Alexander Karen 4

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.