BKKT

SEC source: 0001209191-22-052358 · doc4a.xml · nonDerivative · entry 1

Dow De'Ana · CIK 0001424020 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 194,320

F1 · shares: These securities are Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock. 100% of the RSUs shall vest on June 14, 2023, provided that the Reporting Person continues to provide service to the Issuer through such date.

F2 · shares: This grant of RSUs was subject to Reporting Person's service on the board of managers of Bakkt Trust Company LLC being approved by the New York State Department of Financial Services, which approval was obtained on August 2, 2022.

F3 · balance_after: Includes 194,320 shares of Class A Common Stock subject to RSUs that remain subject to vesting.

SEC source: 0000899243-22-019185 · doc4.xml · nonDerivative · entry 1

VPC Impact Acquisition Holdings Sponsor, LLC · CIK 0001825041 · Director · 10% owner · See Remarks

Levy Richard N · CIK 0001413810 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,320,190

F1 · shares: The reporting person effected multiple same-way open market sale transactions on the same day at different prices through a trade order executed by a broker-dealer. The reporting person reported on a single line all such transactions that occurred within a one dollar price range. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $2.72-2.7616, inclusive. The reporting person hereby undertakes to provide upon request by the Securities Exchange Commission staff, the issuer, or a shareholder of the issuer, full information regarding the number of shares sold at each separate price.

F2 · ownership.direct: VPC Impact Acquisition Holdings Sponsor, LLC ("VIH Sponsor") is the record holder of the securities reported herein. Richard N. Levy, as Chief Executive Officer and Founder of Victory Park Capital Advisors, LLC, has voting and investment discretion with respect to the securities held of record by VIH Sponsor. Mr. Levy disclaims any beneficial ownership of the securities held by VIH Sponsor other than to the extent of any pecuniary interest he may have therein, directly or indirectly.

SEC source: 0001209191-22-024817 · doc4.xml · nonDerivative · entry 1

Lewis Michael Leroy · CIK 0001873514 · EVP Engineering & Operations

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 320,414

F1 · shares: In connection with the vesting and settlement of restricted stock units through the issuance of Class A Common Stock of the Issuer pursuant to the Bakkt Holdings, Inc. 2021 Omnibus Employee Incentive Plan, the Issuer withheld Class A Common Stock that would otherwise have been issued to the Reporting Person to satisfy his tax withholding obligations. The number of shares withheld was determined based on the closing price per share of Class A Common Stock on April 18, 2022.

F2 · balance_after: Includes 287,491 shares of Class A Common Stock subject to restricted stock units that remain subject to vesting.

SEC source: 0001209191-22-024814 · doc4.xml · nonDerivative · entry 1

Gordon Nancy · CIK 0001873503 · EVP Loyalty Rewards & Payments

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 320,414

F1 · shares: In connection with the vesting and settlement of restricted stock units through the issuance of Class A Common Stock of the Issuer pursuant to the Bakkt Holdings, Inc. 2021 Omnibus Employee Incentive Plan, the Issuer withheld Class A Common Stock that would otherwise have been issued to the Reporting Person to satisfy his tax withholding obligations. The number of shares withheld was determined based on the closing price per share of Class A Common Stock on April 18, 2022.

F2 · balance_after: Includes 287,491 shares of Class A Common Stock subject to restricted stock units that remain subject to vesting.

SEC source: 0001209191-22-024821 · doc4.xml · nonDerivative · entry 1

Zemlin Sheela · CIK 0001848283 · EVP, Chief Revenue Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 321,147

F1 · shares: In connection with the vesting and settlement of restricted stock units through the issuance of Class A Common Stock of the Issuer pursuant to the Bakkt Holdings, Inc. 2021 Omnibus Employee Incentive Plan, the Issuer withheld Class A Common Stock that would otherwise have been issued to the Reporting Person to satisfy her tax withholding obligations. The number of shares withheld was determined based on the closing price per share of Class A Common Stock on April 18, 2022.

F2 · balance_after: Includes 287,491 shares of Class A Common Stock subject to restricted stock units that remain subject to vesting.

SEC source: 0001209191-22-024835 · doc4.xml · nonDerivative · entry 1

LaBenne Andrew · CIK 0001847231 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 320,414

F1 · shares: In connection with the vesting and settlement of restricted stock units through the issuance of Class A Common Stock of the Issuer pursuant to the Bakkt Holdings, Inc. 2021 Omnibus Employee Incentive Plan, the Issuer withheld Class A Common Stock that would otherwise have been issued to the Reporting Person to satisfy his tax withholding obligations. The number of shares withheld was determined based on the closing price per share of Class A Common Stock on April 18, 2022.

F2 · balance_after: Includes 287,491 shares of Class A Common Stock subject to restricted stock units that remain subject to vesting.

SEC source: 0001209191-22-024819 · doc4.xml · nonDerivative · entry 1

Michael Gavin Constantine · CIK 0001871512 · Director · CEO and President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,786,549

F1 · shares: In connection with the vesting and settlement of restricted stock units through the issuance of Class A Common Stock of the Issuer pursuant to the Bakkt Holdings, Inc. 2021 Omnibus Employee Incentive Plan, the Issuer withheld Class A Common Stock that would otherwise have been issued to the Reporting Person to satisfy his tax withholding obligations. The number of shares withheld was determined based on the closing price per share of Class A Common Stock on April 18, 2022.

F2 · balance_after: Includes 2,446,547 shares of Class A Common Stock subject to restricted stock units that remain subject to vesting.

SEC source: 0001209191-22-012324 · doc4.xml · nonDerivative · entry 2

Cabrera Nicolas · CIK 0001870909 · Chief Product Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 187,491

F3 · shares: These securities are RSUs, each of which represents a contingent right to receive one share of the Issuer's Class A Common Stock. The RSUs will vest in three equal annual installments on the first three anniversaries of January 21, 2022, provided that the Reporting Person continues to be employed by the Issuer as of each vest date.

F4 · balance_after: Includes 187,491 shares of Class A Common Stock subject to RSU awards that remain subject to vesting.

SEC source: 0001209191-22-012324 · doc4.xml · nonDerivative · entry 1

Cabrera Nicolas · CIK 0001870909 · Chief Product Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 87,491

F1 · shares: These securities are 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 in three equal annual installments on the first three anniversaries of February 1, 2022, provided that the Reporting Person continues to be employed by the Issuer as of each vest date.

F2 · balance_after: Includes 87,491 shares of Class A Common Stock subject to RSUs that remain subject to vesting.

SEC source: 0000899243-22-006857 · doc4.xml · nonDerivative · entry 1

VPC Impact Acquisition Holdings Sponsor, LLC · CIK 0001825041 · Director · 10% owner

Levy Richard N · CIK 0001413810 · Director · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,336,190

F1 · kind: VPC Impact Acquisition Holdings Sponsor, LLC ("VIH Sponsor") distributed for no consideration to two of its members an aggregate of 627,361 shares of Class A common stock of the Issuer, in accordance with the provisions of the limited liability company agreement of VIH Sponsor.

F1 · price: VPC Impact Acquisition Holdings Sponsor, LLC ("VIH Sponsor") distributed for no consideration to two of its members an aggregate of 627,361 shares of Class A common stock of the Issuer, in accordance with the provisions of the limited liability company agreement of VIH Sponsor.

F2 · ownership.direct: VIH Sponsor is the record holder of the securities reported herein. Richard N. Levy, as Chief Executive Officer and Founder of Victory Park Capital Advisors, LLC, has voting and investment discretion with respect to the securities held of record by VIH Sponsor. Mr. Levy disclaims any beneficial ownership of the securities held by VIH Sponsor other than to the extent of any pecuniary interest he may have therein, directly or indirectly.

