Schwab Charles R. 4

What Happened Charles R. Schwab, reported as a 10% owner, is associated with a transaction on March 13, 2026 in which U.S. Bounti, LLC purchased from Local Bounti a $15 million package consisting of a $15M convertible note and a warrant to acquire 5,500,000 shares of Local Bounti common stock. The Form 4 reports the acquisition (transaction code P) of a derivative interest corresponding to 5,500,000 shares; the combined purchase price for the note and warrant was $15,000,000. This is a purchase (acquisition of a convertible note and warrant), which is different from an open-market ordinary share buy.

Key Details

• Transaction date: March 13, 2026; Form 4 filed: March 17, 2026 (filed within the normal 2-business-day window).
• Reported acquisition: derivative/warrant interest in 5,500,000 shares (transaction code P).
• Consideration: combined purchase price of $15,000,000 for the convertible note and the warrant (per filing footnote).
• Shares owned after transaction: not reported / N/A on the Form 4.
• Footnote limits: U.S. Bounti will not be entitled to receive shares upon conversion/exercise if issuance would exceed 222,241 shares until stockholder approval is obtained (Issuer must seek approval no later than June 30, 2026).
• Securities are held by U.S. Bounti, LLC (the filing attributes the holdings to that entity).

Context

• The filing reflects an institutional purchase by U.S. Bounti, LLC (not an individual executive selling or buying open-market shares). For retail investors, purchases of convertible notes and warrants signal a financing/strategic investment rather than a direct open-market endorsement of the share price.
• The warrant gives the right to buy up to 5.5M shares, but practical issuance is currently capped at 222,241 shares pending shareholder approval required by the NYSE; if approval is obtained, the cap would be lifted.