Local Bounti Exec Withheld 34,007 LOCL Shares to Cover Taxes
Rhea-AI Filing Summary
Craig M. Hurlbert, Executive Chairman and Director of Local Bounti Corporation (LOCL), reported a sale of 34,007 shares of common stock on 10/01/2025 at a price of $2.95 per share. After the sale, Mr. Hurlbert directly beneficially owns 914,803 shares. He also is reported to have indirect beneficial ownership of 1,177,386 shares held by Wheat Wind Farms, LLC, for which he serves as Member-Manager and asserts sole voting and dispositive power; he disclaims beneficial ownership except to the extent of his pecuniary interest. The Form 4 notes the 34,007 shares were withheld by the company to satisfy tax withholding on previously settled restricted stock units.
Positive
- Maintains significant ownership: retains 914,803 shares directly and 1,177,386 indirectly via Wheat Wind Farms, LLC
- Disposition was tax withholding: the 34,007 shares were withheld to cover withholding tax on settled restricted stock units, indicating an administrative action
Negative
- Reported disposition of 34,007 shares on 10/01/2025, reducing direct holdings
- Potential governance concentration: Mr. Hurlbert serves as Member-Manager of Wheat Wind Farms, LLC, giving him sole voting and dispositive power over 1,177,386 shares
Insights
Insider tax-related sale reduces direct holdings but substantial indirect stake remains.
Mr. Hurlbert reported a disposition of 34,007 shares at $2.95, identified as shares withheld to cover withholding tax on settled restricted stock units. This indicates the transaction was administrative in nature rather than an open-market cash-raising sale.
The report shows continued substantial alignment with shareholders: 914,803 shares directly and 1,177,386 shares indirectly via Wheat Wind Farms, LLC. The disclosure that he "disclaims beneficial ownership except to the extent of his pecuniary interest" is a standard Form 4 qualifier while acknowledging managerial control over Wheat Wind.
Small single-date disposition; transaction linked to RSU settlement withholding.
The Form 4 records a single transaction date of 10/01/2025 using code F(1), consistent with share withholding to satisfy tax liabilities from RSU settlement. The price per share is explicitly reported as $2.95. Because the disposals were withholding rather than a market sale, the immediate market-impact significance is limited.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Tax Withholding | Common Stock | 34,007 | $2.95 | $100K |
| holding | Common Stock | -- | -- | -- |
Footnotes (1)
- Shares withheld by the Company in payment of the withholding tax liability incurred upon settlement of restricted stock units previously awarded. 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.
