Light & Wonder (ASX: LNW) director gets 2,214 share units

Rhea-AI Filing Summary

Light & Wonder, Inc. director Stephen W. Morro reported compensation-related equity activity involving 2,214 restricted stock units on March 12, 2026. He received a grant of 2,214 restricted stock units as payment for service on a special board committee, with each unit convertible into one share of common stock.

On the same date, he exercised these 2,214 restricted stock units into 2,214 shares of common stock at a conversion price of $0.00 per share, increasing his directly held common stock position to 14,629 shares. The shares are held via CHESS Depositary Interests on the Australian Securities Exchange, with each CDI representing one fully paid share of common stock.

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^*

Morro Stephen W

(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. [ ASX: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)
03/12/2026

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(1)	03/12/2026		M		2,214	A	$0	14,629	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)	03/12/2026		A		2,214		(2)	(2)	Common Stock	2,214	$0	2,214	D
Restricted Stock Units	(2)	03/12/2026		M			2,214	(2)	(2)	Common Stock	2,214	$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 immediately restricted stock units granted pursuant to a determination by the Board of Directors of the issuer (the "Board of Directors") as payment in respect of the reporting person's service on a special committee of the Board of Directors prior to the date of grant. Each restricted stock unit converted into a share of common stock on a one-for-one basis.

	/s/ Sweta Gabhawala, attorney-in-fact for Stephen W. Morro	03/16/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did Light & Wonder (LNW) director Stephen W. Morro report?

Stephen W. Morro reported a grant and exercise of 2,214 restricted stock units. These units were awarded as compensation for serving on a special board committee and were immediately converted into 2,214 shares of common stock at a conversion price of $0.00 per share.

How many Light & Wonder (LNW) shares does Stephen W. Morro hold after this Form 4?

After the reported transactions, Stephen W. Morro directly holds 14,629 common shares. The 2,214 restricted stock units granted on March 12, 2026 were exercised into common stock, bringing his total direct holdings to 14,629 shares according to the filing.

Were Stephen W. Morro’s Light & Wonder (LNW) transactions open-market buys or compensation grants?

The transactions were compensation-related grants and an option-like exercise, not open-market purchases. He received 2,214 restricted stock units as payment for special committee service, then exercised those units into 2,214 common shares at a conversion price of $0.00 per share.

What are the terms of the restricted stock units reported by Light & Wonder (LNW) director Stephen W. Morro?

Each restricted stock unit converts into one share of common stock. The filing states that 2,214 restricted stock units were granted as compensation for board committee service, and each unit converted on a one-for-one basis into common stock at a conversion price of $0.00.

How are Stephen W. Morro’s Light & Wonder (LNW) shares held according to the Form 4 footnotes?

The shares are held via CHESS Depositary Interests (CDIs) on the ASX. Each CDI represents one fully paid share of Light & Wonder common stock, and the CDIs are held by CHESS Depositary Nominees Pty. Limited, a subsidiary of ASX Limited.

Why did Light & Wonder (LNW) grant 2,214 restricted stock units to Stephen W. Morro?

The 2,214 restricted stock units were granted as payment for special committee service. The Board of Directors determined this award to compensate Morro for his service on a special board committee prior to the grant date, with each unit convertible into one share of common stock.