KELTER JEFFREY E 4

What Happened
Jeffrey E. Kelter, a director of Bridger Aerospace Group Holdings, Inc. (BAER), was reported as acquiring 100,000 restricted stock units (RSUs) that vested in full on March 9, 2026. The Form 4 lists the transaction as an award/acquisition (code A) at an acquisition price of $0.00 (total $0 on the form), reflecting RSU vesting rather than a cash purchase.

Key Details

• Transaction date: March 9, 2026; Form 4 filed March 11, 2026 (timely filing).
• Transaction type/code: Award/Grant (A) — 100,000 RSUs vested and were treated as acquired. Reported acquisition price: $0.00.
• Shares owned after transaction: Not specified in the excerpt provided.
• Notable footnotes from the filing:
  • F1: Each RSU represents a right to one share; these RSUs vested in full on March 9, 2026.
  • F2/F4: The filing references additional “Earnout Shares” subject to vesting triggers (examples: 42,498 and 212,491 shares referenced), which vest only if certain VWAP-based milestones are met during the earnout period.
  • F3/F5: Disclaimers regarding indirect holdings via Kelter Family Investments LLC / K5 Equity Capital Holdings, LLC and Windy Point Investments LLC — Kelter disclaims beneficial ownership of those entity-held shares except to the extent of any pecuniary interest.

Context
This transaction is a vesting of RSUs (an award becoming shares) rather than an open-market buy or sale. RSU vesting is a common form of compensation for insiders and does not itself signal a buy or sell decision. The filing includes earnout-style shares subject to future price-based vesting conditions and contains customary disclosure about entity holdings and disclaimers of beneficial ownership.