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

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

Summary

• On April 11, 2025, Marc D'Annunzio, General Counsel & Secretary of Bakkt Holdings, reported the acquisition of 34,211 shares of Class A Common Stock in the form of restricted stock units (RSUs).
• These RSUs vest over a two-year period, with 50% vesting on the one-year anniversary of the grant date and the remaining 50% vesting in increments of 12.5% every three months thereafter.
• Following the reported transaction, D'Annunzio beneficially owns 83,308 shares of Class A Common Stock, which includes 63,747 shares subject to RSUs and PSUs that remain subject to vesting.
• D'Annunzio also holds 48,188 Bakkt Opco Units, which are redeemable for common units of Bakkt Opco Holdings, LLC 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 certain conditions.

Sentiment

Score: 6

Explanation: The document is a neutral regulatory filing. The acquisition of RSUs is a positive sign, but it's a routine event. Therefore, the sentiment is moderately positive.

Positives

• The acquisition of RSUs by a key executive signals confidence in the company's future performance.
• The vesting schedule of the RSUs incentivizes the executive to remain with the company for the long term.

Future Outlook

The document does not contain explicit forward-looking statements, but the vesting schedule of the RSUs suggests an expectation of continued service and contribution from the executive.

Industry Context

This filing is a routine disclosure related to executive compensation and equity ownership, common in publicly traded companies. It provides transparency to investors regarding the alignment of management's interests with those of shareholders.

Comparison to Industry Standards

• Equity compensation in the form of RSUs is a standard practice among publicly traded companies to incentivize and retain key executives.
• Vesting schedules typically range from 2 to 4 years, aligning with industry norms for long-term incentive plans.
• The one-for-one exchange of Bakkt Opco Units for Class A Common Stock is a structural element specific to Bakkt's corporate organization, which is not directly comparable to standard equity structures of companies such as Coinbase or Robinhood.

Stakeholder Impact

• Shareholders gain insight into executive compensation and alignment of interests.
• Employees may view the RSU grant as a positive signal about the company's commitment to its leadership.

Key Dates

Keywords

Form 4, Beneficial Ownership, Restricted Stock Units, RSUs, Bakkt Holdings, BKKT, Marc D'Annunzio, Equity, Securities