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

Rhea-AI Filing Summary

Hamish McLennan, a director of Light & Wonder, Inc. (LNW), reported insider transactions dated 08/12/2025. The filing discloses an open-market purchase of 1,380 CHESS Depositary Interests (CDIs), executed on August 13, 2025 (Australia)/August 12, 2025 (U.S.). Each CDI represents one share of the company traded on the ASX and the purchase price is shown as $87.61 (USD) after conversion from Australian dollars using a rate of 1 AUD = $0.6548 USD.

The filing also identifies 6,380 shares held indirectly through a superannuation fund and 9,750 shares held indirectly through a family trust. The form includes an explicit entry showing 31,782 shares disposed (marked as "D") on the non-derivative securities table. The report is signed by an attorney-in-fact on behalf of Mr. McLennan on 08/13/2025.

Positive

• Open-market purchase of 1,380 CDIs clearly disclosed with converted USD price of $87.61
• CDIs explicitly defined as ASX-traded units representing one common share each
• Beneficial ownership is documented for indirect holdings: 6,380 via the superannuation fund and 9,750 via the family trust

Negative

• Disposition of 31,782 shares is recorded on the form (marked as "D")
• Filing does not state the reason for the disposal or the relationship between the disposed shares and the indirect holdings

Insights

Securities Analyst

TL;DR Insider reported a mix of a sizeable disposal and a small open-market purchase; holdings include indirect positions via trust and superannuation.

The Form 4 shows a reported disposition of 31,782 shares and a subsequent open-market purchase of 1,380 CDIs at a converted price of $87.61 USD. The purchase occurred on the ASX (CDIs represent one common share each). Post-transaction beneficial ownership is documented as 6,380 shares via a superannuation fund and 9,750 shares via a family trust. From a trading-report perspective, the filing is clear on quantities, conversion rate, and the dual-market timing (Australia/U.S.).

Corporate Governance Expert

TL;DR Director-level filing shows both sale and purchase activity, with meaningful holdings held indirectly through fiduciary vehicles.

The disclosure identifies Mr. McLennan as a director and specifies ownership held indirectly through a named superannuation fund and a named family trust, which is relevant for assessing control and potential conflicts. The report documents explicit quantities for disposition (31,782) and acquisition (1,380 CDIs) and provides the currency conversion method. The filing follows Section 16 reporting conventions and is signed by an attorney-in-fact.

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^*

McLennan Hamish

(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)
08/12/2025

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								31,782	D
Common Stock	08/12/2025		P		1,380(1)	A	$87.61(2)	6,380	I	Superannuation Fund(3)
Common Stock								9,750	I	Londolozi Family Trust(4)

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 1,380 of the Issuer's CHESS Depositary Interests ("CDIs") on August 13, 2025 (Australia)/August 12, 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.

2. Price converted from Australian Dollars into U.S. Dollars based on an exchange rate of $1 AUD to $0.6548 USD.

3. Represents shares of common stock held by Linyanti Holdings Pty Limited ATF McLennan Superannuation Fund, a retirement fund of which Mr. McLennan is the beneficiary.

4. Represents shares of common stock held by Londolozi Pty Limited ATF Londolozi Family Trust, of which Mr. McLennan serves as trustee.

	/s/ James Sottile, attorney-in-fact for Hamish McLennan	08/13/2025
	** 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 transactions did Hamish McLennan report on the Form 4 for LNW?

The Form 4 reports a disposition of 31,782 shares and an open-market purchase of 1,380 CHESS Depositary Interests (CDIs) with an earliest transaction date of 08/12/2025.

At what price did McLennan purchase the 1,380 CDIs and how was it calculated?

The purchase price is shown as $87.61 (USD), converted from Australian dollars using the exchange rate 1 AUD = $0.6548 USD.

What are CDIs and how do they relate to Light & Wonder (LNW) shares?

The filing states that CDIs are units of beneficial ownership in shares of Light & Wonder traded on the ASX, and each CDI represents one fully paid share of common stock.

How many shares does McLennan beneficially own after the reported transactions?

The Form 4 documents 6,380 shares held indirectly via a superannuation fund and 9,750 shares held indirectly via a family trust; the form also shows a disposition of 31,782 shares.

Who signed the Form 4 filing for Hamish McLennan?

The filing is signed by James Sottile, attorney-in-fact for Hamish McLennan on 08/13/2025.