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Companies Bakkt, Inc.

Bakkt (BKKT): executive pay, fiscal 2025

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CEO total pay$35,217,068CEO Akshay Naheta · source
Say-on-pay support90.66%Latest vote · source

CEO pay, last three years

  • $35,217,068FY2025

CEO total pay was $35,217,068 in fiscal 2025; the brief holds no earlier figure for this CEO.

FY2025: salary $77,800 · bonus $0 · stock awards $8,046,648 · option awards $27,092,620

Executives and directors

Frequently asked questions

Who was the highest-paid executive at Bakkt, Inc. in fiscal 2025?
As disclosed, Akshay Naheta (Chief Executive Officer) was the highest-paid executive at Bakkt, Inc. in fiscal 2025, with total compensation of $35,217,068.
How did shareholders vote on Bakkt, Inc.'s executive compensation?
As disclosed, 90.66% of shareholders supported Bakkt, Inc.'s executive compensation in the latest say-on-pay vote.
How much does Bakkt, Inc. spend in total on board compensation for fiscal 2025?
As disclosed, Bakkt, Inc. reported total board compensation of $2,905,403 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

Full detail

Every table from the filing. Open any section.

Summary compensation table
Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Akshay Naheta$77,800$0$8,046,648$27,092,620$0$0$0$35,217,068
Chief Executive Officer
Andrew Main1,156,923—4,979,24100024,1016,160,265
Former President and Co-Chief Executive Officer
Marc D'Annunzio430,0000359,9002,731,2710015,7063,536,877
General Counsel and Secretary
Karen Alexander400,0000359,900546,2620023,0671,329,299
Chief Financial Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Akshay Naheta$35,217,068———
Andrew Main6,160,2657,341,350—↓ −1,181,085
Marc D'Annunzio3,536,877———
Karen Alexander1,329,299979,846944,552↑ +349,453

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

Incentive-plan design — the Compensation Discussion & Analysis

Our compensation philosophy is to provide a competitive compensation package that allows us to attract and retain talented individuals who we believe will enable us to achieve our near-term and long-term strategic objectives, while simultaneously creating long-term value for our stockholders.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantMercer
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
Equity grants and outstanding awards

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Andrew MainPRSU—————$4,979,241
Karen AlexanderOPTION—————546,262
Karen AlexanderPRSU—————359,900
Marc D'AnnunzioPRSU—————359,900
Akshay NahetaPRSU—————8,046,648
Marc D'AnnunzioOPTION—————2,731,271
Akshay NahetaOPTION—————27,092,620

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Karen Alexander$0$0$546,2620.0%
Marc D'Annunzio002,731,2710.0%
Akshay Naheta0027,092,6200.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Karen AlexanderRSU18,852—$151,352
Marc D'AnnunzioRSU18,852—151,352
Akshay NahetaRSU803,856—8,185,431
Director compensation
DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Sean CollinsIndependent · Board Chair · Audit and Risk · Nominating and Corporate Governance (Chair)$150,000$365,000$0$0—$434,083
Michael AlfredIndependent · Compensation · Partial-year service · Newly elected0404,891000404,891
Michelle J. GoldbergIndependent · Audit and Risk (Chair) · Nominating and Corporate Governance · Departed during FY200,000200,000000400,000
Jill SimeoneIndependent · Compensation · Nominating and Corporate Governance (Chair) · Departed during FY192,125200,000000392,125
Colleen BrownIndependent · Audit and Risk (Chair) · Compensation (Chair) · Nominating and Corporate Governance136,532200,000000336,532
De Ana DowIndependent · Audit and Risk · Departed during FY69,083200,000000269,083
Gordon WatsonIndependent · Departed during FY0250,000000250,000
Lyn AldenIndependent · Audit and Risk · Partial-year service · Newly elected0180,338000180,338
Richard GalvinIndependent · Audit and Risk · Partial-year service · Newly elected0157,434000157,434
Akshay NahetaEmployee director000—00
Andrew A. MainEmployee director · Departed during FY000—00
David CliftonNot independent · Departed during FY000000

Board fee structure and ownership guideline

Annual cash retainer$50,000
Annual equity retainer$200,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)25,000 / 20,000 / 12,000
Stock ownership guideline—

Total cost of the board

ComponentFY2025
Cash retainers and fees$747,740
Equity awards (grant-date value)$2,157,663
All other compensation$0
Total cost of the board$2,905,403

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

Peer group, and who names Bakkt as a peer

Companies that benchmark against BKKT

2 companies name BKKT as a compensation peer

Each company listed discloses BKKT in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named BKKT in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Bakkt, Inc.2025Akshay Naheta$77,800$8,046,648$27,092,620$0$35,217,068

Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

Say-on-pay history and pay ratio
Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-2311,321,2101,032,093134,38290.66%Passed
20252025-11-0310,809,5721,001,3677,75391.52%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.

