoing <u>Section 6</u>, <u>Section 7</u> or <u>Section 8</u> or any such provisions are found to be unenforceable by a court or arbitrator of competent jurisdiction, any payments then or thereafter due from Company to Executive pursuant to <u>Section 5</u> (other than the Accrued Obligations) will be terminated forthwith and Company's obligation to pay and Executive's right to receive such payments will terminate and be of no further force or effect, in each case without limiting or affecting Executive's remaining obligations under such <u>Section 6</u>, <u>Section 7</u> and <u>Section 8</u>, or Company's other rights and remedies available at law or equity.

Section 11. <u>Representations and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Executive hereby represents and warrants to Company that (i) the execution, delivery and performance of this Agreement by Executive does not and will not conflict with, breach, violate, or cause a default under any agreement, contract, or instrument to which Executive is a party or any judgment, order, or decree to which Executive is subject, (ii) Executive is not a party to or bound by any employment agreement, consulting agreement, non-compete agreement, confidentiality agreement, or similar agreement with any other Person, and (iii) upon the execution and delivery of this Agreement by the Parties, this Agreement will be a valid and binding obligation of Executive, enforceable in accordance with its terms. In addition, Executive represents and warrants that he has no and will not have any ownership in nor any right to nor title in any of the Confidential Information and the Work Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Company hereby represents and warrants to Executive that (i) the execution, delivery and performance of this Agreement by Company does not and will not conflict with, breach, violate, or cause a default under any agreement, contract, or instrument to which Company is a party or any judgment, order, or decree to which Company is subject, (ii) this Agreement has been duly and validly authorized by all necessary corporate action on the part of Company, and (iii) upon the execution and delivery of this Agreement by the Parties, this Agreement will be a valid and binding obligation of Company, enforceable in accordance with its terms.

Section 12. <u>Notices</u>.

All notices, requests, demands, claims, and other communications hereunder must be in writing. Any notice, request, demand, claim or other communication hereunder will be deemed duly given (a) when delivered personally to the recipient, (b) when sent by email to the intended recipient at the email address set forth therefor below, *provided* that a copy is also sent by a nationally recognized overnight delivery service (receipt requested), or (c) one business day after deposit with a nationally recognized overnight delivery service (receipt requested), in each case as follows:

If to Company, to:

VIP Play, Inc.

1645 Pine Tree Ln, Unit 2

Sarasota, FL 34236

Attention: Bruce A. Cassidy

with a copy to:

Clark Hill PLC

14850 N. Scottsdale Road, Suite 500

Scottsdale, AZ 85254

Attention: Daniel A. Schenck, Esq.

Email: dschenck@clarkhill.com

If to Executive, to the address set forth on the signature page hereto.

or such other address as the recipient party to whom notice is to be given may have furnished to the other party in writing in accordance herewith.

