Local Bounti Corporation Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

Stock-Based Compensation

Stock-Based Compensation

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Restricted Common Stock Awards

A summary of the restricted common stock awards ("RSAs") for the three months ended March 31, 2025 is as follows:


	Number of Shares of Restricted Common Stock Awards	Average Grant-Date Fair Value
Unvested and outstanding at December 31, 2024	24,357	$	36.27

Vested	(24,357)	$	36.27
Unvested and outstanding at March 31, 2025	—	$	—

Total RSA expense for the three months ended March 31, 2025 and 2024 was $0.1 million and $0.3 million, respectively. As of March 31, 2025, there is no remaining compensation cost related to unvested RSAs as they have all been vested.

Restricted Stock Units

A summary of the restricted stock units ("RSUs") activity for the three months ended March 31, 2025 is as follows:


	Number of RSUs	Average Grant-Date Fair Value
Unvested and outstanding at December 31, 2024	1,226,308	$	12.60
Granted	7,250	$	2.19
Forfeited	(102,687)	$	4.57
Vested	(325,660)	$	22.10

Unvested and outstanding at March 31, 2025	805,211	$	9.59

Total RSU expense, net of amounts capitalized, for the three months ended March 31, 2025 and 2024 was $0.5 million and $(1.2) million, respectively. As of March 31, 2025, the total compensation cost related to unvested RSUs not yet recognized is $2.1 million. Unvested RSU expense not yet recognized is expected to be recognized over a weighted average period of 1.81 years.