Say-on-pay — history, company’s computation

Meeting yearMeeting dateApproval — company’s computation
20262026-06-2390.66%a
20252025-11-0391.52%b

a. Approved under the standard stated in the filing — “Because Proposals 1 and 2 must be approved by the affirmative vote of a majority of the shares of Common Stock entitled to vote thereon and present in person or by proxy at the Annual Meeting (the "Required Vote"), abstentions will have the same effect as a vote "AGAINST" the proposal.”.

b. Voting standard not stated in the filing.

Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

CEO pay ratio

Ratio (CEO : median employee)—
CEO total compensation—
Median employee compensation—
Insider trades since the proxy

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Akshay NahetaDirector2026-04-30A7,927,831——Common, indirectForm 4 ↗
Dividend-equivalent accruals2026-05-15—2,683——3 insiders, 3 accrual rows
Karen AlexanderChief Financial Officer2026-05-15A335103,350CommonForm 4 ↗
Nicholas BaesChief Operating Officer2026-05-15A671106,710CommonForm 4 ↗
Akshay NahetaChief Executive Officer2026-05-15D33,55700Derivative, Class A CommonForm 4 ↗
Akshay NahetaChief Executive Officer2026-05-15A33,55710335,570CommonForm 4 ↗
Michael AlfredDirector2026-05-15A365,00083,044,100CommonForm 4 ↗
Marc D'AnnunzioGeneral Counsel & Secretary2026-05-15A1,6771016,770CommonForm 4 ↗
Michael AlfredDirector2026-05-18A220,00081,804,000CommonForm 4 ↗
Michael AlfredDirector2026-06-09A180,00081,387,800CommonForm 4 ↗
Michael AlfredDirector2026-06-10A100,0008783,000CommonForm 4 ↗
Joseph Sean-Walsh HendersonChief Accounting Officer2026-06-25D34982,768CommonForm 4 ↗
Karen AlexanderChief Financial Officer2026-06-25D1,907815,123CommonForm 4 ↗
Nicholas BaesChief Operating Officer2026-06-25D1,562812,387CommonForm 4 ↗
Marc D'AnnunzioGeneral Counsel & Secretary2026-06-25D1,562812,387CommonForm 4 ↗
Marc D'AnnunzioGeneral Counsel & Secretary2026-06-26D1,357810,462CommonForm 4 ↗
Joseph Sean-Walsh HendersonChief Accounting Officer2026-07-15D948783CommonForm 4 ↗
Karen AlexanderChief Financial Officer2026-07-15D65785,545CommonForm 4 ↗
Marc D'AnnunzioGeneral Counsel & Secretary2026-07-15D53984,549CommonForm 4 ↗
Michael AlfredDirector2026-08-18A296,56772,111,557CommonForm 4 ↗
Joseph Sean-Walsh HendersonChief Accounting Officer2026-09-23D28292,428CommonForm 4 ↗
Nicholas BaesChief Operating Officer2026-09-23D1,272910,952CommonForm 4 ↗
Marc D'AnnunzioGeneral Counsel & Secretary2026-09-23D1,272910,952CommonForm 4 ↗
Akshay NahetaChief Executive Officer2026-09-30A243,45400CommonForm 4 ↗
Marc D'AnnunzioGeneral Counsel & Secretary2026-09-30A45,00000CommonForm 4 ↗
Nicholas BaesChief Operating Officer2026-09-30A30,00000CommonForm 4 ↗
Joseph Sean-Walsh HendersonChief Accounting Officer2026-09-30A20,00000CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