Section 13. <u>General Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Severability</u>. It is the desire and intent of the Parties that the provisions of this Agreement be enforced to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, subject to <u>Section 8(e)</u>, if any particular provision of this Agreement will be adjudicated by a court of competent jurisdiction to be invalid, prohibited, or unenforceable for any reason, such provision, as to such jurisdiction, will be ineffective, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Construction</u>. Company and Executive have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by Company and Executive and no presumption or burden of proof will arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Complete Agreement</u>. Company and Executive agree that the Consulting Agreement, dated April 14, 2025, by and between Company and Executive, together with any other agreements, discussions, or arrangements concerning Company's employment or engagement of Executive, are mutually and voluntarily terminated, effective as of the date immediately preceding the Effective Date. This Agreement and those documents expressly referred to herein or therein (including, but not limited to, the schedules, annexes and exhibits (in their executed form) attached hereto) constitute the entire agreement among the Parties and supersede any prior correspondence or documents evidencing negotiations between the Parties, whether written or oral, and any and all understandings, agreements, or representations by or among the Parties, whether written or oral, that may have related in any way to the subject matter of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Successors and Assigns; Third Party Beneficiaries</u>. This Agreement will be binding on, and will inure to the benefit of, the parties hereto and their respective heirs, legal representatives, successors, and permitted assigns; provided, however, that Executive may not assign, transfer, or delegate his rights or obligations hereunder and any attempt to do so will be void. Company may only assign this Agreement and its rights, together with its obligations, hereunder either to an Affiliate, or in connection with any sale, transfer, or other disposition of all or substantially all of Company's assets or business, whether by merger, consolidation, or otherwise, including a merger of Company. The rights of Company hereunder are enforceable by its Affiliates, who are the intended third-party beneficiaries hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Withholding of Taxes</u>. Company may deduct and withhold from the compensation payable to Executive hereunder or otherwise any and all applicable federal, state, and local income and employment withholding taxes and any other amounts required to be deducted or withheld by Company under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Governing Law</u>. This Agreement will in all respects be subject to, and governed by, the laws of the State of Nevada without regard to the principles of conflict of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Jurisdiction and Venue</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Parties hereby irrevocably and unconditionally submit, for themselves and their property, to the personal jurisdiction of any Nevada state court or federal court of the United States of America sitting in the State of Nevada and any appellate court from any thereof. Further, the Parties irrevocably and unconditionally agree that any legal action related to this Agreement or Executive's employment with Company will be brought in either a Nevada state court or federal court of the United States of America sitting in the State of Nevada or any appellate court from any thereof and that any such court will be the exclusive venue for any such action. No Party will commence a claim or proceeding hereunder in a court other than a Nevada state court or federal court of the United States of America sitting in the State of Nevada or any appellate court from any thereof, except if the Party has first brought such claim or proceeding in such Nevada state court, federal court of the United States of America sitting in the State of Nevada or appellate court from any thereof and such court or courts have denied jurisdiction over such claim or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Parties irrevocably and unconditionally waive, to the fullest extent they may legally and effectively do so, any objection that they may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any Nevada state court or federal court of the United States of America sitting in the State of Nevada or any appellate court from any thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding clauses (i)-(ii), the Parties intend to and hereby confer jurisdiction to enforce the covenants contained in <u>Sections 6</u> through <u>8</u> upon the courts of any jurisdiction within the geographical scope of such covenants. If the courts of any one or more of such jurisdictions hold such covenants wholly or partially invalid or unenforceable by reason of the breadth of such scope or otherwise, it is the intention of the Parties that such determination not bar or in any way affect Company's right to the relief provided above in the courts of any other jurisdiction within the geographical scope of such covenants, as to breaches of such covenants in such other respective jurisdictions, such covenants as they relate to each jurisdiction being, for this purpose, severable into diverse and independent covenants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Amendment and Waiver</u>. The provisions of this Agreement may be amended and waived only with the written consent of the Parties, and no course of conduct or failure or delay in enforcing the provisions of this Agreement will affect the validity, binding effect or enforceability of this Agreement or any provision hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Headings</u>. The section headings contained in this Agreement are for reference purposes only and will not affect in any way the meaning or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Counterparts</u>. This Agreement may be executed in two or more counterparts, and by facsimile or other electronic delivery, each of which will be deemed an original and all of which together will constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>WAIVER OF JURY TRIAL</u>. NO PARTY TO THIS AGREEMENT OR ANY ASSIGNEE, SUCCESSOR, HEIR, OR PERSONAL REPRESENTATIVE OF A PARTY WILL SEEK A JURY TRIAL IN ANY LAWSUIT, PROCEEDING, COUNTERCLAIM OR ANY OTHER LITIGATION BASED UPON OR ARISING OUT OF THIS AGREEMENT. NO PARTY WILL SEEK TO CONSOLIDATE ANY SUCH ACTION, IN WHICH A JURY TRIAL HAS BEEN WAIVED, WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT OR HAS NOT BEEN WAIVED. THE PROVISIONS OF THIS SECTION HAVE BEEN FULLY DISCUSSED BY THE PARTIES HERETO, AND THESE PROVISIONS WILL BE SUBJECT TO NO EXCEPTIONS. NEITHER PARTY HAS IN ANY WAY AGREED WITH OR REPRESENTED TO THE OTHER PARTY THAT THE PROVISIONS OF THIS SECTION WILL NOT BE FULLY ENFORCED IN ALL INSTANCES.

**\* \* \* \***

IN WITNESS WHEREOF, the parties hereto have executed this Employment Agreement as of the Effective Date.

