Tal Keinan - Jan 25, 2022 Form 4 Insider Report for Sky Harbour Group Corp (SKYH)

Role: Chief Executive Officer, Director, 10%+ Owner
Signature: /s/ Gerald Adler, Attorney-in-Fact
Stock symbol: SKYH
Transactions as of: Jan 25, 2022
Transactions value $: $0
Form type: 4
Date filed: 1/27/2022, 06:02 PM
Next filing: May 19, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SKYH	Class B Common Stock	Award		+17.9M			17.9M	Jan 25, 2022	Direct	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	SKYH	Common Units	Award		+17.9M			17.9M	Jan 25, 2022	Class A Common Stock	17.9M		Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	In connection with the closing of the business combination between Yellowstone Acquisition Company and Sky Harbour LLC ("Sky") on January 25, 2022, certain existing equity interests previously issued by Sky were reclassified and reissued by Sky into new Common Units. In addition, each equityholder of Common Units received an equivalent number of Class B Common Stock of the Issuer. Holders of Class B Common Stock are entitled to voting rights but have no economic rights.
F2	Subject to the terms of the Third Amended and Restated Operating Agreement of Sky, the Common Units of Sky may be tendered for redemption by the Reporting Person for shares of the Issuer's Class A Common Stock on a one-to-one basis. The Common Units do not expire.

Content

In connection with the closing of the business combination between Yellowstone Acquisition Company and Sky Harbour LLC ("Sky") on January 25, 2022, certain existing equity interests previously issued by Sky were reclassified and reissued by Sky into new Common Units. In addition, each equityholder of Common Units received an equivalent number of Class B Common Stock of the Issuer. Holders of Class B Common Stock are entitled to voting rights but have no economic rights.

Subject to the terms of the Third Amended and Restated Operating Agreement of Sky, the Common Units of Sky may be tendered for redemption by the Reporting Person for shares of the Issuer's Class A Common Stock on a one-to-one basis. The Common Units do not expire.