SEC source: 0001209191-22-011036 · doc4.xml · nonDerivative · entry 1

Lewis Michael Leroy · CIK 0001873514 · EVP Engineering & Operations

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 354,158

F1 · shares: These securities are Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock. Subject to the Reporting Person's continuing employment with the Issuer, the RSU will vest in three equal annual installments on the first three anniversaries of February 1, 2022, provided that the Reporting Person continues to be employed by the Issuer as of each vest date.

F2 · balance_after: Includes 354,158 shares of Class A Common Stock subject to RSUs that remain subject to vesting.

SEC source: 0001209191-22-011026 · doc4.xml · nonDerivative · entry 1

Gordon Nancy · CIK 0001873503 · EVP Loyalty Rewards & Payments

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 354,158

F1 · shares: These securities are Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock. Subject to the Reporting Person's continuing employment with the Issuer, the RSU will vest in three equal annual installments on the first three anniversaries of February 1, 2022, provided that the Reporting Person continues to be employed by the Issuer as of each vest date.

F2 · balance_after: Includes 354,158 shares of Class A Common Stock subject to RSUs that remain subject to vesting.

SEC source: 0001209191-22-011042 · doc4.xml · nonDerivative · entry 1

O'Prey Daniel · CIK 0001873540 · EVP, Digital Assets

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 287,491

F1 · shares: These securities are Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock. Subject to the Reporting Person's continuing employment with the Issuer, the RSU will vest in three equal annual installments on the first three anniversaries of February 1, 2022, provided that the Reporting Person continues to be employed by the Issuer as of each vest date.

F2 · balance_after: Includes 287,491 shares of Class A Common Stock subject to RSUs that remain subject to vesting.

SEC source: 0001209191-22-011015 · doc4.xml · nonDerivative · entry 1

Alexander Karen · CIK 0001870910 · Chief Accounting Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 111,455

F1 · shares: These securities are Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock. Subject to the Reporting Person's continuing employment with the Issuer, the RSU will vest in three equal annual installments on the first three anniversaries of February 1, 2022, provided that the Reporting Person continues to be employed by the Issuer as of each vest date.

F2 · balance_after: Includes 111,455 shares of Class A Common Stock subject to RSUs that remain subject to vesting.

SEC source: 0001209191-22-011021 · doc4.xml · nonDerivative · entry 1

D'Annunzio Marc · CIK 0001871559 · General Counsel & Secretary

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 287,491

F1 · shares: These securities are Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock. Subject to the Reporting Person's continuing employment with the Issuer, the RSU will vest in three equal annual installments on the first three anniversaries of February 1, 2022, provided that the Reporting Person continues to be employed by the Issuer as of each vest date.

F2 · balance_after: Includes 287,491 shares of Class A Common Stock subject to RSUs that remain subject to vesting.

SEC source: 0001209191-22-011044 · doc4.xml · nonDerivative · entry 1

Zemlin Sheela · CIK 0001848283 · EVP, Chief Revenue Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 354,158

F1 · shares: These securities are Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock. Subject to the Reporting Person's continuing employment with the Issuer, the RSU will vest in three equal annual installments on the first three anniversaries of February 1, 2022, provided that the Reporting Person continues to be employed by the Issuer as of each vest date.

F2 · balance_after: Includes 354,158 shares of Class A Common Stock subject to RSUs that remain subject to vesting.

SEC source: 0001209191-22-011040 · doc4.xml · nonDerivative · entry 1

Michael Gavin Constantine · CIK 0001871512 · Director · CEO and President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,140,547

F1 · shares: These securities are Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock. Subject to the Reporting Person's continuing employment with the Issuer, the RSU will vest in three equal annual installments on the first three anniversaries of February 1, 2022, provided that the Reporting Person continues to be employed by the Issuer as of each vest date.

F2 · balance_after: Includes 3,140,547 shares of Class A Common Stock subject to RSUs that remain subject to vesting.

SEC source: 0001209191-22-011029 · doc4.xml · nonDerivative · entry 1

LaBenne Andrew · CIK 0001847231 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 354,158

F1 · shares: These securities are Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock. Subject to the Reporting Person's continuing employment with the Issuer, the RSU will vest in three equal annual installments on the first three anniversaries of February 1, 2022, provided that the Reporting Person continues to be employed by the Issuer as of each vest date.

F2 · balance_after: Includes 354,158 shares of Class A Common Stock subject to RSUs that remain subject to vesting.

SEC source: 0001209191-22-004836 · doc4.xml · nonDerivative · entry 1

Lewis Michael Leroy · CIK 0001873514 · EVP Engineering & Operations

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 266,667

F1 · shares: These securities are Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock. The RSUs shall vest in three equal annual installments on the first three anniversaries of January 21, 2022, provided that the Reporting Person continues to be employed by the Issuer as of each vest date.

F2 · balance_after: Includes 266,667 shares of Class A Common Stock subject to RSU awards that remain subject to vesting.

SEC source: 0001209191-22-004831 · doc4.xml · nonDerivative · entry 1

Gordon Nancy · CIK 0001873503 · EVP Loyalty Rewards & Payments

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 266,667

F1 · shares: These securities are Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock. The RSUs shall vest in three equal annual installments on the first three anniversaries of January 21, 2022, provided that the Reporting Person continues to be employed by the Issuer as of each vest date.

F2 · balance_after: Includes 266,667 shares of Class A Common Stock subject to RSU awards that remain subject to vesting.

SEC source: 0001209191-22-004844 · doc4.xml · nonDerivative · entry 1

O'Prey Daniel · CIK 0001873540 · EVP, Digital Assets

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 200,000

F1 · shares: These securities are Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock. The RSUs shall vest in three equal annual installments on the first three anniversaries of January 21, 2022, provided that the Reporting Person continues to be employed by the Issuer as of each vest date.

F2 · balance_after: Includes 200,000 shares of Class A Common Stock subject to RSUs that remain subject to vesting.

SEC source: 0001209191-22-004827 · doc4.xml · nonDerivative · entry 1

D'Annunzio Marc · CIK 0001871559 · General Counsel & Secretary

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 200,000

F1 · shares: These securities are Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock. The RSUs shall vest in three equal annual installments on the first three anniversaries of January 21, 2022, provided that the Reporting Person continues to be employed by the Issuer as of each vest date.

F2 · balance_after: Includes 200,000 shares of Class A Common Stock subject to RSUs that remain subject to vesting.

SEC source: 0001209191-22-004846 · doc4.xml · nonDerivative · entry 1

Zemlin Sheela · CIK 0001848283 · EVP, Chief Revenue Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 266,667

F1 · shares: These securities are Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock. The RSUs shall vest in three equal annual installments on the first three anniversaries of January 21, 2022, provided that the Reporting Person continues to be employed by the Issuer as of each vest date.

F2 · balance_after: Includes 266,667 shares of Class A Common Stock subject to RSU awards that remain subject to vesting.

SEC source: 0001209191-22-004840 · doc4.xml · nonDerivative · entry 1

Michael Gavin Constantine · CIK 0001871512 · Director · CEO and President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,776,000

F1 · shares: These securities are Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock. The RSUs shall vest in three equal annual installments on the first three anniversaries of January 21, 2022, provided that the Reporting Person continues to be employed by the Issuer as of each vest date.

F2 · balance_after: Includes 2,776,000 shares of Class A Common Stock subject to RSUs that remain subject to vesting.

SEC source: 0001209191-22-004834 · doc4.xml · nonDerivative · entry 1

LaBenne Andrew · CIK 0001847231 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 266,667

F1 · shares: These securities are Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock. The RSUs shall vest in three equal annual installments on the first three anniversaries of January 21, 2022, provided that the Reporting Person continues to be employed by the Issuer as of each vest date.

F2 · balance_after: Includes 266,667 shares of Class A Common Stock subject to RSU awards that remain subject to vesting.

