Company: LAWIL
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000750004-25-000016
Chunk: 151

Company: Light & Wonder, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 15
Chunk 151
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— Options outstanding as of December 31, 20241.5 2.0$35.27 $77 Options exercisable as of December 31, 20241.5 2.0$34.90 $77 Options expected to vest as of December 31, 2024— 8.5$79.12 $— No stock options were granted during the period ended December 31, 2023. The weighted-average grant date fair value of options granted during 2024 and 2022 was $80.36 and $57.67, respectively. The aggregate intrinsic value of the options exercised during the years ended December 31, 2024, 2023 and 2022 was approximately $2 million, $14 million and $3 million, respectively.The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model. The weighted-average assumptions used in the model are outlined in the following table:202420232022Assumptions:Expected volatility70 %N/A71 %Risk-free interest rate3.88 %N/A3.01 %Dividend yield— N/A— Expected life (in years)6N/A6The computation of the expected volatility is based on historical daily stock prices over a period commensurate with the expected life of the option. Expected life is based on annual historical employee exercise behavior of option grants with similar vesting periods and option expiration dates. The risk-free interest rate is based on the yield of zero-coupon U.S. Treasury securities of comparable terms.At December 31, 2024, unrecognized stock-based compensation expense relating to unvested stock options was not material. During the year ended December 31, 2024, we received $2 million in cash from the exercise of stock options.

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Restricted Stock UnitsA summary of the changes in RSUs outstanding under our equity-based compensation plans during 2024 is presented below:Number of Restricted Stock UnitsWeighted Average Grant Date Fair ValueUnvested RSUs as of December 31, 20232.3 $55.53 Granted1.5 $99.11 Vested(1.7)$69.64 Cancelled(0.1)$65.07 Unvested RSUs as of December 31, 20242.0 $75.49 The weighted-average grant date fair value of RSUs granted during 202