Form 4 for BKKT Bakkt, Inc.

Accepted 2025-11-04 00:00:00 ET · period of report 2025-10-31 · accession 0002062543-25-000004 · SEC index · Original document

Summary rows

Aggregated the way they appear in lists: one row per insider, transaction code and security table.

X	Filed	Traded	Ticker	Insider	Title	Type	Price	Qty	Owned	ΔOwn	Value
D	2025-11-04	2025-11-03	BKKT	Naheta Akshay Sudhir	CEO, Pres, Dir	A - Grant	$39.34	+69.7K	261.2K	+36%	+$2.74M
D	2025-11-04	2025-10-31	BKKT	Naheta Akshay Sudhir	CEO, Pres, Dir	A - Grant	$0.00	+1.34M	1.34M	New	$0

Purchase Sale Sale after option exercise All abbreviations

Every reported transaction

#	Table	Security	Date	Code	A/D	Shares	Price	Owned after	Own	Exercise / expiry	Underlying	Footnotes
1	Common	Class A Common Stock	2025-11-03	A	A	69,733	$39.34	261,159	D	—	—	(F1) On November 3, 2025, pursuant to a reorganization (the "Reorganization"), Bakkt Holdings, Inc. (formerly Bakkt NewCo Holdings, Inc.) became the successor of Bakkt Intermediate Holdings, Inc (formerly Bakkt Holdings, Inc.)("Bakkt") pursuant to merger transactions, in which a subsidiary of Bakkt Holdings, Inc. merged with and into Bakkt Intermediate Holdings, Inc. with Bakkt Intermediate Holdings, Inc. surviving and, immediately following such merger, a subsidiary of Bakkt Holdings, Inc. merged with and into Bakkt OpCo Holdings LLC ("OpCo"), a subsidiary of Bakkt Holdings Intermediate, Inc., with OpCo surviving. The mergers resulted in the Issuer becoming the parent holding company of Bakkt and OpCo, but did not alter the proportionate economic interest of security holders. (F3) Pursuant to the Contribution Agreement, as amended, the price at which the reporting person received Shares in exchange for his contribution was determined based on the "Minimum Price," as defined in NYSE Rule 312.04(h). (F4) Includes 11,426 restricted stock units ("RSUs"). Each RSU represents a contingent right to receive one share of the issuer's Class A Common Stock. The RSUs will vest on March 21, 2026, subject to the reporting person's continued employment with the issuer as of the vesting date.
2	Derivative	Stock Option (right to buy)	2025-10-31	A	A	1,342,282	$0.00	1,342,282	D	$10.00 · — to —	1,342,282 Class A Common Stock	(F8) Represent stock options to purchase shares of the Issuer's Class A Common Stock ("Options") granted on July 29, 2025, contingent on the Issuer's shareholder approval, which was obtained on October 31, 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 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. [Continued to footnote 9] (F9) [Continued from footnote 8] If the reporting person exercises the Committed Option portion, the remainder of that Quarterly Tranche (the "Optional Exercise Options") will become exercisable for a period of one year. The Optional Exercise Option portion of any Quarterly Tranche will expire at the end of such one-year period. Notwithstanding the foregoing exercise schedule, following the first quarter after stockholder approval of the Options, any portion of the Options may be exercised earlier than the applicable quarter, provided that shares of Class A Common Stock acquired on exercise of the Optional Exercise Options will be subject to a lock-up period so that the shares acquired on exercise may not be sold or transferred until the originally-scheduled exercise date.