4/A: Bakkt CFO Karen Alexander Reports Stock Transactions Following PSU Vesting

Karen Alexander, CFO of Bakkt Holdings, reports the acquisition and disposal of Class A Common Stock related to the vesting of performance stock units (PSUs) and restricted stock units (RSUs).

Summary

• On March 18, 2024, Karen Alexander, CFO of Bakkt Holdings, acquired shares of Class A Common Stock due to the vesting of performance stock units (PSUs).
• These PSUs were granted on February 13, 2023, and vested upon the attainment of performance goals.
• Alexander also acquired shares through restricted stock units (RSUs) that vest in installments.
• On April 5, 2024, Bakkt withheld 5,194 shares of Class A Common Stock to satisfy tax withholding obligations related to the PSU vesting, at a price of $0.5156 per share.
• Following these transactions, Alexander directly owns 959,173 shares of Class A Common Stock, including shares subject to vesting restrictions.

Sentiment

Score: 6

Explanation: The document is neutral in tone, simply reporting transactions related to executive compensation. The vesting of PSUs suggests some level of performance achievement, but the tax withholding is a neutral event.

Positives

• The vesting of PSUs indicates the attainment of certain performance goals by the company.

Negatives

• The withholding of shares to cover tax obligations reduces the number of shares directly held by the CFO.

Risks

• The value of the shares is subject to market fluctuations.
• Unvested RSUs and PSUs are contingent upon continued employment with the issuer.

Future Outlook

The reporting person holds a significant number of unvested RSUs and PSUs, which will vest in the future contingent upon continued employment and, in the case of PSUs, the achievement of performance goals.

Industry Context

This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies. It provides transparency regarding the alignment of management's interests with those of shareholders.

Comparison to Industry Standards

• Executive compensation packages often include a mix of salary, stock options, RSUs, and PSUs to incentivize performance and retain key personnel.
• The vesting schedules and performance goals associated with these equity awards are typically designed to align with the company's long-term strategic objectives.
• Companies like Coinbase, Block, and Robinhood also utilize similar equity-based compensation structures for their executives.

Stakeholder Impact

• The transactions have a minor impact on shareholders, as they reflect the ongoing execution of the company's compensation plans.
• Employees holding RSUs and PSUs are affected by the vesting schedules and performance goals associated with these awards.

Next Steps

• Future vesting of RSUs and PSUs will result in further changes in beneficial ownership, which will be reported in subsequent filings.

Key Dates