Company: LAWIL
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001104659-25-041831
Chunk: 89

Company: Light & Wonder, Inc.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 89
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), unless the Compensation Committee has limited these rights in the grant agreement, awards will become vested and exercisable and restrictions thereon will lapse. The Compensation Committee will determine the extent to which any performance conditions are deemed met upon a change in control, unless otherwise provided in the applicable award agreement. Amendment and Termination of the A&R 2003 Plan. The Board may amend, suspend, discontinue or terminate the 2003 Plan or the Compensation Committee’s authority to grant awards thereunder without stockholder approval, except as required by law or regulation or under the NASDAQ Stock Market rules. NASDAQ Stock Market rules require stockholder approval of material modifications to plans such as the A&R 2003 Plan. Under these rules, however, stockholder approval will not necessarily be required for amendments which might increase the cost of the A&R 2003 Plan. Unless earlier terminated, the A&R 2003 Plan will terminate at such time that no shares reserved under the A&R 2003 Plan remain available and the Company has no further obligation with respect to any outstanding award. Federal Income Tax Implications of the A&R 2003 Plan We believe that under current law the following U.S. federal income tax consequences generally would arise with respect to awards under the A&R 2003 Plan. The grant of an option or a SAR will create no U.S. federal income tax consequences for the participant or the Company. A participant will not have taxable income upon exercising an option that is an ISO, except that the alternative minimum tax may apply. Upon exercising an option that is not an ISO, the participant generally must recognize ordinary income equal to the difference between the exercise price and the fair market value of the freely transferable or non-forfeitable shares acquired on the date of exercise. Upon exercising a SAR, the participant must generally recognize ordinary income equal to the cash or the fair market value of the shares received. Upon a disposition of shares acquired upon exercise of an ISO before the end of the applicable ISO holding periods, the participant must generally recognize ordinary income equal to the lesser of (1) the fair market value of the ISO shares at the date of exercise minus the exercise price and (2) the amount realized upon the disposition of the ISO shares minus the exercise price. For all options, a participant’s sale of shares acquired by exercise of the option generally will result in short-term or long-term capital gain or loss measured by the difference between the sale price and the participant’s tax “basis” in such shares. The tax “basis”