Chow Oliver 4

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.