Lehner Les 4

What Happened
Les Lehner, SVP and Chief Development Officer of Dave & Buster's Entertainment, Inc. (PLAY), was granted equity awards on June 2, 2026. The Form 4 reports: 28,576 restricted stock units (RSUs) granted (acquired at $0.00) and 12,247 performance-based restricted stock units (PSUs, reported as a derivative award) also granted at $0.00. These are compensation awards (transaction code A), not open-market purchases or sales.

Key Details

• Transaction date: 2026-06-02; Form filed 2026-06-03 (timely).
• Awards: 28,576 RSUs (vest in three equal annual installments on June 2, 2027, 2028, 2029) and 12,247 PSUs (target-achievable, tied to fiscal 2026 performance).
• Price/value reported: $0.00 per share at grant (typical for RSU/PSU grants; intrinsic value will depend on future stock price and achievement of performance goals).
• PSU condition: 100% of the PSUs are earned only if Same Store Sales for the fiscal-2026 performance period are positive.
• Shares owned after the transaction: not specified in the provided filing excerpt.
• No tax-withholding or sale-for-taxes noted in the provided footnotes; transaction code A indicates an award/grant.

Context

• RSUs are time-based restricted units that convert to shares as they vest (here, over three years). PSUs are contingent awards that only convert to shares if performance goals are met—until then they are not guaranteed shares.
• These awards are compensation and routine for executives; they do not represent a cash purchase (bullish signal) or a sale (liquidation). They increase potential future ownership if vesting and performance conditions are met.