Baes Nicholas 4
4 · Bakkt, Inc. · Filed May 19, 2026
Research Summary
AI-generated summary of this filing
Bakkt (BKKT) COO Nicholas Baes Exercises Options for 671 Shares
What Happened
Nicholas Baes, Chief Operating Officer of Bakkt, exercised options to acquire 671 shares of Bakkt Class A common stock on May 15, 2026, paying $10.00 per share for a total cash outlay of $6,710. The Form 4 also records a corresponding disposition of 671 derivative interests at $0 — a technical reporting entry reflecting conversion/settlement of the option instrument.
Key Details
- Transaction date: May 15, 2026. Form 4 filed May 19, 2026 (timely within SEC two-business-day window).
- Exercise: 671 shares acquired at $10.00 per share; aggregate value $6,710.
- Derivative entry: 671 shares disposed at $0 (reporting of option-to-share conversion).
- Holdings note: Footnote F1 states holdings include 69,988 Class A shares subject to unvested RSU awards. Total beneficial ownership not fully enumerated in the provided excerpt.
- Footnote F2: The options exercised were part of a July 29, 2025 grant with a committed quarterly exercise schedule (one-eighth vests/exercisable each quarter; $10 exercise price).
- Filing timeliness: Filed promptly (not marked late).
Context
This appears to be a routine, small-value option exercise (cash exercise) under a previously disclosed option grant; no immediate sale of the acquired shares is reported on this Form 4. For retail investors: purchases/exercises show insiders acquiring stock but this instance is modest in size ($6.7k) and likely part of a scheduled commitment under the July 2025 option grant rather than a standalone market-timing signal.
Insider Transaction Report
- Exercise/Conversion
Class A Common Stock
[F1]2026-05-15$10.00/sh+671$6,710→ 106,937 total - Exercise/Conversion
Stock Option (right to buy)
[F2]2026-05-15−671→ 52,349 totalExercise: $10.00From: 2026-05-15→ Class A Common Stock (671 underlying)
Footnotes (2)
- [F1]Includes 69,988 shares of Class A Common Stock subject to RSU awards 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.