Charles R. Schwab - 31 Mar 2025 Form 4 Insider Report for Local Bounti Corporation/DE (LOCL)

Reporting relationship: 10%+ Owner
Issuer ticker: LOCL
Reported as of: 31 Mar 2025
Net transaction value: +$24,000,000
SEC form: 4
Accepted by SEC: 02 Apr 2025, 17:14:56 UTC
Prior SEC filing: 04 Mar 2025
Next SEC filing: 29 Apr 2025
Source filing: View source filing
Reporting owner signature: /s/ Charles R. Schwab

Key filing fact

Charles R. Schwab filed Form 4 for Local Bounti Corporation/DE (LOCL) on 02 Apr 2025.

Key facts

This page summarizes Charles R. Schwab's Form 4 filing for Local Bounti Corporation/DE (LOCL).
2 reported transactions and 1 derivative row are listed below.
Accepted by SEC: 02 Apr 2025, 17:14.

Change

Previous filing in this sequence was filed on 04 Mar 2025.
Current net transaction value: +$24,000,000.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

LOCL transaction

Common Stock

Purchase

Transaction value: $3,401,446
Shares: +1,700,723
Change %
Price: $2.00
Shares after: 1,700,723
Date: 31 Mar 2025
Ownership: By LLC
Footnotes: F1

LOCL holding

Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 271,354
Date: 31 Mar 2025
Ownership: By Trust
Footnotes: F2

LOCL holding

Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 10,758
Date: 31 Mar 2025
Ownership: By LLC
Footnotes: F3

LOCL holding

Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 858,284
Date: 31 Mar 2025
Ownership: By LLC
Footnotes: F4

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

LOCL transaction Derivative

Series A Non-Voting Convertible Preferred Stock

Purchase

Transaction value: $20,598,554
Shares: +10,299,277
Change %
Price: $2.00
Shares after: 10,299,277
Date: 31 Mar 2025
Ownership: By LLC
Underlying class: Common Stock
Underlying amount: 10,299,277
Exercise price
Footnotes: F1, F5, F6

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 6 footnotes

Footnote F1

Shares owned by U.S. Bounti, LLC.

Footnote F2

Shares owned by The Charles & Helen Schwab Living Trust U/A DTD 11/22/1985 (the "Trust") of which the insider and his spouse are trustees and beneficiaries.

Footnote F3

Shares owned by Olive Street Ventures LLC. The Reporting Person disclaims beneficial ownership of such shares except to the extent of any pecuniary interest therein, and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of such shares for purposes of Section 16 or for any other purpose.

Footnote F4

Shares owned by Live Oak Ventures, LLC.

Footnote F5

On March 31, 2025, U.S. Bounti, LLC, certain other purchasers and Local Bounti Corporation (the "Issuer") entered into an agreement (the "Securities Purchase Agreement") under which U.S. Bounti, LLC purchased from the Issuer 10,299,277 shares of Series A Non-Voting Convertible Preferred Stock ("Preferred Stock") at a price of $2 per share. (Con't in Footnote 6)

Footnote F6

Pursuant to the terms of the Securities Purchase Agreement, the Issuer will submit to its stockholders the approval of the issuance of Common Stock issuable upon conversion of the Preferred Stock into shares of Common Stock at its 2025 annual meeting of stockholders (the "Conversion Proposal"). Prior to such approval of the Conversion Proposal, the number of shares of Common Stock issuable upon conversion of the Preferred Stock, when aggregated with the number of shares of Common Stock issued at the closing of the Securities Purchase Agreement, will not exceed 19.99% of the Issuer's issued and outstanding Common Stock. Following such approval of the Conversion Proposal, each share of Preferred Stock will automatically convert into one share of Common Stock. The Preferred Stock is redeemable at the option of the holder at the purchase price if not automatically converted within one year from the date of issuance. The Preferred Stock has no expiration date.