0001628280-26-035596
SEC filingLocal Bounti Corporation terminated Chief Commercial Officer Dane Almassy effective May 14, 2026, offering six months of severance payments and COBRA reimbursements subject to release execution.
The departure of Dane Almassy as Chief Commercial Officer on May 14, 2026, involves standard severance per his July 15, 2025 employment agreement, signaling an involuntary termination without cause. The $175,000 payment, structured as six months of base salary installments starting within 60 days post-termination, plus COBRA support, underscores the company's commitment to contractual obligations while securing a broad release of claims. This arrangement, administered partly through Insperity, complies with Section 409A and highlights potential leadership transition costs for investors to monitor in commercial operations.