Light & Wonder has confirmed that Chairman Jamie Odell and Vice Chair Toni Korsanos intend to exercise a portion of their vested stock options under the company's 2003 Incentive Compensation Plan through a cashless exercise mechanism.
The decision comes ahead of the options' expiry in March 2027, with the company noting that only limited trading windows remain available under its Securities Trading Policy before that deadline.
Under the cashless arrangement, the directors will not purchase shares outright. Instead, they will receive CHESS Depositary Interests (CDIs), which are exchange-traded securities used to represent ownership of shares in a foreign company on the Australian Securities Exchange, equivalent to the value created by the difference between the option exercise price and the market price at the time of exercise.
The CDIs used to complete the transaction will come from the existing holdings of the Light & Wonder Employee Share Trust, meaning no new securities will be issued and shareholders will not experience dilution.
As the option exercises will trigger taxable income, both directors also intend to sell a portion of the CDIs they receive to meet their personal tax obligations. The company said any sales will be limited to the value of the relevant tax liability and carried out in accordance with its Securities Trading Policy.
Following completion of the process, Light & Wonder will lodge separate director interest notices detailing the changes to each director's holdings.
The announcement follows another strong set of financial results from the gaming supplier. During the second quarter of 2026, Light & Wonder reported net revenue of $828m, up 2.3% year-on-year, while consolidated AEBITDA increased 8.8% to $383m. First-half revenue also rose 2.2% to almost $1.62bn, supported by continued growth across its Gaming and iGaming divisions despite a modest decline in net income.
Earlier this year, the company also strengthened its long-term position in the regulated market after securing a new 10-year contract with the Illinois Gaming Board to deploy its Connexus Central Communication System, reinforcing its presence in the US gaming technology sector.
The vested options are due to expire on 28 March 2027
