Bakkt, Inc. filed a Form 8-K on August 17, 2026, reporting the departure of Chief Financial Officer Karen Alexander effective August 14, 2026, and the appointment of Matt White as CFO effective August 17, 2026, both disclosed under Item 5.02.

Key Highlights

  • CFO departure: Karen Alexander ceased serving as Chief Financial Officer and principal financial officer effective August 14, 2026, with her separation described as not resulting from any disagreement with management or the Company's external auditor.
  • Consulting arrangement: Alexander will serve as a consultant through December 31, 2026, receiving fees at an annualized rate of $400,000, subject to continued service.
  • Separation consideration: Alexander will receive a $200,000 cash payment for forfeiture of unvested equity awards and up to $160,000 representing 2% of amounts recovered in a specified arbitration, plus Company-paid COBRA premiums for up to 12 months.
  • New CFO appointed: Matt White, age 44, was appointed Chief Financial Officer and principal financial officer effective August 17, 2026.
  • White's compensation: White will receive an annual base salary of $300,000, a grant of 90,000 RSUs, and 60,000 options to purchase Class A Common Stock at an exercise price of $10.00 per share.
  • Inducement awards: The RSUs and options will be granted as inducement awards pursuant to NYSE Listed Company Manual Section 303A.08, without shareholder approval.

Bakkt's CFO Transition: Departure Terms, New Appointment, and Compensation Details

According to the filing, Karen Alexander and Bakkt, Inc. (NYSE:BKKT) agreed on August 11, 2026, that she would step down as Chief Financial Officer and principal financial officer, with her employment terminating on August 14, 2026. The Company disclosed that her departure "is not a result of any disagreement with other members of the Company's management or the Company's external auditor." Under a Transition Agreement and General Release, Alexander's prior Employment Agreement dated October 12, 2022 was superseded and replaced, except for certain surviving provisions.

The filing details Alexander's separation consideration, which includes: a $200,000 cash payment in exchange for the forfeiture and cancellation of substantially all unvested equity awards (with two tranches of stock options remaining outstanding); an amount equal to 2% of amounts recovered in a specified arbitration, up to a maximum of $160,000; and employer-paid COBRA premiums for up to 12 months following August 14, 2026. During the transition period through December 31, 2026, Alexander will serve as an advisor to the General Counsel and CFO and receive consulting fees at an annualized rate of $400,000, subject to her continued service. The Transition Agreement also includes cooperation and release provisions as described in the filing.

Matt White, age 44, was appointed CFO effective August 17, 2026, under an Employment Agreement dated August 11, 2026. The filing states White previously served as CFO, Vice President and Corporate Secretary of CoreCard Corporation (NYSE: CCRD), held roles at Equifax and Humana, and spent more than six years at Deloitte, rising to Senior Manager. He holds a master's degree in accountancy from the University of Georgia and a Bachelor of Arts in accounting from Transylvania University, and is a licensed Certified Public Accountant. His annual base salary is $300,000, with eligibility for a discretionary annual bonus. His RSU grant of 90,000 units vests in three installments (35,000 on year one, 35,000 on year two, and 20,000 on year three), and his 60,000 options vest in three equal annual installments with a two-year exercise period following each vesting date.

What Was Disclosed

Bakkt disclosed the CFO departure of Karen Alexander effective August 14, 2026, the terms of her Transition Agreement, and the appointment of Matt White as CFO effective August 17, 2026, including his employment agreement and equity award structure.