Light & Wonder (NASDAQ: LNWO) director sells CDIs to cover option taxes
Rhea-AI Filing Summary
Light & Wonder, Inc. (LNWO) director Antonia Korsanos exercised stock options for 150,000 shares of common stock on August 17, 2026 at an exercise price of $35.42 per share, then had 55,334 CDIs withheld to pay the exercise price. On August 18, 2026 she sold CDIs representing common stock in several open-market transactions (including 1,425 shares at $91.50 and 37,929 shares at $91.95, plus additional tax-related sales at $93.06), all to cover tax liabilities arising from the option exercise. After the option exercise, 377,933 stock options remained outstanding, and an additional 313 shares are reported as held indirectly by a child, for which beneficial ownership is disclaimed.
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Insights
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Insider Trade Summary
Exercise and sale activity reported; no spread calculated
Exercise and Sale
7 txns
Insider
Korsanos Antonia
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) F8 | 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 | -- | -- | -- |
Holdings After Transaction:
Stock Option (right to buy) — 377,933 shares (Direct);
Common Stock — 133,483 shares (Direct);
Common Stock — 313 shares (Indirect, By Child)
Footnotes (8)
- 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. 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.
- F8. 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 shares
+5 more
8 metrics
Options Exercised
150,000 shares
Stock options for Light & Wonder common stock exercised on August 17, 2026
Option Exercise Price
$35.42 per share
Exercise price for 150,000 stock options converted into common stock/CDIs
Shares Withheld for Exercise Price
55,334 shares
CDIs withheld to pay the exercise price upon option exercise (code F transaction)
Sale Tranche 1 Price
$91.50 per share
Open-market sale of 1,425 CDIs on August 18, 2026, weighted average price
Sale Tranche 2 Price
$91.95 per share
Open-market sale of 37,929 CDIs on August 18, 2026, weighted average price
Additional Tax-Cover Sale Price
$93.06 per share
Additional CDI sale of 646 shares to cover tax liability on August 18, 2026
Remaining Stock Options
377,933 options
Stock options reported as outstanding after the August 17, 2026 exercise
Indirect Child Holding
313 shares
Common stock held indirectly by child; beneficial ownership disclaimed
Key Terms
CHESS Depositary Interests, weighted average purchase price, beneficial ownership, tax liability, +1 more
5 terms
CHESS Depositary Interests financial
"Shares are held via CHESS Depositary Interests ("CDIs"), which are units of beneficial"
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.
beneficial ownership financial
"which are units of beneficial ownership in shares of common stock of the Company"
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.
tax liability financial
"Represents the sale of CDIs to cover tax liability in connection with the exercise"
exercise price financial
"Represents the withholding of CDIs to pay the exercise price upon the exercise"
The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.
FAQ
What transactions did LNWO director Antonia Korsanos report in this Form 4?
Antonia Korsanos reported exercising 150,000 stock options at $35.42 and related movements in CHESS Depositary Interests. She then sold multiple CDI tranches in the low $90s and had 55,334 CDIs withheld, primarily to fund the option exercise and associated tax obligations.
How many Light & Wonder (LNWO) options did Antonia Korsanos exercise and at what price?
She exercised 150,000 stock options for Light & Wonder common stock at an exercise price of $35.42 per share. The options, which vested in three installments through 2023, were due to expire on September 28, 2026, prompting conversion into common stock/CDIs.
How many Light & Wonder CDIs were withheld to fund the option exercise?
A total of 55,334 CDIs were withheld to pay the exercise price when the options were exercised. The filing notes the exercise-price amount was converted from Australian dollars to U.S. dollars at 1 AUD = 0.7047 USD for reporting purposes.
What remaining derivative position did Antonia Korsanos report for LNWO after these transactions?
Following the August 17, 2026 option exercise, she reported 377,933 stock options remaining outstanding. These options are a derivative right to buy Light & Wonder common stock, separate from the CDIs and common shares involved in the reported sales and withholdings.
AI-generated analysis. How Rhea-AI works. Not financial advice.
