Baes Nicholas 4

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.