Travis Joyner
About Travis Joyner
Co‑founder of Local Bounti, Joyner has served on the Board since November 2021 and most recently was Chief Technology Officer from June 2023 until January 2025; he previously served as Co‑CEO from November 2021 to June 2023. Age 43 (Class III director, term through 2027). Education: Ph.D. (market research and statistics) University of Kansas; J.D. University of Montana; Certificate of Finance, Wharton; B.A., UNC‑Chapel Hill. Core skills cited include quantitative analysis, corporate strategy, technology development, market analysis, organizational design, branding, and capital campaigns .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Local Bounti (LOCL) | Director (Class III) | Nov 2021–present | Board member; not listed on any standing committee in 2024–2025 proxies . |
| Local Bounti (LOCL) | Chief Technology Officer | Jun 2023–Jan 2025 | Executive role; technology and product leadership . |
| Local Bounti (LOCL) | Co‑Chief Executive Officer | Nov 2021–Jun 2023 | Executive leadership through initial public company transition . |
| Local Bounti (Predecessor) | Co‑founder | Aug 2018–present | Company co‑founder . |
| BrightMark Partners, LLC | Co‑founder, Managing Partner | Jan 2014–Mar 2021 | Active director to portfolio companies; growth execution and capital transactions . |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| BrightMark Partners, LLC | Co‑founder; Managing Partner | 2014–2021 | Served as an active director for portfolio companies; focus on growth, infrastructure, and debt/equity transactions . |
Board Governance
- Independence: Not independent. The Board determined only Brewster, Molnar, Nelson, Nordby, and Charles R. Schwab, Jr. are independent under SEC/NYSE standards (Joyner not included) .
- Committee assignments: Current committee rosters exclude Joyner. Audit: Nelson (Chair), Brewster, Molnar; Compensation: Brewster (Chair), Nordby; Nominating & Corporate Governance (NCGC): Nordby (Chair), Nelson member .
- Board structure: Executive Chairman (Craig Hurlbert) with Lead Independent Director (Matthew Nordby) presiding over executive sessions and liaison duties .
- Attendance: Board met 10 times in 2024; each director attended at least 75% of Board and relevant committee meetings .
- Tenure/class: Class III; term expires at 2027 annual meeting .
2024 Attendance Snapshot
| Metric | 2024 |
|---|---|
| Board meetings held | 10 |
| Joyner attendance | ≥75% (company-wide threshold met by all directors) |
Fixed Compensation
Joyner was a company employee (CTO) through January 2025; he was therefore not a “nonemployee director” in 2024 and is not listed in the 2024 Nonemployee Director Compensation Table (which includes Brewster, Carr‑Smith, Forst, Nelson, Nordby) .
Nonemployee Director Compensation Policy (context for 2024–2025)
| Pay Component | Annual Fees / Terms |
|---|---|
| Annual Cash Retainer | $87,500 |
| Annual Equity Retainer | $87,500 grant‑date value in RSUs; for 2024 the independent directors agreed to reduce to $43,750 due to company financial condition and plan share reserve constraints |
| Committee Chair Retainers | Audit $20,000; Compensation $15,000; NCGC $10,000 |
| Lead Independent Director Premium | $15,000 |
| Equity Vesting | RSUs vest in full on earlier of first anniversary of grant or next annual meeting; full vest on change‑in‑control for directors |
Performance Compensation
- Director equity is time‑based; no performance‑conditioned director awards disclosed (no PSUs or performance metrics for directors). Change‑in‑control provides full vesting for unvested director equity immediately prior to closing, contingent on the event .
| Award Type | Grant Policy | Vesting | Performance Metrics |
|---|---|---|---|
| Director RSUs | Annual grant at meeting (policy value above) | 100% on earlier of 1‑year or next annual meeting; CIC single‑trigger for director awards | None disclosed for directors (time‑based only) |
Other Directorships & Interlocks
- Public company directorships: None disclosed for Joyner in LOCL’s proxy .
