KELTER JEFFREY E 4

What Happened

• Jeffrey E. Kelter, a director of Bridger Aerospace Group Holdings, Inc. (BAER), received an award of 158,049 restricted stock units (RSUs) on June 4, 2026. The units were granted at $0.00 per share (reported acquisition value $0). This was a grant/award (Form 4 code A), not a purchase or sale.

Key Details

• Transaction date: 2026-06-04; Filed with the SEC: 2026-06-08 (appears to be after the 2-business-day Section 16 reporting window).
• Grant: 158,049 RSUs; reported price: $0.00; reported value: $0.
• Vesting: Per footnote, these RSUs vest on the 12-month anniversary of June 4, 2026 (i.e., generally vest on June 4, 2027) subject to continued service.
• Earnout components: Some shares are subject to performance (earnout) vesting tied to VWAP thresholds ($11.50 and $13.00 for 20 of 30 trading days) during the earnout period; any earnout shares not vested by the end of the earnout period are forfeited.
• Derivative explanation: Each RSU is a contingent right to one share of common stock upon vesting (not presently voting stock).
• Ownership notes: Footnotes indicate indirect relationships with Kelter Family Investments LLC / KFI, a fund manager role, and shared authority over Windy Point Investments LLC holdings; the reporting person disclaims beneficial ownership of those entity-held shares except to the extent of any pecuniary interest.
• Filing timeliness: The Form 4 was filed four days after the transaction date; under Section 16 rules insiders generally must file within two business days, so this filing appears late.

Context

• RSUs are grants, not buys or sales — they convey future rights to shares if vesting conditions are met. Time-based RSUs imply compensation for service; earnout RSUs tie vesting to stock-price performance thresholds.
• Awards like this are common for directors and executives as compensation/retention; they do not reflect an immediate market purchase or sale.