Light & Wonder (NASDAQ: LNW) CFO boosts stake through RSU vesting and tax withholding

Rhea-AI Filing Summary

Light & Wonder EVP, CFO & Treasurer Oliver Chow increased his equity stake through RSU vesting and exercises. On March 20, 2026, he exercised and vested restricted stock units covering 4,667 shares of common stock, including performance-based awards where 100% of the RSUs vested after three-year criteria were met.

The transactions reflect one-third vesting of grants from August 25, 2023 and March 20, 2024, plus cliff vesting of performance RSUs, all converting into common stock on a one-for-one basis. To satisfy tax obligations, 1,838 shares were withheld at a price of $78.61 per share, rather than sold in the open market.

Following these compensation-related events, Chow directly owns 8,975 shares of common stock, held via CHESS Depositary Interests on the Australian Securities Exchange, with no remaining derivative positions reported in this filing.

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^*

Chow Oliver

(Last) (First) (Middle)

C/O LIGHT & WONDER, INC.

6601 BERMUDA ROAD

(Street)

LAS VEGAS NEVADA 89119

(City) (State) (Zip)

UNITED STATES

(Country)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/20/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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)	03/20/2026		X		711	A	$0	6,857	D
Common Stock(1)	03/20/2026		F		280	D	$78.61(2)	6,577	D
Common Stock(1)	03/20/2026		M		1,826	A	$0	8,403	D
Common Stock(1)	03/20/2026		F		719	D	$78.61(2)	7,684	D
Common Stock(1)	03/20/2026		X		1,065	A	$0	8,749	D
Common Stock(1)	03/20/2026		F		419	D	$78.61(2)	8,330	D
Common Stock(1)	03/20/2026		X		1,065	A	$0	9,395	D
Common Stock(1)	03/20/2026		F		420	D	$78.61(2)	8,975	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	(3)	03/20/2026		X			711	(3)	(3)	Common Stock	711	$0	0	D
Restricted Stock Units	(4)	03/20/2026		M			1,826	(4)	(4)	Common Stock	1,826	$0	1,827	D
Restricted Stock Units	(5)	03/20/2026		X			1,065	(5)	(5)	Common Stock	1,065	$0	0	D
Restricted Stock Units	(6)	03/20/2026		X			1,065	(6)	(6)	Common Stock	1,065	$0	0	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 $0.7023 USD.

3. Represents the vesting of one-third of restricted stock units granted on August 25, 2023. The award has fully vested. Each restricted stock unit converts into a share of common stock on a one-for-one basis.

4. Represents the vesting of one-third of restricted stock units granted on March 20, 2024. The balance of the award is scheduled to vest on March 20, 2027. Each restricted stock unit converts into a share of common stock on a one-for-one basis.

5. Represents the cliff vesting of restricted stock units granted on August 25, 2023, subject to the achievement of performance criteria over a three-year period. Based on the level of achievement, 100% of the RSUs vested and converted into shares of common stock on a one-for-one basis.

6. Represents the cliff vesting of restricted stock units granted on August 25, 2023, subject to the achievement of performance criteria over a three-year period. Based on the level of achievement, 100% of the RSUs vested and converted into shares of common stock on a one-for-one basis.

	/s/ Sweta Gabhawala, attorney-in-fact for Oliver Chow	03/24/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transactions did Light & Wonder (LNW) CFO Oliver Chow report?

Oliver Chow reported vesting and exercises of restricted stock units converting into 4,667 shares of common stock. These include time-based and performance-based RSUs, with no open-market purchases or sales, reflecting routine equity compensation rather than discretionary trading activity.

How many Light & Wonder (LNW) shares does CFO Oliver Chow hold after this Form 4?

After the reported transactions, Oliver Chow directly holds 8,975 shares of Light & Wonder common stock. These are held via CHESS Depositary Interests on the Australian Securities Exchange, with each CDI representing one fully paid share of common stock.

Were any Light & Wonder (LNW) shares sold by CFO Oliver Chow in the market?

No open-market sales were reported. Shares labeled with transaction code F represent 1,838 shares withheld to cover tax obligations at $78.61 per share, rather than discretionary sales, so they do not signal a change in his market outlook.

What RSU awards vested for Light & Wonder (LNW) CFO Oliver Chow?

One-third of RSUs granted on August 25, 2023 and March 20, 2024 vested, along with performance-based RSUs granted on August 25, 2023. The performance awards vested at 100% based on achieved criteria, each RSU converting into one share of common stock.

How were the tax-withholding share values calculated in the LNW Form 4?

Tax-withholding dispositions used a price of $78.61 per share, converted from Australian dollars. The company applied an exchange rate of $1 AUD to $0.7023 USD to translate the ASX trading price for these compensation-related tax settlements.

Does Light & Wonder (LNW) CFO still hold unexercised RSUs or derivatives after this filing?

The filing’s derivative section shows no remaining derivative positions for Oliver Chow after these transactions. The reported RSUs fully vested and converted into common stock on a one-for-one basis, leaving only directly held common shares disclosed.