Form 4: Bakkt Holdings Executive Marc D'Annunzio Reports Stock Withholding for Tax Obligations
SEC Form 4 Filing
General Counsel & Secretary of Bakkt Holdings, Marc D'Annunzio, reports withholding of Class A Common Stock to cover tax obligations related to vesting restricted stock units.
Summary
- On January 22, 2025, Bakkt Holdings withheld 809 shares of Class A Common Stock from Marc D'Annunzio to cover tax obligations related to vesting restricted stock units at a price of $28.84 per share.
- Following this transaction, D'Annunzio directly owns 46,976 shares of Class A Common Stock, which includes 30,654 shares subject to vesting.
- On February 5, 2025, Bakkt Holdings withheld 347 shares of Class A Common Stock from Marc D'Annunzio to cover tax obligations related to vesting restricted stock units at a price of $17.56 per share.
- Following this transaction, D'Annunzio directly owns 46,629 shares of Class A Common Stock, which includes 29,488 shares subject to vesting.
- D'Annunzio also holds 48,188 Bakkt Opco Units, which are redeemable for an equal number of Class A Common Stock shares.
Sentiment
Score: 5
Explanation: The document is a neutral regulatory filing. It doesn't convey any positive or negative sentiment about the company's performance or prospects.
Industry Context
This filing is a routine disclosure related to executive compensation and tax obligations, common in publicly traded companies. It doesn't necessarily reflect a change in the executive's confidence in the company.
Comparison to Industry Standards
- Tax withholding practices are standard across publicly traded companies to cover employee tax liabilities related to stock-based compensation.
- The reporting of these transactions via Form 4 is a regulatory requirement under Section 16(a) of the Securities Exchange Act of 1934, ensuring transparency in insider trading activities.
- Comparable companies like Coinbase or Block also have executives who regularly file Form 4s for similar transactions.
Stakeholder Impact
- The transactions have a minimal impact on shareholders as they relate to tax obligations of an executive.
- Employees may be interested in the details of stock-based compensation and tax withholding.
Key Dates
| Date | Description |
|---|---|
| 05/03/2022 | Date of Amended and Restated Exchange Agreement |
| 01/21/2025 | Date used to determine share price for tax withholding on January 22, 2025 |
| 01/22/2025 | Date of first reported transaction: Withholding of 809 shares for tax obligations. |
| 01/31/2025 | Date used to determine share price for tax withholding on February 5, 2025 |
| 02/01/2025 | Date of vesting of restricted stock units related to February 5, 2025 transaction |
| 02/05/2025 | Date of second reported transaction: Withholding of 347 shares for tax obligations. |
| 02/07/2025 | Date of Form 4 filing. |
Keywords
Form 4, Bakkt Holdings, BKKT, Marc D'Annunzio, Class A Common Stock, Stock Withholding, Tax Obligations, Bakkt Opco Units, Insider Trading
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