Craig Hurlbert
About Craig Hurlbert
Craig M. Hurlbert is Executive Chairman (since March 2025), co‑founder, and a director at Local Bounti (LOCL). He served as CEO from December 2023 to March 2025, Senior VP of Strategy in 2023, and Co‑CEO from November 2021 to June 2023; he joined the Board in November 2021. He holds a B.S. in Finance (San Diego State University) and an M.B.A. (California State University‑Long Beach) . Age: 62 (as of 2025); 61 (as of 2024) . During his CEO tenure, the company projected 2023 sales of ~$28 million, implying ~44% year‑over‑year growth versus 2022, alongside operational milestones (Georgia facility run‑rate doubling) . Governance: he is Executive Chairman (not independent), with a Lead Independent Director structure in place to mitigate dual‑role concerns .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Local Bounti | Executive Chairman; CEO; SVP Strategy; Co‑CEO; Director | Exec Chairman since Mar 2025; CEO Dec 2023–Mar 2025; SVP Strategy Jun–Dec 2023; Co‑CEO Nov 2021–Jun 2023; Director since Nov 2021 | Led leadership transition; focused on efficiency, cost structure optimization, and scaling production |
| BrightMark Partners, LLC | Managing Partner & Co‑Founder | Jan 2014–Mar 2021 | Growth equity and management; portfolio company oversight, M&A, financing |
| TAS Energy | President, CEO, Chairman | Years not disclosed | Led a provider of high‑efficiency modular cooling/energy systems for data centers/power markets |
| General Electric (GE) | Leadership roles | Years not disclosed | Large‑cap industrial experience, operations |
| North American Energy Services | Leadership roles | Years not disclosed | Energy services operations and management |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Clearas Water Recovery | Chairman of the Board | Current (disclosed) | Wastewater nutrient recovery technology |
Fixed Compensation
Multi‑year named executive compensation (NEO) history for Craig M. Hurlbert:
| Metric | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Salary ($) | 172,615 | 82,745 | 56,420 | 165,980 |
| Bonus ($) | — | — | — | — |
| Stock Awards ($) | — | 9,400,000 (RSUs/RSAs fair value) | — (requested none) | 360,000 (RSUs fair value) |
| All Other Comp ($) | 18,003 | 3,365 | 1,753 | 7,183 |
| Total ($) | 190,618 | 9,486,110 | 58,173 | 533,163 |
Base salary decisions and changes:
| Date/Period | Decision | Detail |
|---|---|---|
| Mar 13, 2022 | Voluntary reduction | Reduced to $35,568 (as Co‑CEO) to align with employee‑centric value creation |
| Jun–Jul 2023 | Role change and reduction | Increased to $125,000 upon transition to SVP Strategy; then requested reduction to $35,568 in July 2023 |
| Dec 2023 | CEO re‑appointment | Base salary set at $300,000 |
| Jun 24, 2024 | Voluntary reduction | Reduced to $43,888 to reinforce commitment to employees |
Director compensation note: As an employee director (Executive Chairman), Hurlbert is not eligible for nonemployee director retainers/grants; the nonemployee policy provides $87,500 cash and $87,500 equity retainer (2024 equity retainer temporarily reduced to $43,750 due to share reserve/financial condition) plus chair/lead premiums .
Performance Compensation
Equity awards and vesting (Hurlbert):
| Grant Date | Award Type | Shares | Grant Date Fair Value ($) | Vesting Schedule |
|---|---|---|---|---|
| Jan 24, 2022 | RSUs | 2,000,000 | Included in 2022 stock awards $9,400,000 | 10% on Jul 1, 2022; 30% on Jan 1, 2023; 30% on Jan 1, 2024; 30% on Jan 1, 2025 (continued service) |
| 2023 | None | — | — | Hurlbert requested no 2023 stock awards |
| Apr 25, 2024 | RSUs | 120,000 | Included in 2024 stock awards $360,000 | Vest in three equal installments on Feb 1, 2025, Feb 1, 2026, Feb 1, 2027 (continued service) |
Outstanding unvested as of Dec 31, 2024:
| Grant Date | Unvested Units (#) | Market Value ($) at $2.07/Share | Vesting Details |
|---|---|---|---|
| Apr 25, 2024 | 120,000 | 248,400 | Three equal tranches on Feb 1, 2025, 2026, 2027 |
| Jan 24, 2022 | 46,154 | 95,539 | Remaining tranches per 2022 schedule (10/30/30/30) |
Policy and design:
- No stock options are granted under current programs; RSUs are used (option policy addressed; grants are not timed to MNPI). Clawback policy applies to incentive compensation on restatements (3 prior fiscal years) .
- Equity award timing restrictions do not apply to RSUs as they have no exercise price; options would be subject to blackout/window policies if used .