SEC source: 0000899243-21-049716 · doc4.xml · nonDerivative · entry 1

VPC Impact Acquisition Holdings Sponsor, LLC · CIK 0001825041 · Director · 10% owner

Levy Richard N · CIK 0001413810 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,963,551

F1 · shares: The reporting person effected multiple same-way open market sale transactions on the same day at different prices through a trade order executed by a broker-dealer. The reporting person reported on a single line all such transactions that occurred within a one dollar price range. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.14-10.145, inclusive. The reporting person hereby undertakes to provide upon request by the Securities Exchange Commission staff, the issuer, or a shareholder of the issuer, full information regarding the number of shares sold at each separate price.

F2 · ownership.direct: VPC Impact Acquisition Holdings Sponsor, LLC ("VIH Sponsor") is the record holder of the securities reported herein. Richard N. Levy, as Chief Executive Officer and Founder of Victory Park Capital Advisors, LLC, has voting and investment discretion with respect to the securities held of record by VIH Sponsor. Mr. Levy disclaims any beneficial ownership of the securities held by VIH Sponsor other than to the extent of any pecuniary interest he may have therein, directly or indirectly.

SEC source: 0001209191-21-071158 · doc4.xml · nonDerivative · entry 1

Main Andrew A · CIK 0001886731 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,000

F1 · shares: These securities are Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock. The RSUs shall vest in full on April 15, 2022 subject to the Reporting Person's continued employment with the Issuer through such date.

SEC source: 0001209191-21-071140 · doc4.xml · nonDerivative · entry 1

Collins Sean Roberts · CIK 0001873512 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,000

F1 · shares: These securities are Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock. The RSUs shall vest in full on the date of the next annual meeting of the Issuer's stockholders if the Reporting Person has served continuously as a member of the Issuer's board of directors through such date.

SEC source: 0001209191-21-071145 · doc4.xml · nonDerivative · entry 1

Cook Kristyn · CIK 0001872055 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,000

F1 · shares: These securities are Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock. The RSUs shall vest in full on the date of the next annual meeting of the Issuer's stockholders if the Reporting Person has served continuously as a member of the Issuer's board of directors through such date.

SEC source: 0001209191-21-071156 · doc4.xml · nonDerivative · entry 1

Lumb Richard · CIK 0001506719 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,000

F1 · shares: These securities are Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock. The RSUs shall vest in full on the date of the next annual meeting of the Issuer's stockholders if the Reporting Person has served continuously as a member of the Issuer's board of directors through such date.

SEC source: 0001209191-21-071148 · doc4.xml · nonDerivative · entry 1

GOLDBERG MICHELLE J · CIK 0001650305 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,000

SEC source: 0001209191-21-071162 · doc4.xml · nonDerivative · entry 1

Watson Gordon · CIK 0001825304 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,000

F1 · shares: These securities are Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock. The RSUs shall vest in full on the date of the next annual meeting of the Issuer's stockholders if the Reporting Person has served continuously as a member of the Issuer's board of directors through such date.

SEC source: 0001209191-21-071154 · doc4.xml · nonDerivative · entry 1

Lewis Michael Leroy · CIK 0001873514 · EVP Engineering & Operations

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 66,667

F1 · shares: These securities are Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock. The RSUs shall vest in full on April 15, 2022 subject to the Reporting Person's continued employment with the Issuer through such date.

SEC source: 0001209191-21-071150 · doc4.xml · nonDerivative · entry 1

Gordon Nancy · CIK 0001873503 · EVP Loyalty Rewards & Payments

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 66,667

F1 · shares: These securities are Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock. The RSUs shall vest in full on April 15, 2022 subject to the Reporting Person's continued employment with the Issuer through such date.

SEC source: 0001209191-21-071138 · doc4.xml · nonDerivative · entry 1

Alexander Karen · CIK 0001870910 · Chief Accounting Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 75,000

F1 · shares: These securities are Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock. One-third of the RSUs shall vest on the one year anniversary of the grant date, and one-third of the RSUs shall vest annually thereafter, subject to the Reporting Person's continued employment with the Issuer through each applicable vest date.

SEC source: 0001209191-21-071166 · doc4.xml · nonDerivative · entry 1

Zemlin Sheela · CIK 0001848283 · EVP, Chief Revenue Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 66,667

F1 · shares: These securities are Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock. The RSUs shall vest in full on April 15, 2022 subject to the Reporting Person's continued employment with the Issuer through such date.

SEC source: 0001209191-21-071160 · doc4.xml · nonDerivative · entry 1

Michael Gavin Constantine · CIK 0001871512 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 694,000

F1 · shares: These securities are Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock. The RSUs shall vest in full on April 15, 2022 subject to the Reporting Person's continued employment with the Issuer through such date.

SEC source: 0001209191-21-071152 · doc4.xml · nonDerivative · entry 1

LaBenne Andrew · CIK 0001847231 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 66,677

F1 · shares: These securities are Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock. The RSUs shall vest in full on April 15, 2022 subject to the Reporting Person's continued employment with the Issuer through such date.

SEC source: 0000899243-21-049269 · doc4.xml · nonDerivative · entry 3

VPC Impact Acquisition Holdings Sponsor, LLC · CIK 0001825041 · Director · 10% owner

Levy Richard N · CIK 0001413810 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,977,666

F3 · shares: The reporting person effected multiple same-way open market sale transactions on the same day at different prices through a trade order executed by a broker-dealer. The reporting person reported on a single line all such transactions that occurred within a one dollar price range. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $11.00-11.50, inclusive. The reporting person hereby undertakes to provide upon request by the Securities Exchange Commission staff, the issuer, or a shareholder of the issuer, full information regarding the number of shares sold at each separate price.

F4 · ownership.direct: VPC Impact Acquisition Holdings Sponsor, LLC ("VIH Sponsor") is the record holder of the securities reported herein. Richard N. Levy, as Chief Executive Officer and Founder of Victory Park Capital Advisors, LLC, has voting and investment discretion with respect to the securities held of record by VIH Sponsor. Mr. Levy disclaims any beneficial ownership of the securities held by VIH Sponsor other than to the extent of any pecuniary interest he may have therein, directly or indirectly.

SEC source: 0000899243-21-049269 · doc4.xml · nonDerivative · entry 2

VPC Impact Acquisition Holdings Sponsor, LLC · CIK 0001825041 · Director · 10% owner

Levy Richard N · CIK 0001413810 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,983,206

F2 · shares: The reporting person effected multiple same-way open market sale transactions on the same day at different prices through a trade order executed by a broker-dealer. The reporting person reported on a single line all such transactions that occurred within a one dollar price range. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.25-10.36, inclusive. The reporting person hereby undertakes to provide upon request by the Securities Exchange Commission staff, the issuer, or a shareholder of the issuer, full information regarding the number of shares sold at each separate price.

F4 · ownership.direct: VPC Impact Acquisition Holdings Sponsor, LLC ("VIH Sponsor") is the record holder of the securities reported herein. Richard N. Levy, as Chief Executive Officer and Founder of Victory Park Capital Advisors, LLC, has voting and investment discretion with respect to the securities held of record by VIH Sponsor. Mr. Levy disclaims any beneficial ownership of the securities held by VIH Sponsor other than to the extent of any pecuniary interest he may have therein, directly or indirectly.

SEC source: 0000899243-21-049269 · doc4.xml · nonDerivative · entry 1

VPC Impact Acquisition Holdings Sponsor, LLC · CIK 0001825041 · Director · 10% owner

Levy Richard N · CIK 0001413810 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,046,806

F1 · shares: The reporting person effected multiple same-way open market sale transactions on the same day at different prices through a trade order executed by a broker-dealer. The reporting person reported on a single line all such transactions that occurred within a one dollar price range. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $8.90-9.18, inclusive. The reporting person hereby undertakes to provide upon request by the Securities Exchange Commission staff, the issuer, or a shareholder of the issuer, full information regarding the number of shares sold at each separate price.

