DART KENNETH BRYAN 4

What Happened

• Kenneth Bryan Dart, reported as a 10% owner of Flutter Entertainment plc (FLUT), entered into a derivative purchase on March 13, 2026 that provides economic exposure to 245,936 notional shares. The transaction is reported at $108.81 per share for a total reported value of $26,759,657. This was recorded as a purchase (transaction code P) of a derivative instrument (a swap), not an outright transfer of share certificates.

Key Details

• Transaction date and price: 2026-03-13, 245,936 notional shares at $108.81 each (total $26,759,657).
• Reference price for the swap: $108.8074 per share (footnote).
• Swap maturity: scheduled to terminate and be cash-settled on March 2, 2028.
• Economic terms: at maturity the Reporting Person pays any decrease below the reference price and receives any increase above it; the Reporting Person pays monthly interest on the financing leg (SOFR-based) and is entitled to receive payments equal to dividends on the referenced shares during the swap term. (Footnote F1)
• Counterparty/holder: LBS Limited is the swap counterparty and direct notional "holder"; as owner of LBS Limited, Mr. Dart may be deemed to beneficially own the reported securities but disclaims beneficial ownership except to the extent of his pecuniary interest. (Footnote F2)
• Shares owned after transaction: not specified in the filing.
• Filing timeliness: Form 4 filed 2026-03-17 for a 2026-03-13 transaction; based on business-day timing, the filing appears timely (no late filing indicated).

Context

• This was a derivative (swap) acquisition that gives Mr. Dart economic upside and downside exposure to Flutter shares without transferring legal title to the underlying shares. Derivative purchases can reflect a range of objectives (financing, hedging, or directional exposure); the filing is factual and does not disclose motivation. For retail investors, note this is an economic exposure transaction by a 10% owner and not a simple open-market share purchase of stock certificates.