DART KENNETH BRYAN 4

What Happened
Kenneth Bryan Dart, a reported 10% owner of Flutter Entertainment plc (FLUT), entered a derivative purchase on June 3, 2026, acquiring economic exposure to 94,616 notional shares via a swap with a reference price of $99.9609 per share (total value ≈ $9,457,901). This transaction is reported as a Purchase (code P) of derivative/notional shares rather than a direct purchase of underlying stock.

Key Details

• Transaction date: 2026-06-03; Reference/price: $99.9609 (reported per-share reference price), aggregate value ≈ $9,457,901.
• Transaction type: Derivative swap (reported as Purchase, code P); swap scheduled to terminate and be cash-settled on March 2, 2028.
• Swap economics: At maturity the Reporting Person pays any decline 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 dividend-equivalent payments during the term. (See Footnote F1.)
• Reported holder: LBS Limited is the direct party/holder of the notional shares; Lake Michigan Limited and LBS Limited previously held an aggregate position of 16,976,885 notional shares. As owner of those entities, Mr. Dart may be deemed to beneficially own the reported securities but disclaims beneficial ownership except for his pecuniary interest. (See Footnote F2.)
• Filing: Form 4 filed 2026-06-05 for a 2026-06-03 transaction (timely filing).

Context
This was a derivative (swap) transaction that gives Mr. Dart economic exposure to Flutter’s share price without transferring legal title to underlying shares. For retail investors, note this differs from a direct stock buy — it provides upside/downside exposure plus dividend equivalents and involves financing costs, and will be cash-settled at swap termination. Being a 10% owner and using affiliated entities to hold notional positions is typical for large investors and institutional-style arrangements; the filing disclaims direct beneficial ownership beyond pecuniary interest.