F4 · ownership.direct: VPC Impact Acquisition Holdings Sponsor, LLC ("VIH Sponsor") is the record holder of the securities reported herein. Richard N. Levy, as Chief Executive Officer and Founder of Victory Park Capital Advisors, LLC, has voting and investment discretion with respect to the securities held of record by VIH Sponsor. Mr. Levy disclaims any beneficial ownership of the securities held by VIH Sponsor other than to the extent of any pecuniary interest he may have therein, directly or indirectly.

SEC source: 0000899243-21-045356 · doc4.xml · derivative · entry 2

VPC Impact Acquisition Holdings Sponsor, LLC · CIK 0001825041 · Director · 10% owner

Levy Richard N · CIK 0001413810 · Director · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Class A Common Stock · 3,967,362 shares

Expires not disclosed

F1 · kind: VPC Impact Acquisition Holdings Sponsor, LLC ("VIH Sponsor") exercised the Private Placement Warrants on a "cashless" basis pursuant to the warrant agreement governing such Private Placement Warrants.

F2 · price: The Private Placement Warrants were acquired from the Issuer in connection with its initial public offering and became exercisable beginning 30 days after the closing (the "Closing") of the business combination between the Issuer (which was formerly known as VPC Impact Acquisition Holdings or "VIH") and Bakkt Holdings, LLC ("Bakkt"), expiring five years after Closing. Each Private Placement Warrant was exercisable for one share of Class A common stock at an exercise price of $11.50 per share, subject to certain adjustments.

F2 · derivative.exercise_date: The Private Placement Warrants were acquired from the Issuer in connection with its initial public offering and became exercisable beginning 30 days after the closing (the "Closing") of the business combination between the Issuer (which was formerly known as VPC Impact Acquisition Holdings or "VIH") and Bakkt Holdings, LLC ("Bakkt"), expiring five years after Closing. Each Private Placement Warrant was exercisable for one share of Class A common stock at an exercise price of $11.50 per share, subject to certain adjustments.

F2 · derivative.expiration_date: The Private Placement Warrants were acquired from the Issuer in connection with its initial public offering and became exercisable beginning 30 days after the closing (the "Closing") of the business combination between the Issuer (which was formerly known as VPC Impact Acquisition Holdings or "VIH") and Bakkt Holdings, LLC ("Bakkt"), expiring five years after Closing. Each Private Placement Warrant was exercisable for one share of Class A common stock at an exercise price of $11.50 per share, subject to certain adjustments.

F3 · ownership.direct: VIH Sponsor is the record holder of the securities reported herein. Richard N. Levy, as Chief Executive Officer and Founder of Victory Park Capital Advisors, LLC, has voting and investment discretion with respect to the securities held of record by VIH Sponsor. Mr. Levy disclaims any beneficial ownership of the securities held by VIH Sponsor other than to the extent of any pecuniary interest he may have therein, directly or indirectly.

SEC source: 0000899243-21-045356 · doc4.xml · nonDerivative · entry 1

VPC Impact Acquisition Holdings Sponsor, LLC · CIK 0001825041 · Director · 10% owner

Levy Richard N · CIK 0001413810 · Director · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,091,662

F1 · kind: VPC Impact Acquisition Holdings Sponsor, LLC ("VIH Sponsor") exercised the Private Placement Warrants on a "cashless" basis pursuant to the warrant agreement governing such Private Placement Warrants.

F2 · price: The Private Placement Warrants were acquired from the Issuer in connection with its initial public offering and became exercisable beginning 30 days after the closing (the "Closing") of the business combination between the Issuer (which was formerly known as VPC Impact Acquisition Holdings or "VIH") and Bakkt Holdings, LLC ("Bakkt"), expiring five years after Closing. Each Private Placement Warrant was exercisable for one share of Class A common stock at an exercise price of $11.50 per share, subject to certain adjustments.

F3 · ownership.direct: VIH Sponsor is the record holder of the securities reported herein. Richard N. Levy, as Chief Executive Officer and Founder of Victory Park Capital Advisors, LLC, has voting and investment discretion with respect to the securities held of record by VIH Sponsor. Mr. Levy disclaims any beneficial ownership of the securities held by VIH Sponsor other than to the extent of any pecuniary interest he may have therein, directly or indirectly.

SEC source: 0000899243-21-040392 · doc4.xml · derivative · entry 2

Summers Kurt · CIK 0001824891 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Class A ordinary shares · 20,000 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: In connection with the closing (the "Closing") of the business combination (the "Business Combination") between the Issuer (which was formerly known as VPC Impact Acquisition Holdings or "VIH") and Bakkt Holdings, LLC ("Bakkt"), among other things, (i) each of the then issued and outstanding Class B ordinary shares of VIH converted into Class A ordinary shares of VIH on a one-for-one basis as described under the heading "Description of Securities" in the Issuer's Registration Statement on Form S-1 (File No. 333-248619), (ii) VIH migrated to and domesticated as a Delaware corporation in accordance with Section 388 of the Delaware General Corporation Law, as amended, and the Cayman Islands Companies Act (As Revised) (the "Domestication") and (iii) each of the issued and outstanding Class A ordinary shares of VIH converted into shares of the Issuer's (after the Domestication) Class A common stock.

F1 · kind: In connection with the closing (the "Closing") of the business combination (the "Business Combination") between the Issuer (which was formerly known as VPC Impact Acquisition Holdings or "VIH") and Bakkt Holdings, LLC ("Bakkt"), among other things, (i) each of the then issued and outstanding Class B ordinary shares of VIH converted into Class A ordinary shares of VIH on a one-for-one basis as described under the heading "Description of Securities" in the Issuer's Registration Statement on Form S-1 (File No. 333-248619), (ii) VIH migrated to and domesticated as a Delaware corporation in accordance with Section 388 of the Delaware General Corporation Law, as amended, and the Cayman Islands Companies Act (As Revised) (the "Domestication") and (iii) each of the issued and outstanding Class A ordinary shares of VIH converted into shares of the Issuer's (after the Domestication) Class A common stock.

F1 · derivative.exercise_date: In connection with the closing (the "Closing") of the business combination (the "Business Combination") between the Issuer (which was formerly known as VPC Impact Acquisition Holdings or "VIH") and Bakkt Holdings, LLC ("Bakkt"), among other things, (i) each of the then issued and outstanding Class B ordinary shares of VIH converted into Class A ordinary shares of VIH on a one-for-one basis as described under the heading "Description of Securities" in the Issuer's Registration Statement on Form S-1 (File No. 333-248619), (ii) VIH migrated to and domesticated as a Delaware corporation in accordance with Section 388 of the Delaware General Corporation Law, as amended, and the Cayman Islands Companies Act (As Revised) (the "Domestication") and (iii) each of the issued and outstanding Class A ordinary shares of VIH converted into shares of the Issuer's (after the Domestication) Class A common stock.

F1 · derivative.expiration_date: In connection with the closing (the "Closing") of the business combination (the "Business Combination") between the Issuer (which was formerly known as VPC Impact Acquisition Holdings or "VIH") and Bakkt Holdings, LLC ("Bakkt"), among other things, (i) each of the then issued and outstanding Class B ordinary shares of VIH converted into Class A ordinary shares of VIH on a one-for-one basis as described under the heading "Description of Securities" in the Issuer's Registration Statement on Form S-1 (File No. 333-248619), (ii) VIH migrated to and domesticated as a Delaware corporation in accordance with Section 388 of the Delaware General Corporation Law, as amended, and the Cayman Islands Companies Act (As Revised) (the "Domestication") and (iii) each of the issued and outstanding Class A ordinary shares of VIH converted into shares of the Issuer's (after the Domestication) Class A common stock.