- Private/other boards: Served as an active director to BrightMark portfolio companies (not named) .
- Interlocks/competitor links: None disclosed.
Expertise & Qualifications
- Academic/technical: Ph.D. (quant/market research), J.D., Finance certificate; quantitative and strategic background .
- Industry: Controlled environment agriculture; food service/agriculture .
- Transactional: Finance, M&A, capital campaigns; intellectual property/legal/regulatory .
Equity Ownership
Joyner holds a significant, founder‑level stake with concentrated ownership through a controlled entity and family accounts.
| Metric | Mar 31, 2025 | Aug 11, 2025 |
|---|---|---|
| Total beneficial ownership (shares) | 1,285,010 | 1,285,010 |
| % of shares outstanding | 12.1% (10,633,947 out.) | 5.8% (22,123,010 out.) |
| Breakdown – McLeod Management Co., LLC (controlled by Joyner) | 1,078,653 | 1,078,653 |
| Breakdown – Direct | 110,920 | 110,920 |
| Breakdown – Spouse retirement accounts | 95,437 | 95,437 |
Note: Proxies reviewed did not disclose any pledging or hedging by Joyner; no such disclosures were identified in the cited materials .
Related‑Party Transactions (Conflict Signals)
| Counterparty | Relationship | Term/Date | Amount/Terms | Status |
|---|---|---|---|---|
| BrightMark Partners, LLC | Co‑founders Hurlbert/Joyner were managing partners; short‑term office lease | Lease terminated Sep 20, 2023 | $2,000/month; $18,000 (2023), $24,000 (2022) paid | Terminated |
| McLeod Property HM LLC | Owned by Joyner’s spouse; commercial lease | Jun 15, 2021–Mar 15, 2022 | $3,250/month; $8,125 paid in 2022 | Terminated |
| McLeod Property, LLC | Owned by Joyner; residential lease | Month‑to‑month after Aug 2021; terminated Nov 30, 2022 | $5,500/month; $60,500 paid in 2022 | Terminated |
Governance Assessment
-
Strengths and alignment
- Founder ownership: material stake (12.1% as of Mar 31, 2025; 5.8% on a larger share count in Aug 2025), aligning economic interests with shareholders .
- Quantitative/strategic expertise: advanced analytics, legal, and finance training valuable for risk oversight and strategic discussions .
- Board operating cadence and engagement: Board met 10 times in 2024 with ≥75% attendance by all directors .
- Cost discipline on board pay: Independent directors reduced their 2024 equity retainer by 50% amid financial constraints, signaling sensitivity to dilution and capital position .
-
Risks and red flags
- Independence: Joyner is not independent (recent executive/Founder), limiting his eligibility for key oversight committees; current committee slates exclude him .
- Related‑party history: Multiple leases with entities controlled by Joyner or his spouse and with BrightMark (co‑founded by Joyner) represent prior related‑party exposure; all terminated but noteworthy from a governance risk perspective (disclosed in 2024 proxy) .
- Committee effectiveness: With no committee assignments, Joyner’s direct influence on audit, compensation, and nominating oversight is limited; independence constraints likely the driver .
-
Net view for investors
- High insider ownership and founder knowledge are positives for long‑term alignment and strategy.
- However, non‑independence and historical related‑party transactions are governance watch‑items; continued absence from oversight committees appropriately mitigates conflict risk but also limits direct accountability roles .
Notes (What’s not disclosed for Joyner)
- Director‑specific cash/equity compensation for 2024: Not applicable; he was an employee (CTO) until Jan 2025 and not included in the 2024 Nonemployee Director Compensation Table .
- Performance‑based equity (PSUs) or director‑level bonus metrics: None disclosed for directors; policy provides time‑based RSUs only .
- Stock ownership guideline compliance, pledging/hedging specifics, or Form 4 trading activity: Not identified in the cited proxy excerpts .