Mark J. Nelson
About Mark J. Nelson
Mark J. Nelson, 56, is an independent director of Local Bounti and has served on the Board since March 2021. He is Audit Committee Chair and a member of the Nominating & Corporate Governance Committee, and he qualifies as an “audit committee financial expert.” Nelson previously served as CFO/Treasurer and in other executive roles at Beyond Meat; as SVP & CFO at Biolase; and as CFO/Treasurer at Farmer Bros. He began his career at GE’s Financial Management Program and held roles at Thermo Fisher and Newport Corporation. He holds a B.B.A. from the University of Massachusetts Amherst and an M.B.A. from Babson College .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Beyond Meat, Inc. (Nasdaq: BYND) | CFO & Treasurer; earlier COO & CFO; CFO/Treasurer/Secretary | Dec 2015–May 2021 (CFO/Treasurer May 2017–May 2021) | Executive finance and operations leadership |
| Biolase (Nasdaq: BIOL) | SVP & CFO | Mar 2017–May 2017 | Executive finance leadership |
| Farmer Bros. Co. (Nasdaq: FARM) | CFO & Treasurer | Apr 2013–Nov 2015 | Executive finance leadership |
| General Electric (NYSE: GE) | Financial Management Program | Early career | Finance training program |
| Thermo Fisher (NYSE: TMO) | Various roles | Early career | Operating/finance experience |
| Newport Corporation (public, former) | Various leadership positions | Early career | Operating/finance experience |
External Roles
| Organization | Role | Tenure/Status | Notes |
|---|---|---|---|
| The Real Good Food Company, Inc. (OTC: RGFC) | Director | Current | Public company directorship |
| Hungryroot (private) | Director | Current | Private company directorship |
Board Governance
- Board and leadership structure
- Independent director; Board determined Nelson (and majority of the Board) to be independent under SEC/NYSE standards .
- Board held 10 meetings in 2024; each director attended at least 75% of Board and committee meetings; all directors attended the 2024 annual meeting .
- Lead Independent Director: Matthew Nordby (context) .
- Committee assignments and activity (2024)
- Audit Committee: Chair (members: Nelson, Brewster, Molnar); 5 meetings; Nelson qualifies as an audit committee financial expert .
- Nominating & Corporate Governance Committee: Member (Chair: Nordby); 3 meetings .
- Compensation Committee: Not a member (Chair: Brewster); 4 meetings (for context) .
- Term and classification
- Class II director; term expires at the 2026 annual meeting .
Fixed Compensation (Non-Employee Director Pay)
| Component | 2024 Amount | Detail |
|---|---|---|
| Fees Earned or Paid in Cash | $97,500 | Reported cash compensation for 2024 |
| Policy: Annual Cash Retainer | $87,500 | Director Compensation Policy |
| Policy: Committee Chair Retainers | Audit: $20,000; Compensation: $15,000; NCGC: $10,000 | Director Compensation Policy |
| Policy: Lead Independent Director Premium | $15,000 | Director Compensation Policy |
Notes:
- The Company disclosed the standard cash retainer and chair premiums; Nelson’s reported 2024 cash fees were $97,500 (the policy rates are shown for reference) .
Performance Compensation (Equity)
| Grant Type | Grant Date | Shares/Units | Grant Date Fair Value | Vesting | Notes |
|---|---|---|---|---|---|
| RSUs (annual director grant) | Jun 13, 2024 | 14,880 | $43,747 | Vests in full upon the earlier of 1-year anniversary or next annual meeting, subject to service | Equity retainer was set at $43,750 in 2024 (reduced 50% from policy due to financial condition and share reserve constraints) |
| Change-in-Control (plan term) | — | — | — | Any unvested director equity vests in full immediately prior to, and contingent on, a change in control | Applies to equity granted for Board service under the 2021 plan |
Other Directorships & Interlocks
| Company | Relationship to LOCL | Observations |
|---|---|---|
| The Real Good Food Company, Inc. (OTC: RGFC) | None disclosed | Outside public board; no LOCL related-party linkage disclosed |
| Hungryroot (private) | None disclosed | Outside private board; no LOCL related-party linkage disclosed |
- Related-party transactions: The Company disclosed related-party dealings involving Grow Bitterroot, BrightMark, and Spencer Properties; none involved Mark J. Nelson .
Expertise & Qualifications
- Financial expertise: Former public-company CFO and “audit committee financial expert,” positioning him for effective audit oversight (controls, auditor independence, financial reporting) .
- Sector experience: Food production/food service exposure (Beyond Meat, Farmer Bros.); relevant to LOCL’s industry .
- Broader operating/finance background: GE FMP, Thermo Fisher, Newport leadership roles .
- Education: B.B.A. (UMass Amherst); M.B.A. (Babson College) .
Equity Ownership
| Holder | Beneficially Owned Shares | % of Shares Outstanding | Notes |
|---|---|---|---|
| Mark J. Nelson | 18,288 | <1% | As of Mar 31, 2025; percentages are based on 10,633,947 shares outstanding |
| RSUs held (directors) | 14,880 (each nonemployee director) | — | As of Dec 31, 2024; from the 6/13/2024 grant; vests at earlier of 1-year or next annual meeting |
- No pledging of LOCL shares by Nelson was disclosed in the Security Ownership section .
Governance Assessment
-
Strengths
- Independent director; Audit Committee Chair; designated audit committee financial expert; committee activity level appropriate (Audit: 5 meetings in 2024) .
- Attendance met Board guideline thresholds (≥75% for all directors); Board held 10 meetings in 2024 .
- No related-party transactions involving Nelson disclosed; reduces conflict risk .
- Director equity awards are time-based RSUs with full vesting upon change-in-control; 2024 equity retainer was prudently halved given financial constraints (alignment with shareholder conditions and plan share reserve) .
-
Watch items
- Personal beneficial ownership is modest (<1%); alignment primarily via annual RSU grants rather than significant open-market holdings .
- Multiple outside roles (RGFC, Hungryroot) increase time commitments; no interlocks or related-party exposure disclosed with LOCL .
-
RED FLAGS
- None disclosed specific to Nelson (no related-party transactions, no pledging, independence affirmed) .