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

Rhea-AI Filing Summary

Jamie Odell, a director of Light & Wonder, Inc. (LNW), reported changes in his beneficial ownership on 08/11/2025. The filing discloses a disposal of 15,470 shares of common stock and notes a 36-unit acquisition of CHESS Depositary Interests held by his child at a converted price of $84.18 per CDI using a conversion rate of 1 AUD = 0.6485 USD. Mr. Odell also beneficially owns 8,275 shares through New Dusk Pty Ltd (Odell Family Trust) and 10,000 shares through the Jamie and Caroline Odell Superannuation Fund. The Form 4 was signed by attorney-in-fact James Sottile on 08/12/2025. Mr. Odell disclaims beneficial ownership of the shares held by his child.

Positive

• Transparent disclosure of insider transactions, including CDI conversion and disclaimer regarding child-held CDIs
• Indirect holdings via family trust and superannuation fund are explicitly reported

Negative

• Director disposed of 15,470 shares of common stock, which may be viewed negatively by some investors

Insights

Corporate Governance Expert

TL;DR: Director disclosed a 15,470-share sale, indirect holdings, and CDI details; disclosure appears transparent but materiality is not established.

The Form 4 clearly records a disposition of 15,470 common shares and reports indirect holdings via a family trust and a superannuation fund. It also documents that 36 CHESS Depositary Interests held by the reporting person’s child were acquired, with a converted USD price disclosed and a disclaimer of beneficial ownership for those child-held CDIs. The filing is procedurally complete and signed by an attorney-in-fact. The form does not provide context such as total holdings or percentage ownership versus outstanding shares, so materiality for investors cannot be determined from this filing alone.

Securities Analyst

TL;DR: Report shows a director sale and a family CDI purchase; conversion rate and indirect holdings are documented; no derivatives reported.

The filing lists no derivative transactions and focuses on non-derivative common stock activity: a 15,470-share disposal, a reported 36-CDI acquisition$84.18 USD), and indirect ownership of 8,275 and 10,000 shares via a family trust and superannuation fund respectively. While these entries are relevant to insider activity monitoring, the filing lacks context such as past holdings or percentage ownership, limiting assessment of impact on voting power or economic exposure. As presented, this is a routine disclosure without clear market-moving elements.

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^*

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)
08/11/2025

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	08/11/2025		P		36(1)	A	$84.18(2)	36	I	By Child
Common Stock								8,275	I	By trust(3)
Common Stock								10,000	I	Superannuation Fund(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. The reporting person disclaims beneficial ownership of the shares held by his child, which underly CHESS Depositary Interests ("CDIs"). 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. This report should not be deemed an admission that the reporting person is the beneficial owner of his child's shares for purposes of Section 16 or for any other purpose.

2. Price converted from Australian Dollars into U.S. Dollars based on an exchange rate of $1 AUD to $0.6485 USD.

3. 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.

4. 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	08/12/2025
	** 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 transactions did Jamie Odell report on the Form 4 for LNW?

The Form 4 reports a disposition of 15,470 common shares on 08/11/2025 and a reported 36 CHESS Depositary Interests held by his child (acquisition), with the filing signed on 08/12/2025.

Who is the reporting person on this LNW Form 4?

The reporting person is Jamie Odell, identified as a director of Light & Wonder, Inc.

How many shares does Mr. Odell beneficially own via trusts or funds according to the filing?

The filing shows beneficial ownership of 8,275 shares via New Dusk Pty Ltd (Odell Family Trust) and 10,000 shares via the Jamie and Caroline Odell Superannuation Fund.

What are CHESS Depositary Interests (CDIs) referenced in the filing?

The filing explains that CDIs are units representing one fully paid share of the company traded on the Australian Securities Exchange and held by a CHESS depositary nominee.

Was any derivative security reported on this Form 4?

No. Table II (derivative securities) contains no reported transactions in this filing.

What exchange rate was used to convert the CDI price to USD?

The conversion used a rate of 1 AUD = 0.6485 USD, yielding a converted price of $84.18 for the CDI transaction reported.

Who signed the Form 4 on behalf of Jamie Odell?

The form was signed by James Sottile, attorney-in-fact for Jamie Odell, on 08/12/2025.