Bakkt cuts proposed management option grant from 7.45M to 2M shares, revises vote standard

Bakkt, Inc.

Options reduced to 2,000,000 from 7,450,000 on a pro rata basis; exercise price remains $10.00.
Stock price closed at $32.14 on Oct 21, making options deeply in the money vs $8.59 record date.
Special meeting reconvened Oct 31, 2025; vote now requires majority of outstanding shares present.
Forfeited options may be reallocated to future service providers on same terms.
Board reiterates recommendation to vote FOR the amended proposal.

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