John P. Campi - Mar 29, 2024 Form 4 Insider Report for SKYX Platforms Corp. (SKYX)

Role: Co-Chief Executive Officer
Signature: /s/ John P. Campi
Stock symbol: SKYX
Transactions as of: Mar 29, 2024
Transactions value $: $0
Form type: 4
Date filed: 4/1/2024, 05:53 PM
Previous filing: Dec 15, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	SKYX	Common Stock, no par value						798K	Mar 29, 2024	Direct

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	6.0% Subordinated Convertible Promissory Note	Disposed to Issuer	-$100K				$0	Mar 29, 2024	Common Stock, no par value	$100K	$15.00	Direct	F1, F2, F3
transaction	SKYX	Subordinated Convertible Promissory Note	Award	$100K				$100K	Mar 29, 2024	Common Stock, no par value	$100K	$3.00	Direct	F1, F2, F3
holding	SKYX	Stock Option (right to buy)						120K	Mar 29, 2024	Common Stock, no par value	120K	$6.00	Direct

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

Explanation of Responses:

Id	Content
F1	On March 29, 2024, the issuer and the reporting person entered into an amendment to the 6.0% subordinated convertible promissory note (the "Amendment") in order to, among other things, extend the maturity date of the note to May 16, 2025, increase the interest rate from 6.0% per annum to 10.0% per annum, effective as of January 1, 2024, and change the common stock conversion price from $15.00 per share to $3.00 per share. The Amendment is effective as of the original maturity date of the note and resulted in the cancellation of the "old" convertible note and the acquisition of a "new" convertible note. The issuer's Board of Directors approved the Amendment.
F2	Prior to the Amendment, the principal amount, plus any accrued and unpaid interest, was 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. Following the Amendment, 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 $3.00 per share.
F3	Represents the principal amount of the convertible note and excludes interest that may accrue. Beginning January 1, 2024, the note accrues interest at a rate of 10.0% per annum, which is payable annually, in cash or common stock, at the holder's discretion. Prior to such date, the note accrued interest at a rate of 6.0% per annum.