Lehner Les 4

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.