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

Mar 8, 2026

SEC Form 4 FORM 4

Washington, D.C. 20549

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

OMB APPROVAL

OMB Number: 3235-0287 Estimated average burden hours per response: 0.5

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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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. Issuer Name and Ticker or Trading Symbol 5. Relationship of Reporting Person(s) to Issuer Light & Wonder, Inc. [ ASX:LNW ] (Check all applicable) Director 10% Owner Officer (give title Other (specify below) below) 3. Date of Earliest Transaction (Month/Day/Year) 03/04/2026 SVP & CEO - Gaming 4. If Amendment, Date of Original Filed (Month/Day/Year) 6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person Form filed by More than One Reporting Person

2. Name and Address of Reporting Person[*]

Lane Siobhan

	(Last) (First) (Middle) LIGHT & WONDER, INC.	(Last) (First) (Middle) LIGHT & WONDER, INC.	(Last) (First) (Middle) LIGHT & WONDER, INC.	(Last) (First) (Middle) LIGHT & WONDER, INC.	(Last) (First) (Middle) LIGHT & WONDER, INC.	3. Date of Earliest Transaction (Month/Day/Year) 03/04/2026	3. Date of Earliest Transaction (Month/Day/Year) 03/04/2026	3. Date of Earliest Transaction (Month/Day/Year) 03/04/2026
	6601 BERMUDA	ROAD
						4. If Amendment, Date of		Original Filed (Month/D
(Street) LAS VEGAS		NV		89119
	(City)	(State)		(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Security (Instr. 3)	2. Transaction	2A. Deemed	3.		4. Securities Acquired	4. Securities Acquired	4. Securities Acquired	(A) or	5. Amount of	6. Ownership	6. Ownership	7. Nature of
	Date	Execution Date,	Transaction		Disposed		Of (D) (Instr.	3, 4 and 5)	Securities	Form: Direct		Indirect
	(Month/Day/Year) if any		Code	(Instr.					Beneficially	(D) or Indirect		Beneficial
		(Month/Day/Year)	8)						Owned Following (I) (Instr.		4)	Ownership
									Reported			(Instr. 4)
			Code	V	Amount		(A) or (D)	Price	Transaction(s) (Instr. 3 and 4)
Common Stock (1)	03/04/2026		M			6,590 A		$ 0	36,937 D
Common Stock (1)	03/04/2026		F			2,741 D		$ 91.05 (2)	34,196 D
Common Stock (1)	03/05/2026		M			2,413 A		$ 0	36,609 D
Common Stock (1)	03/05/2026		F			1,004 D		$ 92.62 (3)	35,605 D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned

(e.g., puts, calls, warrants, options, convertible securities)

1. Title of	2.	3. Transaction 3A. Deemed	3. Transaction 3A. Deemed	4.	5. Number of	5. Number of	6. Date Exercisable and	6. Date Exercisable and	7. Title and	7. Title and		8. Price of	8. Price of	9. Number of	9. Number of	10.	11. Nature
Derivative	Conversion	Date	Execution Date,	Transaction	Derivative		Expiration Date		Amount of			Derivative		derivative		Ownership	of Indirect
Security	or Exercise	(Month/Day/Year) if any		Code (Instr.	Securities		(Month/Day/Year)		Securities			Security		Securities		Form:	Beneficial
(Instr. 3)	Price of		(Month/Day/Year)	8)	Acquired (A)				Underlying			(Instr.	5)	Beneficially		Direct (D)	Ownership
	Derivative				or Disposed				Derivative Security					Owned		or Indirect	(Instr. 4)
	Security				of (D) (Instr.				(Instr. 3 and		4)			Following		(I) (Instr. 4)
					3, 4 and 5)									Reported
														Transaction(s)
										Amount				(Instr. 4)
										or
										Number
							Date	Expiration		of
				Code V	(A)	(D)	Exercisable	Date	Title	Shares
Restricted Stock Units	(4)	03/04/2026		A	6,590		(4)	(4)	Common Stock	6,590 $ 0				6,590		D
Restricted Stock Units	(4)	03/04/2026		M		6,590	(4)	(4)	Common Stock	6,590 $ 0				0		D
Restricted Stock Units	(5)	03/04/2026		A	8,622		(5)	(5)	Common Stock	8,622 $ 0				8,622		D
Restricted Stock Units	(6)	03/04/2026		A	4,310		(6)	(6)	Common Stock	4,310 $ 0				4,310		D
Restricted Stock Units	(7)	03/04/2026		A	4,311		(7)	(7)	Common Stock		4,311	$ 0		4,311		D
Restricted Stock Units	(8)	03/05/2026		M		2,413	(8)	(8)	Common Stock	2,413 $ 0				4,826		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 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.

3. 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.

4. 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.

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

6. 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.

7. 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.

1. 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 2,413 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.

2. /s/ Sweta Gabhawala, attorney 03/06/2026 in-fact for Siobhan Lane ** 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.