Light & Wonder, Inc. — Director's Dealing 2026

Mar 7, 2026

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Light & Wonder, Inc. (ASX:LNW)
CIK: 0000750004
Period of Report: 2026-03-04

Reporting Person: Chow Oliver (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2026-03-04	Common Stock	M	5144	—	Acquired	12126	Direct
2026-03-04	Common Stock	F	2025	$91.05	Disposed	10101	Direct
2026-03-05	Common Stock	M	1961	—	Acquired	12062	Direct
2026-03-05	Common Stock	F	772	$92.62	Disposed	11290	Direct
2026-03-05	Common Stock	S	5144	$90.22	Disposed	6146	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2026-03-04	Restricted Stock Units	$	A	5144	Acquired		Common Stock (5144)	Direct
2026-03-04	Restricted Stock Units	$	M	5144	Disposed		Common Stock (5144)	Direct
2026-03-04	Restricted Stock Units	$	A	7147	Acquired		Common Stock (7147)	Direct
2026-03-04	Restricted Stock Units	$	A	3573	Acquired		Common Stock (3573)	Direct
2026-03-04	Restricted Stock Units	$	A	3573	Acquired		Common Stock (3573)	Direct
2026-03-05	Restricted Stock Units	$	M	1961	Disposed		Common Stock (1961)	Direct

Footnotes

F1: Shares are held in 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 satisfaction of tax withholding obligations upon the vesting of restricted stock units. Price converted from Australian Dollars into U.S. Dollars based on an exchange rate of $1 AUD to $0.7093 USD.

F3: Represents the satisfaction of tax withholding obligations upon the vesting of restricted stock units. Price converted from Australian Dollars into U.S. Dollars based on an exchange rate of $1 AUD to $0.7075 USD.

F4: The transaction was executed in multiple trades at prices ranging from $89.31 to $89.38. The price reported above reflects the weighted average sale price. Details regarding aggregated sale transactions will be provided upon request by the Commission staff, the issuer or a security holder of the issuer.

F5: Price converted from Australian Dollars into U.S. Dollars based on an exchange rate of $1 AUD to $0.7075 USD.

F6: Represents restricted stock units granted pursuant to a determination by the Compensation Committee of the Board of Directors of the issuer as payment in respect of the annual bonus earned by the reporting person with respect to 2025. The number of units was determined by dividing the dollar value of the bonus earned, based on actual performance for 2025, by the average of the high and low prices of the CDIs on the day preceding the grant date. Since the restricted stock units are payment in respect of the 2025 bonus, they are subject to immediate vesting. Each unit converts into a share of common stock on a one-for-one basis.

F7: The restricted stock units are scheduled to vest in three equal installments on March 4, 2027, 2028 and 2029.

F8: 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 December 31, 2028, all restricted stock units are forfeited. Each unit converts into a share of common stock on a one-for-one basis.

F9: 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 December 31, 2028, all restricted stock units are forfeited. Each unit converts into a share of common stock on a one-for-one basis.

F10: Represents the vesting of one-third of restricted stock units granted on March 5, 2025. The balance of the award is scheduled to vest in two equal installments of 1,962 shares on March 5, 2027 and March 5, 2028. Each restricted stock unit converts into a share of common stock on a one-for-one basis.