BAER Form 4: Director Robert Savage awarded 208,290 RSUs

Rhea-AI Filing Summary

Bridger Aerospace Group Holdings, Inc. (BAER) reported an insider equity award for director Robert F. Savage, Jr. On November 25, 2025, he received 208,290 restricted stock units (RSUs) of common stock at a price of $0.00 per share. Each RSU represents one share of common stock and is scheduled to vest on the 12‑month anniversary of November 25, 2025, subject to his continued service.

After this grant, Mr. Savage directly beneficially owns 475,401 shares of common stock, which include 42,498 earnout shares that vest only if volume‑weighted average price targets of $11.50 and $13.00 are met during a defined earnout period. He also has indirect beneficial interests in 50,505 shares held by each of the Madeleine Savage 2021 Trust and the Sophie Savage 2021 Trust, and 527,800 shares held by 656 Investors LLC, which include 212,490 earnout shares.

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

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

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^*

SAVAGE ROBERT F JR

(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)
11/25/2025

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	11/25/2025		A		208,290(1)	A	$0.00	475,401(2)	D
Common Stock								50,505	I(3)	Madeleine Savage 2021 Trust(3)
Common Stock								50,505	I(4)	Sophie Savage 2021 Trust(4)
Common Stock								527,800(5)	I(6)	By 656 Investors LLC(6)

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 shall vest on the 12-month anniversary of November 25, 2025, subject to the Reporting Person's continued service through such date.

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. Mr. Savage holds shared authority to direct the voting and disposition of shares held by Madeleine Savage 2021 Trust. The Reporting Person disclaims beneficial ownership of the shares of the Issuer's Common Stock held by Madeleine Savage 2021 Trust for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934, as amended (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.

4. Mr. Savage holds shared authority to direct the voting and disposition of shares held by Sophie Savage 2021 Trust. The Reporting Person disclaims beneficial ownership of the shares of the Issuer's Common Stock held by Sophie Savage 2021 Trust 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.

5. Includes 212,490 Earnout Shares.

6. Mr. Savage holds shared authority to direct the voting and disposition of shares held by 656 Investors LLC. The Reporting Person disclaims beneficial ownership of the shares of the Issuer's Common Stock held by 656 Investors 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 Robert F. Savage, Jr.	11/26/2025
	** 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).
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FAQ

What insider transaction did BAER report for Robert F. Savage, Jr.?

BAER reported that director Robert F. Savage, Jr. received 208,290 restricted stock units (RSUs) of common stock on November 25, 2025 at a price of $0.00 per share.

When do the newly granted BAER RSUs to Robert F. Savage, Jr. vest?

The 208,290 RSUs granted to Robert F. Savage, Jr. are scheduled to vest on the 12‑month anniversary of November 25, 2025, subject to his continued service with the company.

How many BAER shares does Robert F. Savage, Jr. beneficially own after this transaction?

Following the transaction, Robert F. Savage, Jr. directly beneficially owns 475,401 shares of BAER common stock and has additional indirect beneficial interests through trusts and an LLC.

What are BAER earnout shares mentioned in Robert F. Savage, Jr.’s holdings?

BAER earnout shares are shares that vest only if the share price meets volume‑weighted average price targets of $11.50 and $13.00 for at least 20 of 30 consecutive trading days during a defined earnout period. Savage’s direct holdings include 42,498 earnout shares, and 656 Investors LLC holds an additional 212,490 earnout shares.

What indirect BAER holdings are reported for Robert F. Savage, Jr.?

Indirect BAER holdings reported include 50,505 shares held by the Madeleine Savage 2021 Trust, 50,505 shares held by the Sophie Savage 2021 Trust, and 527,800 shares held by 656 Investors LLC, over which he has shared authority.

Does Robert F. Savage, Jr. disclaim beneficial ownership of certain BAER shares?

Yes. He disclaims beneficial ownership of BAER shares held by the Madeleine Savage 2021 Trust, the Sophie Savage 2021 Trust, and 656 Investors LLC except to the extent of any pecuniary interest, as described under Rule 16a‑1(a).