D'Annunzio Marc 4

What Happened

• Marc D'Annunzio, General Counsel and Secretary of Bakkt, sold a total of 2,919 shares in two open-market transactions to cover tax obligations from RSU vesting. The sales were: 1,562 shares on 2026-06-25 at $7.93 each (≈ $12,387) and 1,357 shares on 2026-06-26 at an average $7.71 each (≈ $10,462). Total proceeds ≈ $22,849. These were sales (not purchases), commonly routine for tax-withholding on vested awards.

Key Details

• Transaction dates and prices:
  • 2026-06-25: 1,562 shares @ $7.93 — proceeds $12,387.
  • 2026-06-26: 1,357 shares @ $7.71 (weighted average; trades ranged $7.68–$7.78) — proceeds $10,462.
• Reason: Footnote indicates these sales were to cover tax obligations associated with the vesting of restricted stock units.
• Trading plan: Sales were executed under a Rule 10b5‑1 trading plan adopted by the reporting person on 2025-09-10.
• Remaining restricted shares: Filing notes approximately 14.6K shares of Class A common stock remain subject to restricted stock units and performance stock units (footnotes list 14,576 and 14,567 in different line items).
• Filing date: Form 4 filed 2026-06-29 reporting the 06/25–06/26 transactions (no late-file flag noted in the filing).

Context

• These were open-market sales tied to tax withholding for vested RSUs — routine executive liquidity, not an open-market purchase that would signal a direct bullish vote.
• The use of a 10b5‑1 plan means the trades were pre-arranged and executed according to a previously adopted schedule or rules, which can limit inference about timing or intent.