Form 4: Bakkt General Counsel Sells Shares Under 10b5-1 Plan

Bakkt's General Counsel and Secretary, Marc D'Annunzio, sold Class A Common Stock in two transactions, including one to cover tax obligations and another under a pre-arranged 10b5-1 trading plan.

Summary

• Marc D'Annunzio, Bakkt's General Counsel and Secretary, disposed of 6,422 shares of Class A Common Stock on March 27, 2026, at a price of $8.55 per share.
• This initial sale was conducted to cover tax obligations associated with the vesting of restricted stock units.
• An additional 5,342 shares of Class A Common Stock were sold on March 30, 2026, at a weighted-average price of $7.0788 per share, with prices ranging from $6.8900 to $7.8899.
• The second sale was executed pursuant to a Rule 10b5-1 trading plan adopted by Mr. D'Annunzio on September 10, 2025.
• Following these transactions, Mr. D'Annunzio beneficially owns 106,069 shares of Class A Common Stock, which includes 30,622 shares subject to restricted stock units and performance stock units awards that remain unvested.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event, typical for executives managing equity compensation and personal finances through pre-arranged trading plans.

Negatives

• Insider selling, even for pre-planned or tax-related reasons, can sometimes be perceived negatively by the market, potentially signaling a lack of confidence, although this is not necessarily the case here.

Future Outlook

This Form 4 filing does not contain any forward-looking statements or guidance regarding the company's future performance or strategic direction.

Management Comments

• The sale of 6,422 shares represents a transaction to cover tax obligations associated with the vesting of restricted stock units.
• The sale of 5,342 shares was effectuated pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on September 10, 2025.

Industry Context

StockSavvy.ai notes that insider sales under Rule 10b5-1 plans are a common practice for executives to manage personal finances, diversify holdings, and address tax liabilities related to equity compensation, all while adhering to insider trading regulations. Such transactions are generally pre-scheduled and do not necessarily reflect a change in the executive's outlook on the company's future.

Corporate Governance

Stakeholder Impact

• Shareholders: The sale represents a minor reduction in insider ownership, which is generally routine for tax purposes or diversification and is unlikely to have a significant impact on shareholder sentiment or company strategy.

Key Dates

Recommendation

The filing details a routine insider sale by an executive, partly for tax obligations and partly under a pre-arranged 10b5-1 plan. Such transactions are common and do not typically signal a fundamental change in the company's prospects, thus a 'hold' recommendation is appropriate.

Keywords

Bakkt, BKKT, Form 4, Insider Trading, Stock Sale, 10b5-1 Plan, Marc D'Annunzio, Restricted Stock Units, Performance Stock Units