Light & Wonder (LNWO) director exercises 150K options, sells 40K CDIs
Rhea-AI Filing Summary
Light & Wonder, Inc. (symbol LNWO) director Jamie Odell reported a series of equity transactions involving CHESS Depositary Interests (CDIs) representing common stock. On 2026-08-17, Odell exercised 150,000 stock options at an exercise price of $35.42 per share, acquiring an equivalent number of common shares, and 55,334 CDIs were withheld to pay the exercise price. On 2026-08-18, Odell sold an aggregate of 40,000 CDIs in open-market transactions at weighted average prices of $91.50, $91.95, and $93.06 per CDI, with the related footnotes stating these sales were to cover tax liabilities associated with the option exercise. Following these transactions, Odell also reports indirect holdings of 8,275 shares through the Odell Family Trust and 10,000 shares through a Superannuation Fund.
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Insights
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Insider Trade Summary
Exercise and sale activity reported; no spread calculated
Exercise and Sale
8 txns
Insider
Odell Jamie
Role
Director
Sold
40,000 shs ($3.68M)
Approx. gross sale proceeds
$3.68M
Approx. exercise cost
$5.31M
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock F1, F3, F6 | 1,425 | $91.50 | $130K |
| Sale | Common Stock F1, F4, F6 | 37,929 | $91.95 | $3.49M |
| Sale | Common Stock F1, F5, F6 | 646 | $93.06 | $60K |
| Exercise | Stock Option (right to buy) F9 | 150,000 | $0.00 | $0.00 |
| Exercise | Common Stock F1 | 150,000 | $35.42 | $5.31M |
| Exercise Price or Tax Liability | Common Stock F1, F2 | 55,334 | $95.84 | $5.30M |
| holding | Common Stock F1, F7 | -- | -- | -- |
| holding | Common Stock F1, F8 | -- | -- | -- |
Holdings After Transaction:
Stock Option (right to buy) — 377,933 shares (Direct);
Common Stock — 126,859 shares (Direct);
Common Stock — 8,275 shares (Indirect, By trust);
Common Stock — 10,000 shares (Indirect, Superannuation Fund)
Footnotes (9)
- F1. 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.
- F2. Represents the withholding of CDIs to pay the exercise price upon the exercise of stock options. Price converted from Australian Dollars into U.S. Dollars based on an exchange rate of $1 AUD to $0.7047 USD.
- F3. Represents the sale of CDIs to cover tax liability in connection with the exercise of stock options. The transaction was executed in multiple trades at prices ranging from $91.41 to $91.64. The price reported above reflects the weighted average purchase price. Details regarding aggregated purchase transactions will be provided upon request by the Commission staff, the issuer or a security holder of the issuer.
- F4. Represents the sale of CDIs to cover tax liability in connection with the exercise of stock options. The transaction was executed in multiple trades at prices ranging from $91.65 to $92.64. The price reported above reflects the weighted average purchase price. Details regarding aggregated purchase transactions will be provided upon request by the Commission staff, the issuer or a security holder of the issuer.
- F5. Represents the sale of CDIs to cover tax liability in connection with the exercise of stock options. The transaction was executed in multiple trades at prices ranging from $92.65 to $93.64. The price reported above reflects the weighted average purchase price. Details regarding aggregated purchase transactions will be provided upon request by the Commission staff, the issuer or a security holder of the issuer.
- F6. Price converted from Australian Dollars into U.S. Dollars based on an exchange rate of $1 AUD to $0.7088 USD.
- F7. 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.
- F8. Represents shares of common stock held by the Jamie and Caroline Odell Superannuation Fund, a fund of which Mr. Odell is the beneficiary.
- F9. The stock options vested in three equal installments on September 28, 2021, 2022 and 2023.
Key Figures
Options Exercised: 150,000 shares
Option Exercise Price: $35.42 per share
Shares Withheld for Exercise Price: 55,334 CDIs
+5 more
8 metrics
Options Exercised
150,000 shares
Stock options exercised on 2026-08-17 into common stock
Option Exercise Price
$35.42 per share
Exercise price of stock options converted into 150,000 common shares
Shares Withheld for Exercise Price
55,334 CDIs
Withholding of CDIs to pay the exercise price upon option exercise
Shares Sold to Cover Taxes
40,000 CDIs
Aggregate CDIs sold on 2026-08-18 to cover tax liability
Sale Price Range (First Block)
$91.41–$91.64 per CDI
Price range for CDI sales linked to weighted average of $91.50
Sale Price Range (Second Block)
$91.65–$92.64 per CDI
Price range for CDI sales linked to weighted average of $91.95
Sale Price Range (Third Block)
$92.65–$93.64 per CDI
Price range for CDI sales linked to weighted average of $93.06
Indirect Trust Holdings
8,275 shares
Shares held by New Dusk Pty Ltd (Odell Family Trust)
Key Terms
CHESS Depositary Interests, weighted average purchase price, Superannuation Fund, stock options, +1 more
5 terms
CHESS Depositary Interests financial
"Shares are held via CHESS Depositary Interests ("CDIs"), which are units"
CHESS depositary interests are tradable certificates used on the Australian settlement system that represent ownership of underlying foreign shares held by a custodian. They let investors buy and sell foreign-listed stocks on the local exchange as if they were domestic shares, simplifying trading, dividend collection and record-keeping, though they may involve custodian fees and can alter certain direct shareholder rights and tax treatments.
weighted average purchase price financial
"The price reported above reflects the weighted average purchase price."
The weighted average purchase price is the average cost per share you paid across multiple buys, calculated so larger purchases count more than smaller ones. Imagine buying apples at different prices: the overall price you effectively paid depends on how many apples you bought at each price. Investors use it to measure true cost basis, calculate gains or losses, decide when to sell, and manage taxes and portfolio performance.
Superannuation Fund financial
"Represents shares of common stock held by the Jamie and Caroline Odell Superannuation Fund"
stock options financial
"in connection with the exercise of stock options. The transaction was executed"
Stock options are agreements that give a person the right to buy or sell a company's stock at a specific price within a certain time frame. They are often used as a reward or incentive, similar to a coupon that can be used later if the stock price rises, allowing the holder to make a profit.
beneficial ownership financial
"which are units of beneficial ownership in shares of common stock"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
FAQ
What insider transactions did LNWO director Jamie Odell report on this Form 4?
Jamie Odell reported exercising 150,000 stock options and related share dispositions, plus 40,000 CDIs sold to cover tax liabilities. The filing also shows shares withheld to pay the option exercise price and indirect holdings via a trust and Superannuation Fund.
How many Light & Wonder (LNWO) options did Jamie Odell exercise and at what price?
Jamie Odell exercised 150,000 stock options for Light & Wonder at an exercise price of $35.42 per share. These options converted into 150,000 shares of common stock, with part of the position used to cover the exercise cost and related tax obligations.
AI-generated analysis. How Rhea-AI works. Not financial advice.