---

| | |
|:---|:---|
| **COMPANY**: | **COMPANY**: |
| VIP PLAY, INC., | VIP PLAY, INC., |
| a Nevada corporation | a Nevada corporation |
| By: | /s/ Bruce A. Cassidy |
|  | Bruce A. Cassidy, its Executive Director |
| **EXECUTIVE**: | **EXECUTIVE**: |
|  | /s/ Les Ottolenghi |
|  | LES OTTOLENGHI |
| Address: | 5740 South Forest Street |
|  | Greenwood Village, CO 80121 |
| Email: | lottolenghi@me.com |

---

**<u>Exhibit A</u>**

**Form of Release Agreement**

I understand and agree completely to the severance payment terms set forth in the Employment agreement, between VIP PLAY, Inc., a Nevada corporation (the "<u>Company</u>") and me (the "<u>Parties</u>"), dated June 2, 2025 (the "<u>Employment Agreement</u>"). I understand that I am not entitled to any severance payments if I do not sign this Release and return it to Company on or before [***DATE – to be inserted by Company at the time of termination***] (the "<u>Separation Date</u>") pursuant to the terms set forth herein or if I revoke this Release as set forth in <u>Section 3</u> below. Capitalized terms used but not otherwise defined herein will have the meaning set forth in the Employment Agreement.

Section 1. **<u>General Release and Knowing Waiver of Employment-Related Claims</u>**. For and in consideration of the severance payments and any other benefits I am eligible to receive from Company, I, on my own behalf and on behalf of my successors and assigns (collectively referred to as "<u>Releasor</u>"), hereby release and forever discharge Company, its Affiliates, and their respective stockholders, members, predecessors, successors, officers, directors, agents, representatives, employees, consultants and advisors (collectively referred to as "<u>Releasee</u>"), from any and all claims, counterclaims, demands, debts, actions, causes of action, suits, expenses, costs, attorneys' fees, damages, indemnities, obligations and/or liabilities of any nature whatsoever (collectively, "<u>Claims</u>"), whether known or unknown, which Releasor ever had, now has or hereafter can, will or may have against Releasee, for, upon or by reason of any matter, cause or thing whatsoever from the beginning of the time to the day of the date of this Release, except as otherwise provided herein, including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all such Claims and demands directly or indirectly arising out of or in any way connected with my employment with Company or the termination of that employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all such Claims and demands related to salary, bonuses, commissions, stock, stock options, units, profits interests or any other ownership interests in Company or any of its Affiliates, including vacation pay, fringe benefits, expense reimbursements, severance pay and/or any other form of compensation except for all severance pay and benefits required under the Employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Claims arising under any federal, state or local law, statute or ordinance, including, without limitation, Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, the Americans With Disabilities Act, the Civil Rights Act of 1991, the Fair Labor Standards Act, the Equal Pay Act, the Employee Retirement Income Security Act of 1974, the Family and Medical Leave Act of 1993, and the Consolidated Omnibus Budget Reconciliation Act of 1985, the anti-retaliation provisions of any federal or state statute, including state workers' compensation statutes, and any other applicable state or local statutes, including **[*state statutes to be inserted at the time of termination*]**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Claims for breach of contract, express or implied, including any claim for breach of any implied covenant of good faith and fair dealing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any Claims of constructive discharge, discrimination, harassment, retaliation, fraud, defamation, intentional tort, emotional distress, and negligence; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any Claim that the confidentiality, nondisclosure, nonsolicitation, and/or noncompetition provisions contained in Sections 6 through 8 of the Employment Agreement are void, unreasonable and/or unenforceable.

Notwithstanding the foregoing, nothing herein releases any claim Releasor has or may have against Releasee regarding the performance or non-performance of obligations arising under the Employment Agreement and/or this Release, and nothing in this Release will prevent me from enforcing my rights (i) to my non-forfeitable accrued benefits (within the meaning of Sections 203 and 204 of ERISA) under any tax-qualified retirement plan maintained by Company, (ii) to any unpaid salary or benefits earned before the Separation Date to which I am entitled and to any severance payments to which I am entitled, (iii) to receive continuation coverage pursuant to COBRA, (iv) to indemnification conferred upon me as an officer of Company pursuant to Company's governing documents, D&O insurance or in accordance with applicable law or otherwise, (v) that cannot be waived under applicable law. Further, nothing in this Release affects my rights to provide information to, participate in an investigation by or file an administrative charge or complaint with the Equal Employment Opportunity Commission or similar administrative agency. However, I agree not to accept any monetary relief or recovery from any charge or complaint filed against any Releasor with any such administrative agency.

Also, Releasor does not release any Claims against Releasee that may arise after this Release has become effective.

Section 2. **<u>Representation by Counsel and Review Period</u>**. I have been advised to consult independent legal counsel before signing this Release, and I hereby represent that I have executed this Release after having the opportunity to consult independent counsel and after considering the terms of this Release for **[twenty-one (21)]** days (although I may choose to voluntarily execute this Release earlier). I further represent and warrant that I have read this Release carefully, that I have discussed it or have had reasonable opportunity to discuss it with my counsel, that I fully understand its terms, and that I am signing it voluntarily and of my own free will.

