D'Annunzio Marc 4

What Happened

• Marc D'Annunzio, General Counsel & Secretary of Bakkt, exercised stock options to acquire 1,677 shares of Class A common stock at an exercise price of $10.00 per share for a total cash outlay of $16,770 (transaction code M) on May 15, 2026. The Form 4 also reports a simultaneous conversion/disposition of a derivative instrument for 1,677 shares at $0.00 (listed as a derivative disposition).

Key Details

• Transaction date: 2026-05-15.
• Exercise (acquired): 1,677 shares @ $10.00 = $16,770 (code M).
• Conversion/disposition (derivative): 1,677 shares @ $0.00 (derivative).
• Shares owned after transaction: total beneficial ownership after this transaction is not specified in the provided summary; filing notes that it includes 14,861 shares subject to restricted stock units and performance stock units that remain unvested (Footnote F1).
• Relevant footnote (F2): These options were granted July 29, 2025 as part of a "committed" schedule—one-eighth of the grant becomes exercisable each quarter over eight quarters, with exercises occurring in designated two-day windows.
• Filing timeliness: Transaction reported in a Form 4 filed on 2026-05-19 for a 2026-05-15 transaction; this filing date falls within the typical 2-business-day reporting window and was not indicated as late.

Context

• This filing records an option exercise (a purchase of shares through exercising derivatives) rather than an open-market sale. The paired $0.00 derivative disposition likely reflects the conversion/settlement of the option instrument as part of the exercise process under the committed option terms, not a cash sale of shares to the market. The filing also shows the insider retains unvested RSUs/PSUs (14,861) as part of his overall holdings.