DART KENNETH BRYAN 4

What Happened
Kenneth Bryan Dart, reported as a 10% owner, entered a derivative purchase on May 27, 2026 that increases his economic exposure to 190,800 Fletcher (FLUT) shares. The transaction is reported as a purchase (code P) of a swap position with a reported value of $18,239,831 (190,800 × $95.60). The reported instrument is a derivative (swap) rather than an acquisition of actual shares.

Key Details

• Transaction date and price: May 27, 2026 — 190,800 notional shares at $95.60 per share (total $18,239,831). Filing date: May 29, 2026 (timely).
• Instrument: Derivative swap (reference price noted as $95.5966 per share). The swap is scheduled to terminate and be cash-settled on March 2, 2028.
• Swap economics (from footnote): at maturity the Reporting Person pays decreases below the reference price and receives increases above it; must pay monthly interest on the financing leg (rate based on SOFR); entitled to receive payments equal to dividends on the referenced shares during the swap term.
• Ownership reporting: LBS Limited is the direct holder of the reported notional shares; Lake Michigan Limited and LBS Limited hold an aggregate previously reported position of 16,786,085 notional shares. Mr. Dart, as owner of those entities, may be deemed to beneficially own the reported securities but disclaims beneficial ownership except to the extent of his pecuniary interest.
• Shares owned after transaction: not specified in the provided filing details.

Context
This is a derivative-based purchase that increases economic exposure without transferring legal title to underlying shares. For retail investors, derivative purchases by large owners can signal increased exposure but do not equal direct share ownership; the filing discloses the swap terms and the entities (LBS Limited / Lake Michigan Limited) that hold the notional position. The filing was made within the normal Form 4 window (timely).