Light & Wonder (ASX:LNW) CEO RSUs vest; shares withheld for taxes

Rhea-AI Filing Summary

Light & Wonder, Inc. reported routine equity compensation activity for President & CEO Matthew R. Wilson as restricted stock units vested and converted into common stock. On March 20, 2026 he acquired 51,978 shares of common stock through the exercise or conversion of restricted stock units, each on a one-for-one basis.

To satisfy tax withholding obligations on these vestings, 20,454 shares of common stock were disposed of at a price of $78.61 per share, with the shares delivered rather than sold in the open market. Following these transactions, Wilson directly owned 198,272 shares of common stock, which are held via CHESS Depositary Interests on the Australian Securities Exchange, with each CDI representing one fully paid share.

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

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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^*

Wilson Matthew R.

(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)
	President & CEO

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		M		11,367	A	$0	178,115	D
Common Stock(1)	03/20/2026		F		4,473	D	$78.61(2)	173,642	D
Common Stock(1)	03/20/2026		M		6,513	A	$0	180,155	D
Common Stock(1)	03/20/2026		F		2,563	D	$78.61(2)	177,592	D
Common Stock(1)	03/20/2026		M		17,049	A	$0	194,641	D
Common Stock(1)	03/20/2026		F		6,709	D	$78.61(2)	187,932	D
Common Stock(1)	03/20/2026		M		17,049	A	$0	204,981	D
Common Stock(1)	03/20/2026		F		6,709	D	$78.61(2)	198,272	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		M			11,367	(3)	(3)	Common Stock	11,367	$0	0	D
Restricted Stock Units	(4)	03/20/2026		M			6,513	(4)	(4)	Common Stock	6,513	$0	6,514	D
Restricted Stock Units	(5)	03/20/2026		M			17,049	(5)	(5)	Common Stock	17,049	$0	0	D
Restricted Stock Units	(6)	03/20/2026		M			17,049	(6)	(6)	Common Stock	17,049	$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 March 24, 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 March 24, 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 March 24, 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/ Matthew R. Wilson	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 did Light & Wonder (LNW) disclose about CEO Matthew Wilson’s recent share transactions?

Light & Wonder disclosed that CEO Matthew R. Wilson had restricted stock units vest, converting into 51,978 shares of common stock. These were compensation-related equity awards rather than open-market purchases, reflecting scheduled vesting of prior grants tied to his role as President and CEO.

How many Light & Wonder (LNW) shares did the CEO receive from RSU vesting?

Matthew R. Wilson received 51,978 shares of Light & Wonder common stock from the vesting and conversion of restricted stock units. Each unit converted into one share, including time-based and performance-based awards that reached their vesting conditions on March 20, 2026 under prior grant agreements.

Why were some of Matthew Wilson’s Light & Wonder (LNW) shares disposed of in this filing?

The filing shows 20,454 shares of Light & Wonder common stock were delivered to cover tax withholding obligations tied to the RSU vesting. These transactions used code “F”, indicating payment of tax liabilities with shares rather than open-market sales by the CEO.

At what price were the tax-withholding Light & Wonder (LNW) shares valued?

Shares used to satisfy tax withholding were valued at $78.61 per share. The footnotes explain this price reflects a conversion from Australian dollars to U.S. dollars using a specified exchange rate, as the company’s CDIs trade on the Australian Securities Exchange.

How many Light & Wonder (LNW) shares does the CEO hold after these transactions?

After the RSU vesting and related tax-withholding share deliveries, Matthew R. Wilson directly owned 198,272 shares of Light & Wonder common stock. These holdings are represented on the Australian Securities Exchange as CHESS Depositary Interests, with each CDI corresponding to one fully paid share.

What types of restricted stock units vested for the Light & Wonder (LNW) CEO?

The filing describes both time-based and performance-based restricted stock units vesting for the CEO. Portions of awards granted in March 2023 and March 2024 vested, with performance-based tranches achieving 100% of their targets and converting into shares of common stock on a one-for-one basis.