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

May 4, 2026

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

OMB APPROVAL

☐ 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.

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

| 1. Name and Address of Reporting Person*
Fine Capital Partners, L.P. | | | 2. Issuer Name and Ticker or Trading Symbol
Light & Wonder, Inc. [LNWO] | | | | | 5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director ☑ 10% Owner
Officer (give title below) Other (specify below) | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (Last) (First) (Middle)
3 COLUMBUS CIRCLE
15TH FLOOR | | | 3. Date of Earliest Transaction (Month/Day/Year)
04/29/2026 | | | | | | |
| (Street)
NEW YORK NY 10019 | | | 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 | | | | | |
| (City) (State) (Zip) | | | | | | | | | |
| 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) | |
| | | | Code | V | Amount | (A) or (D) | | | |
| Common Stock, par value $.001 per share | | 04/29/2026 | | S | | 80,000 | D | $82.4428(1) | 7,768,992 |
| Common Stock, par value $.001 per share | | 05/01/2026 | | I(3) | | 102,200 | D | $0(3) | 7,666,792 |
| Common Stock, par value $.001 per share | | | | | | | | | 13,000 |

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

1. Name and Address of Reporting Person*
   Fine Capital Partners, L.P.

(Last)	(First)	(Middle)
3 COLUMBUS CIRCLE
15TH FLOOR
(Street)
NEW YORK	NY	10019
(City)	(State)	(Zip)

1. Name and Address of Reporting Person*
   Fine Capital Advisors, LLC

(Last)	(First)	(Middle)
3 COLUMBUS CIRCLE
15TH FLOOR

---

(Street)	NEW YORK	NY	10019
(City)	(State)	(Zip)
1. Name and Address of Reporting Person* Fine Debra
(Last)	(First)	(Middle)
3 COLUMBUS CIRCLE
15TH FLOOR
(Street)	NEW YORK	NY	10019
(City)	(State)	(Zip)

Explanation of Responses:

1. This reported price is a weighted average price. These shares were sold in multiple transactions within the range of $82.0413 to $83.0111. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

2. The securities reported herein are held in the accounts of private funds. Fine Capital Partners, L.P. may be deemed to be a beneficial owner of such securities by virtue of its role as the investment manager of such private funds. Fine Capital Advisors, LLC may be deemed to be a beneficial owner of such securities by virtue of its role as the general partner of Fine Capital Partners, L.P. Ms. Debra Fine may be deemed to be a beneficial owner of such securities by virtue of her role as the manager of Fine Capital Advisors, LLC. Except as otherwise stated herein, each Reporting Person disclaims beneficial ownership in the securities reported on this Form 3 except to the extent of its or her pecuniary interest, if any, therein, and this report shall not be deemed to be an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

3. The reported securities were distributed to certain investors in private funds managed by Fine Capital Partners, L.P. The reported securities were distributed in-kind and for no consideration.

4. These 13,000 shares are owned directly by Debra Fine for her personal account and for her sole benefit. These shares are not beneficially owned by Fine Capital Partners, L.P. or Fine Capital Advisors, LLC.

FINE CAPITAL PARTNERS.
L.P. By: Fine Capital
Advisors. LLC. its general 05/01/2026
partner. By: /s/ Debra Fine.
Debra Fine

FINE CAPITAL ADVISORS.
LLC. By: /s/ Debra Fine. 05/01/2026
Debra Fine. Manager

DEBRA FINE /s/ Debra Fine 05/01/2026
** 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.

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