Form 4: Bakkt Holdings Executive Marc D'Annunzio Reports Acquisition of Performance Stock Units

General Counsel & Secretary of Bakkt Holdings, Marc D'Annunzio, reports the acquisition of performance stock units and provides an update on beneficial ownership.

Summary

• Marc D'Annunzio, General Counsel & Secretary of Bakkt Holdings, filed a Form 4 detailing changes in beneficial ownership.
• On February 13, 2025, D'Annunzio acquired 3,495 performance stock units (PSUs) at a price of $0 each, resulting from the attainment of performance goals.
• These PSUs represent a contingent right to receive one share of Bakkt's Class A Common Stock and will vest in two equal annual installments on July 12, 2025, and July 12, 2026, contingent upon continued employment.
• Following the reported transaction, D'Annunzio beneficially owns 50,124 shares of Class A Common Stock, including 32,983 shares subject to restricted stock units and PSU awards that remain subject to vesting.
• D'Annunzio also holds incentive units of Bakkt Management LLC, redeemable for common units of Bakkt Opco Holdings, LLC (Bakkt Opco Units) and an equal number of Class V Common Stock shares.
• These Bakkt Opco Units, along with Class V Common Stock, are exchangeable for Class A Common Stock on a one-for-one basis under the Amended and Restated Exchange Agreement dated May 3, 2022, subject to certain conditions.

Sentiment

Score: 5

Explanation: The document is a neutral regulatory filing. It doesn't contain information that would significantly sway investor sentiment positively or negatively.

Positives

• The acquisition of PSUs indicates that performance goals were met, which could be viewed positively.

Future Outlook

The document does not provide a comprehensive future outlook for the company, but it does outline the vesting schedule for the acquired PSUs.

Industry Context

This filing is a routine disclosure related to executive compensation and ownership changes, common in publicly traded companies. It doesn't provide specific insights into Bakkt's competitive position or broader industry trends.

Stakeholder Impact

• The vesting of PSUs could incentivize the executive to perform well, potentially benefiting shareholders.

Key Dates

Keywords

Form 4, beneficial ownership, Bakkt Holdings, PSUs, Class A Common Stock, Marc D'Annunzio, Bakkt Opco Units