D'Annunzio Marc 4
4 · Bakkt, Inc. · Filed Feb 27, 2026
Research Summary
AI-generated summary of this filing
Bakkt (BKKT) General Counsel Marc D'Annunzio Sells 785 Shares
What Happened
Marc D'Annunzio, General Counsel and Secretary of Bakkt, sold 785 shares of Bakkt Class A common stock on February 24, 2026. The reported weighted-average sale price was $10.09 per share, for total proceeds of approximately $7,924. The filing identifies the sales as open-market/private sales executed pursuant to a pre-established Rule 10b5-1 trading plan.
Key Details
- Transaction date: 2026-02-24; Form 4 filed: 2026-02-27 (appears timely under the two-business-day Form 4 requirement).
- Amount sold: 785 shares; weighted-average price: $10.09; total proceeds: ~$7,924.
- Price range: sales occurred at prices between $10.0114 and $10.1200 (weighted-average reported; detailed per-price breakdown available on request as noted in the filing).
- Plan: Sale was effectuated under a Rule 10b5-1 trading plan adopted 09/10/2025 (footnote).
- Holdings: The filing notes Mr. D'Annunzio has 50,229 shares of Class A stock subject to restricted stock units/performance stock units that remain subject to vesting. The excerpt provided does not specify total shares owned after this sale.
- Options/awards: The filing also discloses stock options granted 7/29/2025 (exercise price $10.00) with a committed quarterly exercise schedule and related optional exercise and lock-up provisions (see footnotes F4–F6).
- Transaction code: S = Sale.
Context
- This was a sale (not a purchase or option exercise) and was executed under a 10b5-1 plan, which is a prearranged program insiders often use to sell shares on a set schedule. Such sales are commonly routine and do not by themselves indicate management sentiment.
- For the sales reported with a weighted-average price, the filer offers to provide the number of shares sold at each price within the reported range upon request.
Insider Transaction Report
Form 4
Bakkt, Inc.BKKT
D'Annunzio Marc
General Counsel and Secretary
Transactions
- Sale
Class A Common Stock
[F1][F2][F3]2026-02-24$10.09/sh−785$7,924→ 117,833 total
Holdings
- 132,551
Stock Option (right to buy)
[F4][F5][F6]Exercise: $10.00→ Class A Common Stock (132,551 underlying)
Footnotes (6)
- [F1]Includes 50,229 shares of Class A Common Stock subject to restricted stock units and performance stock units awards that remain subject to vesting.
- [F2]The sales were effectuated pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 09/10/2025.
- [F3]Represents a weighted-average price. These shares were sold in multiple transactions at prices ranging from $10.0114 to $10.1200, inclusive. For all transactions reported in this Form 4 utilizing a weighted-average price, the reporting person will provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range.
- [F4]Represent stock options to purchase shares of the Issuer's Class A Common Stock ("Options") granted on July 29, 2025, contingent on the Issuer's shareholder approval, which was obtained on October 31, 2025. The Options are a commitment by the grantee to exercise a predetermined number of Options every quarter for eight quarters (the "Committed Options") at an exercise price per share equal to $10.00, which reflects the fair market value of a share of Class A Common Stock on the grant date. If Mr. D'Annunzio does not exercise the Committed Options in any quarter, then all remaining Options are forfeited. One-eighth of the Options will become exercisable each quarter (each, a "Quarterly Tranche"). [Continued to footnote 5]
- [F5][Continued from footnote 4] The Committed Options will be exercisable over a two-day period in the applicable quarter (the "Exercise Period"); provided that if the Exercise Period for a Quarterly Tranche occurs during a blackout period, then such Exercise Period shall instead be the next quarterly Exercise Period. If Mr. D'Annunzio exercises the Committed Option portion, the remainder of that Quarterly Tranche (the "Optional Exercise Options") will become exercisable for a period of one year. The Optional Exercise Option portion of any Quarterly Tranche will expire at the end of such one-year period. [Continued to footnote 6]
- [F6][Continued from footnote 5] Notwithstanding the foregoing exercise schedule, following the first quarter following stockholder approval of the Options, any portion of the Options may be exercised earlier than the applicable quarter, provided that shares of Class A Common Stock acquired on exercise of the Optional Exercise Options will be subject to a lock-up period so that the shares acquired on exercise may not be sold or transferred until the originally-scheduled exercise date.
Signature
/s/ Marc D'Annunzio|2026-02-27