Form 4: Bakkt General Counsel Exercises Stock Options

Bakkt Holdings' General Counsel, Marc D'Annunzio, acquired 1,677 shares of Class A Common Stock through the exercise of stock options at $10 per share.

Summary

• Marc D'Annunzio, General Counsel & Secretary of Bakkt Holdings, Inc. (BKKT), reported an insider transaction.
• On November 12, 2025, D'Annunzio acquired 1,677 shares of Class A Common Stock through the exercise of stock options.
• The exercise price for these options was $10.00 per share.
• Following this transaction, D'Annunzio beneficially owns 119,113 shares of Class A Common Stock directly, which includes 50,229 shares subject to restricted stock units and performance stock units awards that remain subject to vesting.
• D'Annunzio also beneficially owns 132,551 derivative securities (stock options) after the reported transaction.
• The stock options were granted on July 29, 2025, contingent on shareholder approval, which was obtained on October 31, 2025.
• These options are structured as 'Committed Options' to be exercised quarterly over eight quarters at an exercise price of $10.00 per share, reflecting the fair market value on the grant date.
• Failure to exercise the Committed Options in any quarter results in the forfeiture of all remaining options.
• After exercising the Committed Option portion, the remainder of that Quarterly Tranche ('Optional Exercise Options') becomes exercisable for one year.

Sentiment

Score: 6

Explanation: The exercise of stock options by a key executive is generally a positive signal, indicating confidence in the company's future. However, this is a routine compensation-related transaction and not indicative of a major strategic shift or significant new information.

Positives

• Management exercising stock options can signal confidence in the company's future performance and valuation.

Future Outlook

The stock options are structured to be exercised quarterly over eight quarters. Shares acquired from 'Optional Exercise Options' will be subject to a lock-up period, preventing sale or transfer until their originally scheduled exercise date.

Industry Context

This filing reports an individual insider transaction and does not provide broader industry context or trends.

Comparison to Industry Standards

• NA

Corporate Governance

Related Party Transactions

• Marc D'Annunzio, General Counsel & Secretary, exercised stock options granted by Bakkt Holdings, Inc., representing a transaction between an executive and the company.

Stakeholder Impact

• Shareholders: The exercise of options by a key executive may signal confidence in the company's future, potentially influencing investor sentiment.
• Employees (specifically Marc D'Annunzio): Increased equity ownership aligns the executive's financial interests with the long-term performance of the company.

Next Steps

• Future quarterly exercises of 'Committed Options' over the remaining seven quarters.
• Potential exercise of 'Optional Exercise Options' within one year of their becoming exercisable.
• Shares acquired from 'Optional Exercise Options' will remain subject to a lock-up period until their originally scheduled exercise date.

Key Dates

Keywords

Bakkt Holdings, BKKT, Form 4, insider transaction, stock options, equity acquisition, Marc D'Annunzio, General Counsel