SEC source: 0000899243-21-040392 · doc4.xml · nonDerivative · entry 1

Summers Kurt · CIK 0001824891 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 20,000

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: In connection with the closing (the "Closing") of the business combination (the "Business Combination") between the Issuer (which was formerly known as VPC Impact Acquisition Holdings or "VIH") and Bakkt Holdings, LLC ("Bakkt"), among other things, (i) each of the then issued and outstanding Class B ordinary shares of VIH converted into Class A ordinary shares of VIH on a one-for-one basis as described under the heading "Description of Securities" in the Issuer's Registration Statement on Form S-1 (File No. 333-248619), (ii) VIH migrated to and domesticated as a Delaware corporation in accordance with Section 388 of the Delaware General Corporation Law, as amended, and the Cayman Islands Companies Act (As Revised) (the "Domestication") and (iii) each of the issued and outstanding Class A ordinary shares of VIH converted into shares of the Issuer's (after the Domestication) Class A common stock.

F1 · price: In connection with the closing (the "Closing") of the business combination (the "Business Combination") between the Issuer (which was formerly known as VPC Impact Acquisition Holdings or "VIH") and Bakkt Holdings, LLC ("Bakkt"), among other things, (i) each of the then issued and outstanding Class B ordinary shares of VIH converted into Class A ordinary shares of VIH on a one-for-one basis as described under the heading "Description of Securities" in the Issuer's Registration Statement on Form S-1 (File No. 333-248619), (ii) VIH migrated to and domesticated as a Delaware corporation in accordance with Section 388 of the Delaware General Corporation Law, as amended, and the Cayman Islands Companies Act (As Revised) (the "Domestication") and (iii) each of the issued and outstanding Class A ordinary shares of VIH converted into shares of the Issuer's (after the Domestication) Class A common stock.

SEC source: 0001209191-21-060594 · doc4.xml · derivative · entry 3

Collins Sean Roberts · CIK 0001873512 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 156,167

Underlying: Class A Common Stock · 156,167 shares

Expires not disclosed

F3 · security: Acquired pursuant to the terms of the Agreement and Plan of Merger dated as of January 11, 2021 (as amended, the "Merger Agreement") by and among the Issuer, Pylon Merger Company LLC ("Merger Sub") and Bakkt Opco Holdings, LLC ("Bakkt Opco"), pursuant to which Merger Sub merged (the "Merger") with and into Bakkt Opco with Bakkt Opco continuing as the surviving entity and a subsidiary of the Issuer. Pursuant to the terms of the Merger Agreement, the owners of Bakkt Opco common units as of immediately prior to the closing of the Merger (the "Closing") received at the Closing, as consideration for the Merger, paired interests ("Paired Interests"), each consisting of one unit of Bakkt Opco (a "Bakkt Opco Unit") and one share of Class V common stock of the Issuer ("Class V Common Stock").

F4 · security: The Bakkt Opco Units represent non-voting limited liability company interests of Bakkt Opco. The shares of Class V Common Stock are non-economic, voting shares of the Issuer, which entitle the holder thereof to one vote for each share of Class V Common Stock held of record by such holder on all matters on which holders of Class V Common Stock as a separate class are entitled to vote, and together with holders of Class A Common Stock as a single class on all matters submitted to a vote of the Issuer's stockholders having voting rights generally.

F5 · derivative.exercise_price: Pursuant to the terms of an exchange agreement (the "Exchange Agreement"), beginning on the six-month anniversary of the Closing, holders of Paired Interests may exchange such Paired Interests for shares of Class A Common Stock on a one-for-one basis (subject to adjustment as set forth in the Exchange Agreement) or, at the Issuer's option, for cash. These exchange rights do not expire.

F3 · kind: Acquired pursuant to the terms of the Agreement and Plan of Merger dated as of January 11, 2021 (as amended, the "Merger Agreement") by and among the Issuer, Pylon Merger Company LLC ("Merger Sub") and Bakkt Opco Holdings, LLC ("Bakkt Opco"), pursuant to which Merger Sub merged (the "Merger") with and into Bakkt Opco with Bakkt Opco continuing as the surviving entity and a subsidiary of the Issuer. Pursuant to the terms of the Merger Agreement, the owners of Bakkt Opco common units as of immediately prior to the closing of the Merger (the "Closing") received at the Closing, as consideration for the Merger, paired interests ("Paired Interests"), each consisting of one unit of Bakkt Opco (a "Bakkt Opco Unit") and one share of Class V common stock of the Issuer ("Class V Common Stock").

F3 · price: Acquired pursuant to the terms of the Agreement and Plan of Merger dated as of January 11, 2021 (as amended, the "Merger Agreement") by and among the Issuer, Pylon Merger Company LLC ("Merger Sub") and Bakkt Opco Holdings, LLC ("Bakkt Opco"), pursuant to which Merger Sub merged (the "Merger") with and into Bakkt Opco with Bakkt Opco continuing as the surviving entity and a subsidiary of the Issuer. Pursuant to the terms of the Merger Agreement, the owners of Bakkt Opco common units as of immediately prior to the closing of the Merger (the "Closing") received at the Closing, as consideration for the Merger, paired interests ("Paired Interests"), each consisting of one unit of Bakkt Opco (a "Bakkt Opco Unit") and one share of Class V common stock of the Issuer ("Class V Common Stock").

F5 · derivative.exercise_date: Pursuant to the terms of an exchange agreement (the "Exchange Agreement"), beginning on the six-month anniversary of the Closing, holders of Paired Interests may exchange such Paired Interests for shares of Class A Common Stock on a one-for-one basis (subject to adjustment as set forth in the Exchange Agreement) or, at the Issuer's option, for cash. These exchange rights do not expire.

F5 · derivative.expiration_date: Pursuant to the terms of an exchange agreement (the "Exchange Agreement"), beginning on the six-month anniversary of the Closing, holders of Paired Interests may exchange such Paired Interests for shares of Class A Common Stock on a one-for-one basis (subject to adjustment as set forth in the Exchange Agreement) or, at the Issuer's option, for cash. These exchange rights do not expire.

F4 · derivative.underlying_shares: The Bakkt Opco Units represent non-voting limited liability company interests of Bakkt Opco. The shares of Class V Common Stock are non-economic, voting shares of the Issuer, which entitle the holder thereof to one vote for each share of Class V Common Stock held of record by such holder on all matters on which holders of Class V Common Stock as a separate class are entitled to vote, and together with holders of Class A Common Stock as a single class on all matters submitted to a vote of the Issuer's stockholders having voting rights generally.

F5 · derivative.underlying_shares: Pursuant to the terms of an exchange agreement (the "Exchange Agreement"), beginning on the six-month anniversary of the Closing, holders of Paired Interests may exchange such Paired Interests for shares of Class A Common Stock on a one-for-one basis (subject to adjustment as set forth in the Exchange Agreement) or, at the Issuer's option, for cash. These exchange rights do not expire.

F4 · balance_after: The Bakkt Opco Units represent non-voting limited liability company interests of Bakkt Opco. The shares of Class V Common Stock are non-economic, voting shares of the Issuer, which entitle the holder thereof to one vote for each share of Class V Common Stock held of record by such holder on all matters on which holders of Class V Common Stock as a separate class are entitled to vote, and together with holders of Class A Common Stock as a single class on all matters submitted to a vote of the Issuer's stockholders having voting rights generally.

F5 · balance_after: Pursuant to the terms of an exchange agreement (the "Exchange Agreement"), beginning on the six-month anniversary of the Closing, holders of Paired Interests may exchange such Paired Interests for shares of Class A Common Stock on a one-for-one basis (subject to adjustment as set forth in the Exchange Agreement) or, at the Issuer's option, for cash. These exchange rights do not expire.

