Michael Molnar
About Michael Molnar
Michael Molnar (age 51) is an independent Class I director at Local Bounti (LOCL) since March 2025 and serves on the Audit Committee; he is designated an Audit Committee financial expert under SEC rules . His background spans analytics and corporate strategy at Genentech, Wall Street finance (Arthur Andersen valuations; Heller Financial LBOs; Robertson Stephens tech equity offerings; Davenport Capital VC), entrepreneurship (founded an artisan bread company), and governance roles in competitive intelligence (elected to the board of SCIP) .
Past Roles
| Organization | Role | Tenure/Dates | Committees/Impact |
|---|---|---|---|
| Genentech | Commercial-side leadership; led data-driven strategy; managed top-ranked competitive intelligence team | Not disclosed | Built analytics-led decisioning across ~$100B enterprise; CI leadership |
| Arthur Andersen | Corporate valuations | Not disclosed | Early-career finance training |
| Heller Financial | Executed middle-market leveraged buyouts | Not disclosed | Transaction execution experience |
| Robertson Stephens | Managed technology equity offerings | Not disclosed | Capital markets exposure |
| Davenport Capital Ventures | Technology venture capital | Not disclosed | Venture investing |
| Artisan bread company (founder) | Founder/Leader | Not disclosed | Operating experience |
External Roles
| Organization | Role | Sector | Tenure/Dates |
|---|---|---|---|
| OnCore Golf | Co‑Chairman of the Board | Private company (golf equipment) | Not disclosed |
| LAB Golf | Director | Private company (golf equipment) | Not disclosed |
| Player Biltong | Prior Board member | Private (consumer goods) | Not disclosed |
| SCIP (Strategic & Competitive Intelligence Professionals) | Elected Board member | Trade association | Not disclosed |
Board Governance
- Independence: The Board determined Molnar is independent per SEC and NYSE standards; five of seven current directors are independent (Brewster, Molnar, Nelson, Nordby, C.R. Schwab Jr.) .
- Structure: Classified board (7 directors) with staggered three‑year terms; Class I (Brewster, Molnar, Nordby) up for election in 2025 .
- Lead Independent Director: Matthew Nordby serves; responsible for executive sessions and liaison duties .
- Attendance: The Board held 10 meetings in 2024; each director attended ≥75% of Board/committee meetings that year (Molnar joined in 2025; 2024 attendance disclosure is general) .
- Committees:
- Audit Committee: Mark J. Nelson (Chair), Pamela Brewster, Michael Molnar; Nelson and Molnar qualify as Audit Committee financial experts; 5 meetings in 2024 .
- Compensation Committee: Pamela Brewster (Chair), Matthew Nordby; 4 meetings in 2024; retains Meridian as independent consultant; independence assessed with no conflicts .
- Nominating & Corporate Governance (NCGC): Matthew Nordby (Chair), Mark J. Nelson; 3 meetings in 2024; oversees board evaluations and governance policies .
- Risk oversight: Audit Committee oversees ERM, internal controls, compliance, and cybersecurity; Compensation Committee monitors compensation compliance; NCGC oversees governance practices .
Fixed Compensation
| Pay Component | Annual Fees | Notes |
|---|---|---|
| Annual Cash Retainer | $87,500 | Standard for nonemployee directors |
| Annual Equity Retainer (RSUs) | $87,500 | RSUs vest at earlier of 1 year or next annual meeting; accelerated vesting before change in control |
| Committee Chair Retainer – Audit | $20,000 | Applies to committee chair (not Molnar) |
| Committee Chair Retainer – Compensation | $15,000 | Applies to committee chair |
| Committee Chair Retainer – NCGC | $10,000 | Applies to committee chair |
| Lead Independent Director Premium | $15,000 | Applies to lead independent director (Nordby) |
| 2024 Equity Retainer Adjustment | $43,750 | Independent directors reduced 2024 equity retainer by 50% due to share reserve constraints |
Additional context: In 2024, each nonemployee director received 14,880 RSUs at $2.94 grant-date fair value, vesting at earlier of one year or next annual meeting; as of 12/31/2024 each held 14,880 RSUs (Molnar joined in March 2025 and is not included in the 2024 table) .
Performance Compensation
| Feature | Details |
|---|---|
| Performance metrics tied to director compensation | None disclosed; director equity is time‑based RSUs (vesting schedule above) |
| Change‑in‑control terms | Any unvested director equity vests in full immediately prior to, and contingent on, consummation of change in control |
| Clawback coverage | Company clawback applies to executive officers’ incentive compensation; plan-level clawback provisions apply to equity awards generally (may encompass director grants) |
Other Directorships & Interlocks
| Individual | Other Boards/Positions | Interlock/Relationship to LOCL |
|---|---|---|
| Michael Molnar | OnCore Golf (Co‑Chair), LAB Golf (Director), prior Player Biltong; SCIP board | No LOCL-related transactions disclosed with Molnar; roles appear unrelated to LOCL operations |
Expertise & Qualifications
- Audit/financial expertise: Designated Audit Committee financial expert; deep finance background across valuations, LBOs, capital markets, and VC .
- Data/analytics leadership: Led data-driven strategy at Genentech, managing a top-ranked CI team; governance perspective on competitive intelligence .
- Education: B.B.A. in finance, magna cum laude (Notre Dame); M.B.A. in finance (Wharton) .
- Strategic operating experience: Founder/operator experience; cross-sector exposure across healthcare, consumer, and technology .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Shares Outstanding | Notes |
|---|---|---|---|
| Michael Molnar | 69,592 | <1% | Shares held jointly with spouse; no RSUs or warrants indicated in 60‑day window disclosures |
Policy notes relevant to alignment:
- Insider Trading Policy prohibits hedging and short sales; pledging only with compliance approval .
- Majority independent Board; but significant concentrated ownership by U.S. Bounti (controlled by Charles R. Schwab) can influence governance decisions .
Governance Assessment
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Strengths
- Audit Committee depth: Molnar and Nelson as financial experts; robust remit over ERM, controls, compliance, and cybersecurity .
- Independence: Formal independence affirmed; majority-independent Board; structured governance with lead independent director and executive sessions .
- Compensation governance: Independent consultant (Meridian) with no conflicts; clear director retainer policy; equity retainer aligning interests; change-in-control clarity .
-
Watch items / RED FLAGS
- Control risk: U.S. Bounti/Charles R. Schwab beneficially owns ~60.4% as of August 11, 2025, with rights to appoint two directors; concentration may impact board autonomy despite formal independence .
- Related-party ecosystem: Material related-person transactions exist with other directors/officers (Grow Bitterroot leasing tied to Orange Strategies/Travis Joyner; BrightMark lease; Spencer Properties lease); no Molnar involvement disclosed, but board-level exposure warrants ongoing audit oversight .
- Equity plan dilution: 2025 proposals increased plan share reserve; director and executive grants rely heavily on equity; monitor dilution and pay-for-performance alignment across the enterprise .
-
Engagement/attendance
- Board met 10 times in 2024; ≥75% attendance by each director (Molnar joined in 2025; future attendance should be monitored in subsequent proxies) .
Overall, Molnar’s audit/analytics background and “financial expert” designation enhance committee effectiveness and investor confidence; governance risks are more systemic (majority owner influence, related-party transactions with other insiders) rather than Molnar-specific .