Form 4: Bakkt Director Alfred Receives 9,000 RSU Grant

Bakkt Holdings Director Michael Alfred was granted 9,000 restricted stock units, increasing his direct beneficial ownership, with full vesting scheduled for November 2026.

Summary

• Michael Alfred, a Director of Bakkt Holdings, Inc. (BKKT), acquired 9,000 Class A Common Stock restricted stock units (RSUs).
• These RSUs represent a contingent right to receive one share of the issuer's Class A Common Stock.
• The RSUs were acquired on November 19, 2025, at a price of $0 per unit.
• 100% of these RSUs will vest on November 9, 2026, contingent upon Mr. Alfred's continued service to the issuer through such date.
• Following this transaction, Mr. Alfred directly beneficially owns 28,476 shares of Class A Common Stock, which includes the newly acquired RSUs and other RSUs still subject to vesting.
• Additionally, Mr. Alfred indirectly beneficially owns 40,000 shares of Class A Common Stock through Alpine Fox LP, an entity over which he has control.

Sentiment

Score: 7

Explanation: The grant of restricted stock units to a director is generally a positive signal, indicating continued commitment and alignment of interests with shareholders. It's a routine compensation event rather than a significant operational or financial announcement.

Positives

• The grant of 9,000 restricted stock units to a director indicates continued alignment of management interests with shareholder value.
• The director's increased beneficial ownership, including 28,476 shares subject to vesting and 40,000 indirectly held, demonstrates a significant stake in the company's future performance.

Risks

• The vesting of the 9,000 restricted stock units is contingent upon Michael Alfred's continued service to Bakkt Holdings, Inc. through November 9, 2026. If service ceases before this date, the RSUs may be forfeited.

Future Outlook

The future outlook for the reporting person includes the vesting of 9,000 restricted stock units on November 9, 2026, provided he continues to serve the issuer through that date.

Industry Context

This Form 4 filing reports an individual insider transaction and does not provide broader industry context or trends. It is a routine disclosure of changes in beneficial ownership for a director.

Comparison to Industry Standards

• This filing is a standard Form 4 for reporting insider transactions.
• The grant of restricted stock units is a common form of equity compensation for directors and executives across various industries, aligning their incentives with long-term company performance.
• No specific comparable companies, projects, or results are mentioned in the filing.

Related Party Transactions

• Michael Alfred indirectly beneficially owns 40,000 shares of Class A Common Stock through Alpine Fox LP, an entity over which he has control. He disclaims beneficial ownership of these shares except to the extent of his pecuniary interest.

Stakeholder Impact

• Shareholders: The grant of RSUs to a director aligns his interests with long-term shareholder value creation, as the value of his compensation is tied to the company's stock performance.

Next Steps

• Michael Alfred's continued service to Bakkt Holdings, Inc. until November 9, 2026, for the full vesting of the 9,000 restricted stock units.

Key Dates

Keywords

Bakkt Holdings, BKKT, Michael Alfred, Director, Restricted Stock Units, RSU Grant, Insider Transaction, Beneficial Ownership, Equity Compensation, Corporate Governance