Local Bounti chair sells 100K shares to cover taxes
Local Bounti Corporation Executive Chairman Craig M. Hurlbert reported selling 100,000 shares of common stock at $1.16 per share.
Rhea-AI Filing Summary
Local Bounti Corporation Executive Chairman Craig M. Hurlbert reported selling 100,000 shares of common stock at $1.16 per share. According to the filing, these sales were executed as a sell-to-cover transaction to satisfy tax withholding obligations on equity award settlements.
Following the sale, Hurlbert directly holds 814,803 shares of Local Bounti common stock. He also has indirect exposure to 1,177,386 shares held by Wheat Wind Farms, LLC, where he serves as Member-Manager with sole voting and dispositive power, while formally disclaiming beneficial ownership except for his pecuniary interest.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 100,000 shares
Net Sell
2 txns
Insider
Hurlbert Craig M.
Role
Executive Chairman
Sold
100,000 shs ($116K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 100,000 | $1.16 | $116K |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Common Stock — 814,803 shares (Direct);
Common Stock — 1,177,386 shares (Indirect, By Wheat Wind Farms, LLC)
Footnotes (2)
- F1. The sales reported on this Form 4 represent shares sold by the Reporting Person to cover tax withholding obligations in connection with the settlement of equity awards. The sales were to satisfy tax withholding obligations to be funded by a "sell to cover" transaction.
- F2. These shares are held by Wheat Wind Farms, LLC ("Wheat Wind"). The Reporting Person serves as Member-Manager of Wheat Wind and as such, has sole voting and dispositive power with respect to the shares held by Wheat Wind and may be deemed to beneficially own the shares held by Wheat Wind. The Reporting Person disclaims beneficial ownership of such shares 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, except to the extent of his pecuniary interest therein.
Key Figures
Shares sold: 100,000 shares
Sale price: $1.16 per share
Direct holdings after sale: 814,803 shares
+2 more
5 metrics
Shares sold
100,000 shares
Open-market sale to cover tax withholding on equity awards
Sale price
$1.16 per share
Price for 100,000 Local Bounti common shares
Direct holdings after sale
814,803 shares
Common stock directly held by Hurlbert post-transaction
Indirect holdings via Wheat Wind Farms, LLC
1,177,386 shares
Common stock held by Wheat Wind Farms, LLC
Net shares sold
100,000 shares
Net share change across reported transactions
Key Terms
sell to cover, tax withholding obligations, beneficially own, disclaims beneficial ownership, +1 more
5 terms
sell to cover financial
"to be funded by a "sell to cover" transaction"
Sell to cover is when a person who receives company stock through options or awards sells just enough shares immediately to pay required taxes, exercise costs, or fees, keeping the rest. Think of it like cashing part of a bonus to cover the tax bill so you can keep the remainder. For investors, it can create predictable small selling pressure and slightly change the number of shares actually held by insiders without increasing long‑term dilution.
tax withholding obligations financial
"shares sold ... to cover tax withholding obligations in connection"
beneficially own financial
"may be deemed to beneficially own the shares held by Wheat Wind"
Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.
disclaims beneficial ownership financial
"The Reporting Person disclaims beneficial ownership of such shares"
Section 16 regulatory
"for purposes of Section 16 or for any other purpose"
Section 16 is a U.S. securities law rule that governs the trading and disclosure obligations of company insiders — typically officers, directors and large shareholders — to promote transparency and deter unfair profit-taking. It requires insiders to publicly report their stock trades and allows companies or the issuer to reclaim quick, short-term profits from certain insider trades, like a scoreboard and a refund policy that help investors see and limit possible insider advantage.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What insider transaction did Local Bounti (LOCL) disclose for Craig M. Hurlbert?
Local Bounti disclosed that Executive Chairman Craig M. Hurlbert sold 100,000 shares of common stock at $1.16 per share. The filing explains this was a sell-to-cover transaction to fund tax withholding obligations related to the settlement of equity awards.
What indirect Local Bounti (LOCL) holdings are attributed to Wheat Wind Farms, LLC?
The filing reports 1,177,386 Local Bounti common shares held by Wheat Wind Farms, LLC. Hurlbert is Member-Manager and has sole voting and dispositive power over these shares, but he disclaims beneficial ownership except to the extent of his pecuniary interest.
Does Craig M. Hurlbert’s Local Bounti (LOCL) filing indicate any derivative securities?
The Form 4 derivative section is empty, indicating no derivative securities, such as options or warrants, are reported in this filing. The disclosed positions consist solely of common stock, both directly held and indirectly held through Wheat Wind Farms, LLC.
AI-generated analysis. How Rhea-AI works. Not financial advice.
