Chow Oliver 4
4 · Light & Wonder, Inc. · Filed Mar 24, 2026
Research Summary
AI-generated summary of this filing
Light & Wonder (LNW) CFO Oliver Chow Exercises RSUs, Sells Shares
What Happened
- Oliver Chow, EVP, CFO & Treasurer of Light & Wonder (ASX: LNW), had multiple restricted stock units (RSUs) vest on March 20, 2026. The vesting/conversion produced 4,667 shares (various exercise/conversion entries at $0.00), and 1,838 of those shares were surrendered/sold to satisfy tax withholding obligations, generating about $144,486 (USD).
- The per-share withholding value reported is $78.61 (USD equivalent; amounts were converted from AUD at 1 AUD = 0.7023 USD). The underlying transactions are RSU vesting/conversion (codes M and X) with withholding for taxes (code F).
Key Details
- Transaction date: March 20, 2026; filing date: March 24, 2026 (filed within the typical two-business-day window).
- Shares converted/issued: 4,667 shares (from vested RSUs / derivative conversions, $0 exercise price per share).
- Shares withheld/sold for taxes: 1,838 shares, totaling ~$144,486 (USD) across four withholding events (280, 719, 419, 420 shares).
- Net increase to holdings from this vesting: approximately 2,829 shares (4,667 issued minus 1,838 withheld).
- Footnotes: Shares are CHESS Depositary Interests (CDIs) traded on the ASX; withholding amounts reported in USD after converting from AUD; vesting events relate to prior RSU grants (some performance- or time-based, per footnotes).
- Filing timeliness: filing date (3/24/2026) is within the standard two-business-day SEC Form 4 deadline for a 3/20/2026 transaction.
Context
- These transactions reflect RSU vesting and routine tax withholding (not an open-market sale for investment purposes). The $0 acquisition price indicates conversion of RSUs into shares rather than a cash purchase.
- For retail investors: withholding/surrender of shares to cover taxes is common after equity awards vest and does not necessarily signal a view on the company’s stock.
Insider Transaction Report
Form 4
Light & Wonder, Inc.ASX:LNW
Chow Oliver
EVP, CFO & Treas
Transactions
- Exercise of In-Money
Common Stock
[F1]2026-03-20+1,065→ 8,749 total - Exercise of In-Money
Common Stock
[F1]2026-03-20+711→ 6,857 total - Tax Payment
Common Stock
[F1][F2]2026-03-20$78.61/sh−280$22,011→ 6,577 total - Exercise/Conversion
Common Stock
[F1]2026-03-20+1,826→ 8,403 total - Tax Payment
Common Stock
[F1][F2]2026-03-20$78.61/sh−719$56,521→ 7,684 total - Tax Payment
Common Stock
[F1][F2]2026-03-20$78.61/sh−419$32,938→ 8,330 total - Exercise of In-Money
Common Stock
[F1]2026-03-20+1,065→ 9,395 total - Tax Payment
Common Stock
[F1][F2]2026-03-20$78.61/sh−420$33,016→ 8,975 total - Exercise of In-Money
Restricted Stock Units
[F3]2026-03-20−711→ 0 total→ Common Stock (711 underlying) - Exercise/Conversion
Restricted Stock Units
[F4]2026-03-20−1,826→ 1,827 total→ Common Stock (1,826 underlying) - Exercise of In-Money
Restricted Stock Units
[F5]2026-03-20−1,065→ 0 total→ Common Stock (1,065 underlying) - Exercise of In-Money
Restricted Stock Units
[F6]2026-03-20−1,065→ 0 total→ Common Stock (1,065 underlying)
Footnotes (6)
- [F1]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.
- [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 $0.7023 USD.
- [F3]Represents the vesting of one-third of restricted stock units granted on August 25, 2023. The award has fully vested. Each restricted stock unit converts into a share of common stock on a one-for-one basis.
- [F4]Represents the vesting of one-third of restricted stock units granted on March 20, 2024. The balance of the award is scheduled to vest on March 20, 2027. Each restricted stock unit converts into a share of common stock on a one-for-one basis.
- [F5]Represents the cliff vesting of restricted stock units granted on August 25, 2023, subject to the achievement of performance criteria over a three-year period. Based on the level of achievement, 100% of the RSUs vested and converted into shares of common stock on a one-for-one basis.
- [F6]Represents the cliff vesting of restricted stock units granted on August 25, 2023, subject to the achievement of performance criteria over a three-year period. Based on the level of achievement, 100% of the RSUs vested and converted into shares of common stock on a one-for-one basis.
Signature
/s/ Sweta Gabhawala, attorney-in-fact for Oliver Chow|2026-03-24