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

Rhea-AI Filing Summary

Light & Wonder, Inc. executive Oliver Chow, EVP, CFO & Treasurer, reported multiple equity compensation transactions involving restricted stock units (RSUs) and common stock. On March 4, he received several RSU grants totaling 7,147, 3,573 and 3,573 units at no cost, including an award used as payment of his 2025 annual bonus that vested immediately based on 2025 performance. Other RSUs are scheduled to vest in three equal installments on March 4, 2027, 2028 and 2029, or to cliff vest on March 4, 2029 if performance goals are met by December 31, 2028.

On March 4 and 5, Chow exercised RSUs into common stock, acquiring 5,144 and 1,961 shares, respectively, at $0.00 per share. To cover tax withholding on these vestings, 2,025 shares at $91.05 and 772 shares at $92.62 were automatically disposed of. He also sold 5,144 shares of common stock in an open‑market transaction at an average price of $90.22 per share, with individual trade prices ranging from $89.31 to $89.38. After these transactions, he directly holds 6,146 shares of common stock and 3,924 RSUs. All holdings are in CHESS Depositary Interests, each representing one share traded on the ASX.

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
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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^*

Chow Oliver

(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)
	EVP, CFO & Treas

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		5,144	A	$0	12,126	D
Common Stock(1)	03/04/2026		F		2,025	D	$91.05(2)	10,101	D
Common Stock(1)	03/05/2026		M		1,961	A	$0	12,062	D
Common Stock(1)	03/05/2026		F		772	D	$92.62(3)	11,290	D
Common Stock(1)	03/05/2026		S		5,144(4)	D	$90.22(5)	6,146	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	(6)	03/04/2026		A		5,144		(6)	(6)	Common Stock	5,144	$0	5,144	D
Restricted Stock Units	(6)	03/04/2026		M			5,144	(6)	(6)	Common Stock	5,144	$0	0	D
Restricted Stock Units	(7)	03/04/2026		A		7,147		(7)	(7)	Common Stock	7,147	$0	7,147	D
Restricted Stock Units	(8)	03/04/2026		A		3,573		(8)	(8)	Common Stock	3,573	$0	3,573	D
Restricted Stock Units	(9)	03/04/2026		A		3,573		(9)	(9)	Common Stock	3,573	$0	3,573	D
Restricted Stock Units	(10)	03/05/2026		M			1,961	(10)	(10)	Common Stock	1,961	$0	3,924	D

Explanation of Responses:

1. Shares are held in 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. The transaction was executed in multiple trades at prices ranging from $89.31 to $89.38. The price reported above reflects the weighted average sale price. Details regarding aggregated sale transactions will be provided upon request by the Commission staff, the issuer or a security holder of the issuer.

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

6. 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.

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

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. 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.

10. 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 equal installments of 1,962 shares on March 5, 2027 and March 5, 2028. Each restricted stock unit converts into a share of common stock on a one-for-one basis.

	/s/ Sweta Gabhawala, attorney-in-fact for Oliver Chow	03/06/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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** 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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