Robert M. Lavan
About Robert M. Lavan
Robert M. Lavan, 43, has served as Chief Financial Officer and Treasurer of Lucky Strike Entertainment (formerly Bowlero Corp.) since May 2023, following prior CFO roles at Bally’s Corporation, Turning Point Brands, and General Wireless Operations, plus analyst/portfolio manager roles on Wall Street; he holds a B.S. in Engineering from the University of Pennsylvania . Under his tenure, Lucky Strike’s revenues rose to $1,201.3M* in FY2025 from $1,154.6M* in FY2024 (≈+4.0%* YoY), with EBITDA at $286.6M* vs. $280.7M* (≈+2.1%* YoY), supporting a pay-for-performance framework anchored in EBITDA-based annual incentives and TSR-based PSUs* .
Values retrieved from S&P Global.*
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Bally’s Corporation (NYSE: BALY) | EVP & CFO; previously SVP Finance & Investor Relations | CFO since Apr 2022; SVP May 2021–Mar 2022 | Led finance and IR functions at a public gaming company |
| Turning Point Brands (NYSE: TPB) | Chief Financial Officer | Not disclosed | Public company CFO experience in consumer products |
| General Wireless Operations | Chief Financial Officer | Not disclosed | CFO of an electronics retailer |
| Wall Street (various) | Analyst and Portfolio Manager | Not disclosed | Buy-side and sell-side analytical and investment experience |
External Roles
No public-company board or external governance roles disclosed for Mr. Lavan in the proxy .
Fixed Compensation
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Base Salary ($) | $625,000 | $640,385 (time-weighted; increased to $725,000 effective May 7, 2025) |
| Target Bonus (%) | Not disclosed | 125% of base salary |
Performance Compensation
- Annual Incentive Plan (Cash) – FY2025:
- Metric: Company EBITDA (single metric; 100% weighting) .
- Threshold/Target/Max: 85%/100%/125% of EBITDA goal; payouts 25%/100%/200% of target respectively .
- Actual FY2025 Achievement: 90% of EBITDA goal; Payout Factor: 53% of target; CFO payout: $482,000 .
| Program | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual Incentive (FY2025) | EBITDA | 100% | 100% of goal | 90% of goal | 53% of target; $482,000 | Cash paid Sept 2025 |
Long-Term Incentives (Grant Decisions for FY2025 on Nov 4, 2024)
| Component | Grant-Date Value ($) | Design | Key Terms |
|---|---|---|---|
| PSUs | $781,251 | 50% of LTI | Relative TSR; target 75,265 PSUs; vest 11/4/2027; earn-out 0–200% of target; CIC deem-performance at target if service satisfied |
| RSUs | $390,620 | 25% of LTI | 37,632 RSUs; vest 1/3 annually on 11/4/2025, 11/4/2026, 11/4/2027; CIC acceleration if terminated without cause |
| Stock Options | $390,735 | 25% of LTI | 75,410 options @ $10.38; vest 1/3 annually on 11/4/2025, 11/4/2026, 11/4/2027; CIC acceleration if terminated without cause |
Equity Awards Detail (Outstanding and Granted)
| Award Type | Grant Date | Quantity | Strike/Terms | Vesting Schedule |
|---|---|---|---|---|
| Options (2023 Option; fully vested) | 5/11/2023 | 444,115 | $15.33 / $17.33 / $19.83 (equal tranches) | 1/2 on 1st and 2nd anniversaries; now fully vested |
| Options (BL Nov. 2024 Option) | 11/4/2024 | 75,410 | $10.38 | 1/3 on each of the 1st, 2nd, 3rd anniversaries |
| RSUs (Annual; time-based) | 9/9/2024 | 14,915 | 1:1 share settlement | Vested on 9/9/2025 |
| RSUs (BL Nov. 2024 RSUs) | 11/4/2024 | 37,632 | 1:1 share settlement | 1/3 on 11/4/2025, 11/4/2026, 11/4/2027 |
| PSUs (BL Nov. 2024 PSUs) | 11/4/2024 | 75,265 (target) | Relative TSR; 0–200% of target | Vest 11/4/2027; CIC deem at target if service condition met |
Equity Ownership & Alignment
| As of Date | Shares Owned | RSUs (unvested) | Options (exercisable or vesting ≤60 days) | Ownership % (Voting Power) | Notes |
|---|---|---|---|---|---|
| Oct 22, 2025 | 45,841 Class A | 12,544 RSUs | 469,251 options | <1% (“*”) | Beneficial ownership per SEC rules |
| Jun 29, 2025 (award status) | — | 37,632 RSUs; MV $343,580 at $9.13 close | Options: 75,410 @ $10.38; unvested (1/3 tranches) | — | PSU target 75,265; payout value $687,169 at $9.13 (target basis) |
- Hedging/Pledging: Company prohibits hedging and pledging by directors/officers/employees absent pre-approval from the Chief Legal Officer .
