[Form 4] Dave & Buster's Entertainment, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Viking Global Investors LP and multiple affiliated vehicles filed a Schedule 13G disclosing 17,049,178 shares of Fortive Corp. (FTV), equal to 5.02 % of Fortive’s 339.9 million outstanding shares (reference date 28 Apr 2025).

The entire position carries shared voting and dispositive power; no party holds sole authority. Key holders include Viking Global Equities Master (11.05 M; 3.3 %), Viking Long Fund Master (3.95 M; 1.2 %), Viking Global Opportunities Liquid Portfolio (1.83 M; 0.5 %) and Viking Global Equities II (0.23 M; 0.1 %). Executive Committee members O. Andreas Halvorsen, David C. Ott and Rose S. Shabet may be deemed beneficial owners of the full 5.02 % through their control of the entities. The filing certifies the stake is passive and not intended to change or influence control of the issuer.

Positive

• Viking Global Investors and affiliates now own 5.02 % (17.0 M shares) of Fortive’s common stock, highlighting increased institutional interest from a prominent hedge fund manager.

Negative

• None.

Insights

Financial Analyst

TL;DR: Viking declares a passive 5 % Fortive stake; raises institutional visibility, but offers no strategic signal.

Viking’s 17.0 M-share position confirms that a respected hedge fund family has accumulated a meaningful but sub-control block in Fortive. While 5 % crosses the reporting threshold, the Schedule 13G (not 13D) and explicit certification indicate a non-activist, purely investment stance. The holding is diversified across several Viking funds, reducing concentration risk and suggesting liquidity management rather than a single high-conviction bet. Investors may view the purchase as a vote of confidence in Fortive’s fundamentals, yet absent further filings (e.g., 13D, board nominations) the near-term governance or strategic impact should be minimal.

Corporate Governance Specialist

TL;DR: 5 % block is noteworthy, but passive filing limits governance implications.

The joint filers expressly disclaim any intent to influence control, satisfying Rule 13d-1(b)/(c) criteria. All voting and dispositive powers are shared among entities managed from Stamford, Connecticut, and no single individual wields unilateral authority. Such structure reduces the likelihood of coordinated activism. Should Viking’s ownership rise above 10 %, additional Section 16 obligations would trigger; as of now, compliance risk appears low. Shareholders should monitor future amendments for stance changes, but current disclosure signals limited governance impact.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Lal Tarun

(Last) (First) (Middle)

1221 S. BELT LINE RD., SUITE 500

(Street)

COPPELL TX 75019

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Dave & Buster's Entertainment, Inc. [ PLAY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/22/2025		P		8,060	A	$31.2551(1)	8,060	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$32.06	07/15/2025		A		124,766		(2)	07/15/2035	Common Stock	124,766	$0	124,766	D
Stock Option (Right to Buy)	$32.06	07/15/2025		A		124,766		(3)	07/15/2035	Common Stock	124,766	$0	124,766	D
Stock Option (Right to Buy)	$48.09	07/15/2025		A		83,177		(4)	07/15/2035	Common Stock	83,177	$0	83,177	D
Stock Option (Right to Buy)	$32.06	07/15/2025		A		31,191		(5)	07/15/2035	Common Stock	31,191	$0	31,191	D

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions ranging from $30.93 to $31.51, inclusive. The reporting person undertakes to provide the Registrant, any security holder of the Registrant or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price with the ranges set forth in this footnote (1) to this Form 4.

2. The option vests in equal installments on July 15, 2026, 2027 and 2028, subject to the Reporting Person's continued employment through the applicable vesting date.

3. The option will become earned in full on the first date occurring before February 1, 2028 on which the 60-day trailing volume weighted average price ("VWAP") of the Issuer's common stock is equal to or greater than the exercise price multiplied by 2 (the "2X Attainment Date"). Thereafter, this option will vest in full during the period beginning on the first anniversary and ending on the second anniversary of the 2X Attainment Date, based on the Issuer's 60-day trailing VWAP performance during such period and subject to certain terms and conditions specified in the applicable award agreement.

4. The option will become earned in full on the date occurring before February 1, 2028 on which the 60-day trailing VWAP of the Issuer's common stock is equal to or greater than the exercise price multiplied by 3 (the "3X Attainment Date"). Thereafter, this option will vest in full during the period beginning on the first anniversary and ending on the second anniversary of the 3X Attainment Date, based on the Issuer's 60-day trailing VWAP performance during such period and subject to certain terms and conditions specified in the applicable award agreement.

5. The option will become earned in full if the Reporting Person purchases varioius tranches of shares of the Issuer's common stock valued at $1,000,000 (in total) on the open market at various times occurring on and prior to December 31, 2026. Provided such purchases are made, this option will vest over three years in equal installments on July 15, 2026, 2027 and 2028, subject to the Reporting Person's continued employment through the applicable vesting date.

	Sherri M. Smith, Attorney-in-Fact	07/24/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

How many Fortive (FTV) shares does Viking Global now own?

17,049,178 shares, as reported in the Schedule 13G.

What percentage of Fortive’s outstanding shares does Viking’s position represent?

The holding equals 5.02 % of the 339,882,279 shares outstanding.

Is Viking Global’s filing passive or activist in nature?

The Schedule 13G is passive; filers certify no intent to influence control.

Which Viking fund holds the largest block of Fortive stock?

Viking Global Equities Master Ltd. holds 11,050,390 shares (3.3 % of the class).

Do any individuals personally own Fortive shares?

Executives O. Andreas Halvorsen, David C. Ott and Rose S. Shabet are deemed beneficial owners through control of the entities but hold no shares directly.