Light & Wonder (LNW) awards 12,073 performance-based RSUs to its CFO

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Light & Wonder, Inc. executive Oliver Chow, EVP, CFO & Treasurer, received a grant of 12,073 restricted stock units. These RSUs are scheduled to cliff vest on March 4, 2029, only if a specified performance goal is achieved; otherwise they are forfeited. Each unit will convert into one share of common stock upon vesting.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Chow Oliver

Role EVP, CFO & Treas

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Units	12,073	$0.00	--

Holdings After Transaction: Restricted Stock Units — 12,073 shares (Direct, null)

Footnotes (1)

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Key Figures

RSUs granted: 12,073 units Cliff vesting date: March 4, 2029 Post-transaction RSU holdings: 12,073 units +1 more

4 metrics

RSUs granted 12,073 units Grant of restricted stock units to EVP, CFO & Treasurer Oliver Chow

Cliff vesting date March 4, 2029 Scheduled vesting date for the RSU award, subject to performance goal

Post-transaction RSU holdings 12,073 units Total restricted stock units held directly by Oliver Chow after grant

Conversion ratio 1 RSU : 1 share Each restricted stock unit converts into one share of common stock

Key Terms

Restricted Stock Units, cliff vest, performance goal, one-for-one basis

4 terms

Restricted Stock Units financial

"The restricted stock units are scheduled to cliff vest on March 4, 2029"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

cliff vest financial

"The restricted stock units are scheduled to cliff vest on March 4, 2029"

A cliff vest is a schedule for stock options or restricted shares where no ownership rights are earned until a fixed date, after which a set portion becomes fully owned all at once — like a probation period that suddenly unlocks pay. Investors watch cliff vests because they influence when insiders can sell shares, affect staff retention and dilution timing, and help predict short-term changes in a company’s shareholder makeup.

performance goal financial

"contingent upon the achievement of a performance goal"

one-for-one basis financial

"Each unit converts into a share of common stock on a one-for-one basis"

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 05/26/2026 - 09:54 PM Accepted by SEC EDGAR 05/26/2026 - 09:54 PM

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
Estimated average burden
hours per response:			0.5

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)

C/O LIGHT & WONDER, INC.

6601 BERMUDA ROAD

(Street)

LAS VEGAS

NEVADA

89119

(City)

(State)

(Zip)

UNITED STATES

(Country)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/22/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Units	⁽¹⁾	05/22/2026		A		12,073		⁽¹⁾	⁽¹⁾	Common Stock	12,073	$0	12,073	D

Explanation of Responses:

1. The restricted stock units are scheduled to cliff vest on March 4, 2029, contingent upon the achievement of a performance goal. If the performance goal is not met by March 4, 2029, all restricted stock units are forfeited. Each unit converts into a share of common stock on a one-for-one basis.

	/s/ Sweta Gabhawala, attorney-in-fact for Oliver Chow	05/26/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Light & Wonder (LNW) report for Oliver Chow?

Light & Wonder reported that EVP, CFO & Treasurer Oliver Chow received a grant of 12,073 restricted stock units. These units are a form of equity compensation that may convert into common shares if vesting and performance conditions are satisfied by March 4, 2029.

How many restricted stock units did Light & Wonder (LNW) grant to its CFO?

Oliver Chow received 12,073 restricted stock units. The full amount remains subject to a performance goal and a cliff vesting schedule, meaning none of the units vest until March 4, 2029, and all may be forfeited if the goal is not achieved.

When do Oliver Chow’s Light & Wonder (LNW) RSUs vest?

The restricted stock units granted to Oliver Chow are scheduled to cliff vest on March 4, 2029. Cliff vesting means the entire 12,073-unit award vests at once on that date, contingent on meeting the specified performance goal described in the filing footnote.

Are the Light & Wonder (LNW) RSUs granted to the CFO subject to performance conditions?

Yes, the 12,073 restricted stock units granted to Oliver Chow are contingent on achieving a performance goal by March 4, 2029. If the performance goal is not met by that date, the entire RSU award is forfeited and no shares of common stock are delivered.

How do Oliver Chow’s Light & Wonder (LNW) RSUs convert into common stock?

Each restricted stock unit granted to Oliver Chow converts into one share of Light & Wonder common stock on a one-for-one basis. Conversion occurs only if the RSUs vest on March 4, 2029, which requires satisfaction of the specified performance goal outlined in the footnote.

What is Oliver Chow’s RSU position in Light & Wonder (LNW) after this grant?

Following this transaction, Oliver Chow holds 12,073 restricted stock units directly. These RSUs represent a right to receive an equivalent number of Light & Wonder common shares if the award vests on March 4, 2029, subject to the performance condition described in the filing.