Form 4: Local Bounti CEO Craig Hurlbert Receives 120,000 Restricted Stock Units

Craig Hurlbert, CEO of Local Bounti Corporation, was granted 120,000 restricted stock units (RSUs) on April 25, 2024, under the company's 2021 Equity Incentive Plan.

Summary

• On April 25, 2024, Craig M. Hurlbert, CEO of Local Bounti Corporation, received 120,000 restricted stock units (RSUs) under the company's 2021 Equity Incentive Plan.
• These RSUs will vest in three equal installments on February 1, 2025, February 1, 2026, and February 1, 2027, contingent upon Hurlbert's continuous service with the company.
• Following this transaction, Hurlbert directly owns 307,573 shares of Local Bounti common stock.
• Hurlbert also indirectly owns 1,177,386 shares through Wheat Wind Farms, LLC, where he serves as Member-Manager.

Sentiment

Score: 7

Explanation: The document indicates standard executive compensation practices, which is generally viewed neutrally to positively as it aligns management with shareholder interests.

Positives

• The grant of RSUs aligns the CEO's interests with the long-term performance of the company.
• The vesting schedule encourages continued service and commitment from the CEO.

Industry Context

This type of equity compensation is common in publicly traded companies to incentivize executives and align their interests with shareholders.

Stakeholder Impact

• Shareholders may view the RSU grant as a positive sign, aligning the CEO's interests with the company's long-term success.
• Employees may see this as a sign of confidence in the company's future.

Key Dates