Bridger Aerospace (BAER) Director Jeffrey Kelter Buys 200,000 Shares

What Happened

• Jeffrey E. Kelter, a director of Bridger Aerospace Group Holdings, acquired a total of 200,000 common shares in two open-market purchases on 2026-09-01: 100,000 shares at $1.10 (reported value $109,700) and 100,000 shares at $1.09 (reported value $109,440), for a combined cash outlay of $219,140. This filing reports purchases (transaction code P).

Key Details

• Transaction date: 2026-09-01; Form 4 filed: 2026-09-02 (timely filing).
• Reported prices (weighted averages): $1.10 and $1.09. Footnotes state purchase prices ranged $1.0850–$1.1100 (F2/F4); Kelter will provide a per‑price breakdown on request.
• Total shares bought: 200,000; total value: $219,140.
• Shares owned after the transaction: not specified in the provided filing details.
• Notable footnotes:
  • F1/F5: The reporter references “Earnout Shares” (performance-vesting). One footnote notes 42,498 earnout shares vesting on VWAP triggers ($11.50/$13.00 over 20 of 30 trading days); another references 212,491 Earnout Shares. Unvested earnout shares vest only if price triggers occur during the defined Earnout Period (five years after the closing) and otherwise are forfeited.
  • F2/F4: Purchases were open-market; reported prices are weighted averages; more granular price breakdowns available upon request.
  • F3/F6: Kelter is manager of Kelter Family Investments LLC and has relationships with K5 Equity Capital Holdings and Windy Point Investments LLC; the filing includes customary disclaimers about indirect/limited beneficial ownership.
• Filing timeliness: Filed one day after the trades (within the usual two-business-day Form 4 window) — not marked late.

Context

• These were straightforward open-market purchases (not option exercises or awards). Purchases are often watched closely by investors as a direct insider buy, but the filing itself does not state Kelter’s reasons.
• Earnout/performance-vesting shares referenced in the footnotes are subject to price and time-based vesting conditions and are distinct from these open-market purchases.