Light & Wonder (ASX:LNW) SVP reports RSU grants, vesting and share sale

Rhea-AI Filing Summary

Light & Wonder, Inc. senior vice president and chief accounting officer Vanja Kalabic reported a mix of restricted stock unit (RSU) awards, RSU vesting, tax-related share dispositions and an open-market sale of common stock. On March 4, 2026, Kalabic received RSU grants of 1,889 units as payment of the 2025 bonus, plus additional grants of 2,842 and 1,421 and 1,421 units under long-term incentive awards, each unit convertible into one share of common stock. One 1,889-unit RSU award vested and was converted into 1,889 common shares, with 756 shares delivered to satisfy tax withholding, leaving 8,174 common shares directly owned. On March 5, 2026, 646 RSUs vested and converted into 646 common shares, with 259 shares withheld for taxes and 1,520 shares sold in an open-market transaction at $90.19 per share. After these transactions, Kalabic directly owned 7,041 common shares, held via CHESS Depositary Interests traded on the Australian Securities Exchange.

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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X

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^*

Kalabic Vanja

(Last) (First) (Middle)

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. [ ASX:LNW ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP & Chief Accounting Officer

3. Date of Earliest Transaction (Month/Day/Year)
03/04/2026

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(1)	03/04/2026		M		1,889	A	$0	8,930	D
Common Stock(1)	03/04/2026		F		756	D	$91.05(2)	8,174	D
Common Stock(1)	03/05/2026		M		646	A	$0	8,820	D
Common Stock(1)	03/05/2026		F		259	D	$92.62(3)	8,561	D
Common Stock(1)	03/05/2026		S		1,520	D	$90.19(4)	7,041	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
Restricted Stock Units	(5)	03/04/2026		A		1,889		(5)	(5)	Common Stock	1,889	$0	1,889	D
Restricted Stock Units	(5)	03/04/2026		M			1,889	(5)	(5)	Common Stock	1,889	$0	0	D
Restricted Stock Units	(6)	03/04/2026		A		2,842		(6)	(6)	Common Stock	2,842	$0	2,842	D
Restricted Stock Units	(7)	03/04/2026		A		1,421		(7)	(7)	Common Stock	1,421	$0	1,421	D
Restricted Stock Units	(8)	03/04/2026		A		1,421		(8)	(8)	Common Stock	1,421	$0	1,421	D
Restricted Stock Units	(9)	03/05/2026		M			646	(9)	(9)	Common Stock	646	$0	1,293	D

Explanation of Responses:

1. Shares are held via CHESS Depositary Interests ("CDIs"), which 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.

2. Represents the satisfaction of tax withholding obligations upon the vesting of restricted stock units. Price converted from Australian Dollars into U.S. Dollars based on an exchange rate of $1 AUD to $0.7093 USD.

3. Represents the satisfaction of tax withholding obligations upon the vesting of restricted stock units. Price converted from Australian Dollars into U.S. Dollars based on an exchange rate of $1 AUD to $0.7075 USD.

4. Price converted from Australian Dollars into U.S. Dollars based on an exchange rate of $1 AUD to $0.7075 USD.

5. Represents restricted stock units granted pursuant to a determination by the Compensation Committee of the Board of Directors of the issuer as payment in respect of the annual bonus earned by the reporting person with respect to 2025. The number of units was determined by dividing the dollar value of the bonus earned, based on actual performance for 2025, by the average of the high and low prices of the CDIs on the day preceding the grant date. Since the restricted stock units are payment in respect of the 2025 bonus, they are subject to immediate vesting. Each unit converts into a share of common stock on a one-for-one basis.

6. The restricted stock units are scheduled to vest in three equal installments on March 4, 2027, 2028 and 2029.

7. The restricted stock units are scheduled to cliff vest on March 4, 2029, contingent upon the achievement of a performance goal. If the performance goal is not met by December 31, 2028, all restricted stock units are forfeited. Each unit converts into a share of common stock on a one-for-one basis.

8. The restricted stock units are scheduled to cliff vest on March 4, 2029, contingent upon the achievement of a performance goal. If the performance goal is not met by December 31, 2028, all restricted stock units are forfeited. Each unit converts into a share of common stock on a one-for-one basis.

9. Represents the vesting of one-third of restricted stock units granted on March 5, 2025. The balance of the award is scheduled to vest in two substantially equal installments on March 5, 2027 (646 shares) and March 5, 2028 (647 shares). Each restricted stock unit converts into a share of common stock on a one-for-one basis.

	/s/ Sweta Gabhawala, attorney-in-fact for Vanja Kalabic	03/06/2026
	** Signature of Reporting Person	Date
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FAQ

What insider transactions did Vanja Kalabic report for Light & Wonder (LNW)?

Vanja Kalabic reported RSU grants, RSU vesting into common stock, tax-withholding share dispositions, and an open-market sale of 1,520 common shares. These transactions reflect compensation-related equity awards rather than open-market purchases of new shares.

How many Light & Wonder shares did Vanja Kalabic sell in the latest Form 4?

The filing shows an open-market sale of 1,520 shares of Light & Wonder common stock at a price of $90.19 per share. Additional shares were disposed of solely to satisfy tax withholding obligations tied to RSU vesting events.

What restricted stock units did Vanja Kalabic receive from Light & Wonder (LNW)?

Kalabic received multiple RSU grants, including 1,889 units as payment for a 2025 bonus and additional long-term awards of 2,842, 1,421 and 1,421 units. Each restricted stock unit converts into one share of Light & Wonder common stock upon vesting, subject to stated conditions.

How are Vanja Kalabic’s Light & Wonder shares held and traded?

The common shares reported are held via CHESS Depositary Interests (CDIs), representing beneficial ownership in Light & Wonder common stock. These CDIs are publicly traded on the Australian Securities Exchange and each CDI corresponds to one fully paid common share.

How many Light & Wonder shares did Vanja Kalabic own after these transactions?

After the reported vesting, tax-withholding dispositions, and the open-market sale, Kalabic directly owned 7,041 shares of Light & Wonder common stock. This figure reflects holdings following the March 5, 2026 transactions disclosed in the Form 4 filing.

Were any of Vanja Kalabic’s Light & Wonder share disposals tax-related?

Yes. The filing identifies dispositions of 756 and 259 common shares as satisfying tax withholding obligations upon RSU vesting. These shares were delivered to cover taxes rather than being discretionary open-market sales for investment purposes.