Alexander Karen 4

4 · Bakkt, Inc. · Filed May 19, 2026

AI-generated summary of this filing

Updated May 19, 2026

Bakkt (BKKT) CFO Karen Alexander Exercises Options

What Happened

Karen Alexander, Chief Financial Officer of Bakkt, exercised stock options on May 15, 2026 to acquire 335 shares of Bakkt Class A common stock at an exercise price of $10.00 per share, for a cash outlay of $3,350. The Form 4 also reports a simultaneous disposition of 335 shares of a derivative instrument at $0.00 (no proceeds reported). The transaction code is M (option exercise).

Key Details

Transaction date: 2026-05-15; Form filed: 2026-05-19 (timely filing).
Exercise: 335 shares acquired @ $10.00 = $3,350.
Reported disposition: 335 shares @ $0.00 (derivative) — filing shows a derivative disposition but does not report sale proceeds or an open-market sale.
Holdings after transaction: not specified in the supplied data; footnote F1 notes 18,852 shares are subject to restricted stock units and performance stock units that remain subject to vesting.
Footnote F2: Options originated from a July 29, 2025 grant structured as “Committed Options” requiring a predetermined quarterly exercise over eight quarters (one-eighth vests each quarter) at $10.00 per share, with a two-day exercise window each quarter.

Context

This was an exercise of options (not an outright market sale). The options appear to be part of a commitment schedule (footnote F2) that requires periodic exercises; such exercises can be routine under compensation plans. The filing does not show proceeds from an open-market sale, so there is no clear signal of immediate profit-taking.

Form 4

Period: 2026-05-15

Chief Financial Officer

Transactions

Exercise/Conversion
Class A Common Stock
[F1]
2026-05-15$10.00/sh+335$3,350→ 56,106 total
Exercise/Conversion
Stock Option (right to buy)
[F2]
2026-05-15−335→ 26,176 total
Exercise: $10.00From: 2026-05-15→ Class A Common Stock (335 underlying)

Footnotes (2)

[F1]Includes 18,852 shares of Class A Common Stock subject to restricted stock units and performance stock units that remain subject to vesting.
[F2]Represent stock options to purchase shares of the Issuer's Class A Common Stock ("Options") granted on July 29, 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 the reporting person 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"). The Committed Options are 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.

Signature

/s/ Karen Alexander|2026-05-19

1 file