Light & Wonder (LNWO) chairs plan cashless option exercises and CDI sales
Rhea-AI Filing Summary
Light & Wonder, Inc. filed an 8-K to share that Board Chair Jamie Odell and Vice Chair Toni Korsanos have notified the company they intend to exercise a portion of their vested options on a cashless basis under the 2003 Incentive Compensation Plan.
The cashless mechanism will deliver CDIs equal to the value of the positive difference between the option exercise price and the CDI price at exercise, resulting in fewer CDIs being issued. A portion of the net CDIs received will be sold solely to cover each director’s resulting tax liability, in line with the company’s Securities Trading Policy, and Appendix 3Y notices will be lodged after completion.
Positive
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Negative
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8-K Event Classification
Key Figures
Key Terms
Regulation FD Disclosure regulatory
cashless basis financial
CDIs financial
Securities Trading Policy regulatory
Appendix 3Y – Change of Director's Interest Notices regulatory
Incentive Compensation Plan financial
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 7.01. Regulation FD Disclosure.
On June 14, 2026 (U.S. time) (June 15, 2026 Australia time), Light & Wonder, Inc. (the “Company”, “we” or “our”) lodged an announcement with the Australian Securities Exchange (“Announcement”) for receipt of notice from two members of the Company’s Board of Directors, Jamie Odell (Chair) and Toni Korsanos (Vice Chair), that they intend to exercise a portion of their vested options. A copy of the Announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information contained in this Item 7.01 as well as in Exhibit 99.1 is furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and such information shall not be deemed to be incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act.
Forward-Looking Statements
The Announcement contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on our expectations as of today and are not guarantees of future performance. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. Refer to our filings with the U.S. Securities and Exchange Commission and lodgements with the Australian Securities Exchange for further information.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. |
Description | |
| 99.1 | Announcement dated June 15, 2026. | |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| LIGHT & WONDER, INC. | ||
| Dated: June 15, 2026 | By: | /s/ Susan Dawson |
| Name: | Susan Dawson | |
| Title: | Executive Vice President, Chief Legal Officer and Corporate Secretary | |
Exhibit 99.1
Director Notifications – Exercise of Vested Options
Sydney, 15 June 2026
Light & Wonder, Inc. (‘Light & Wonder’ or ‘the Company’) advises that Jamie Odell (Chairman) and Toni Korsanos (Vice Chair) have each notified the Company that they intend to exercise a portion of their vested options on a cashless basis pursuant to Company's 2003 Incentive Compensation Plan (the ‘Equity Plan’).
As previously disclosed, these vested options have an expiry date of 28 March 2027 and therefore limited trading windows remain available pursuant to the Company’s Securities Trading Policy prior to expiry.
Cashless Exercise Mechanism
Under the terms of the Equity Plan, holders of vested options may elect to exercise options on a cashless basis. This mechanism enables holders to exercise vested options and receive CDIs equal to the value of the positive difference between the exercise price and the CDI price at exercise.
The cashless exercise of options mechanism results in less CDIs being required to satisfy exercise.
Sale of a portion of CDIs to Cover Tax Liability
Both Jamie Odell and Toni Korsanos are required to recognise assessable income as a result of the exercise of the vested options. To fund the income tax liability, a portion of the net CDIs received by each of Jamie Odell and Toni Korsanos (not exceeding the value of the tax liability) will be sold in accordance with the terms of the Company's Securities Trading Policy.
Two Appendix 3Y – Change of Director's Interest Notices (one for each Director) will be lodged following completion of the exercise process.
Authorised for lodgement by the Company Secretary
About Light & Wonder
Light & Wonder, Inc. is the leading cross-platform global games company. Through our three unique, yet highly complementary business segments, we deliver unforgettable experiences by combining the exceptional talents of our 6,500+ member team, with a deep understanding of our customers and players. We create immersive content that forges lasting connections with players, wherever they choose to engage. At Light & Wonder, it’s all about the games. The Company is committed to the highest standards of integrity, from promoting player responsibility to implementing sustainable practices. To learn more visit www.lnw.com.
Company Contacts:
| Investor Relations | Media Relations |
| Rohan Gallagher | Andy Fouché |
EVP, Global Chief Corporate Affairs Officer ir@lnw.com |
VP, Corporate Affairs and Communications media@lnw.com |
FAQ
What did Light & Wonder (LNWO) disclose about director option exercises?
Light & Wonder disclosed that Chair Jamie Odell and Vice Chair Toni Korsanos intend to exercise a portion of their vested options on a cashless basis. The moves use the company’s 2003 Incentive Compensation Plan and will be followed by Appendix 3Y notices after completion.
How does the cashless option exercise work at Light & Wonder (LNWO)?
Under the company’s Equity Plan, directors can exercise vested options on a cashless basis and receive CDIs equal to the positive difference between the exercise price and CDI price at exercise. This structure reduces the number of CDIs required to satisfy the option exercise.
Why will Jamie Odell and Toni Korsanos sell some CDIs after exercising options?
Both directors must recognize assessable income from exercising their vested options, creating an income tax liability. To fund this, a portion of the net CDIs they receive will be sold, not exceeding the value of the tax liability, consistent with the Securities Trading Policy.
When do the vested options for Light & Wonder’s directors expire?
The vested options that Jamie Odell and Toni Korsanos intend to exercise have an expiry date of 28 March 2027. The disclosure notes that only limited trading windows remain under the company’s Securities Trading Policy before this expiry date is reached.
What regulatory framework does this Light & Wonder (LNWO) disclosure fall under?
The disclosure is made in an 8-K under a Regulation FD Disclosure item and through an announcement lodged with the Australian Securities Exchange. The 8-K specifies that the information is furnished, not filed, and is not incorporated into other U.S. securities filings.
What follow-up filings will Light & Wonder make after the option exercises?
After the exercise process is completed, the company expects to lodge two Appendix 3Y – Change of Director’s Interest Notices, one for each director. These notices will document the changes in Odell’s and Korsanos’ interests following the cashless exercises and related CDI sales.