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

Rhea-AI Filing Summary

Jamie Odell, a director of Light & Wonder, Inc. (LNW), acquired a total of 8,275 Chess Depositary Interests (CDIs) in open-market trades on August 7, 2025 (U.S.). The purchases were executed in two blocks of 7,000 and 1,275 CDIs at weighted average U.S. dollar prices of $78.73 and $79.25, respectively. The filing states each CDI represents one share of common stock and that the U.S. prices were converted from Australian dollars using an exchange rate of $1 AUD = $0.6527 USD.

The report shows the acquired CDIs are held indirectly by trust (New Dusk Pty Ltd), for which Mr. Odell is a director, shareholder and beneficiary, and that Mr. Odell is also the beneficiary of the Jamie and Caroline Odell Superannuation Fund, which holds 10,000 shares. All purchases were described as open-market, executed in multiple block trades; aggregated trade details are available on request.

Positive

• Director purchases total 8,275 CDIs in open-market trades, indicating added insider ownership
• Weighted average prices disclosed: $78.73 and $79.25 (USD equivalents), with currency conversion method provided
• Indirect holdings clearly identified: New Dusk Pty Ltd (Odell Family Trust) and Jamie and Caroline Odell Superannuation Fund (10,000 shares)

Negative

• None.

Insights

Securities Analyst

TL;DR: A director purchased 8,275 CDIs in open-market trades at weighted average prices near $79, held indirectly via trust and superannuation fund.

The filing documents two open-market purchases totaling 8,275 CDIs on August 7, 2025 (U.S.) at weighted average USD prices of $78.73 and $79.25. The company uses CDIs listed on the ASX where each CDI equals one share. The report also identifies indirect holdings through New Dusk Pty Ltd (Odell Family Trust) and the Jamie and Caroline Odell Superannuation Fund (holding 10,000 shares). From a reporting and disclosure perspective, the transaction is straightforward: open-market purchases with disclosed aggregation and currency conversion methodology.

Corporate Governance Expert

TL;DR: Director acquisitions occurred via trust and superannuation fund, documented with conversion rate and block-trade pricing details.

The Form 4 discloses that Mr. Odell's purchases were executed in multiple block trades and that the USD prices were converted from AUD at $1 AUD = $0.6527 USD. The filing specifies the nature of indirect beneficial ownership: New Dusk Pty Ltd (Odell Family Trust) and a named superannuation fund. The disclosure includes offer to provide aggregated trade details on request, satisfying granular reporting expectations for insider transactions.

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
Estimated average burden
hours per response:			0.5

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^*

Odell Jamie

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
08/07/2025

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								15,470	D
Common Stock	08/07/2025		P		7,000(1)	A	$78.73(3)	7,000	I	By trust(4)
Common Stock	08/07/2025		P		1,275(2)	A	$79.25(3)	8,275	I	By trust(4)
Common Stock								10,000	I	Superannuation Fund(5)

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

Explanation of Responses:

1. Reflects an open market purchase of 7,000 of the Issuer's Chess Depositary Interests ("CDIs") on August 8, 2025 (Australia)/August 7, 2025 (U.S.). CDIs 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. The transaction was executed in multiple block trades at prices ranging from $78.41 to $78.94. The price reported above reflects the weighted average purchase price. Details regarding aggregated purchase transactions will be provided upon request by the Commission staff, the issuer or a security holder of the issuer.

2. Reflects an open market purchase of 1,275 of the Issuer's CDIs on August 8, 2025 (Australia)/August 7, 2025 (U.S.). The transaction was executed in multiple block trades at prices ranging from $79.19 to $79.50. The price reported above reflects the weighted average purchase price. Details regarding aggregated purchase transactions will be provided upon request by the Commission staff, the issuer or a security holder of the issuer.

3. Price converted from Australian dollars into U.S. Dollars based on an exchange rate of $1 AUD to $0.6527 USD.

4. Represents shares of common stock held by New Dusk Pty Ltd (Odell Family Trust), of which Mr. Odell serves as a director and a shareholder and is a beneficiary of the trust.

5. Represents shares of common stock held by the Jamie and Caroline Odell Superannuation Fund, a fund of which Mr. Odell is the beneficiary.

	/s/ James Sottile, attorney-in-fact for Jamie Odell	08/08/2025
	** 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 insider activity did Light & Wonder (LNW) disclose on the Form 4?

The Form 4 shows Director Jamie Odell purchased 8,275 CDIs in open-market trades on 08/07/2025 (U.S.) in two blocks of 7,000 and 1,275.

At what prices were the LNW CDIs purchased?

The purchases were reported at weighted average U.S. dollar prices of $78.73 (7,000 CDIs) and $79.25 (1,275 CDIs).

How were Australian-dollar CDI prices converted to U.S. dollars in the filing?

The filing states conversion used an exchange rate of $1 AUD = $0.6527 USD to report U.S. dollar prices.

Do the CDIs represent shares of common stock for LNW?

Yes. The filing explains each CDI represents one fully paid share of common stock of Light & Wonder, Inc.

Does Jamie Odell hold LNW shares indirectly and where are they held?

Yes. The filing identifies indirect holdings by New Dusk Pty Ltd (Odell Family Trust) and shares held by the Jamie and Caroline Odell Superannuation Fund (10,000 shares).