Hill Path Capital Partners GP LLC 4

What Happened

• Scott Ross (managing partner of Hill Path) received two awards of restricted stock units (RSUs) tied to Dave & Buster’s (PLAY). The filing shows two grants: 518 RSUs on 2026-01-27 and 518 RSUs on 2026-02-05, each acquired at $0.00 (standard for awards). The RSUs will vest on January 27, 2027 and February 5, 2027 respectively. This is an award/grant (transaction code A), not an open-market purchase or sale.

Key Details

• Transaction dates and counts: 2026-01-27 — 518 RSUs; 2026-02-05 — 518 RSUs (total 1,036 RSUs).
• Price: $0.00 per share reported (awarded, not purchased).
• Vesting: 1/27/2027 (first award) and 2/5/2027 (second award).
• Shares owned after transaction: not specified in the filing.
• Filing: Form 4 filed 2026-03-13 (the report covers transactions dated 2026-01-27 and 2026-02-05); this filing is later than the usual 2-business-day reporting window.
• Notable footnotes: the report is filed jointly by multiple Hill Path entities and Scott Ross; the filing notes Hill Path entities may collectively be a >10% Section 13(d) group and includes standard disclaimers about beneficial ownership. The report is the first of two identical filings due to SEC e-filing limits.

Context

• RSU awards are compensation grants that convert to shares if/when they vest; they do not involve an immediate cash outlay or open-market purchase and are not an immediate signal of buying/selling activity.
• Because this filing involves an investment firm and related entities (Hill Path) and includes a managing partner, note the distinction between institutional holdings and routine executive compensation.
• The late filing means the market learned of these grants after the award dates; late filings are disclosed publicly but do not change the nature of the award.