Performance metrics, weighting, payout:
- No explicit financial/TSR performance metrics disclosed for Hurlbert’s RSUs; awards are time‑based, not PSU‑linked .
- No cash annual bonus metrics disclosed for Hurlbert in 2022–2024; bonuses were not paid to Hurlbert in those periods .
Equity Ownership & Alignment
Beneficial ownership over time:
| As‑of Date | Shares Beneficially Owned (#) | % of Outstanding | Notes |
|---|---|---|---|
| Apr 21/29, 2023 | 15,105,931 | 14.3–14.4% | Includes 14,593,824 via Wheat Wind Farms, LLC (controlled by Hurlbert), individual shares, and RSUs expected to settle within 60 days |
| Apr 1, 2024 | 1,318,805 | 15.6% | Includes 1,177,386 via Wheat Wind Farms, LLC and 141,419 individually |
| Mar 31, 2025 | 1,386,982 | 13.0% | Wheat Wind Farms, LLC shown separately as 1,177,386 (11.1%) |
Plan‑level equity info (Dec 31, 2024):
- Shares issuable under outstanding RSUs: 1,226,308; remaining shares available for issuance: 870,492 .
Hedging/pledging:
- Insider Trading Policy prohibits hedging; pledging is prohibited unless approved by compliance officer; short sales and derivatives are prohibited . Filings do not disclose any pledges by Hurlbert.
Related party capital alignment:
- Participated in a $23.3 million private placement on Oct 21, 2022 alongside other insiders (aggregate 9,320,000 shares) approved by the Board and exempt under Rule 16b‑3 .
Employment Terms
Severance and change‑of‑control (CoC):
| Scenario | Cash Severance | COBRA Reimbursement | Equity Treatment | Non‑Compete / Non‑Solicit |
|---|---|---|---|---|
| Involuntary Termination (non‑CoC) | Continuing salary for 6 months (historically 12 months when Hurlbert was Co‑CEO before Jun 2023) | 6 months (historically 12 months for Co‑CEO before Jun 2023) | If >12 months since start date, unvested equity that would have vested in the subsequent 12 months vests immediately | 1‑year non‑compete and 1‑year non‑solicit |
| Involuntary Termination within 12 months of CoC | Lump sum 1.5x base salary (historically 2.0x for CEO/co‑CEO before Jun 2023) | 18 months (historically 24 months for Co‑CEO before Jun 2023) | Full acceleration of unvested outstanding equity (if >12 months since start date) | 1‑year non‑compete and 1‑year non‑solicit |
Clawback:
- Compensation Recovery Policy requires recoupment of incentive compensation upon restatements; applies to awards granted/earned/vested in the 3 completed fiscal years prior to the restatement decision .
Board Governance and Service
- Board service: Co‑founder; Director since November 2021; Chairman (2021–2023), CEO + Chairman (2024), Executive Chairman since March 2025 .
- Independence: Not independent; current Board has a Lead Independent Director (Matthew Nordby) to balance oversight and executive chair structure .
- Committees: Board has Audit, Compensation, and Nominating & Corporate Governance Committees; Hurlbert not identified as a member of these committees. Audit Committee independent members (2023): Edward C. Forst (Chair), Pamela Brewster, Mark J. Nelson; Compensation Committee Chair: Pamela Brewster .
- Attendance: Each director attended ≥75% of Board/committee meetings; Board held 10 meetings in 2024 and 15 in 2023 .
Investment Implications
- Founder ownership and alignment: Hurlbert’s ~13% stake (Mar 31, 2025) and participation in the 2022 insider private placement support alignment; hedging is prohibited, and pledging requires pre‑approval, reducing misalignment risk .
- Vesting calendar and potential selling pressure: RSU tranches vest on Feb 1, 2025/2026/2027 and residual 2022 grant through Jan 1, 2025; vest dates can create supply from tax‑related sales, a monitoring point for short‑term trading signals .
- Pay‑for‑performance profile: Equity mix relies on time‑based RSUs with no disclosed financial metric weightings; voluntary base salary reductions (2022, 2023, 2024) signal restraint amid financial constraints, but the absence of PSU metrics may weaken direct pay‑outcome linkage .
- Retention and CoC protections: Standard severance with 12‑month forward vesting and CoC acceleration support retention; historical CEO‑level enhancements (higher multiples) have been narrowed, suggesting governance recalibration .
- Dual‑role oversight: Executive Chairman structure paired with a Lead Independent Director mitigates independence concerns; monitor any future changes in Board leadership or committee composition for governance quality signals .
- Execution track record: 2023 operational scale‑up (Georgia) and ~44% YoY sales growth suggest progress under Hurlbert’s leadership; continued focus on efficiency/cash breakeven is critical for equity value creation in a capital‑intensive category .