F2 · ownership.nature: The general partner of each of Goldfinch Co-Invest I, LP, Goldfinch Co-Invest IB, LP and Goldfinch Co-Invest IC LP is Goldfinch Co-Invest I GP LLC. The Reporting Person is a Managing Partner of Goldfinch Co-Invest I GP LLC. The Reporting Person disclaims beneficial ownership of the securities reported herein, except to the extent of his pecuniary interest therein.

F7 · ownership.nature: Represents securities held directly by Goldfinch Co-Invest IB LP.

SEC source: 0001209191-21-060594 · doc4.xml · derivative · entry 2

Collins Sean Roberts · CIK 0001873512 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 2,751,943

Underlying: Class A Common Stock · 2,751,943 shares

Expires not disclosed

F3 · security: Acquired pursuant to the terms of the Agreement and Plan of Merger dated as of January 11, 2021 (as amended, the "Merger Agreement") by and among the Issuer, Pylon Merger Company LLC ("Merger Sub") and Bakkt Opco Holdings, LLC ("Bakkt Opco"), pursuant to which Merger Sub merged (the "Merger") with and into Bakkt Opco with Bakkt Opco continuing as the surviving entity and a subsidiary of the Issuer. Pursuant to the terms of the Merger Agreement, the owners of Bakkt Opco common units as of immediately prior to the closing of the Merger (the "Closing") received at the Closing, as consideration for the Merger, paired interests ("Paired Interests"), each consisting of one unit of Bakkt Opco (a "Bakkt Opco Unit") and one share of Class V common stock of the Issuer ("Class V Common Stock").

F4 · security: The Bakkt Opco Units represent non-voting limited liability company interests of Bakkt Opco. The shares of Class V Common Stock are non-economic, voting shares of the Issuer, which entitle the holder thereof to one vote for each share of Class V Common Stock held of record by such holder on all matters on which holders of Class V Common Stock as a separate class are entitled to vote, and together with holders of Class A Common Stock as a single class on all matters submitted to a vote of the Issuer's stockholders having voting rights generally.

F5 · derivative.exercise_price: Pursuant to the terms of an exchange agreement (the "Exchange Agreement"), beginning on the six-month anniversary of the Closing, holders of Paired Interests may exchange such Paired Interests for shares of Class A Common Stock on a one-for-one basis (subject to adjustment as set forth in the Exchange Agreement) or, at the Issuer's option, for cash. These exchange rights do not expire.

F3 · kind: Acquired pursuant to the terms of the Agreement and Plan of Merger dated as of January 11, 2021 (as amended, the "Merger Agreement") by and among the Issuer, Pylon Merger Company LLC ("Merger Sub") and Bakkt Opco Holdings, LLC ("Bakkt Opco"), pursuant to which Merger Sub merged (the "Merger") with and into Bakkt Opco with Bakkt Opco continuing as the surviving entity and a subsidiary of the Issuer. Pursuant to the terms of the Merger Agreement, the owners of Bakkt Opco common units as of immediately prior to the closing of the Merger (the "Closing") received at the Closing, as consideration for the Merger, paired interests ("Paired Interests"), each consisting of one unit of Bakkt Opco (a "Bakkt Opco Unit") and one share of Class V common stock of the Issuer ("Class V Common Stock").

F3 · price: Acquired pursuant to the terms of the Agreement and Plan of Merger dated as of January 11, 2021 (as amended, the "Merger Agreement") by and among the Issuer, Pylon Merger Company LLC ("Merger Sub") and Bakkt Opco Holdings, LLC ("Bakkt Opco"), pursuant to which Merger Sub merged (the "Merger") with and into Bakkt Opco with Bakkt Opco continuing as the surviving entity and a subsidiary of the Issuer. Pursuant to the terms of the Merger Agreement, the owners of Bakkt Opco common units as of immediately prior to the closing of the Merger (the "Closing") received at the Closing, as consideration for the Merger, paired interests ("Paired Interests"), each consisting of one unit of Bakkt Opco (a "Bakkt Opco Unit") and one share of Class V common stock of the Issuer ("Class V Common Stock").

F5 · derivative.exercise_date: Pursuant to the terms of an exchange agreement (the "Exchange Agreement"), beginning on the six-month anniversary of the Closing, holders of Paired Interests may exchange such Paired Interests for shares of Class A Common Stock on a one-for-one basis (subject to adjustment as set forth in the Exchange Agreement) or, at the Issuer's option, for cash. These exchange rights do not expire.

F5 · derivative.expiration_date: Pursuant to the terms of an exchange agreement (the "Exchange Agreement"), beginning on the six-month anniversary of the Closing, holders of Paired Interests may exchange such Paired Interests for shares of Class A Common Stock on a one-for-one basis (subject to adjustment as set forth in the Exchange Agreement) or, at the Issuer's option, for cash. These exchange rights do not expire.

F4 · derivative.underlying_shares: The Bakkt Opco Units represent non-voting limited liability company interests of Bakkt Opco. The shares of Class V Common Stock are non-economic, voting shares of the Issuer, which entitle the holder thereof to one vote for each share of Class V Common Stock held of record by such holder on all matters on which holders of Class V Common Stock as a separate class are entitled to vote, and together with holders of Class A Common Stock as a single class on all matters submitted to a vote of the Issuer's stockholders having voting rights generally.

F5 · derivative.underlying_shares: Pursuant to the terms of an exchange agreement (the "Exchange Agreement"), beginning on the six-month anniversary of the Closing, holders of Paired Interests may exchange such Paired Interests for shares of Class A Common Stock on a one-for-one basis (subject to adjustment as set forth in the Exchange Agreement) or, at the Issuer's option, for cash. These exchange rights do not expire.

F4 · balance_after: The Bakkt Opco Units represent non-voting limited liability company interests of Bakkt Opco. The shares of Class V Common Stock are non-economic, voting shares of the Issuer, which entitle the holder thereof to one vote for each share of Class V Common Stock held of record by such holder on all matters on which holders of Class V Common Stock as a separate class are entitled to vote, and together with holders of Class A Common Stock as a single class on all matters submitted to a vote of the Issuer's stockholders having voting rights generally.

F5 · balance_after: Pursuant to the terms of an exchange agreement (the "Exchange Agreement"), beginning on the six-month anniversary of the Closing, holders of Paired Interests may exchange such Paired Interests for shares of Class A Common Stock on a one-for-one basis (subject to adjustment as set forth in the Exchange Agreement) or, at the Issuer's option, for cash. These exchange rights do not expire.

F2 · ownership.nature: The general partner of each of Goldfinch Co-Invest I, LP, Goldfinch Co-Invest IB, LP and Goldfinch Co-Invest IC LP is Goldfinch Co-Invest I GP LLC. The Reporting Person is a Managing Partner of Goldfinch Co-Invest I GP LLC. The Reporting Person disclaims beneficial ownership of the securities reported herein, except to the extent of his pecuniary interest therein.

F6 · ownership.nature: Represents securities held directly by Goldfinch Co-Invest I LP.

SEC source: 0001209191-21-060594 · doc4.xml · nonDerivative · entry 1

Collins Sean Roberts · CIK 0001873512 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 582,323

F1 · shares: Represents 582,323 shares of Class A common stock (the "Class A Common Stock") of Bakkt Holdings, Inc. (the "Issuer") held directly by Goldfinch Co-Invest IC LP ("Goldfinch IC") acquired from the Issuer in connection with the completion of the business combination described in the Merger Agreement (as defined in footnote 3 below).

