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

Rhea-AI Filing Summary

Oliver Chow, Executive Vice President, Chief Financial Officer and Treasurer of Light & Wonder, Inc. (LNW), reported insider transactions on 08/25/2025. 879 restricted stock units vested (one-for-one conversion to common stock) and were reported as acquired with a $0 price after settlement of tax-withholding obligations. Separately, 346 shares were disposed of in an open-market sale at $91.36 per share. Following these transactions, Mr. Chow beneficially owned 5,765 shares of common stock.

Positive

• Scheduled RSU vesting completed as planned, converting 879 units into common shares
• Clear disclosure of tax-withholding satisfaction and remaining vesting schedule (next vesting 08/25/2026)

Negative

• Insider sale of 346 shares at $91.36, reducing beneficial ownership from 6,111 to 5,765 shares

Insights

Securities Analyst

TL;DR: Routine executive vesting plus a partial sale for tax or liquidity; transactions are modest relative to typical insider trades.

These filings reflect the scheduled vesting of restricted stock units granted on August 30, 2023, with one-third vesting on 08/25/2025 and the remainder scheduled for 08/25/2026. The report shows 879 RSUs vested and converted to common shares and a contemporaneous sale of 346 shares at $91.36. The explanatory note specifies the acquisition resulted from satisfying tax-withholding obligations, a common practice that reduces net share count. Impact is informational and likely neutral for investors.

Corporate Governance Expert

TL;DR: Disclosure is clear and consistent with standard Rule 16 reporting for executive compensation vesting.

The Form 4 discloses both the conversion of RSUs and a disposition, including price and post-transaction holdings. The filing includes the schedule of remaining vesting (one-third vested, balance due 08/25/2026), which helps stakeholders track potential future insider stock supply. No unusual trading codes or derivative activity beyond RSU vesting are present. The filing appears compliant and routine.

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)

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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, CFO & Treas

3. Date of Earliest Transaction (Month/Day/Year)
08/25/2025

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	08/25/2025		M		879	A	$0	6,111	D
Common Stock	08/25/2025		F		346	D	$91.36(1)	5,765	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	(2)	08/25/2025		M			879	(2)	(2)	Common Stock	879	$0	879	D

Explanation of Responses:

1. Represents the satisfaction of tax withholding obligations upon the vesting of restricted stock units.

2. Represents the vesting of one-third of restricted stock units granted on August 30, 2023. The balance of the award is scheduled to vest on August 25, 2026. Each restricted stock unit converts into a share of common stock on a one-for-one basis.

	/s/ James Sottile, attorney-in-fact for Oliver Chow	08/27/2025
	** 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 transactions did Oliver Chow report for LNW on 08/25/2025?

He reported 879 RSUs vested (converted one-for-one to common stock) and a sale of 346 shares at $91.36 per share.

Why were 879 shares reported as acquired at $0?

The filing states these shares resulted from the vesting of restricted stock units and reflect conversion, not a cash purchase.

Did the Form 4 explain the reason for the sale of 346 shares?

The Form 4 shows the disposition and sale price but does not state a reason; it does state the vesting-related acquisition satisfied tax-withholding obligations.

How many LNW shares does Oliver Chow beneficially own after these transactions?

The filing reports he beneficially owns 5,765 shares following the reported transactions.

When is the next scheduled vesting for the remaining RSUs?

The filing states the balance of the award is scheduled to vest on 08/25/2026.