Director at Bridger Aerospace (BAER) granted 100K RSU-based shares

Rhea-AI Filing Summary

KELTER JEFFREY E reported acquisition or exercise transactions in this Form 4 filing.

Bridger Aerospace Group Holdings director Jeffrey E. Kelter received 100,000 shares of Common Stock on March 9, 2026 through a stock award. The award was granted at no cash price and reflects Restricted Stock Units (RSUs), each representing one share of common stock that vested in full on that date.

After this grant, Kelter directly holds 828,224 shares of Bridger Aerospace, which include time- and performance-based vesting components and Earnout Shares tied to future share price targets. He is also associated with additional indirect holdings reported for K5 Equity Capital Holdings, LLC and Windy Point Investments LLC, where beneficial ownership is partially disclaimed.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

KELTER JEFFREY E

(Last) (First) (Middle)

C/O/ BRIDGER AEROSPACE GROUP HLDGS, INC.

90 AVIATION LANE

(Street)

BELGRADE MT 59714

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Bridger Aerospace Group Holdings, Inc. [ BAER ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
03/09/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/09/2026		A		100,000(1)	A	$0.00	828,224(2)	D
Common Stock								302,020	I(3)	By K5 Equity Capital Holdings, LLC(3)
Common Stock								627,800(4)	I(5)	By Windy Point Investments LLC(5)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Each Restricted Stock Unit ("RSU") represents a contingent right to receive one share of the Issuer's Common Stock. These RSUs vested in full on March 9, 2026.

2. Includes 42,498 shares which vest generally as follows: (i) 50% of the shares vest on the first date during the Earnout Period (defined below) on which the VWAP of the shares exceeds $11.50 for a period of at least 20 out of 30 consecutive trading days, and (ii) 50% of the shares vest on the first date during the Earnout Period on which the VWAP exceeds $13.00 for a period of at least 20 out of 30 consecutive trading days (shares vesting on such schedule, the "Earnout Shares"). The "Earnout Period" is the time period beginning on the date immediately following the January 24, 2023 closing of the Issuer's initial business combination (the "Closing Date") and ending on and including the five year anniversary of the Closing Date. Any Earnout Shares not vested by the end of the Earnout Period shall be forfeited back to the Issuer for no consideration.

3. Kelter Family Investments LLC ("KFI") is the manager to K5 Equity Capital Holdings, LLC (the "Fund"). The Reporting Person is the manager of KFI. By virtue of the relationships described herein, the Reporting Person and KFI may be deemed to indirectly beneficially own the shares of the Issuer's Common Stock held by the Fund. The Reporting Person and KFI disclaim beneficial ownership of the shares of the Issuer's Common Stock held by the Fund for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934, as amended (the "Act"), except to the extent of their pecuniary interest therein, if any, and the filing of this report shall not be deemed an admission that the Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Act or for any other purpose.

4. Includes 212,491 Earnout Shares.

5. Mr. Kelter holds shared authority to direct the voting and disposition of shares held by Windy Point Investments LLC. The Reporting Person disclaims beneficial ownership of the shares of the Issuer's Common Stock held by Windy Point Investments LLC for purposes of Rule 16a-1(a) under the Act, except to the extent of the Reporting Person's pecuniary interest therein, if any, and the filing of this report shall not be deemed an admission that the Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Act or for any other purpose.

	/s/ James Muchmore, attorney-in-fact for Jeffrey E. Kelter	03/11/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What insider transaction did BAER director Jeffrey Kelter report?

Jeffrey E. Kelter reported receiving 100,000 shares of Bridger Aerospace Common Stock as a stock award. The grant was structured as Restricted Stock Units that vested in full on March 9, 2026, increasing his reported direct equity exposure without any open-market purchase activity.

How many Bridger Aerospace shares does Jeffrey Kelter hold after this Form 4?

Following the March 9, 2026 award, Jeffrey Kelter directly holds 828,224 Bridger Aerospace Common Stock shares. This figure includes RSUs and Earnout Shares subject to vesting conditions, giving him substantial direct exposure alongside additional indirect holdings reported through K5 Equity Capital Holdings, LLC and Windy Point Investments LLC.

Was cash paid for Jeffrey Kelter’s 100,000-share BAER award?

No cash changed hands for this award; the 100,000 shares were granted at a reported price of $0.00 per share. They came through Restricted Stock Units that converted into common stock upon full vesting on March 9, 2026, functioning as equity-based compensation rather than a purchase.

What are Earnout Shares mentioned in Jeffrey Kelter’s BAER holdings?

Part of Jeffrey Kelter’s holdings are Earnout Shares that vest only if Bridger Aerospace’s volume-weighted average price exceeds specified thresholds for set trading periods. Footnotes note 212,491 such Earnout Shares, which may be forfeited without consideration if price conditions are not met within the defined earnout period.

How are K5 Equity Capital Holdings and Windy Point related to BAER shares?

Some Bridger Aerospace shares are held indirectly through K5 Equity Capital Holdings, LLC and Windy Point Investments LLC. Kelter is associated with these entities and may be deemed to beneficially own their shares, but he formally disclaims beneficial ownership except to the extent of any pecuniary interest under securities law definitions.

Does this BAER Form 4 show any insider share sales?

The Form 4 does not report any open-market sales by Jeffrey Kelter. It shows a grant of 100,000 shares via RSUs and updated direct and indirect holdings, with no sale transaction codes such as “S” or tax-withholding dispositions indicated in the summarized non-derivative transaction data.