Convertible Note and Warrant Purchase Agreement

On March 13, 2026, Local Bounti Corporation entered into a Purchase Agreement with U.S. Bounti, LLC. U.S. Bounti purchased a convertible note for $15 million and a warrant to acquire 5,500,000 shares of the Issuer's common stock. The agreement includes a limitation on share issuance upon conversion or exercise, which will be lifted after stockholder approval is obtained by June 30, 2026, as required by the NYSE. Charles R. Schwab, a ten percent owner, reported these transactions.