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

Rhea-AI Filing Summary

Insider purchases by a director increased his stake in Light & Wonder, Inc. On 08/14/2025 Timothy Throsby, a company director, acquired shares in multiple open-market trades. He purchased 10,000 shares of Light & Wonder common stock at a weighted average price of $88.61, then acquired 2,201 CDIs at a weighted average U.S. dollar-equivalent price of $89.70 and 7,799 CDIs at a weighted average U.S. dollar-equivalent price of $90.24. Each CDI represents one share of common stock. The reported post-transaction beneficial ownership balances are 32,082; 34,283; and 42,082 shares respectively. Trades were executed in multiple transactions and the Form 4 was signed by attorney-in-fact James Sottile on 08/15/2025.

Positive

• Director purchase activity: Timothy Throsby increased his beneficial ownership through open-market purchases.
• Transparent execution detail: The filing discloses weighted average prices and notes that transactions were executed in multiple trades.
• CDI clarification: The filing explicitly states each CHESS Depositary Interest represents one share of common stock.

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: A director increased personal holdings through open-market purchases, a routine but positive governance signal.

The Form 4 shows Timothy Throsby, a director, made multiple open-market purchases on 08/14/2025 and increased his beneficial ownership to the levels reported. These purchases were executed in multiple trades and aggregated with weighted average prices reported. From a governance standpoint, director purchases can signal confidence in the company; however, the filing does not disclose the director's prior total ownership percentage or any strategic context, limiting assessment of materiality.

Securities Analyst

TL;DR: Insider buys of 20,000+ shares reported; transaction sizes and prices are explicit, but no financial impact metrics provided.

The filing details acquisitions totaling 20,000 CDIs/common shares across three reported entries at weighted average prices between $88.43 and $90.80 (converted where applicable). The report specifies CDIs equal one share each and discloses execution across multiple trades. Without company market capitalization or prior holdings percentage in the filing, the trades are informative for sentiment but not sufficient to gauge material impact on valuation.

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).

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^*

Throsby Timothy

(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)
08/14/2025

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	08/14/2025		P		10,000(1)	A	$88.61	32,082	D
Common Stock	08/14/2025		P		2,201(2)	A	$89.7(4)	34,283	D
Common Stock	08/14/2025		P		7,799(3)	A	$90.24(4)	42,082	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

Explanation of Responses:

1. The transaction was executed in multiple trades at prices ranging from $88.43 to $88.69. The price reported above reflects the weighted average purchase price. Details regarding aggregated purchase transactions will be provided upon request by the Commission staff, the issuer or a security holder of the issuer.

2. Reflects an open market purchase of 2,201 of the Issuer's CHESS Depositary Interests ("CDIs") on August 15, 2025 (Australia)/August 14, 2025 (U.S.). 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 Depositary Nominees Pty. Limited, a subsidiary of ASX Limited, the company that operates the ASX. Each CDI represents one fully paid share of common stock. The transaction was executed in multiple trades at prices ranging from $89.05 to $89.99. The price reported above reflects the weighted average purchase price. Details regarding aggregated purchase transactions will be provided upon request by the Commission staff, the issuer or a security holder of the issuer.

3. Reflects an open market purchase of 7,799 of the Issuer's CDIs on August 15, 2025 (Australia)/August 14, 2025 (U.S.). The transaction was executed in multiple trades at prices ranging from $90.00 to $90.80. The price reported above reflects the weighted average purchase price. Details regarding aggregated purchase transactions will be provided upon request by the Commission staff, the issuer or a security holder of the issuer.

4. Price converted from Australian Dollars into U.S. Dollars based on an exchange rate of $1 AUD to $0.6515 USD.

	/s/ James Sottile, attorney-in-fact for Timothy Throsby	08/15/2025
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What exactly did Timothy Throsby purchase in the Form 4 for LNW?

He purchased 10,000 shares of common stock and 10,000 CDIs combined via three reported transactions on 08/14/2025 (U.S. date), with weighted average prices of $88.61, $89.70 (CDIs), and $90.24 (CDIs).

What is a CDI and how does it relate to LNW common stock?

A CDI is a CHESS Depositary Interest traded on the ASX that the filing says represents one fully paid share of Light & Wonder common stock.

How many shares did Throsby beneficially own after the reported transactions?

Post-transaction beneficial ownership balances reported are 32,082; 34,283; and 42,082 shares corresponding to the separate entries in the Form 4.

When were the transactions and who signed the Form 4?

Transactions occurred on 08/14/2025 and the Form 4 was signed by attorney-in-fact James Sottile on 08/15/2025.

Were the purchases single trades or multiple trades?

The filing states purchases were executed in multiple trades and that reported prices are weighted averages across those trades.