F2 · ownership.nature: The general partner of each of Goldfinch Co-Invest I, LP, Goldfinch Co-Invest IB, LP and Goldfinch Co-Invest IC LP is Goldfinch Co-Invest I GP LLC. The Reporting Person is a Managing Partner of Goldfinch Co-Invest I GP LLC. The Reporting Person disclaims beneficial ownership of the securities reported herein, except to the extent of his pecuniary interest therein.

SEC source: 0001209191-21-060592 · doc4.xml · derivative · entry 1

Clifton David C · CIK 0001870902 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 162,608

Underlying: Class A Common Stock · 162,608 shares

Expires not disclosed

F1 · security: Acquired pursuant to the terms of the Agreement and Plan of Merger dated as of January 11, 2021 (as amended, the "Merger Agreement") by and among Bakkt Holdings, Inc. (the "Issuer"), Pylon Merger Company LLC ("Merger Sub") and Bakkt Opco Holdings, LLC ("Bakkt Opco"), pursuant to which Merger Sub merged (the "Merger") with and into Bakkt Opco with Bakkt Opco continuing as the surviving entity and a subsidiary of the Issuer. Pursuant to the terms of the Merger Agreement, the owners of Bakkt Opco common units as of immediately prior to the closing of the Merger (the "Closing") received at the Closing, as consideration for the Merger, paired interests ("Paired Interests"), each consisting of one unit of Bakkt Opco (a "Bakkt Opco Unit") and one share of Class V common stock of the Issuer ("Class V Common Stock").

F2 · security: The Bakkt Opco Units represent non-voting limited liability company interests of Bakkt Opco. The shares of Class V Common Stock are non-economic, voting shares of the Issuer, which entitle the holder thereof to one vote for each share of Class V Common Stock held of record by such holder on all matters on which holders of Class V Common Stock as a separate class are entitled to vote, and together with holders of Class A common stock of the Issuer ("Class A Common Stock") as a single class on all matters submitted to a vote of the Issuer's stockholders having voting rights generally.

F3 · derivative.exercise_price: Pursuant to the terms of an exchange agreement (the "Exchange Agreement"), beginning on the six-month anniversary of the Closing, holders of Paired Interests may exchange such Paired Interests for shares of Class A Common Stock on a one-for-one basis (subject to adjustment as set forth in the Exchange Agreement) or, at the Issuer's option, for cash. These exchange rights do not expire.

F1 · kind: Acquired pursuant to the terms of the Agreement and Plan of Merger dated as of January 11, 2021 (as amended, the "Merger Agreement") by and among Bakkt Holdings, Inc. (the "Issuer"), Pylon Merger Company LLC ("Merger Sub") and Bakkt Opco Holdings, LLC ("Bakkt Opco"), pursuant to which Merger Sub merged (the "Merger") with and into Bakkt Opco with Bakkt Opco continuing as the surviving entity and a subsidiary of the Issuer. Pursuant to the terms of the Merger Agreement, the owners of Bakkt Opco common units as of immediately prior to the closing of the Merger (the "Closing") received at the Closing, as consideration for the Merger, paired interests ("Paired Interests"), each consisting of one unit of Bakkt Opco (a "Bakkt Opco Unit") and one share of Class V common stock of the Issuer ("Class V Common Stock").

F4 · shares: Represents 845,130 Class B Units in Bakkt Management, LLC (the "Bakkt Management Units"), which units are, subject to certain limitations, redeemable at the request of the Reporting Person in exchange for an equal number of Paired Interests held by Bakkt Management, LLC.

F5 · shares: As of the Closing, the Bakkt Management Units are vested but such Bakkt Management Units will be released in one-third increments on each of the Closing, the first anniversary of the Closing and the second anniversary of the Closing.

F1 · price: Acquired pursuant to the terms of the Agreement and Plan of Merger dated as of January 11, 2021 (as amended, the "Merger Agreement") by and among Bakkt Holdings, Inc. (the "Issuer"), Pylon Merger Company LLC ("Merger Sub") and Bakkt Opco Holdings, LLC ("Bakkt Opco"), pursuant to which Merger Sub merged (the "Merger") with and into Bakkt Opco with Bakkt Opco continuing as the surviving entity and a subsidiary of the Issuer. Pursuant to the terms of the Merger Agreement, the owners of Bakkt Opco common units as of immediately prior to the closing of the Merger (the "Closing") received at the Closing, as consideration for the Merger, paired interests ("Paired Interests"), each consisting of one unit of Bakkt Opco (a "Bakkt Opco Unit") and one share of Class V common stock of the Issuer ("Class V Common Stock").

F3 · derivative.exercise_date: Pursuant to the terms of an exchange agreement (the "Exchange Agreement"), beginning on the six-month anniversary of the Closing, holders of Paired Interests may exchange such Paired Interests for shares of Class A Common Stock on a one-for-one basis (subject to adjustment as set forth in the Exchange Agreement) or, at the Issuer's option, for cash. These exchange rights do not expire.

F3 · derivative.expiration_date: Pursuant to the terms of an exchange agreement (the "Exchange Agreement"), beginning on the six-month anniversary of the Closing, holders of Paired Interests may exchange such Paired Interests for shares of Class A Common Stock on a one-for-one basis (subject to adjustment as set forth in the Exchange Agreement) or, at the Issuer's option, for cash. These exchange rights do not expire.

F2 · derivative.underlying_shares: The Bakkt Opco Units represent non-voting limited liability company interests of Bakkt Opco. The shares of Class V Common Stock are non-economic, voting shares of the Issuer, which entitle the holder thereof to one vote for each share of Class V Common Stock held of record by such holder on all matters on which holders of Class V Common Stock as a separate class are entitled to vote, and together with holders of Class A common stock of the Issuer ("Class A Common Stock") as a single class on all matters submitted to a vote of the Issuer's stockholders having voting rights generally.

F3 · derivative.underlying_shares: Pursuant to the terms of an exchange agreement (the "Exchange Agreement"), beginning on the six-month anniversary of the Closing, holders of Paired Interests may exchange such Paired Interests for shares of Class A Common Stock on a one-for-one basis (subject to adjustment as set forth in the Exchange Agreement) or, at the Issuer's option, for cash. These exchange rights do not expire.

F4 · derivative.underlying_shares: Represents 845,130 Class B Units in Bakkt Management, LLC (the "Bakkt Management Units"), which units are, subject to certain limitations, redeemable at the request of the Reporting Person in exchange for an equal number of Paired Interests held by Bakkt Management, LLC.

F5 · derivative.underlying_shares: As of the Closing, the Bakkt Management Units are vested but such Bakkt Management Units will be released in one-third increments on each of the Closing, the first anniversary of the Closing and the second anniversary of the Closing.

F2 · balance_after: The Bakkt Opco Units represent non-voting limited liability company interests of Bakkt Opco. The shares of Class V Common Stock are non-economic, voting shares of the Issuer, which entitle the holder thereof to one vote for each share of Class V Common Stock held of record by such holder on all matters on which holders of Class V Common Stock as a separate class are entitled to vote, and together with holders of Class A common stock of the Issuer ("Class A Common Stock") as a single class on all matters submitted to a vote of the Issuer's stockholders having voting rights generally.

F3 · balance_after: Pursuant to the terms of an exchange agreement (the "Exchange Agreement"), beginning on the six-month anniversary of the Closing, holders of Paired Interests may exchange such Paired Interests for shares of Class A Common Stock on a one-for-one basis (subject to adjustment as set forth in the Exchange Agreement) or, at the Issuer's option, for cash. These exchange rights do not expire.

F4 · balance_after: Represents 845,130 Class B Units in Bakkt Management, LLC (the "Bakkt Management Units"), which units are, subject to certain limitations, redeemable at the request of the Reporting Person in exchange for an equal number of Paired Interests held by Bakkt Management, LLC.

