Local Bounti Corporation Annual report pursuant to Section 13 and 15(d)

Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

A summary of the RSA activity for 2022 and 2021 is as follows:


	Number of Shares of Restricted Common Stock Awards	Average Grant-Date Fair Value
Unvested at December 31, 2020	8,944,464	$	1.27
Granted	2,086,827	$	2.66
Forfeited	(904,698)	$	1.27
Vested	(4,647,142)	$	1.27
Unvested at December 31, 2021	5,479,451	$	1.80
Vested, settled	(1,996,363)	$	1.80
Vested, unsettled	271,408	$	2.43
Unvested and outstanding at December 31, 2022	3,754,496	$	1.85

A summary of the RSU activity for 2022 and 2021 is as follows:


	Number of RSUs	Average Grant-Date Fair Value
Unvested at December 31, 2020	—	$	—
Granted and vested	503,821	$	9.60
Retroactive conversion of shares due to the Business Combination	2,000,003	$	9.60
Forfeited	(2,485)	$	9.97
Vested1	(105,550)	$	6.75
Unvested and outstanding at December 31, 2021	2,395,789	$	9.73
Granted	9,297,080	$	5.72
Forfeited	(1,757,157)	$	7.25
Vested	(1,674,424)	$	7.14
Vested, deferred settlement	1,195,225	$	6.28
Unvested and outstanding at December 31, 2022	9,456,513	$	6.27

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1 These shares were net settled for 45,396 shares to cover the required withholding tax upon vesting.