- Bakkt Holdings, Inc. (BKKT, Financial) appoints Akshay Naheta as Co-Chief Executive Officer with an equity inducement grant.
- The grant includes 1,607,717 Performance-Based Restricted Stock Units and 11,426 Restricted Stock Units.
- The RSUs vest fully in 2026, with PSUs eligible to vest based on stock price achievements through 2028.
Bakkt Holdings, Inc. (BKKT) has announced the appointment of Akshay Naheta as Co-Chief Executive Officer, with an effective date of March 21, 2025. To encourage his acceptance of the position, Bakkt has granted Naheta an equity inducement package according to the New York Stock Exchange Listed Company Manual Rule 303A.08.
The inducement grant to Mr. Naheta consists of 1,607,717 Performance-Based Restricted Stock Units (PSUs) and 11,426 Restricted Stock Units (RSUs). The RSUs are set to vest in full on March 21, 2026, contingent upon Naheta's continued employment with Bakkt. Additionally, the PSUs are structured to vest during a performance period extending through March 21, 2028, depending on specific stock price appreciation milestones.
For the PSUs to vest, Bakkt’s stock price must achieve a 100% increase from the reference price of $9.33, with one-third of the PSUs vesting if this condition is met at any time during the performance period. Further vesting occurs with an additional 25% stock price appreciation, up to a maximum of eight additional tranches.
These equity grants are made outside Bakkt’s 2021 Omnibus Incentive Plan but are governed by similar terms as per the company's inducement grant agreements. Such strategic appointments and incentives are part of Bakkt's broader strategy to grow within the evolving crypto economy.
