Light & Wonder (ASX:LNW) director exercises 135k options, sells 30k CDIs

Rhea-AI Filing Summary

Light & Wonder, Inc. director Jamie Odell exercised stock options and completed related share dispositions. He exercised 135,000 shares of common stock at $35.42 per share, funded partly by withholding 53,748 CHESS Depositary Interests (CDIs) and selling 30,000 CDIs at $90.08 per share to cover tax obligations linked to the exercise. Following these transactions, he holds 72,193 shares directly, plus indirect holdings of 10,000 shares through the Jamie and Caroline Odell Superannuation Fund and 8,275 shares through New Dusk Pty Ltd (Odell Family Trust). Each CDI represents one fully paid share of common stock.

Insights

Equity compensation analyst

Director’s Form 4 shows an option exercise funded by tax-related share dispositions.

Director Jamie Odell exercised 135,000 stock options at $35.42 per share, converting a derivative award into common equity. Footnotes state this is via CHESS Depositary Interests, each equal to one common share.

To fund the exercise and related obligations, 53,748 CDIs were withheld and 30,000 CDIs were sold at $90.08 per share to cover tax liability. This M + F + S pattern is typical of equity compensation events rather than a purely discretionary sale.

After these transactions, Odell holds 72,193 shares directly and additional indirect positions of 10,000 shares in a superannuation fund and 8,275 shares in a family trust. With no remaining options shown in this filing, the move mainly shifts value from options into common stock.

Insider Trade Summary

Net Seller: 30,000 shares ($2,702,400)

Net Sell 6 txns

Insider Odell Jamie

Role null

Sold 30,000 shs ($2.70M)

Type	Security	Shares	Price	Value
Sale	Common Stock	30,000	$90.08	$2.70M
Exercise	Stock Option (right to buy)	135,000	$0.00	--
Exercise	Common Stock	135,000	$35.42	$4.78M
Tax Withholding	Common Stock	53,748	$88.20	$4.74M
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 72,193 shares (Direct, null); Stock Option (right to buy) — 527,933 shares (Direct, null); Common Stock — 8,275 shares (Indirect, By trust)

Footnotes (1)

1. 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. 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. Represents the sale of CDIs to cover tax liability in connection with the exercise of stock options. Price converted from Australian Dollars into U.S. Dollars based on an exchange rate of $1 AUD to $0.7068 USD. 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. Represents shares of common stock held by the Jamie and Caroline Odell Superannuation Fund, a fund of which Mr. Odell is the beneficiary. The stock options vested in three equal installments on September 28, 2021, 2022 and 2023.

Key Figures

Open-market sale: 30,000 shares at $90.08 Options exercised: 135,000 shares at $35.42 Tax withholding shares: 53,748 shares at $88.20 +4 more

7 metrics

Open-market sale 30,000 shares at $90.08 Common Stock CDIs sold on 2026-06-16

Options exercised 135,000 shares at $35.42 Stock option exercise on 2026-06-15

Tax withholding shares 53,748 shares at $88.20 CDIs withheld to pay exercise price

Direct holdings after 72,193 shares Direct common stock after transactions

Indirect super fund holdings 10,000 shares Jamie and Caroline Odell Superannuation Fund

Indirect trust holdings 8,275 shares New Dusk Pty Ltd (Odell Family Trust)

Option expiry September 28, 2026 Expiration date of exercised stock options

Key Terms

CHESS Depositary Interests, Superannuation Fund, stock options, tax liability, +1 more

5 terms

CHESS Depositary Interests financial

"Shares are held via CHESS Depositary Interests ("CDIs"), which are units of beneficial ownership"

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.

Superannuation Fund financial

"Represents shares of common stock held by the Jamie and Caroline Odell Superannuation Fund"

stock options financial

"Represents the withholding of CDIs to pay the exercise price upon the exercise of stock options"

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.

tax liability financial

"Represents the sale of CDIs to cover tax liability in connection with the exercise of stock options"

derivative security financial

"Exercise or conversion of derivative security"

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

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Form 4 Insider Transactions: What Each Field Means →

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^*

Odell Jamie

(Last) (First) (Middle)

C/O LIGHT & WONDER, INC.

6601 BERMUDA RD

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol
[[ ASX:LNW ]]

3. Date of Earliest Transaction (Month/Day/Year)
06/15/2026

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock(1)	06/15/2026		M		135,000	A	$35.42	155,941	D
Common Stock(1)	06/15/2026		F		53,748	D	$88.2(2)	102,193	D
Common Stock(1)	06/16/2026		S		30,000	D	$90.08(3)	72,193	D
Common Stock(1)								8,275	I	By trust(4)
Common Stock(1)								10,000	I	Superannuation Fund(5)

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
Stock Option (right to buy)	$35.42	06/15/2026		M			135,000	(6)	09/28/2026	Common Stock	135,000	$0	527,933	D

Explanation of Responses:

1. 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.

2. 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.

3. Represents the sale of CDIs to cover tax liability in connection with the exercise of stock options. Price converted from Australian Dollars into U.S. Dollars based on an exchange rate of $1 AUD to $0.7068 USD.

4. 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.

5. Represents shares of common stock held by the Jamie and Caroline Odell Superannuation Fund, a fund of which Mr. Odell is the beneficiary.

6. The stock options vested in three equal installments on September 28, 2021, 2022 and 2023.

	/s/ Sweta Gabhawala, attorney-in-fact for Jamie Odell	06/17/2026
	** 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)

FAQ

What did Light & Wonder (LNWO) director Jamie Odell report in this Form 4?

Director Jamie Odell reported exercising 135,000 stock options and related share movements. The filing shows option exercise, tax-related share withholding, and a sale of 30,000 CHESS Depositary Interests (CDIs) tied to the option exercise tax liability.

How many Light & Wonder shares did Jamie Odell sell in this Form 4?

Jamie Odell sold 30,000 CHESS Depositary Interests, each representing one Light & Wonder common share, at $90.08 per share. A footnote explains this sale was used to cover tax liability associated with his stock option exercise.

How many stock options did Jamie Odell exercise in Light & Wonder common stock?

He exercised 135,000 stock options for Light & Wonder common stock at an exercise price of $35.42 per share. A related derivative entry confirms the same 135,000 underlying shares and shows the options expiring on September 28, 2026.

What are Jamie Odell’s direct share holdings in Light & Wonder after these transactions?

After the reported transactions, Jamie Odell directly holds 72,193 shares of Light & Wonder common stock. This figure reflects the net result of his option exercise, tax-withholding disposition of shares, and the sale of 30,000 CDIs to cover tax obligations.

What indirect Light & Wonder holdings does Jamie Odell report in this Form 4?

He reports 8,275 shares held through New Dusk Pty Ltd (Odell Family Trust) and 10,000 shares held through the Jamie and Caroline Odell Superannuation Fund. In both cases, the filing notes that Mr. Odell is a beneficiary of these entities.

How are CHESS Depositary Interests (CDIs) described in the Light & Wonder Form 4 footnotes?

The footnotes describe CDIs as units of beneficial ownership in Light & Wonder common stock traded on the ASX. They are held by CHESS Depositary Nominees Pty Limited, and each CDI represents one fully paid share of Light & Wonder common stock.