Company: LAWIL
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001104659-25-041831
Chunk: 32

Company: Light & Wonder, Inc.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 32
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 ​ |                                                       2020 | ​ | ​ |   2021 | ​ | ​ |      2022 | ​ | ​ |   2023 | ​ | ​ |     2024 | ​ |
| ​ |                                                      25.0% | ​ | ​ | 139.9% | ​ | ​ | 109.3%(1) | ​ | ​ | 114.1% | ​ | ​ | 98.4%(2) | ​ |

(1) In 2022, actual payouts were voluntarily reduced to 103.0%. (2) In 2024, the Committee exercised discretion to reduce the payout for certain employees to 91.3%. One-half of the 2024 equity awards for each executive officer vest based on the achievement of performance goals. Half of the performance-based awards are subject to a total shareholder return target, and the remaining half are subject to an LWICP AEBITDA target with payouts that will be determined by the Committee in 2027 following the end of the 3-year performance period in 2026. Commitment to Good Governance and Best Practices As part of its ongoing review of our executive compensation program, the Committee considers the results of our last “say on pay” proposal, which was approved by approximately 98% of the votes cast at the 2024 annual meeting of stockholders (i.e., excluding abstentions and broker non-votes). As a result of such continued and strong stockholder support, the Committee did not consider significant changes to our compensation program to be necessary, and continued the practices that resulted in such strong support, including using multiple metrics for each performance-based element of our compensation program, setting an aggressive payout curve for our LWICP that requires 85% of a target metric to be achieved before an award is payable and utilizing relative total shareholder return as a metric for our annual equity awards. To ensure its commitment to good governance of our executive compensation program, the Committee and the Board continued a number of policies that are viewed favorably by our stockholders, including: Objectives and Components of Compensation Program The objectives of our executive compensation program are to attract, incentivize and retain executive talent, to encourage and reward excellent performance by executives whose contributions drive the success of the Company and to create value for our stockholders. The program is structured to provide compensation packages that are competitive with the marketplace, to reward executives based on Company and, in certain circumstances, individual performance, to encourage long-term service and to