F5 · balance_after: As of the Closing, the Bakkt Management Units are vested but such Bakkt Management Units will be released in one-third increments on each of the Closing, the first anniversary of the Closing and the second anniversary of the Closing.

SEC source: 0001209191-21-060590 · doc4.xml · derivative · entry 1

Cabrera Nicolas · CIK 0001870909 · Chief Product Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 323,733

Underlying: Class A Common Stock · 323,733 shares

Expires not disclosed

F1 · security: Acquired pursuant to the terms of the Agreement and Plan of Merger dated as of January 11, 2021 (as amended, the "Merger Agreement") by and among Bakkt Holdings, Inc. (the "Issuer"), Pylon Merger Company LLC ("Merger Sub") and Bakkt Opco Holdings, LLC ("Bakkt Opco"), pursuant to which Merger Sub merged (the "Merger") with and into Bakkt Opco with Bakkt Opco continuing as the surviving entity and a subsidiary of the Issuer. Pursuant to the terms of the Merger Agreement, the owners of Bakkt Opco common units as of immediately prior to the closing of the Merger (the "Closing") received at the Closing, as consideration for the Merger, paired interests ("Paired Interests"), each consisting of one unit of Bakkt Opco (a "Bakkt Opco Unit") and one share of Class V common stock of the Issuer ("Class V Common Stock").

F2 · security: The Bakkt Opco Units represent non-voting limited liability company interests of Bakkt Opco. The shares of Class V Common Stock are non-economic, voting shares of the Issuer, which entitle the holder thereof to one vote for each share of Class V Common Stock held of record by such holder on all matters on which holders of Class V Common Stock as a separate class are entitled to vote, and together with holders of Class A common stock of the Issuer ("Class A Common Stock") as a single class on all matters submitted to a vote of the Issuer's stockholders having voting rights generally.

F3 · derivative.exercise_price: Pursuant to the terms of an exchange agreement (the "Exchange Agreement"), beginning on the six-month anniversary of the Closing, holders of Paired Interests may exchange such Paired Interests for shares of Class A Common Stock on a one-for-one basis (subject to adjustment as set forth in the Exchange Agreement) or, at the Issuer's option, for cash. These exchange rights do not expire.

F1 · kind: Acquired pursuant to the terms of the Agreement and Plan of Merger dated as of January 11, 2021 (as amended, the "Merger Agreement") by and among Bakkt Holdings, Inc. (the "Issuer"), Pylon Merger Company LLC ("Merger Sub") and Bakkt Opco Holdings, LLC ("Bakkt Opco"), pursuant to which Merger Sub merged (the "Merger") with and into Bakkt Opco with Bakkt Opco continuing as the surviving entity and a subsidiary of the Issuer. Pursuant to the terms of the Merger Agreement, the owners of Bakkt Opco common units as of immediately prior to the closing of the Merger (the "Closing") received at the Closing, as consideration for the Merger, paired interests ("Paired Interests"), each consisting of one unit of Bakkt Opco (a "Bakkt Opco Unit") and one share of Class V common stock of the Issuer ("Class V Common Stock").

F4 · shares: Represents 2,965,800 Class C Units in Bakkt Management, LLC (the "Bakkt Management Units"), which units are, subject to certain limitations, redeemable at the request of the Reporting Person in exchange for an equal number of Paired Interests held by Bakkt Management, LLC.

F5 · shares: As of the Closing, one-third of the Bakkt Management Units are vested, and one-third shall vest on the first anniversary of the Closing and the remaining third shall vest on the second anniversary of the Closing.

F1 · price: Acquired pursuant to the terms of the Agreement and Plan of Merger dated as of January 11, 2021 (as amended, the "Merger Agreement") by and among Bakkt Holdings, Inc. (the "Issuer"), Pylon Merger Company LLC ("Merger Sub") and Bakkt Opco Holdings, LLC ("Bakkt Opco"), pursuant to which Merger Sub merged (the "Merger") with and into Bakkt Opco with Bakkt Opco continuing as the surviving entity and a subsidiary of the Issuer. Pursuant to the terms of the Merger Agreement, the owners of Bakkt Opco common units as of immediately prior to the closing of the Merger (the "Closing") received at the Closing, as consideration for the Merger, paired interests ("Paired Interests"), each consisting of one unit of Bakkt Opco (a "Bakkt Opco Unit") and one share of Class V common stock of the Issuer ("Class V Common Stock").

F3 · derivative.exercise_date: Pursuant to the terms of an exchange agreement (the "Exchange Agreement"), beginning on the six-month anniversary of the Closing, holders of Paired Interests may exchange such Paired Interests for shares of Class A Common Stock on a one-for-one basis (subject to adjustment as set forth in the Exchange Agreement) or, at the Issuer's option, for cash. These exchange rights do not expire.

F3 · derivative.expiration_date: Pursuant to the terms of an exchange agreement (the "Exchange Agreement"), beginning on the six-month anniversary of the Closing, holders of Paired Interests may exchange such Paired Interests for shares of Class A Common Stock on a one-for-one basis (subject to adjustment as set forth in the Exchange Agreement) or, at the Issuer's option, for cash. These exchange rights do not expire.

F2 · derivative.underlying_shares: The Bakkt Opco Units represent non-voting limited liability company interests of Bakkt Opco. The shares of Class V Common Stock are non-economic, voting shares of the Issuer, which entitle the holder thereof to one vote for each share of Class V Common Stock held of record by such holder on all matters on which holders of Class V Common Stock as a separate class are entitled to vote, and together with holders of Class A common stock of the Issuer ("Class A Common Stock") as a single class on all matters submitted to a vote of the Issuer's stockholders having voting rights generally.

F3 · derivative.underlying_shares: Pursuant to the terms of an exchange agreement (the "Exchange Agreement"), beginning on the six-month anniversary of the Closing, holders of Paired Interests may exchange such Paired Interests for shares of Class A Common Stock on a one-for-one basis (subject to adjustment as set forth in the Exchange Agreement) or, at the Issuer's option, for cash. These exchange rights do not expire.

F4 · derivative.underlying_shares: Represents 2,965,800 Class C Units in Bakkt Management, LLC (the "Bakkt Management Units"), which units are, subject to certain limitations, redeemable at the request of the Reporting Person in exchange for an equal number of Paired Interests held by Bakkt Management, LLC.

F5 · derivative.underlying_shares: As of the Closing, one-third of the Bakkt Management Units are vested, and one-third shall vest on the first anniversary of the Closing and the remaining third shall vest on the second anniversary of the Closing.

F2 · balance_after: The Bakkt Opco Units represent non-voting limited liability company interests of Bakkt Opco. The shares of Class V Common Stock are non-economic, voting shares of the Issuer, which entitle the holder thereof to one vote for each share of Class V Common Stock held of record by such holder on all matters on which holders of Class V Common Stock as a separate class are entitled to vote, and together with holders of Class A common stock of the Issuer ("Class A Common Stock") as a single class on all matters submitted to a vote of the Issuer's stockholders having voting rights generally.

F3 · balance_after: Pursuant to the terms of an exchange agreement (the "Exchange Agreement"), beginning on the six-month anniversary of the Closing, holders of Paired Interests may exchange such Paired Interests for shares of Class A Common Stock on a one-for-one basis (subject to adjustment as set forth in the Exchange Agreement) or, at the Issuer's option, for cash. These exchange rights do not expire.

F4 · balance_after: Represents 2,965,800 Class C Units in Bakkt Management, LLC (the "Bakkt Management Units"), which units are, subject to certain limitations, redeemable at the request of the Reporting Person in exchange for an equal number of Paired Interests held by Bakkt Management, LLC.

F5 · balance_after: As of the Closing, one-third of the Bakkt Management Units are vested, and one-third shall vest on the first anniversary of the Closing and the remaining third shall vest on the second anniversary of the Closing.