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

Rhea-AI Filing Summary

Light & Wonder, Inc. director Antonia Korsanos reported an open-market purchase of 8,065 Chess Depositary Interests (CDIs) on 08/10/2025 (U.S.), executed in multiple block trades at prices ranging from $79.74 to $80.20 and a weighted-average purchase price of $80.05. Each CDI represents one fully paid share of common stock; the USD price reflects conversion from AUD at a rate of 1 AUD = $0.6518 USD. After the purchase Korsanos directly beneficially owns 22,815 shares; an additional 313 CDIs are shown as held by her child, which she disclaims beneficial ownership of. The Form 4 was signed by attorney-in-fact James Sottile on 08/11/2025.

Positive

• Open-market purchase of 8,065 CDIs executed, increasing direct holdings to 22,815 shares
• Weighted-average purchase price $80.05 with execution range $79.74–$80.20; USD conversion disclosed at 1 AUD = $0.6518

Negative

• None.

Insights

Financial Analyst

TL;DR: Director executed a modest open-market buy of 8,065 CDIs at a weighted $80.05, increasing direct holdings to 22,815.

The filing documents a straightforward open-market purchase of 8,065 CDIs on 08/10/2025 at a weighted-average price of $80.05, with execution prices between $79.74 and $80.20. Each CDI equals one share of common stock; the USD price was converted from AUD at 0.6518. The purchase raised direct holdings to 22,815 shares. For investors, this is a clear insider purchase disclosure but not, by itself, a material corporate event.

Corporate Governance Expert

TL;DR: Proper Form 4 disclosure shows an open-market acquisition and a disclosed indirect holding held by a child, with signature by attorney-in-fact.

The Form 4 was filed to report an open-market acquisition and properly notes an indirect position of 313 CDIs held by the reporting person’s child, which she disclaims. The form is signed by an attorney-in-fact, James Sottile, on 08/11/2025, and includes price conversion details. This is routine regulatory compliance and provides transparent record of the director’s transactions.

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

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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)
08/10/2025

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	08/10/2025		P		8,065(1)	A	$80.05(2)	22,815	D
Common Stock								313	I	By Child(3)

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. Reflects an open market purchase of 8,065 of the Issuer's Chess Depositary Interests ("CDIs") on August 11, 2025 (Australia)/August 10, 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 block trades at prices ranging from $79.74 to $80.20. 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. Price converted from Australian dollars into U.S. Dollars based on an exchange rate of $1 AUD to $0.6518 USD.

3. The reporting person disclaims beneficial ownership of the shares held by her child, which underly CDIs. 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.

	/s/ James Sottile, attorney-in-fact for Antonia Korsanos	08/11/2025
	** 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 did Antonia Korsanos report on the Form 4 for LNW?

She reported an open-market purchase of 8,065 CDIs on 08/10/2025 at a weighted-average price of $80.05, raising direct holdings to 22,815.

What is a CDI in the Light & Wonder filing?

The filing states a CDI is a unit of beneficial ownership in the company’s common stock traded on the ASX and that each CDI represents one fully paid share of common stock.

What price range and conversion rate are disclosed in the Form 4?

Trades executed between $79.74 and $80.20; the reported weighted-average price is $80.05, converted from AUD using 1 AUD = $0.6518 USD.

Does the filing show any indirect ownership?

Yes. The form shows 313 CDIs held by the reporting person’s child; the reporting person disclaims beneficial ownership of those shares.

Who signed the Form 4 and when?

The Form 4 was signed by attorney-in-fact James Sottile on 08/11/2025.