DALLAS, July 21, 2025 (GLOBE NEWSWIRE) -- Dave & Buster's Entertainment, Inc., (NASDAQ: PLAY), ("Dave & Buster's" or "the Company"), an owner and operator of entertainment and dining venues, announced today that the Company made awards of stock options ("Options") and performance stock units ("PSUs") to Tarun Lal, as a material inducement to Mr. Lal joining the Company as its Chief Executive Officer. The awards were approved by the Board in accordance with Listing Rule 5635(c)(4) of the corporate governance rules of the Nasdaq Stock Market and granted on July 15, 2025 (the "Grant Date") under the Dave & Buster's Entertainment, Inc. Inducement Plan (the "Inducement Plan").
The Company granted Mr. Lal Options, of which 124,766 Options will vest annually over three years from the Grant Date; an additional 124,766 Options will become earned in full if the Company's stock price doubles before February 1, 2028 and will vest subject to Mr. Lal's continued employment through the first anniversary of the date on which the Options became earned; an additional 83,177 Options will become earned in full if the Company's stock price triples before February 1, 2028 and will vest subject to Mr. Lal's continued employment through the first anniversary of the date on which the Options became earned; and an additional 31,191 Options will vest annually over three years subject to Mr. Lal's continued employment with the Company through each vesting date and conditioned on Mr. Lal's purchase of $1,000,000 of shares of the Company's common stock by December 31, 2026. The Company also granted Mr. Lal PSUs, of which 124,766 PSUs will become earned upon achievement of same store sales growth metrics over the specified performance period and once earned will vest annually over two years subject to Mr. Lal's continued employment through each vesting date and an additional 124,766 PSUs will be earned and vested based on achievement of certain 2027 Adjusted EBITDA, average same store sales growth and relative TSR metrics. The awards are subject to the terms and conditions of the Inducement Plan and the applicable award agreements, forms of which will be filed as exhibits to the Company's quarterly report on Form 10-Q for the quarter ended August 5, 2025, and such awards were also described in the Company's Form 8-K filed on July 15, 2025.
About Dave & Buster's Entertainment, Inc.
Founded in 1982 and headquartered in Coppell, Texas, Dave & Buster's Entertainment, Inc., is the owner and operator of 236 venues in North America that offer premier entertainment and dining experiences to guests through two distinct brands: Dave & Buster's and Main Event. The Company has 175 Dave & Buster's branded stores in 43 states, Puerto Rico, and Canada and offers guests the opportunity to "Eat Drink Play and Watch," all in one location. Each store offers a full menu of entrées and appetizers, a complete selection of alcoholic and non-alcoholic beverages, and an extensive assortment of entertainment attractions centered around playing games and watching live sports and other televised events. The Company also operates 61 Main Event branded stores in 22 states across the country, and offers state-of-the-art bowling, laser tag, hundreds of arcade games and virtual reality, making it the perfect place for families to connect and make memories. For more information about each brand, visit daveandbusters.com and mainevent.com.
For Investor Relations Inquiries:
Cory Hatton, Head of Entertainment Finance, Investor Relations & Treasurer
Dave & Buster's Entertainment, Inc.
Cory.Hatton@daveandbusters.com
