SEC Form 4 · accession 0001104659-16-139425
Light & Wonder, Inc. · ASX:LNW
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Kevin M Sheehan
Officer — President & CEO · Director
Period of report
Aug 10, 2016
Accepted (ET)
Aug 12, 2016 · 6:36 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000750004
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Stock UnitsF1 | — | Aug 10, 2016 | A | 400,000 | A | — | — | Common Stock | 400,000 | 400,000 | D |
| Restricted Stock UnitsF2 | — | Aug 10, 2016 | A | 67,370 | A | — | — | Common Stock | 67,370 | 67,370 | D |
| Employee Stock Option (right to buy)F3 | $9.15 | Aug 10, 2016 | A | 133,717 | A | — | Aug 9, 2026 | Common Stock | 133,717 | 133,717 | D |
| Employee Stock Option (right to buy)F4 | $9.15 | Aug 10, 2016 | A | 133,717 | A | — | Aug 9, 2026 | Common Stock | 133,717 | 133,717 | D |
Explanation of responses
- F1The restricted stock units are scheduled to cliff vest at the end of a three-year performance period from July 1, 2016 to June 30, 2019, contingent upon the achievement of performance criteria over such three-year period. Each unit converts into a share of common stock on a one-for-one basis.
- F2The restricted stock units are scheduled to vest in four equal annual installments beginning on March 20, 2017. Each unit converts into a share of common stock on a one-for-one basis.
- F3The stock options are scheduled to become exercisable in four equal annual installments beginning on March 20, 2017.
- F4The stock options are scheduled to become exercisable in four equal annual installments beginning on March 20, 2017 (each, a "Vesting Date"), subject to the Company's 60-trading day average closing price meeting or exceeding $15.00 (the "Performance Goal") prior to March 20, 2020. If the Performance Goal is met prior to the first Vesting Date, then all four annual installments will vest in accordance with the vesting schedule. If the Performance Goal is met subsequent to the first Vesting Date, each annual installment relating to a Vesting Date that has already occurred will automatically vest upon achievement of the Performance Goal and any remaining installments will vest in accordance with the vesting schedule. If the Performance Goal is not met by March 20, 2020, all stock options are forfeited.