Leonard J. Sokolow - Mar 29, 2024 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: Mar 29, 2024
Transactions value $: $0
Form type: 4
Date filed: 4/1/2024, 05:55 PM
Previous filing: Mar 14, 2024
Next filing: Apr 26, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	SKYX	Common Stock, no par value						759K	Mar 29, 2024	Direct	F6, F7

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	-$250K				$0	Mar 29, 2024	Common Stock, no par value	$250K	$15.00	Direct	F2, F3, F4
transaction	SKYX	Subordinated Convertible Promissory Note	Award	$250K				$250K	Mar 29, 2024	Common Stock, no par value	$250K	$3.00	Direct	F2, F3, F4
holding	SKYX	Stock Option (right to buy)						150K	Mar 29, 2024	Common Stock, no par value	150K	$0.60	Direct
holding	SKYX	Stock Option (right to buy)						150K	Mar 29, 2024	Common Stock, no par value	150K	$3.00	Direct
holding	SKYX	Stock Option (right to buy)						150K	Mar 29, 2024	Common Stock, no par value	150K	$4.00	Direct
holding	SKYX	Stock Option (right to buy)						100K	Mar 29, 2024	Common Stock, no par value	100K	$12.00	Direct
holding	SKYX	Stock Option (right to buy)						100K	Mar 29, 2024	Common Stock, no par value	100K	$12.00	Direct
holding	SKYX	Stock Option (right to buy)						100K	Mar 29, 2024	Common Stock, no par value	100K	$12.00	Direct
holding	SKYX	Stock Option (right to buy)						17.5K	Mar 29, 2024	Common Stock, no par value	17.5K	$12.34	Direct
holding	SKYX	Stock Option (right to buy)						17.5K	Mar 29, 2024	Common Stock, no par value	17.5K	$3.28	Direct
holding	SKYX	Stock Option (right to buy)						450K	Mar 29, 2024	Common Stock, no par value	450K	$1.58	Direct	F5
holding	SKYX	Warrant (right to buy)						1.09K	Mar 29, 2024	Common Stock, no par value	1.09K	$9.80	Direct	F1
holding	SKYX	Warrant (right to buy)						3.38K	Mar 29, 2024	Common Stock, no par value	3.38K	$9.80	Direct	F1
holding	SKYX	Warrant (right to buy)						19.8K	Mar 29, 2024	Common Stock, no par value	19.8K	$9.80	Direct	F1

* 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 adjusted exercise price of $9.80 per share, subject to adjustment provisions (including certain anti-dilution provisions).
F2	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.
F3	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.
F4	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.
F5	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.
F6	Includes 10,084 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.
F7	Includes 280,000 restricted stock units ("RSUs"), which will vest as follows, subject to continued employment through the vesting date: 250,000 vest in five semi-annual installments of 50,000 beginning on September 12, 2024 and 30,000 vest on March 12, 2027.