Form 4: Bakkt General Counsel Executes Stock Sale

Bakkt General Counsel and Secretary Marc D'Annunzio sold 7,780 shares of Class A Common Stock to cover tax obligations and via a 10b5-1 trading plan.

Summary

• Marc D'Annunzio, General Counsel & Secretary of Bakkt, Inc., sold a total of 7,780 shares of Class A Common Stock on April 28, 2026.
• 3,789 shares were sold at $9.13 per share to cover tax obligations related to the vesting of restricted stock units.
• 3,991 shares were sold at a weighted-average price of $8.60 per share pursuant to a Rule 10b5-1 trading plan.
• Following these transactions, the reporting person retains beneficial ownership of 110,059 shares.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event, as the transactions are routine administrative actions related to tax obligations and a pre-planned trading strategy.

Positives

• The sales were conducted in accordance with a pre-established Rule 10b5-1 trading plan, indicating a systematic approach to liquidity rather than discretionary market timing.
• A portion of the sale was specifically designated to satisfy tax withholding obligations associated with equity vesting.

Negatives

• The transaction represents a reduction in the direct equity stake held by a key member of the executive leadership team.

Risks

• Continued reliance on equity-based compensation for executives may lead to periodic selling pressure as units vest and tax obligations arise.

Future Outlook

No specific forward-looking guidance regarding company performance was provided in this filing.

Management Comments

• The reporting person confirmed that information regarding the number of shares sold at each price within the weighted-average range will be provided to the issuer or SEC upon request.

Industry Context

StockSavvy.ai notes that insider selling via 10b5-1 plans is a standard practice for executives to manage personal financial planning and tax liabilities without triggering concerns regarding non-public information.

Comparison to Industry Standards

• The use of Rule 10b5-1 plans is the industry standard for corporate officers to divest shares while maintaining compliance with SEC regulations.
• The sale of shares to cover tax withholding upon RSU vesting is a routine administrative event for public company executives.

Stakeholder Impact

• Minimal impact on shareholders as the transactions were pre-planned and represent a small portion of the executive's total holdings.

Next Steps

• No future actions or milestones were disclosed in this filing.

Key Dates

Keywords

Bakkt, BKKT, Insider Trading, Form 4, Equity Compensation, Rule 10b5-1