Section 3. **<u>Right to Revoke Release</u>**. This Release will not become effective until the eighth day following the date on which I have executed it, provided that I have not revoked it, and I may at any time prior to that effective date revoke this Release by delivering written notice of revocation to **[*Name and contact information to be inserted at the time of termination*]**.

Section 4. **<u>Consideration for Release</u>**. I acknowledge that the consideration for this Release is consideration to which I would not otherwise be entitled and is in lieu of any rights or claims that I may have with respect to any other remuneration from Company.

Section 5. **<u>Representation Concerning Filing of Legal Actions</u>**. I represent that, as of the date of this Release, I have not filed any lawsuits, charges, complaints, petitions, claims, or other accusatory pleadings against Company or any of the other Releasees in any court or with any governmental agency.

Section 6. **<u>Continuing Obligations Concerning Confidential Information and Company Property</u>**. I acknowledge and agree that I remain subject to the restrictive covenants contained in Sections 6 through 8 of the Employment Agreement, each of which survives the termination of my employment for the time periods set forth therein.

Section 7. **<u>Amendment of Release</u>**. This Release may not be amended or modified except by a writing signed by [***names to be inserted at the time of termination***] on behalf of Company, and by me.

Section 8. **<u>Governing Law</u>**. This Release will be governed by and construed in accordance with the laws of the State of Nevada without regard to principles of conflicts of laws thereunder.

Section 9. **<u>Neutral Interpretation</u>**. This Release will be interpreted in a neutral manner, and not more strongly for or against any party based upon the source of the draftsmanship of the Release.

Section 10. **<u>Headings</u>**. The various headings in this Release are inserted for convenience only and are not part of the Release.

Section 11. **<u>No Admission of Liability</u>.** Releasee agrees that this Release, and performance of the acts required by it, does not constitute an admission of liability, culpability, negligence, or wrongdoing on the part of anyone, and will not be construed for any purpose as an admission of liability, culpability, negligence, or wrongdoing by any party and/or by any party's current, former or future parents, subsidiaries, related entities, predecessors, successors, officers, directors, stockholders, agents, employees, and assigns.

Dated this ____ day of _________________, 20__.

---

| | |
|:---|:---|
| WITNESSES: |  |
| ________________________ |  |
|  | ___________________________________________ |
|  | LES OTTOLENGHI |

---

**<u>Exhibit B</u>**

**Executive IP**

For the avoidance of doubt, the following items, concepts, and technologies are the exclusive intellectual property of Les Ottolenghi ("<u>Executive</u>") and shall be collectively referred to as "<u>Executive IP</u>."

● **Contact Aggregation and Publishing Technology** 

○ Platforms and tools for aggregating, organizing, and publishing written or digital content across multiple channels.

○ Systems for AI-assisted editorial workflows and scheduling.

● **Horse Racing and Wagering Algorithms** 

○ Proprietary statistical models, data analysis frameworks, and prediction engines specifically built for horse racing and other forms of sports or gaming analytics.

● **Generative AI Agent Frameworks** 

○ Workflows, logic, and architectures for brokering between different generative AI platforms, including model switching, prompt engineering, and meta-agent optimization.

○ Concepts and implementations for agent-based content creation using LLMs or small language models (SLMs).

● **Books, Blogs, and Written Content** 

○ All written and visual content authored or co-authored by Executive, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Previously
 published books, book outlines, and drafts.

■ Articles,
 blog posts, and other editorial content.

■ Future
 works already conceptualized or under development.

● **Local Media Distribution & AI Advertising Switches** 

○ AI-based systems for content creation, distribution, and local media advertising.

○ Programmatic advertising logic, campaign optimization engines, and AI editorial workflows for hyperlocal or verticalized news applications.

● **NotebookLM and Colab-based Architectures** 

○ Any custom use cases, plug-ins, data workflows, and architectures that employ NotebookLM or Google Colab for training or deploying models.

● **Search Engines, Answer Engines, and Smart Sites** 

○ Any AI-powered search or answer engines created independently by Executive.

○ Workflow chains using LLMs or SLMs integrated with vectorized or RAG (retrieval-augmented generation) frameworks.

○ Smart Sites or microsites developed by or for Executive's son or household for educational, commercial, or experimental purposes.

● **Vectorized Database and Knowledge Systems and Meat Search Tools and methods for AI based systems** 

○ Tools and infrastructure created or customized by Executive for chaining language models, vector search, embedding, and RAG applications.

*—*