Chow Oliver 4
4 · Light & Wonder, Inc. · Filed Mar 6, 2026
Research Summary
AI-generated summary of this filing
Light & Wonder (LNW) CFO Oliver Chow Sells Shares After RSU Vesting
What Happened Oliver Chow, EVP, Chief Financial Officer & Treasurer of Light & Wonder (ASX:LNW), had restricted stock units vest and convert into shares on March 4–5, 2026, then surrendered some shares to cover tax withholding and sold additional shares in the open market. Key moves: conversion/exercise of 7,105 RSU-derived shares (5,144 on 3/4 and 1,961 on 3/5) reported as acquired at $0 (vest/conversion), tax-withholding disposals of 2,025 shares on 3/4 (reported at $91.05 each, $184,376) and 772 shares on 3/5 (reported at $92.62 each, $71,503), and an open-market sale of 5,144 shares on 3/5 at a weighted average $90.22 for $464,092. Total reported proceeds from disposed shares are roughly $720K, of which about $256K represented shares surrendered to satisfy tax withholding.
Key Details
- Transaction dates: March 4 and March 5, 2026; Form 4 filed March 6, 2026 (timely).
- Open-market sale: 5,144 shares on 2026-03-05 at weighted average $90.22 — $464,092 (F4 notes executions in multiple trades at $89.31–$89.38).
- Tax-withholding disposals: 2,025 shares on 3/4 at $91.05 ($184,376) and 772 shares on 3/5 at $92.62 ($71,503); prices converted from AUD to USD per footnotes (F2, F3, F5).
- Vesting/awards: Transactions include grants/awards and conversions of RSUs (codes A and M). Footnote F10 indicates one-third of RSUs granted March 5, 2025 vested; remaining installments vest in 2027 and 2028. F6 notes certain RSUs were issued as bonus payments and vested immediately.
- Securities type: Shares are CHESS Depositary Interests (CDIs) traded on the ASX (F1).
- Shares owned after the transactions: Not specified in the provided data.
Context
- These transactions reflect vesting and conversion of restricted stock units (derivative awards) followed by share retention for tax withholding and an open-market sale. That pattern is common after RSU vesting: some shares are withheld to cover taxes (code F) and others may be sold (code S) for diversification or liquidity.
- Transaction codes: A = award/grant; M = exercise/conversion of derivative (here, RSU conversion); F = shares surrendered to satisfy tax withholding; S = open market sale. No indication of a 10b5-1 plan or late filing.
Insider Transaction Report
Form 4
Light & Wonder, Inc.ASX:LNW
Chow Oliver
EVP, CFO & Treas
Transactions
- Exercise/Conversion
Common Stock
[F1]2026-03-04+5,144→ 12,126 total - Tax Payment
Common Stock
[F1][F2]2026-03-04$91.05/sh−2,025$184,376→ 10,101 total - Exercise/Conversion
Common Stock
[F1]2026-03-05+1,961→ 12,062 total - Tax Payment
Common Stock
[F1][F3]2026-03-05$92.62/sh−772$71,503→ 11,290 total - Sale
Common Stock
[F1][F4][F5]2026-03-05$90.22/sh−5,144$464,092→ 6,146 total - Award
Restricted Stock Units
[F6]2026-03-04+5,144→ 5,144 total→ Common Stock (5,144 underlying) - Exercise/Conversion
Restricted Stock Units
[F6]2026-03-04−5,144→ 0 total→ Common Stock (5,144 underlying) - Award
Restricted Stock Units
[F7]2026-03-04+7,147→ 7,147 total→ Common Stock (7,147 underlying) - Award
Restricted Stock Units
[F8]2026-03-04+3,573→ 3,573 total→ Common Stock (3,573 underlying) - Award
Restricted Stock Units
[F9]2026-03-04+3,573→ 3,573 total→ Common Stock (3,573 underlying) - Exercise/Conversion
Restricted Stock Units
[F10]2026-03-05−1,961→ 3,924 total→ Common Stock (1,961 underlying)
Footnotes (10)
- [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.
- [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.
- [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.
Signature
/s/ Sweta Gabhawala, attorney-in-fact for Oliver Chow|2026-03-06