Light & Wonder (LNW) director group discloses indirect stock sales and 8.2M shares held

Rhea-AI Filing Summary

Light & Wonder, Inc. director reporting persons disclosed multiple sales of common stock on 12/29/2025. The transactions, all marked with code "S" for sale, involved blocks of 2,932, 5,940, 11,065 and 63 shares at weighted average prices of approximately $101.972, $102.9429, $103.8941 and $104.4428 per share.

The filing states that these prices reflect weighted averages for trades executed within specified ranges from $101.73 up to $104.16, and that full trade details are available upon request. After the reported transactions, the reporting persons indirectly held 8,212,187 shares of Light & Wonder common stock through investments in private funds and expressly disclaim beneficial ownership beyond their pecuniary interest.

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^*

Fine Capital Partners, L.P.

(Last) (First) (Middle)

3 COLUMBUS CIRCLE

15TH FLOOR

(Street)

NEW YORK NY 10019

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Light & Wonder, Inc. [ LNWO ]

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

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/29/2025

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

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

	Form filed by One Reporting Person
X	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, $.001 par value	12/29/2025		S		2,932	D	$101.972(1)	8,229,255	I	See footnote(4)
Common Stock, $.001 par value	12/29/2025		S		5,940	D	$102.9429(2)	8,223,315	I	See footnote(4)
Common Stock, $.001 par value	12/29/2025		S		11,065	D	$103.8941(3)	8,212,250	I	See footnote(4)
Common Stock, $.001 par value	12/29/2025		S		63	D	$104.4428	8,212,187	I	See footnote(4)

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

1. Name and Address of Reporting Person^*

Fine Capital Partners, L.P.

(Last) (First) (Middle)

3 COLUMBUS CIRCLE

15TH FLOOR

(Street)

NEW YORK NY 10019

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Fine Capital Advisors, LLC

(Last) (First) (Middle)

3 COLUMBUS CIRCLE

15TH FLOOR

(Street)

NEW YORK NY 10019

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Fine Debra

(Last) (First) (Middle)

3 COLUMBUS CIRCLE

15TH FLOOR

(Street)

NEW YORK NY 10019

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. This reported price is a weighted average price. These shares were bought in multiple transactions within the range of $101.73 to $102.64. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares bought at each separate price within the range set forth in this footnote.

2. This reported price is a weighted average price. These shares were bought in multiple transactions within the range of $102.79 to $103.71. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares bought at each separate price within the range set forth in this footnote.

3. This reported price is a weighted average price. These shares were bought in multiple transactions within the range of $103.81 to $104.16. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares bought at each separate price within the range set forth in this footnote.

4. The amount reported represents the Reporting Persons' pecuniary interest held through an investment in private funds. Each Reporting Person disclaims beneficial ownership in the securities reported on this Form 4 except to the extent of its or his pecuniary interest, if any, therein, and this report shall not be deemed to be an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

	FINE CAPITAL PARTNERS, L.P., By: Fine Capital Advisors, LLC, its general partner, By: /s/ Debra Fine, Debra Fine	12/31/2025
	FINE CAPITAL ADVISORS, LLC, By: /s/ Debra Fine, Debra Fine, Manager	12/31/2025
	DEBRA FINE /s/ Debra Fine	12/31/2025
	** 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).
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FAQ

What insider activity did Light & Wonder (LNW) report in this Form 4?

The filing reports that a director-related group sold multiple blocks of Light & Wonder, Inc. common stock on 12/29/2025. The transactions used code "S" for sale and reduced their indirectly held position while leaving a sizable indirect ownership stake outstanding.

How many Light & Wonder (LNW) shares were held after the reported trades?

Following the reported 12/29/2025 transactions, the reporting persons beneficially owned 8,212,187 shares of Light & Wonder common stock on an indirect basis through investments in private funds.

At what prices were the Light & Wonder (LNW) shares traded in this Form 4?

The reported weighted average sale prices were approximately $101.972, $102.9429, $103.8941 and $104.4428 per share. Footnotes explain that these are weighted averages for trades within ranges from $101.73 up to $104.16, with more detailed trade data available upon request.

What is the relationship of the reporting persons to Light & Wonder (LNW)?

The reporting persons are identified as related to Light & Wonder, Inc. in the capacity of director. They report indirect ownership through private funds and specifically disclaim beneficial ownership beyond their pecuniary interest in the securities.

Were the Light & Wonder (LNW) transactions tied to a Rule 10b5-1 trading plan?

The form includes a checkbox to indicate if trades are under a Rule 10b5-1(c) plan that is intended to satisfy the affirmative defense conditions. The excerpt shows this disclosure framework, but the key detail is that the reported transactions are standard Form 4 insider trades with code "S" for sale.

How are the reporting persons’ Light & Wonder (LNW) holdings structured?

The filing notes that the reported 8,212,187 shares reflect the reporting persons’ pecuniary interest held through investments in private funds. Each reporting person disclaims beneficial ownership of the securities except to the extent of its or his pecuniary interest.