Light & Wonder (ASX:LNW) gaming CEO awarded RSUs, withholds shares

Rhea-AI Filing Summary

Light & Wonder, Inc. senior vice president and CEO of Gaming Siobhan Lane reported multiple equity compensation changes. On March 4, 2026, she received several grants of restricted stock units (RSUs), including awards of 8,622, 4,310 and 4,311 units, with some scheduled to vest over time or upon performance goals.

On March 4–5, 2026, previously granted RSUs vested and were converted into common stock through exercises coded “M,” increasing her direct common share holdings to 35,605 shares and leaving 4,826 RSUs outstanding. Form 4 also shows share dispositions coded “F” totaling 2,741 and 1,004 shares at prices of $91.05 and $92.62 per share, used to satisfy tax withholding obligations upon RSU vesting.

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^*

Lane Siobhan

(Last) (First) (Middle)

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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP & CEO - Gaming

3. Date of Earliest Transaction (Month/Day/Year)
03/04/2026

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)	03/04/2026		M		6,590	A	$0	36,937	D
Common Stock(1)	03/04/2026		F		2,741	D	$91.05(2)	34,196	D
Common Stock(1)	03/05/2026		M		2,413	A	$0	36,609	D
Common Stock(1)	03/05/2026		F		1,004	D	$92.62(3)	35,605	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	(4)	03/04/2026		A		6,590		(4)	(4)	Common Stock	6,590	$0	6,590	D
Restricted Stock Units	(4)	03/04/2026		M			6,590	(4)	(4)	Common Stock	6,590	$0	0	D
Restricted Stock Units	(5)	03/04/2026		A		8,622		(5)	(5)	Common Stock	8,622	$0	8,622	D
Restricted Stock Units	(6)	03/04/2026		A		4,310		(6)	(6)	Common Stock	4,310	$0	4,310	D
Restricted Stock Units	(7)	03/04/2026		A		4,311		(7)	(7)	Common Stock	4,311	$0	4,311	D
Restricted Stock Units	(8)	03/05/2026		M			2,413	(8)	(8)	Common Stock	2,413	$0	4,826	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 $0.7093 USD.

3. 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 $0.7075 USD.

4. Represents restricted stock units granted pursuant to a determination by the Compensation Committee of the Board of Directors of the issuer as payment in respect of the annual bonus earned by the reporting person with respect to 2025. The number of units was determined by dividing the dollar value of the bonus earned, based on actual performance for 2025, by the average of the high and low prices of the CDIs on the day preceding the grant date. Since the restricted stock units are payment in respect of the 2025 bonus, they are subject to immediate vesting. Each unit converts into a share of common stock on a one-for-one basis.

5. The restricted stock units are scheduled to vest in three equal installments on March 4, 2027, 2028 and 2029.

6. The restricted stock units are scheduled to cliff vest on March 4, 2029, contingent upon the achievement of a performance goal. If the performance goal is not met by December 31, 2028, all restricted stock units are forfeited. Each unit converts into a share of common stock on a one-for-one basis.

7. The restricted stock units are scheduled to cliff vest on March 4, 2029, contingent upon the achievement of a performance goal. If the performance goal is not met by December 31, 2028, all restricted stock units are forfeited. Each unit converts into a share of common stock on a one-for-one basis.

8. Represents the vesting of one-third of restricted stock units granted on March 5, 2025. The balance of the award is scheduled to vest in two equal installments of 2,413 shares on March 5, 2027 and March 5, 2028. Each restricted stock unit converts into a share of common stock on a one-for-one basis.

	/s/ Sweta Gabhawala, attorney-in-fact for Siobhan Lane	03/06/2026
	** Signature of Reporting Person	Date
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FAQ

What did LNW executive Siobhan Lane report in this Form 4 for Light & Wonder (LNW)?

Siobhan Lane reported new restricted stock unit grants and RSU vestings that converted into common stock. She also reported share dispositions used to cover tax withholding obligations, rather than open-market trading, adjusting her direct holdings in Light & Wonder common stock and RSUs.

How many Light & Wonder common shares does Siobhan Lane hold after these Form 4 transactions?

After the reported transactions, Siobhan Lane directly holds 35,605 shares of Light & Wonder common stock. This figure reflects RSU conversions into stock and shares withheld for taxes, as disclosed in the Form 4 transaction tables for March 4 and March 5, 2026.

What restricted stock unit (RSU) activity did LNW report for Siobhan Lane?

Lane received several RSU grants, including awards of 8,622, 4,310 and 4,311 units on March 4, 2026. Some RSUs vest immediately as bonus compensation, while others vest in installments or upon performance goals, each unit converting into one share of Light & Wonder common stock.

Were any of Siobhan Lane’s Light & Wonder share transactions open-market sales?

The Form 4 shows dispositions coded “F” totaling 2,741 and 1,004 shares at $91.05 and $92.62 per share. Footnotes state these transactions satisfied tax withholding obligations upon RSU vesting, indicating they relate to tax payments rather than discretionary open-market selling.

How are the LNW CDIs referenced in Siobhan Lane’s Form 4 structured?

The filing explains that holdings are via CHESS Depositary Interests (CDIs) traded on the ASX. Each CDI represents one fully paid share of Light & Wonder common stock, held by CHESS Depositary Nominees Pty. Limited, providing beneficial ownership in the underlying U.S. shares.

What future vesting schedule is disclosed for Siobhan Lane’s LNW RSUs?

Some RSUs are scheduled to vest in three equal installments on March 4, 2027, 2028 and 2029. Other RSUs cliff vest on March 4, 2029, contingent on performance goals being met by December 31, 2028, otherwise the unvested restricted stock units are forfeited in full.