- Ownership Guidelines: Not disclosed; no pledging activity disclosed for Mr. Lavan in the proxy .
Employment Terms
| Item | Detail |
|---|---|
| Role & Tenure | CFO & Treasurer since May 2023 |
| Contract Status | Employment agreement amended May 7, 2025; base salary increased to $725,000; term extended to May 2027 |
| Severance (no cause / good reason) | 12 months of base salary paid monthly; up to 12 months of continued health coverage; subject to release and compliance with restrictive covenants |
| Change-in-Control Period | Same 12 months base salary paid as lump sum (vs. installments) |
| Restrictive Covenants | Confidentiality, IP, cooperation, non-compete, non-solicit (customers, employees, agents) |
Compensation Mix and Trends (FY2024–FY2025)
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Salary ($) | $625,000 | $640,385 |
| Stock Awards ($) | — | $945,305 |
| Option Awards ($) | — | $390,735 |
| Non-Equity Incentive ($) | $304,688 | $482,000 |
| All Other Compensation ($) | $15,274 | $18,963 |
| Total ($) | $994,962 | $2,477,388 |
- 401(k): Named executive officers are eligible to participate in Lucky Strike’s tax-qualified 401(k) plan .
- Perquisites: “All Other Compensation” for executives generally includes disability benefits, medical and life insurance premiums, and imputed taxable income from life insurance coverage; aircraft personal use applies to CEO only (not CFO) .
Company Performance Context
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Revenues ($) | $1,154,614,000* | $1,201,333,000* |
| EBITDA ($) | $280,728,000* | $286,595,000* |
Values retrieved from S&P Global.*
Governance and Risk Indicators
- Compensation Committee: Independent; chaired by John A. Young; engaged Mercer as independent consultant in FY2025 .
- Related Party Controls: Formal Related Person Transaction Policy; Audit Committee oversight .
- Section 16(a) Compliance: Proxy indicates compliance for FY2025, with one late Form 4 for another executive (Lev Ekster); no late filings noted for Mr. Lavan .
- Hedging/Pledging Restrictions: Prohibited absent pre-approval; trading while in possession of MNPI prohibited .
Insider Selling Pressure and Vesting Dynamics
- Near-term vesting cadence: RSUs from the Nov 4, 2024 grant vest one-third annually (2025–2027); options from the same grant vest one-third annually; 2023 options fully vested—potential exercise dynamics depend on market price vs. strikes .
- PSU event: Large PSU tranche (75,265 target) cliff-vests on Nov 4, 2027 based on relative TSR, with CIC deeming at target if service is satisfied—creating a potential discrete settlement and possible sale planning around tax events .
- Policy mitigants: Hedging/pledging restrictions reduce forced selling risk, although pre-approval exceptions are theoretically possible .
Investment Implications
- Alignment: Strong pay-for-performance design—annual cash incentives tied solely to EBITDA with calibrated thresholds/max, and long-term equity split evenly across options/RSUs/TSR-PSUs—aligns CFO incentives with profitability and shareholder returns .
- Retention risk: Contract through May 2027 with standard severance and CIC lump-sum salary; multi-year RSU/option vesting and a 2027 PSU cliff help anchor retention, though CIC provisions accelerate certain awards at target, potentially reducing post-CIC stickiness .
- Selling pressure: Annual RSU and option vesting schedules through 2027 and a large 2027 PSU vesting may create periodic liquidity events; however, company policies constrain hedging/pledging, and no pledging is disclosed for the CFO .
- Execution track record: Prior CFO roles across multiple public companies and Wall Street experience support financial discipline; FY2025 EBITDA shortfall to target produced a 53% payout, evidencing discipline in cash incentive outcomes .
- Governance: Independent compensation committee, use of Mercer, and formal related-party controls lower governance risk; no delinquent Section 16(a) filings noted for Lavan .