Light & Wonder director sells 30K shares after option exercise
Light & Wonder, Inc. director Antonia Korsanos exercised stock options and completed related share transactions involving CHESS Depositary Interests (CDIs) representing common stock.
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Form Type
4
Rhea-AI Filing Summary
Light & Wonder, Inc. director Antonia Korsanos exercised stock options and completed related share transactions involving CHESS Depositary Interests (CDIs) representing common stock. She exercised 135,000 shares at $35.42 per share, then 53,748 CDIs were withheld to pay the exercise price.
On the following day, 30,000 CDIs were sold in the open market at an average price of $90.08 per CDI to cover tax liabilities associated with the option exercise. After these transactions, she held 78,817 CDIs directly, plus 313 CDIs reported as held indirectly by her child, whose beneficial ownership she disclaims.
Insider Trade Summary
Exercise and sale activity reported; no spread calculated
Exercise and Sale
5 txns
Insider
Korsanos Antonia
Role
Director
Sold
30,000 shs ($2.70M)
Approx. gross sale proceeds
$2.70M
Approx. exercise cost
$4.78M
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 30,000 | $90.08 | $2.70M |
| Exercise | Stock Option (right to buy) | 135,000 | $0.00 | $0.00 |
| Exercise | Common Stock | 135,000 | $35.42 | $4.78M |
| Exercise Price or Tax Liability | Common Stock | 53,748 | $88.20 | $4.74M |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Stock Option (right to buy) — 527,933 contracts (Direct);
Common Stock — 78,817 shares (Direct);
Common Stock — 313 shares (Indirect, By Child)
Footnotes (5)
- 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. Price converted from Australian Dollars into U.S. Dollars based on an exchange rate of $1 AUD to $0.7068 USD.
- F4. The reporting person disclaims beneficial ownership of the shares held by her child. This report should not be deemed an admission that the reporting person is the beneficial owner of her child's shares for purposes of Section 16 or for any other purpose.
- F5. The stock options vested in three equal installments on September 28, 2021, 2022 and 2023.
Key Figures
Options exercised: 135,000 shares
Exercise price: $35.42/share
Shares withheld: 53,748 CDIs
+5 more
8 metrics
Options exercised
135,000 shares
Common stock acquired via option exercise at $35.42 per share
Exercise price
$35.42/share
Stock option (right to buy) conversion price for 135,000 shares
Shares withheld
53,748 CDIs
Withheld to pay exercise price at $88.20 per CDI
Shares sold
30,000 CDIs
Open-market sale at $90.08 per CDI to cover tax liability
Direct holdings after
78,817 CDIs
Direct Light & Wonder ownership following reported transactions
Indirect holdings
313 CDIs
Held by child; beneficial ownership expressly disclaimed
FX rate for exercise
$1 AUD = $0.7047 USD
Conversion rate used for withheld CDIs related to option exercise
FX rate for tax sale
$1 AUD = $0.7068 USD
Conversion rate used for sale of CDIs covering tax liability
Key Terms
CHESS Depositary Interests ("CDIs"), tax-withholding disposition, derivative exercise/conversion, beneficial ownership, +2 more
6 terms
CHESS Depositary Interests ("CDIs") financial
"Shares are held via CHESS Depositary Interests ("CDIs"), which are units of beneficial ownership..."
tax-withholding disposition financial
"transaction_action": "tax-withholding disposition""
A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.
derivative exercise/conversion financial
"transaction_action": "derivative exercise/conversion""
beneficial ownership financial
"The reporting person disclaims beneficial ownership of the shares held by her child."
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.
Section 16 regulatory
"beneficial owner of her child's shares for purposes of Section 16 or for any other purpose."
Section 16 is a U.S. securities law rule that governs the trading and disclosure obligations of company insiders — typically officers, directors and large shareholders — to promote transparency and deter unfair profit-taking. It requires insiders to publicly report their stock trades and allows companies or the issuer to reclaim quick, short-term profits from certain insider trades, like a scoreboard and a refund policy that help investors see and limit possible insider advantage.
stock options vested financial
"The stock options vested in three equal installments on September 28, 2021, 2022 and 2023."
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did Antonia Korsanos do in this Form 4 for Light & Wonder (LNWO)?
Antonia Korsanos exercised stock options for 135,000 Light & Wonder CDIs and had 53,748 CDIs withheld to pay the exercise price. She then sold 30,000 CDIs in the open market, mainly to cover tax obligations tied to the exercise.
At what price did Antonia Korsanos exercise her Light & Wonder stock options?
She exercised 135,000 stock options at an exercise price of $35.42 per underlying Light & Wonder share. The options, described as rights to buy common stock, had previously vested in three equal installments on September 28, 2021, 2022 and 2023.
What are CHESS Depositary Interests (CDIs) mentioned in the Light & Wonder Form 4?
The filing explains CDIs as units of beneficial ownership in Light & Wonder common stock traded on the Australian Securities Exchange. Each CDI represents one fully paid share, held by CHESS Depositary Nominees Pty. Limited, a subsidiary of ASX Limited.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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