Kenneth Dart adds swap exposure to Flutter shares

LBS Limited, an entity owned by Kenneth Bryan Dart, entered into a Total Return Swap referencing 802,080 shares of Flutter Entertainment common stock.

Rhea-AI Filing Summary

LBS Limited, an entity owned by Kenneth Bryan Dart, entered into a Total Return Swap referencing 802,080 shares of Flutter Entertainment common stock. The swap was acquired as an open-market purchase derivative position with a reference price of $106.2902 per share.

The swap is scheduled to terminate on March 2, 2028 and will be cash-settled based on the share price versus the reference price. Following this transaction, Dart is reported as having indirect exposure referencing 5,040,190 underlying shares. Under the swap terms, he pays monthly interest based on SOFR and receives payments equal to dividends on the referenced shares.

Insider Trade Summary

Net Buyer: 802,080 shares

Net Buy 1 txn

Insider DART KENNETH BRYAN

Role 10% Owner

Bought 802,080 shs ($85.25M)

Type	Security	Shares	Price	Value
Purchase	Total Return Swap	802,080	$106.2902	$85.25M

Holdings After Transaction: Total Return Swap — 5,040,190 contracts (Indirect, See footnote)

Footnotes (2)

1. F1. The reference price for the Swap is $106.2902 per share. The Swap is scheduled to terminate on March 2, 2028, at which time the Swap will be cash-settled. Under the terms of the Swap, at maturity: (i)the Reporting Person will be obligated to pay to the counterparty any decrease in the market price of the referenced shares below the reference price, and (ii) the counterparty will be obligated to pay the Reporting Person any increase in the market price of the referenced shares above the reference price. The Swap requires the Reporting Person to pay monthly interest to the counterparty on the financing leg of the Swap at a rate based on SOFR. Additionally, the Reporting Person is entitled to receive payments from the counterparty equal to any dividends paid on the referenced shares during the term of the Swap.
2. F2. LBS Limited is the party to the Swap and direct "holder" of the "notional" shares. As owner of LBS Limited, Mr. Dart may be deemed to beneficially own the reported securities but disclaims such beneficial ownership except to the extent of his pecuniary interest therein.

FAQ

What did Kenneth Bryan Dart report in this Flutter (FLUT) Form 4?

Kenneth Bryan Dart reported an indirect open-market purchase of a Total Return Swap referencing 802,080 Flutter shares. The derivative position was acquired through LBS Limited and increases his reported notional exposure to 5,040,190 underlying shares after the transaction.

What are the key terms of the Total Return Swap linked to Flutter (FLUT)?

The Total Return Swap has a reference price of $106.2902 per share and is scheduled to terminate on March 2, 2028. It will be cash-settled at maturity based on the change in Flutter’s share price relative to the reference price.

How does the Total Return Swap affect Kenneth Dart’s exposure to Flutter (FLUT)?

The swap adds exposure referencing 802,080 shares, bringing Dart’s reported indirect notional exposure to 5,040,190 underlying shares after the transaction. This reflects economic exposure through a derivative, rather than direct ownership of Flutter common stock.

How are payments under the Flutter (FLUT) Total Return Swap structured?

At maturity, Dart must pay the counterparty any decrease below the $106.2902 reference price, while the counterparty pays him any increase. He also pays monthly SOFR-based interest and receives amounts equal to dividends on the referenced shares during the swap’s term.

Who is the direct holder of the Flutter (FLUT) swap position reported on Form 4?

The direct party to the swap and holder of the notional position is LBS Limited. As owner of LBS Limited, Kenneth Dart may be deemed to beneficially own the reported securities but disclaims beneficial ownership except to the extent of his pecuniary interest.

Does the Flutter (FLUT) Total Return Swap give Kenneth Dart voting rights?

The filing describes a cash-settled Total Return Swap referencing Flutter shares and explains economic terms such as price exposure, interest, and dividend-equivalent payments. It does not state that the arrangement provides Dart with voting or investment power over Flutter common stock.

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Accepted by SEC EDGAR 03/13/2026 - 05:41 PM Learn about SEC filing dates

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
Estimated average burden
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^*

DART KENNETH BRYAN

(Last) (First) (Middle)

P. O. BOX 31300

(Street)

GRAND CAYMAN E9 KY1-1206

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Flutter Entertainment plc [ FLUT ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
03/11/2026

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

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
Total Return Swap	(1)	03/11/2026		P/K		802,080		03/02/2028	03/02/2028	Common Stock	802,080	$106.2902	5,040,190	I	See footnote(2)

Explanation of Responses:

1. The reference price for the Swap is $106.2902 per share. The Swap is scheduled to terminate on March 2, 2028, at which time the Swap will be cash-settled. Under the terms of the Swap, at maturity: (i)the Reporting Person will be obligated to pay to the counterparty any decrease in the market price of the referenced shares below the reference price, and (ii) the counterparty will be obligated to pay the Reporting Person any increase in the market price of the referenced shares above the reference price. The Swap requires the Reporting Person to pay monthly interest to the counterparty on the financing leg of the Swap at a rate based on SOFR. Additionally, the Reporting Person is entitled to receive payments from the counterparty equal to any dividends paid on the referenced shares during the term of the Swap.

2. LBS Limited is the party to the Swap and direct "holder" of the "notional" shares. As owner of LBS Limited, Mr. Dart may be deemed to beneficially own the reported securities but disclaims such beneficial ownership except to the extent of his pecuniary interest therein.

	/s/Kenneth B Dart	03/13/2026
	** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.