Naheta Akshay Sudhir 4
4 · Bakkt, Inc. · Filed May 18, 2026
Research Summary
AI-generated summary of this filing
Bakkt CEO Naheta Sudhir Exercises Options for 33,557 Shares
What Happened
Naheta Akshay Sudhir, CEO of Bakkt, exercised 33,557 stock options on May 15, 2026 at an exercise price of $10.00 per share, paying $335,570 to acquire those shares. The same filing also reports a matching transaction showing 33,557 derivative shares reported as disposed at $0. Both entries are reported under transaction code M (exercise or conversion of a derivative).
Key Details
- Transaction date: 2026-05-15; Form filed: 2026-05-18 (filed within the 2-business-day Form 4 reporting window).
- Acquired: 33,557 shares via option exercise at $10.00 each = $335,570.
- Disposed: 33,557 derivative shares reported at $0 (filing does not state cash proceeds or reason for $0 disposition).
- Shares owned after transaction: Not specified in the provided excerpt of the filing.
- Footnotes:
- F1: Filing notes 803,861 Performance Stock Units remain subject to vesting.
- F2: Options were granted July 29, 2025 and are "committed" options requiring the holder to exercise a predetermined number each quarter at $10. One-eighth vests each quarter; failure to exercise a quarterly tranche can forfeit remaining options. Exercise windows are two-day periods each quarter (adjusted for blackout periods).
Context
This was an option exercise (insider paying cash to obtain shares). The additional line showing a $0 disposition of derivative shares is included in the Form 4 but does not by itself indicate an open-market sale or cashless-withholding—details or reasons for the $0 reporting are not specified in the filing excerpt. Purchases/exercises can signal retention of equity, but filings are factual records and do not disclose the insider’s motivation.
Insider Transaction Report
- Exercise/Conversion
Class A Common Stock
[F1]2026-05-15$10.00/sh+33,557$335,570→ 9,093,522 total - Exercise/Conversion
Stock Option (right to buy)
[F2]2026-05-15−33,557→ 1,275,168 totalExercise: $10.00From: 2026-05-15→ Class A Common Stock (33,557 underlying)
Footnotes (2)
- [F1]Includes 803,861 Performance Stock Units that remain subject to certain vesting conditions
- [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.