Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-17

Bakkt (BKKT)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$35,217,068
Akshay Naheta total, FY2025
CEO pay percentile vs peers
CEO-to-median pay ratio
90.66%
Say-on-pay support, latest vote
Companies that benchmark against BKKT
1 company names 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.

01

Summary Compensation Table — fiscal year 2025

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 Main1,156,92304,979,24100024,1016,160,265
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 FY20242025
Akshay Naheta$35,217,068
Andrew Main6,160,2657,341,350−1,181,085
Marc D'Annunzio3,536,877
Karen Alexander1,329,299979,846+349,453

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

02

Equity transactions since the proxy statement was filed

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 NahetaDirector2026-04-30A7,927,831Common, indirectForm 4 ↗
Akshay NahetaChief Executive Officer2026-05-15D33,55700Derivative, Class A CommonForm 4 ↗
Karen AlexanderChief Financial Officer2026-05-15A335103,350CommonForm 4 ↗
Dividend-equivalent accruals2026-05-152,6833 insiders, 3 accrual rows
Marc D'AnnunzioGeneral Counsel & Secretary2026-05-15A1,6771016,770CommonForm 4 ↗
Michael AlfredDirector2026-05-15A365,00083,044,100CommonForm 4 ↗
Akshay NahetaChief Executive Officer2026-05-15A33,55710335,570CommonForm 4 ↗
Nicholas BaesChief Operating Officer2026-05-15A671106,710CommonForm 4 ↗
Michael AlfredDirector2026-05-15A220,00081,804,000CommonForm 4 ↗
Michael AlfredDirector2026-06-09A180,00081,387,800CommonForm 4 ↗
Michael AlfredDirector2026-06-09A100,0008783,000CommonForm 4 ↗
Marc D'AnnunzioGeneral Counsel & Secretary2026-06-25D1,357810,462CommonForm 4 ↗
Nicholas BaesChief Operating Officer2026-06-25D1,562812,387CommonForm 4 ↗
Joseph Sean-Walsh HendersonChief Accounting Officer2026-06-25D34982,768CommonForm 4 ↗
Karen AlexanderChief Financial Officer2026-06-25D1,907815,123CommonForm 4 ↗
Marc D'AnnunzioGeneral Counsel & Secretary2026-06-25D1,562812,387CommonForm 4 ↗
Karen AlexanderChief Financial Officer2026-07-15D65785,545CommonForm 4 ↗
Marc D'AnnunzioGeneral Counsel & Secretary2026-07-15D53984,549CommonForm 4 ↗
Joseph Sean-Walsh HendersonChief Accounting Officer2026-07-15D948783CommonForm 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 21 transactions
InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Akshay NahetaDirector2026-04-30A7,927,831Common, indirectForm 4 ↗
Akshay NahetaChief Executive Officer2026-05-15D33,55700Derivative, Class A CommonForm 4 ↗
Karen AlexanderChief Financial Officer2026-05-15A335103,350CommonForm 4 ↗
Karen AlexanderChief Financial Officer2026-05-15D33500Derivative, Class A CommonForm 4 ↗
Marc D'AnnunzioGeneral Counsel & Secretary2026-05-15A1,6771016,770CommonForm 4 ↗
Michael AlfredDirector2026-05-15A365,00083,044,100CommonForm 4 ↗
Nicholas BaesChief Operating Officer2026-05-15D67100Derivative, Class A CommonForm 4 ↗
Marc D'AnnunzioGeneral Counsel & Secretary2026-05-15D1,67700Derivative, Class A CommonForm 4 ↗
Akshay NahetaChief Executive Officer2026-05-15A33,55710335,570CommonForm 4 ↗
Nicholas BaesChief Operating Officer2026-05-15A671106,710CommonForm 4 ↗
Michael AlfredDirector2026-05-15A220,00081,804,000CommonForm 4 ↗
Michael AlfredDirector2026-06-09A180,00081,387,800CommonForm 4 ↗
Michael AlfredDirector2026-06-09A100,0008783,000CommonForm 4 ↗
Marc D'AnnunzioGeneral Counsel & Secretary2026-06-25D1,357810,462CommonForm 4 ↗
Nicholas BaesChief Operating Officer2026-06-25D1,562812,387CommonForm 4 ↗
Joseph Sean-Walsh HendersonChief Accounting Officer2026-06-25D34982,768CommonForm 4 ↗
Karen AlexanderChief Financial Officer2026-06-25D1,907815,123CommonForm 4 ↗
Marc D'AnnunzioGeneral Counsel & Secretary2026-06-25D1,562812,387CommonForm 4 ↗
Karen AlexanderChief Financial Officer2026-07-15D65785,545CommonForm 4 ↗
Marc D'AnnunzioGeneral Counsel & Secretary2026-07-15D53984,549CommonForm 4 ↗
Joseph Sean-Walsh HendersonChief Accounting Officer2026-07-15D948783CommonForm 4 ↗
03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Akshay NahetaPRSU$8,046,648
Marc D'AnnunzioPRSU359,900
Karen AlexanderPRSU359,900
Andrew MainPRSU4,979,241
Marc D'AnnunzioOPTION2,731,271
Karen AlexanderOPTION546,262
Akshay NahetaOPTION27,092,620
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Akshay Naheta$0$0$27,092,6200.0%
Marc D'Annunzio002,731,2710.0%
Karen Alexander00546,2620.0%

