Leo Investors III LP - Nov 19, 2021 Form 4 Insider Report for Local Bounti Corporation/DE (LOCL)

Role
10%+ Owner
Signature
/s/ Simon Brown
Stock symbol
LOCL
Transactions as of
Nov 19, 2021
Transactions value $
$8,000,000
Form type
4
Date filed
11/23/2021, 04:31 PM
Next filing
Jan 5, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction LOCL Common Stock Other +6.77M 6.77M Nov 19, 2021 Direct F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction LOCL Class B ordinary shares Other -6.77M -100% 0 Nov 19, 2021 Class A ordinary shares 6.77M Direct F1
transaction LOCL Warrants to purchase Common stock Other $8M +5.33M $1.50 5.33M Nov 19, 2021 Common Stock 5.33M $11.50 Direct F2
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 In connection with the consummation of the transactions contemplated by the Agreement and Plan of Merger, dated June 17, 2021, by and among Leo Holdings III Corp ("Leo"), Longleaf Merger Sub, Inc., Longleaf Merger Sub II, LLC and Local Bounti Corporation (the transactions contemplated thereby, the "Business Combination"), Leo domesticated as a Delaware corporation (the "Domestication") and changed its name to "Local Bounti Corporation" ("Local Bounti"). In connection with the Domestication, Leo Investors III LP's (the "Sponsor") Class B ordinary shares, par value $0.0001 per share, of Leo, which were previously convertible into Class A ordinary shares of Leo, were automatically converted into shares of Class A common stock of Local Bounti, par value $0.0001 per share, on a one-for-one basis.
F2 Pursuant to the Private Placement Warrant Purchase Agreement, dated as of February 25, 2021, by and between Leo and the Sponsor, the Sponsor purchased warrants to purchase Class A ordinary shares, which following the Domestication entitle the Sponsor to purchase shares of Class A common stock of Local Bounti (the "Private Placement Warrants") for a price of $1.50 per Private Placement Warrant. Pursuant to the Warrant Agreement, dated March 2, 2021 (as amended on November 19, 2021), by and between Leo and Continental Stock Transfer & Trust Company, upon consummation of the Business Combination, the Private Placement Warrants became exercisable, beginning 30 days after the closing of the Business Combination, for one share of Class A common stock at a price of $11.50 per share. The Private Placement Warrants expire on the fifth anniversary of the consummation of the Business Combination.