Megan Tobin
Dave & Buster's EntertainmentAbout Megan Tobin
Megan Tobin is Chief Marketing Officer at Dave & Buster’s (PLAY) since December 2023; she is 39 and holds a B.A. in English from the University of Nevada–Las Vegas . Prior roles include senior brand and digital marketing leadership at MGM Resorts International and LTK, with a decade of entertainment marketing experience . During her tenure to date, company performance tightened: FY2023 revenue was $2.17B with adjusted EBITDA $555.6M and no annual bonuses paid under the plan given misses vs targets ; FY2024 revenue declined 3.3% to $2.1B and adjusted EBITDA was $506.2M . Pay design emphasizes equity alignment, clawbacks, and anti-pledging/hedging controls .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| LTK (formerly rewardStyle/LIKEtoKNOW.it) | Head of Marketing | Mar 2021–Dec 2023 | Led creator-platform marketing; brand growth and partnerships |
| MGM Resorts International | Corporate VP, Media & Brand Marketing; Director, Digital Marketing & Media | Jul 2015–Mar 2021; 2007–2013 | Drove brand/media strategy and digital performance across destination casino-resort portfolio |
| R&R Partners | Head of Media & Digital Marketing | 2013–2015 | Led agency-side media/digital for large hospitality/entertainment clients |
External Roles
- No public-company directorships or committee roles disclosed .
Fixed Compensation
| Item | FY 2023 | Notes |
|---|---|---|
| Base Salary (annualized) | $375,000 | New NEO base set in FY2023; joined Dec 2023 |
| Target Bonus % of Salary | 60% | Threshold 30%; Max 120% |
| Actual Bonus Paid | $0 | Company did not meet plan thresholds |
Performance Compensation (FY 2023 Executive Incentive Plan)
| Metric | Weight | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Incentive Adjusted EBITDA | 60% | $625.0M | $562.8M (52-week adjusted) | 0% | Cash bonus (none paid) |
| Total Revenue | 15% | $2,340.0M | $2,165.8M (52-week adjusted) | 0% | Cash bonus (none paid) |
| Comparable Store Sales Growth | 25% | 3.8% | (6.2%) | 0% | Cash bonus (none paid) |
Equity Grants and Vesting (Officer 5‑Year Grant; joining awards)
| Grant Date | Award Type | Shares | Fair Value | Terms (vesting/strike/performance) |
|---|---|---|---|---|
| 1/16/2024 | RSUs (Officer 5-year) | 11,250 | $554,963 | Vest in 5 equal annual installments starting 1/16/2025 |
| 1/16/2024 | RSUs (joining) | 1,969 | $99,986 | 1-year vest on 1/16/2025 |
| 1/16/2024 | PSUs (200% stock-price goal) | 20,271 | $525,424 | Earn/vest 100% if stock achieves 200% increase; scheduled vest 1/16/2029 |
| 1/16/2024 | PSUs (300% stock-price goal) | 16,217 | $372,829 | Earn/vest 100% if stock achieves 300% increase; scheduled vest 1/16/2029 |
| 1/16/2024 | Stock Options | 8,514 | $138,948 | Strike $49.03; vest in 3 equal annual installments starting 1/16/2025 |
| 1/16/2024 | Stock Options (purchase-conditioned) | 10,135 | $222,666 | Strike $49.03; vest in 5 equal annual installments starting 1/16/2025; requires meeting share-purchase condition (window not expired as of FY2023 close) |
Design context: Officer 5-year grants use stretch stock price goals (200%/300%), long vesting, and—in some awards—company-matched options conditioned on executive open-market share purchases to deepen ownership .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (as of 4/3/2024) | 13,219 shares; <1% of outstanding |
| Options exercisable within 60 days (as of 4/3/2024) | 0 |
| Unvested RSUs | 1,969 (joining) and 11,250 (Officer 5-year) |
| Unvested PSUs | 20,271 (200% stock price) and 16,217 (300% stock price) |
| Unvested Stock Options | 8,514 and 10,135 (purchase-conditioned) |
| Ownership Guidelines | Other SVPs: 2x base salary; 5 years to comply |
| Hedging/Pledging | Prohibited by insider trading policy and compensation practices |
| Clawback | SEC/Nasdaq-compliant clawback adopted Oct 2023 (3 fiscal years; regardless of fault) |
| Compliance Status | Not disclosed (standard 5-year compliance window applies) |
Employment Terms
| Term | Key Provision |
|---|---|
| Start Date & Role | Chief Marketing Officer since Dec 2023 |
| Agreement Structure | Initial 1-year term; auto-renews annually |
| Non-Compete / Non-Solicit | 1-year non-compete; 2-year non-solicit/non-hire |
| Severance (no CoC) | 12 months base salary; pro‑rata current-year bonus if earned; 12 months COBRA premiums |
| Change-in-Control Mechanics | For 2014-plan awards: double-trigger; PSUs convert to time-based RSUs at target/actual, with continued vesting; 5‑year PSUs vest only if price requirement met; paid out 50%/25%/25% annually |
| Plan Governance & Shareholder Protections | 2025 Omnibus Plan: no single‑trigger equity vesting; no repricing/cash buyout without shareholder approval; no excise tax gross‑ups; no evergreen; independent committee administration; clawback; no dividends on unvested awards |
Compensation Peer Group & Shareholder Feedback
- FY2023 peer group spanned experiential dining, entertainment, gaming, hotels/resorts/cruise; includes Cheesecake Factory, Bloomin’ Brands, Texas Roadhouse, Cinemark, Cedar Fair, Six Flags, Dine Brands, Golden Entertainment, etc. .
- FY2024/2025 peer methodology updated (e.g., Bally’s, Red Rock, Topgolf Callaway Brands, Vail Resorts), reflecting mix and talent markets .
- Say‑on‑pay approvals: 91% in 2023 ; 95% in 2024, signaling strong investor support for pay practices .
Investment Implications
- Alignment: Tobin’s pay mix is predominantly long-dated equity with stringent stock-price PSUs, ownership guidelines, clawback, and anti‑pledging—shareholder‑friendly with high at‑risk pay .
- Retention risk: Multi‑year RSU/option ladders (2025–2029) and 200%/300% stock‑price hurdles promote retention; failure to meet these hurdles zeroes PSU vesting, increasing performance sensitivity .
- Near-term selling pressure: Annual RSU tranches (starting 1/16/2025) and option vests may create periodic tax‑related selling; options require in‑the‑money status and, for one grant, satisfaction of share‑purchase conditions .
- Execution risk and trading signal: Company missed FY2023 and FY2024 incentive targets, resulting in no annual bonus payouts for NEOs, underscoring urgency to restore same‑store sales growth and EBITDA trajectory; large PSU overhang tied to 2027 EBITDA ($600–$675M) and 3–5% average same‑store sales growth will reward durable operational improvement .