[Form 4] Light & Wonder, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Antonia Korsanos, a director of Light & Wonder, Inc. (LNW), reported the vesting and acquisition of restricted stock units on 10/01/2025. Two vesting events converted 1,417 and 3,333 RSUs into common shares at a conversion price of $0, increasing her direct beneficial ownership to 27,565 shares after the second transaction. The report also discloses 313 shares held indirectly by her child (Chess Depositary Interests on the ASX), which the reporting person disclaims beneficial ownership of. The Form 4 was signed by James Sottile as attorney-in-fact on behalf of Ms. Korsanos.

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

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

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Korsanos Antonia

(Last) (First) (Middle)

C/O LIGHT & WONDER, INC.

6601 BERMUDA ROAD

(Street)

LAS VEGAS NV 89119

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Light & Wonder, Inc. [ LNW ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
10/01/2025

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	10/01/2025		M		1,417	A	$0	24,232	D
Common Stock	10/01/2025		M		3,333	A	$0	27,565	D
Common Stock								313	I	By Child(1)

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
Restricted Stock Units	(2)	10/01/2025		M			1,417	(2)	(2)	Common Stock	1,417	$0	1,418	D
Restricted Stock Units	(3)	10/01/2025		M			3,333	(3)	(3)	Common Stock	3,333	$0	3,334	D

Explanation of Responses:

1. The reporting person disclaims beneficial ownership of the shares held by her child, which underly Chess Depositary Interests ("CDIs"). CDIs are units of beneficial ownership in shares of common stock of the Company that are publicly traded on the Australian Securities Exchange (the "ASX") and held by CHESS Depository Nominees Pty Limited, a subsidiary of ASX Limited, the company that operates the ASX. Each CDI represents one fully paid share of common stock. This report should not be deemed an admission that the reporting person is the beneficial owner of her child's shares for purposes of Section 16 or for any other purpose.

2. Represents vesting of one-third of the restricted stock units granted on December 11, 2023. The balance of the award is scheduled to vest on October 1, 2026. Each unit converts into a share of common stock on a one-for-one basis.

3. Represents vesting of one-third of the restricted stock units granted on December 11, 2023. The balance of the award is scheduled to vest on October 1, 2026. Each unit converts into a share of common stock on a one-for-one basis.

	/s/ James Sottile, attorney-in-fact for Antonia Korsanos	10/03/2025
	** 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).
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