View all 29 transactions
InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Akshay NahetaDirector2026-04-30A7,927,831——Common, indirectForm 4 ↗
Karen AlexanderChief Financial Officer2026-05-15D33500Derivative, Class A CommonForm 4 ↗
Karen AlexanderChief Financial Officer2026-05-15A335103,350CommonForm 4 ↗
Marc D'AnnunzioGeneral Counsel & Secretary2026-05-15D1,67700Derivative, Class A CommonForm 4 ↗
Nicholas BaesChief Operating Officer2026-05-15A671106,710CommonForm 4 ↗
Akshay NahetaChief Executive Officer2026-05-15D33,55700Derivative, Class A CommonForm 4 ↗
Akshay NahetaChief Executive Officer2026-05-15A33,55710335,570CommonForm 4 ↗
Michael AlfredDirector2026-05-15A365,00083,044,100CommonForm 4 ↗
Marc D'AnnunzioGeneral Counsel & Secretary2026-05-15A1,6771016,770CommonForm 4 ↗
Nicholas BaesChief Operating Officer2026-05-15D67100Derivative, Class A CommonForm 4 ↗
Michael AlfredDirector2026-05-18A220,00081,804,000CommonForm 4 ↗
Michael AlfredDirector2026-06-09A180,00081,387,800CommonForm 4 ↗
Michael AlfredDirector2026-06-10A100,0008783,000CommonForm 4 ↗
Joseph Sean-Walsh HendersonChief Accounting Officer2026-06-25D34982,768CommonForm 4 ↗
Karen AlexanderChief Financial Officer2026-06-25D1,907815,123CommonForm 4 ↗
Nicholas BaesChief Operating Officer2026-06-25D1,562812,387CommonForm 4 ↗
Marc D'AnnunzioGeneral Counsel & Secretary2026-06-25D1,562812,387CommonForm 4 ↗
Marc D'AnnunzioGeneral Counsel & Secretary2026-06-26D1,357810,462CommonForm 4 ↗
Joseph Sean-Walsh HendersonChief Accounting Officer2026-07-15D948783CommonForm 4 ↗
Karen AlexanderChief Financial Officer2026-07-15D65785,545CommonForm 4 ↗
Marc D'AnnunzioGeneral Counsel & Secretary2026-07-15D53984,549CommonForm 4 ↗
Michael AlfredDirector2026-08-18A296,56772,111,557CommonForm 4 ↗
Joseph Sean-Walsh HendersonChief Accounting Officer2026-09-23D28292,428CommonForm 4 ↗
Nicholas BaesChief Operating Officer2026-09-23D1,272910,952CommonForm 4 ↗
Marc D'AnnunzioGeneral Counsel & Secretary2026-09-23D1,272910,952CommonForm 4 ↗
Akshay NahetaChief Executive Officer2026-09-30A243,45400CommonForm 4 ↗
Marc D'AnnunzioGeneral Counsel & Secretary2026-09-30A45,00000CommonForm 4 ↗
Nicholas BaesChief Operating Officer2026-09-30A30,00000CommonForm 4 ↗
Joseph Sean-Walsh HendersonChief Accounting Officer2026-09-30A20,00000CommonForm 4 ↗
Sources (59 citations)

Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.

