Lehner Les 4
4 · Dave & Buster's Entertainment, Inc. · Filed Mar 27, 2026
Research Summary
AI-generated summary of this filing
Dave & Buster's (PLAY) SVP Les Lehner Receives Stock Awards; RSUs Canceled
What Happened
Les Lehner, SVP & Chief Development Officer at Dave & Buster's (PLAY), received multiple equity awards on October 7, 2025 and also had previously granted performance-based restricted stock units (RSUs) cancelled. The Form 4 reports grants totalling 92,091 units (awards/derivative awards at $0.00) and dispositions to the issuer cancelling 21,598 and 26,998 derivative units (48,596 total). All reported transactions show $0 purchase price because these are awards/cancellations rather than open-market trades.
Key Details
- Transaction date: October 7, 2025; Form 4 filed March 27, 2026 (filing includes a correction to prior filing). All transactions reported at $0.00 (awards/cancellations).
- Grants reported on the Form 4: 11,013; 11,013; 41,794; and 28,271 units (total 92,091). Dispositions/cancellations: 21,598 and 26,998 units (total 48,596).
- Ownership correction: Footnote F2 states the Form 4 corrects Table I, Column 5 by adding 11,013 shares that were previously omitted due to an administrative error. The filing does not list a final absolute “shares owned after” total in the supplied summary.
- Vesting and conditions (notable footnotes):
- F1: 11,013 RSUs vest in three equal annual installments on July 14, 2026, 2027 and 2028.
- F4: Certain stock options vest in three equal annual installments on the same July dates.
- F5/F6: Other options are performance‑price‑conditioned, becoming earned when a 60‑day trailing VWAP reaches $64.12 (2X) or $96.18 (3X) before Feb 1, 2028; post‑attainment, those options vest 1–2 years later depending on VWAP.
- F3: The dispositions to the issuer represent cancellation of performance‑based RSUs granted October 7, 2022.
- Filing timeliness: The transaction date is Oct 7, 2025 and the Form 4 was filed Mar 27, 2026; the filing also corrects a prior Form 4 (Dec 23, 2025) for an ownership understatement.
Context
These entries are awards and cancellations (not open‑market buys or sells). RSUs are grants that typically convert to shares as they vest (here, in equal installments in 2026–2028). The options reported include time‑based and stock‑price‑conditioned grants; the latter only become earned if the company’s stock reaches stated VWAP thresholds. Cancellations of performance RSUs remove previously contingent awards and do not involve cash proceeds. This filing mostly documents compensation and plan adjustments rather than a market purchase or sale signal.
Insider Transaction Report
- Award
Common Stock
[F1][F2]2025-10-07+11,013→ 53,670 total - Disposition to Issuer
Performance Stock Unit
[F3]2025-10-07−21,598→ 0 total→ Common Stock (21,598 underlying) - Disposition to Issuer
Performance Stock Unit
[F3]2025-10-07−26,998→ 0 total→ Common Stock (26,998 underlying) - Award
Stock Option (Right to Buy)
[F4]2025-10-07+11,013→ 11,013 totalExercise: $22.70Exp: 2035-10-07→ Common Stock (11,013 underlying) - Award
Stock Option (Right to Buy)
[F5]2025-10-07+41,794→ 41,794 totalExercise: $22.70Exp: 2035-10-07→ Common Stock (41,794 underlying) - Award
Stock Option (Right to Buy)
[F6]2025-10-07+28,271→ 28,271 totalExercise: $34.05Exp: 2035-10-07→ Common Stock (28,271 underlying)
Footnotes (6)
- [F1]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.
- [F2]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).
- [F3]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.
- [F4]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.
- [F5]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.
- [F6]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.