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

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Akshay NahetaRSU803,856$8,185,431
Karen AlexanderRSU18,852151,352
Marc D'AnnunzioRSU18,852151,352
05

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
06

Say-on-pay — recent advisory votes

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.

07

CEO pay ratio

Ratio (CEO : median employee)
CEO total compensation
Median employee compensation
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Sean CollinsIndependent · Board Chair · Audit and Risk · Nominating and Corporate Governance (Chair)$150,000$365,000$0$0$-80,917$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
David CliftonNot independent · Departed during FY000000
Akshay NahetaEmployee director00000
Andrew A. MainEmployee director · Departed during FY00000
09

Board fee structure and ownership guideline

Annual cash retainer$50,000
Annual equity retainer
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)25,000 / 20,000 / 12,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$747,740
Equity awards (grant-date value)$2,157,663
All other compensation$-80,917
Total cost of the board$2,824,486

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

10b

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
1Bakkt2025Akshay 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.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Akshay NahetaDEF 14A2026-04-300001628280-26-029018Section “Summary Compensation Table for Fiscal 2025” · page 28. As printed: 35,217,068. Filing ↗machine: r2 · c21 · span 331553–331563
2Section 01, Andrew MainDEF 14A2026-04-300001628280-26-029018Section “Summary Compensation Table for Fiscal 2025” · page 28. As printed: 6,160,265. Filing ↗machine: r11 · c21 · span 346308–346317
3Section 01, Marc D'AnnunzioDEF 14A2026-04-300001628280-26-029018Section “Summary Compensation Table for Fiscal 2025” · page 28. As printed: 3,536,877. Filing ↗machine: t31 · r8 · c8 · span 342875–342884
4Section 01, Karen AlexanderDEF 14A2026-04-300001628280-26-029018Section “Summary Compensation Table for Fiscal 2025” · page 28. As printed: 1,329,299. Filing ↗machine: r5 · c21 · span 337550–337559
5Section 03, Akshay Naheta PRSUDEF 14A2026-04-300001628280-26-029018Section “NYSE L” · grants of plan-based awards table. Filing ↗machine: t31 · r2 · c4 · span 330593–330602
6Section 03, Marc D'Annunzio PRSUDEF 14A2026-04-300001628280-26-029018Section “NYSE L” · grants of plan-based awards table. Filing ↗machine: t31 · r8 · c4 · span 342093–342100
7Section 03, Karen Alexander PRSUDEF 14A2026-04-300001628280-26-029018Section “NYSE L” · grants of plan-based awards table. Filing ↗machine: t31 · r5 · c4 · span 336670–336677
8Section 03, Andrew Main PRSUDEF 14A2026-04-300001628280-26-029018Section “NYSE L” · grants of plan-based awards table. Filing ↗machine: t31 · r11 · c4 · span 345509–345518
9Section 03, Marc D'Annunzio OPTIONDEF 14A2026-04-300001628280-26-029018Section “NYSE L” · grants of plan-based awards table. Filing ↗machine: t31 · r8 · c5 · span 342308–342317
10Section 03, Karen Alexander OPTIONDEF 14A2026-04-300001628280-26-029018Section “NYSE L” · grants of plan-based awards table. Filing ↗machine: t31 · r5 · c5 · span 336910–336917
11Section 03, Akshay Naheta OPTIONDEF 14A2026-04-300001628280-26-029018Section “NYSE L” · grants of plan-based awards table. Filing ↗machine: t31 · r2 · c5 · span 331018–331028
12Section 07, pay ratio10-K2026-03-190001628280-26-019870Section “CEO Pay Ratio”. As printed: —. Filing ↗
13Section 08, Sean CollinsDEF 14A2026-04-300001628280-26-029018Section “Director Compensation”. As printed: 434,083. Filing ↗machine: t23 · r2 · c3 · span 245434–245442
14Section 08, Michael AlfredDEF 14A2026-04-300001628280-26-029018Section “Director Compensation”. As printed: 404,891. Filing ↗machine: t23 · r4 · c2 · span 247371–247378
15Section 08, Michelle J. GoldbergDEF 14A2026-04-300001628280-26-029018Section “Director Compensation”. As printed: 400,000. Filing ↗machine: t23 · r7 · c3 · span 251772–251780
16Section 08, Jill SimeoneDEF 14A2026-04-300001628280-26-029018Section “Director Compensation”. As printed: 392,125. Filing ↗machine: t23 · r8 · c3 · span 252901–252908
17Section 08, Colleen BrownDEF 14A2026-04-300001628280-26-029018Section “Director Compensation”. As printed: 336,532. Filing ↗machine: t23 · r3 · c3 · span 246452–246459