  • Section 01, Akshay Naheta. DEF 14A, filed 2026-04-30. Section “Summary Compensation Table for Fiscal 2025” · page 29. As printed: 35,217,068. View filing ↗
  • Section 01, Andrew Main. DEF 14A, filed 2026-04-30. Section “Summary Compensation Table for Fiscal 2025” · page 28. As printed: 6,160,265. View filing ↗
  • Section 01, Marc D'Annunzio. DEF 14A, filed 2026-04-30. Section “Summary Compensation Table for Fiscal 2025” · page 28. As printed: 3,536,877. View filing ↗
  • Section 01, Karen Alexander. DEF 14A, filed 2026-04-30. Section “Summary Compensation Table for Fiscal 2025” · page 28. As printed: 1,329,299. View filing ↗
  • Section 03, Andrew Main PRSU. DEF 14A, filed 2026-04-30. Section “NYSE L” · grants of plan-based awards table. View filing ↗
  • Section 03, Karen Alexander OPTION. DEF 14A, filed 2026-04-30. Section “NYSE L” · grants of plan-based awards table. View filing ↗
  • Section 03, Karen Alexander PRSU. DEF 14A, filed 2026-04-30. Section “NYSE L” · grants of plan-based awards table. View filing ↗
  • Section 03, Marc D'Annunzio PRSU. DEF 14A, filed 2026-04-30. Section “NYSE L” · grants of plan-based awards table. View filing ↗
  • Section 03, Akshay Naheta PRSU. DEF 14A, filed 2026-04-30. Section “NYSE L” · grants of plan-based awards table. View filing ↗
  • Section 03, Marc D'Annunzio OPTION. DEF 14A, filed 2026-04-30. Section “NYSE L” · grants of plan-based awards table. View filing ↗
  • Section 03, Akshay Naheta OPTION. DEF 14A, filed 2026-04-30. Section “NYSE L” · grants of plan-based awards table. View filing ↗
  • Section 07, pay ratio. 10-K, filed 2026-03-19. Section “CEO Pay Ratio”. As printed: —. View filing ↗
  • Section 08, Sean Collins. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 434,083. View filing ↗
  • Section 08, Michael Alfred. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 404,891. View filing ↗
  • Section 08, Michelle J. Goldberg. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 400,000. View filing ↗
  • Section 08, Jill Simeone. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 392,125. View filing ↗
  • Section 08, Colleen Brown. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 336,532. View filing ↗
  • Section 08, De Ana Dow. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 269,083. View filing ↗
  • Section 08, Gordon Watson. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 250,000. View filing ↗
  • Section 08, Lyn Alden. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 180,338. View filing ↗
  • Section 08, Richard Galvin. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 157,434. View filing ↗
  • Section 08, Akshay Naheta. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 08, Andrew A. Main. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 08, David Clifton. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 02, Akshay Naheta 2026-04-30. Form 4, filed 2026-05-04. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Karen Alexander 2026-05-15. Form 4, filed 2026-05-19. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Karen Alexander 2026-05-15. Form 4, filed 2026-05-19. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Marc D'Annunzio 2026-05-15. Form 4, filed 2026-05-19. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Nicholas Baes 2026-05-15. Form 4, filed 2026-05-19. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Akshay Naheta 2026-05-15. Form 4, filed 2026-05-18. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Akshay Naheta 2026-05-15. Form 4, filed 2026-05-18. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Michael Alfred 2026-05-15. Form 4, filed 2026-05-18. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Marc D'Annunzio 2026-05-15. Form 4, filed 2026-05-19. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Nicholas Baes 2026-05-15. Form 4, filed 2026-05-19. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Michael Alfred 2026-05-18. Form 4, filed 2026-05-18. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Michael Alfred 2026-06-09. Form 4, filed 2026-06-11. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Michael Alfred 2026-06-10. Form 4, filed 2026-06-11. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Joseph Sean-Walsh Henderson 2026-06-25. Form 4, filed 2026-06-29. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Karen Alexander 2026-06-25. Form 4, filed 2026-06-29. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Nicholas Baes 2026-06-25. Form 4, filed 2026-06-29. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Marc D'Annunzio 2026-06-25. Form 4, filed 2026-06-29. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Marc D'Annunzio 2026-06-26. Form 4, filed 2026-06-29. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Joseph Sean-Walsh Henderson 2026-07-15. Form 4, filed 2026-07-17. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Karen Alexander 2026-07-15. Form 4, filed 2026-07-17. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Marc D'Annunzio 2026-07-15. Form 4, filed 2026-07-17. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Michael Alfred 2026-08-18. Form 4, filed 2026-08-19. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Joseph Sean-Walsh Henderson 2026-09-23. Form 4, filed 2026-09-25. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Nicholas Baes 2026-09-23. Form 4, filed 2026-09-25. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Marc D'Annunzio 2026-09-23. Form 4, filed 2026-09-25. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Akshay Naheta 2026-09-30. Form 4, filed 2026-10-02. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Marc D'Annunzio 2026-09-30. Form 4, filed 2026-10-02. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Nicholas Baes 2026-09-30. Form 4, filed 2026-10-02. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Joseph Sean-Walsh Henderson 2026-09-30. Form 4, filed 2026-10-02. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 06, 2026 vote. Form 8-K, filed 2026-06-26. Item 5.07 · say-on-pay result. As reported: 90.66% (votes for as printed: 11,321,210). View filing ↗
  • Section 06, 2025 vote. Form 8-K, filed 2025-11-03. Item 5.07 · say-on-pay result. As reported: 91.52% (votes for as printed: 10,809,572). View filing ↗
  • Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
  • Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
  • Section 09b board cost (computed). Computed. Cash 747,740 + equity 2,157,663 + all other 0 = 2,905,403, summed across the director compensation table rows.
  • Bakkt, Inc. (subject), Section 10b CEO total. DEF 14A, filed 2026-04-30. CEO total compensation as printed in Bakkt, Inc.'s own proxy. As printed: 35,217,068. View filing ↗
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