Naheta Akshay Sudhir 4

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.