18Section 08, De Ana DowDEF 14A2026-04-300001628280-26-029018Section “Director Compensation”. As printed: 269,083. Filing ↗machine: t23 · r10 · c3 · span 255240–255248
19Section 08, Gordon WatsonDEF 14A2026-04-300001628280-26-029018Section “Director Compensation”. As printed: 250,000. Filing ↗machine: t23 · r11 · c2 · span 256208–256215
20Section 08, Lyn AldenDEF 14A2026-04-300001628280-26-029018Section “Director Compensation”. As printed: 180,338. Filing ↗machine: t23 · r5 · c2 · span 248762–248769
21Section 08, Richard GalvinDEF 14A2026-04-300001628280-26-029018Section “Director Compensation”. As printed: 157,434. Filing ↗machine: t23 · r6 · c2 · span 250133–250140
22Section 08, David CliftonDEF 14A2026-04-300001628280-26-029018Section “Director Compensation”. As printed: 0. Filing ↗
23Section 08, Akshay NahetaDEF 14A2026-04-300001628280-26-029018Section “Director Compensation”. As printed: 0. Filing ↗
24Section 08, Andrew A. MainDEF 14A2026-04-300001628280-26-029018Section “Director Compensation”. As printed: 0. Filing ↗
25Section 02, Akshay Naheta 2026-04-30Form 42026-05-040001193125-26-204624Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Akshay Naheta 2026-05-15Form 42026-05-180002062543-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Karen Alexander 2026-05-15Form 42026-05-190001870910-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Karen Alexander 2026-05-15Form 42026-05-190001870910-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Marc D'Annunzio 2026-05-15Form 42026-05-190001871559-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Michael Alfred 2026-05-15Form 42026-05-180001816739-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Nicholas Baes 2026-05-15Form 42026-05-190002043681-26-000007Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Marc D'Annunzio 2026-05-15Form 42026-05-190001871559-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Akshay Naheta 2026-05-15Form 42026-05-180002062543-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Nicholas Baes 2026-05-15Form 42026-05-190002043681-26-000007Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Michael Alfred 2026-05-15Form 42026-05-180001816739-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, Michael Alfred 2026-06-09Form 42026-06-110001628280-26-042553Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Michael Alfred 2026-06-09Form 42026-06-110001628280-26-042553Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Marc D'Annunzio 2026-06-25Form 42026-06-290001628280-26-046107Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, Nicholas Baes 2026-06-25Form 42026-06-290001628280-26-046105Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, Joseph Sean-Walsh Henderson 2026-06-25Form 42026-06-290001628280-26-046110Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, Karen Alexander 2026-06-25Form 42026-06-290001628280-26-046103Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Marc D'Annunzio 2026-06-25Form 42026-06-290001628280-26-046107Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Karen Alexander 2026-07-15Form 42026-07-170001628280-26-048608Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, Marc D'Annunzio 2026-07-15Form 42026-07-170001628280-26-048610Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, Joseph Sean-Walsh Henderson 2026-07-15Form 42026-07-170001628280-26-048605Insider equity transaction reported since the proxy statement. Filing ↗
46Section 06, 2026 voteForm 8-K2026-06-260001628280-26-045627Item 5.07 · say-on-pay result. As reported: 90.66% (votes for as printed: 11,321,210). Filing ↗
47Section 06, 2025 voteForm 8-K2025-11-030001193125-25-262474Item 5.07 · say-on-pay result. As reported: 91.52% (votes for as printed: 10,809,572). Filing ↗
48Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
49Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
50Section 09b board cost (computed)ComputedcomputedCash 747,740 + equity 2,157,663 + all other -80,917 = 2,824,486, summed across the director compensation table rows.machine: formula: Σ = 2,824,486
51Bakkt (subject), Section 10b CEO totalDEF 14A2026-04-300001628280-26-029018CEO total compensation as printed in Bakkt's own proxy. As printed: 35,217,068. Filing ↗machine: r2 · c21 · span 331553–331563