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

Role: 10%+ Owner
Signature: /s/ Charles R. Schwab
Issuer symbol: LOCL
Transactions as of: 31 Mar 2025
Transactions value $: $24,000,000
Form type: 4
Filing time: 02 Apr 2025, 17:14:56
Previous filing: 04 Mar 2025
Next filing: 29 Apr 2025
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	LOCL	Common Stock	Purchase	$3.4M	+1.7M		$2.00	1.7M	31 Mar 2025	By LLC	F1
holding	LOCL	Common Stock						271K	31 Mar 2025	By Trust	F2
holding	LOCL	Common Stock						10.8K	31 Mar 2025	By LLC	F3
holding	LOCL	Common Stock						858K	31 Mar 2025	By LLC	F4

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	Series A Non-Voting Convertible Preferred Stock	Purchase	$20.6M	+10.3M		$2.00	10.3M	31 Mar 2025	Common Stock	10.3M		By LLC	F1, F5, F6

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Shares owned by U.S. Bounti, LLC.
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.
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.
F4	Shares owned by Live Oak Ventures, LLC.
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)
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.