Leonard J. Sokolow - Sep 12, 2023 Form 4 Insider Report for SKYX Platforms Corp. (SKYX)

Role
Co-Chief Executive Officer, Director
Signature
/s/ Leonard J. Sokolow
Stock symbol
SKYX
Transactions as of
Sep 12, 2023
Transactions value $
-$84,645
Form type
4
Date filed
9/13/2023, 08:50 AM
Previous filing
Jul 3, 2023
Next filing
Oct 2, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction SKYX Common Stock, no par value Award $0 +450K +118.73% $0.00 829K Sep 12, 2023 Direct F6
transaction SKYX Common Stock, no par value Tax liability -$84.6K -51.6K -6.23% $1.64 777K Sep 12, 2023 Direct F7, F9, F10

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 SKYX Stock Option (right to buy) Award $0 +450K $0.00 450K Sep 12, 2023 Common Stock, no par value 450K $1.58 Direct F8
holding SKYX Stock Option (right to buy) 150K Sep 12, 2023 Common Stock, no par value 150K $0.60 Direct
holding SKYX Stock Option (right to buy) 150K Sep 12, 2023 Common Stock, no par value 150K $3.00 Direct
holding SKYX Stock Option (right to buy) 150K Sep 12, 2023 Common Stock, no par value 150K $4.00 Direct
holding SKYX Stock Option (right to buy) 100K Sep 12, 2023 Common Stock, no par value 100K $3.00 Direct
holding SKYX Stock Option (right to buy) 100K Sep 12, 2023 Common Stock, no par value 100K $12.00 Direct
holding SKYX Stock Option (right to buy) 100K Sep 12, 2023 Common Stock, no par value 100K $12.00 Direct
holding SKYX Stock Option (right to buy) 100K Sep 12, 2023 Common Stock, no par value 100K $12.00 Direct
holding SKYX Stock Option (right to buy) 17.5K Sep 12, 2023 Common Stock, no par value 17.5K $12.34 Direct
holding SKYX Stock Option (right to buy) 17.5K Sep 12, 2023 Common Stock, no par value 17.5K $3.28 Direct F5
holding SKYX Warrant (right to buy) 4.47K Sep 12, 2023 Common Stock, no par value 4.47K $12.00 Direct F1
holding SKYX Warrant (right to buy) 1.09K Sep 12, 2023 Common Stock, no par value 1.09K $9.80 Direct F2
holding SKYX Warrant (right to buy) 3.38K Sep 12, 2023 Common Stock, no par value 3.38K $9.80 Direct F2
holding SKYX Warrant (right to buy) 19.8K Sep 12, 2023 Common Stock, no par value 19.8K $9.80 Direct F2
holding SKYX 6.0% Subordinated Convertible Promissory Note $250K Sep 12, 2023 Common Stock, no par value $250K $15.00 Direct F3, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Exercisable at any time on or prior to the expiration date at the holder's discretion at the initial exercise price of $12.00 per share, subject to adjustment provisions (including certain anti-dilution provisions).
F2 Exercisable at any time on or prior to the expiration date at the holder's discretion at the adjusted exercise price of $9.80 per share, subject to adjustment provisions (including certain anti-dilution provisions).
F3 The principal amount, plus any accrued and unpaid interest, is convertible into shares of common stock at any time on or prior to the maturity date at the holder's discretion at the conversion price of $15.00 per share.
F4 Represents the principal amount of the convertible note and excludes interest that may accrue. Interest on the note is payable annually, in cash or common stock, at the holder's discretion.
F5 Options vest in twelve equal monthly installments, beginning on the last day of the month in which the options were granted.
F6 Represents a grant of restricted stock units ("RSUs"). Each RSU represents a contingent right to receive one share of the issuer's common stock. The RSUs vest over 3.5 years as follows, subject to continued employment through the vesting date: 120,000 vested on September 12, 2023; 300,000 vest in six semi-annual installments of 50,000, beginning on March 12, 2024; and 30,000 vest on March 12, 2027.
F7 The reporting person has elected to satisfy his tax withholding obligation in connection with the vesting of RSUs by directing the issuer to withhold shares otherwise issuable upon vesting of the grant.
F8 Options vest over 3.5 years as follows, subject to continued employment through the vesting date: 120,000 vested on September 12, 2023; 300,000 vest in six semi-annual installments of 50,000, beginning on March 12, 2024; and 30,000 vest on March 12, 2027.
F9 Includes 20,167 restricted shares granted in consideration for services to be provided to the issuer pursuant to a corporate advisory agreement between the issuer and Newbridge Securities Corporation dated November 9, 2022. The restricted shares vest on the following schedule: one quarter of the shares on each of November 9, 2022 and the six-, 12- and 18-month anniversaries of such date. If the agreement is terminated prior to its expiration, any shares that have not vested as of such date will be forfeited.
F10 Includes 330,000 RSUs, which will vest as follows, subject to continued employment through the vesting date: 300,000 vest in six semi-annual installments of 50,000 beginning on March 12, 2024 and 30,000 vest on March 12, 2027.