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

Rhea-AI Filing Summary

Light & Wonder, Inc. (LNW) executive Oliver Chow, EVP, CFO & Treasurer, reported equity transactions on 11/14/2025. He acquired 2,008 shares of common stock at $0 upon vesting of restricted stock units, reflected as CHESS Depositary Interests traded on the ASX. To satisfy tax withholding on the vesting, 791 shares of common stock were disposed of at a price of $88.97 per share, converted from Australian dollars. Following these transactions, he directly owns 6,982 shares of common stock. Two tranches of restricted stock units, for 1,133 and 875 units, fully vested on this date on a one-for-one basis into common stock, leaving no remaining RSUs from those grants.

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^*

Chow Oliver

(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)
	EVP, CFO & Treas

3. Date of Earliest Transaction (Month/Day/Year)
11/14/2025

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	11/14/2025		M		2,008(1)	A	$0	7,773	D
Common Stock	11/14/2025		F		791	D	$88.97(2)	6,982	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	(3)	11/14/2025		M			1,133	(3)	(3)	Common Stock	1,133	$0	0	D
Restricted Stock Units	(4)	11/14/2025		M			875	(4)	(4)	Common Stock	875	$0	0	D

Explanation of Responses:

1. Reflect 2,008 CHESS Depositary Interests ("CDIs") that were acquired upon the vesting of restricted stock units as disclosed in Table II. 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. 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 $0.6529 USD.

3. Represents the vesting of one-third of restricted stock units granted on November 14, 2022. The award has fully vested. Each restricted stock unit converted into a share of common stock on a one-for-one basis.

4. Represents the vesting of one-third of restricted stock units granted on March 24, 2023. The award has fully vested. Each restricted stock unit converted into a share of common stock on a one-for-one basis.

	/s/ James Sottile, attorney-in-fact for Oliver Chow	11/18/2025
	** 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 transaction did Light & Wonder (LNW) report for Oliver Chow?

The filing shows that Oliver Chow, EVP, CFO & Treasurer of Light & Wonder, Inc., acquired shares through the vesting of restricted stock units and disposed of some shares to cover tax withholding obligations on 11/14/2025.

How many Light & Wonder (LNW) shares did the CFO acquire and at what price?

He acquired 2,008 shares of common stock at a price of $0 per share when restricted stock units vested. These are represented as CHESS Depositary Interests that each correspond to one fully paid share of common stock.

How many Light & Wonder (LNW) shares were sold to cover taxes and at what price?

To satisfy tax withholding obligations upon the vesting of restricted stock units, 791 shares of common stock were disposed of at a price of $88.97 per share, with the price converted from Australian dollars using an exchange rate of $1 AUD to $0.6529 USD.

What is Oliver Chows Light & Wonder (LNW) share ownership after the reported Form 4 transactions?

After the reported transactions, Oliver Chow directly owns 6,982 shares of Light & Wonder, Inc. common stock.

What happened to the restricted stock units reported in the Light & Wonder (LNW) Form 4?

Two grants of restricted stock units vested on 11/14/2025: one for 1,133 units granted on November 14, 2022 and one for 875 units granted on March 24, 2023. Each unit converted into one share of common stock, and both awards are now fully vested with 0 units remaining.

What are CHESS Depositary Interests (CDIs) in relation to Light & Wonder (LNW)?

CDIs are units of beneficial ownership in shares of Light & Wonder common stock that are publicly traded on the Australian Securities Exchange. Each CDI represents one fully paid share of the companys common stock held by CHESS Depositary Nominees Pty. Limited.