Dave & Buster's (PLAY) SVP granted new options as older PSUs are cancelled
Rhea-AI Filing Summary
Dave & Buster's Entertainment, Inc. senior vice president and chief development officer Les Lehner reported a mix of equity grant and cancellation activity. He received 11,013 shares of common stock as restricted stock units under the 2025 Omnibus Incentive Plan, which vest in three equal annual installments on July 14, 2026, 2027 and 2028. He was also granted stock options on common stock in three tranches: 11,013 and 41,794 options with a $22.70 exercise price and 28,271 options with a $34.05 exercise price, each expiring on October 7, 2035. The options vest based on time and stock price performance, including volume‑weighted average price hurdles of $64.12 and $96.18 that must be met before February 1, 2028, followed by additional vesting over one or two years. At the same time, 21,598 and 26,998 performance-based restricted stock units granted on October 7, 2022 were cancelled and returned to the issuer. Following these transactions, Lehner directly owns 53,670 shares of common stock. The Form 4 also corrects a prior December 23, 2025 filing that understated his ownership by 11,013 shares due to an administrative error.
Positive
- None.
Negative
- None.
Insights
Routine compensation grants with performance hurdles and PSU cancellations; thesis impact neutral.
The transactions for Les Lehner reflect a standard executive equity package at Dave & Buster's Entertainment, Inc.. He received time-based restricted stock units and multiple stock option grants with exercise prices of $22.70 and $34.05, expiring in 2035.
Key portions of the options are tied to stock price performance, requiring 60‑day trailing VWAP levels of $64.12 and $96.18 before February 1, 2028 before they become earned. This aligns management incentives with long-term share price appreciation rather than near-term trading.
At the same time, performance-based restricted stock units granted in October 2022 were cancelled and returned to the issuer, and the filing corrects a prior understatement of 11,013 shares in reported ownership. These are compensation and administrative adjustments, not open‑market trades, so they carry limited direct signaling value for investors.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Performance Stock Unit | 21,598 | $0.00 | -- |
| Disposition | Performance Stock Unit | 26,998 | $0.00 | -- |
| Grant/Award | Stock Option (Right to Buy) | 11,013 | $0.00 | -- |
| Grant/Award | Stock Option (Right to Buy) | 41,794 | $0.00 | -- |
| Grant/Award | Stock Option (Right to Buy) | 28,271 | $0.00 | -- |
| Grant/Award | Common Stock | 11,013 | $0.00 | -- |
Footnotes (1)
- Represents restricted stock units granted to the reporting person under the Dave & Buster's Entertainment, Inc. 2025 Omnibus Incentive Plan (the "Plan"). The restricted stock units will vest in three equal annual installments on each of July 14, 2026, 2027 and 2028. This Form 4 includes the corrected ownership total in Table I, Column 5. The Form 4 filed by the reporting person on December 23, 2025 understated the ownership total in Table I, Column 5 by 11,013 shares due to an administrative error failing to account for the grant of the restricted stock units described further in Note (1). Represents the cancellation of the performance-based restricted stock units subject to stock price-based vesting conditions previously granted to the reporting person on October 7, 2022. Represents stock options granted to the reporting person under the Plan. The shares underlying these stock options will vest and become exercisable in three equal annual installments on each of July 14, 2026, 2027 and 2028. Represents stock options granted to the reporting person under the Plan. The stock options will become earned upon the first date (the "2X Attainment Date") occurring before February 1, 2028 on which the 60-day trailing volume weighted average closing price ("VWAP") of the shares of common stock, $0.01 par value per share (the "Common Stock"), of Dave & Buster's Entertainment, Inc. (the "Issuer") is greater than or equal to $64.12. After the 2X Attainment Date, the shares underlying these stock options will vest and become exercisable on either the first or the second anniversary of the 2X Attainment Date depending on the Issuer's 60-day trailing VWAP on the first anniversary of the 2X Attainment Date. Represents stock options granted to the reporting person under the Plan. The stock options will become earned upon the first date (the "3X Attainment Date") occurring before February 1, 2028 on which the 60-day trailing VWAP of the Common Stock is greater than or equal to $96.18. After the 3X Attainment Date, the shares underlying these stock options will vest and become exercisable on either the first or the second anniversary of the 3X Attainment Date depending on the Issuer's 60-day trailing VWAP on the first anniversary of the 3X Attainment Date.
