Local Bounti (LOCL) insider reports 7.4% stake and tax sell-to-cover trade
Rhea-AI Filing Summary
Local Bounti Corporation’s major holder updates its ownership disclosure following a tax-related share sale. Wheat Wind Farms, LLC reports beneficial ownership of 1,177,386 shares of Local Bounti common stock, representing 5.2% of the outstanding shares. Craig M. Hurlbert reports beneficial ownership of 1,683,923 shares, or 7.4% of the company.
The filing explains that on July 2, 2026, Mr. Hurlbert sold 45,766 shares of Local Bounti common stock to cover tax withholding obligations tied to the settlement of equity awards through a “sell to cover” transaction. Aside from this tax-related sale, the reporting persons state they have not engaged in other transactions in the stock during the 60 days before this statement.
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Key Figures
Wheat Wind Farms holdings: 1,177,386 shares
Hurlbert total holdings: 1,683,923 shares
Shares outstanding: 22,796,270 shares
+5 more
8 metrics
Wheat Wind Farms holdings
1,177,386 shares
Beneficial ownership of Local Bounti common stock; 5.2% of class
Hurlbert total holdings
1,683,923 shares
Beneficial ownership stake in Local Bounti; 7.4% of class
Shares outstanding
22,796,270 shares
Local Bounti common stock outstanding as of May 11, 2026
Sell-to-cover amount
45,766 shares
Shares sold by Craig M. Hurlbert to cover tax withholding
Direct shares held
477,371 shares
Local Bounti shares held directly by Craig M. Hurlbert
Vested RSUs
29,166 RSUs
Vested but unsettled RSUs under 2021 Equity Incentive Plan
Wheat Wind stake % of class
5.2%
Percent of Local Bounti common stock class held by Wheat Wind
Hurlbert stake % of class
7.4%
Percent of Local Bounti common stock class held by Hurlbert
Key Terms
beneficially own, sell to cover, RSUs, Schedule 13D, +1 more
5 terms
beneficially own financial
"The following information with respect to the beneficial ownership of the Common Stock by the Reporting Persons is provided"
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.
sell to cover financial
"The sales were to satisfy tax withholding obligations 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.
RSUs financial
"Consists of (i) 477,371 shares held directly by Mr. Hurlbert; (ii) 29,166 vested but unsettled RSUs granted"
RSUs, or restricted stock units, are a form of company shares given to employees as part of their compensation. They are typically awarded with certain restrictions, such as a waiting period before they can be fully owned or sold, similar to earning a gift that becomes fully yours over time. For investors, RSUs can impact a company's stock offerings and reflect how much the company relies on stock-based incentives to attract and retain talent.
Schedule 13D regulatory
"If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this"
A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.
dispositive power financial
"Number of Shares Beneficially Owned by Each Reporting Person With: 9 | Sole Dispositive Power 1,177,386.00"
Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What is Craig M. Hurlbert’s beneficial ownership stake in Local Bounti (LOCL)?
Craig M. Hurlbert beneficially owns 1,683,923 shares of Local Bounti common stock, or 7.4% of the company. His stake includes directly held shares, vested but unsettled RSUs, and shares held through Wheat Wind Farms, LLC.
What makes up Craig M. Hurlbert’s reported Local Bounti (LOCL) holdings?
Craig M. Hurlbert’s holdings consist of 477,371 shares held directly, 29,166 vested but unsettled RSUs, and 1,177,386 shares held by Wheat Wind Farms, LLC. As president of Wheat Wind Farms, he has sole voting and dispositive power over those LLC shares.