Leonard J. Sokolow - Oct 4, 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
Oct 4, 2024
Transactions value $
$250,000
Form type
4
Date filed
10/7/2024, 09:28 AM
Previous filing
Sep 13, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
holding SKYX Common Stock, no par value 741K Oct 4, 2024 Direct F6

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 Series A-1 Preferred Stock Purchase $250K +10K $25.00 10K Oct 4, 2024 Common Stock, no par value 125K Direct F5
holding SKYX Stock Option (right to buy) 150K Oct 4, 2024 Common Stock, no par value 150K $0.60 Direct
holding SKYX Stock Option (right to buy) 150K Oct 4, 2024 Common Stock, no par value 150K $3.00 Direct
holding SKYX Stock Option (right to buy) 150K Oct 4, 2024 Common Stock, no par value 150K $4.00 Direct
holding SKYX Stock Option (right to buy) 100K Oct 4, 2024 Common Stock, no par value 100K $12.00 Direct
holding SKYX Stock Option (right to buy) 100K Oct 4, 2024 Common Stock, no par value 100K $12.00 Direct
holding SKYX Stock Option (right to buy) 100K Oct 4, 2024 Common Stock, no par value 100K $12.00 Direct
holding SKYX Stock Option (right to buy) 17.5K Oct 4, 2024 Common Stock, no par value 17.5K $12.34 Direct
holding SKYX Stock Option (right to buy) 17.5K Oct 4, 2024 Common Stock, no par value 17.5K $3.28 Direct
holding SKYX Stock Option (right to buy) 450K Oct 4, 2024 Common Stock, no par value 450K $1.58 Direct F4
holding SKYX Warrant (right to buy) 1.09K Oct 4, 2024 Common Stock, no par value 1.09K $9.80 Direct F1
holding SKYX Warrant (right to buy) 3.38K Oct 4, 2024 Common Stock, no par value 3.38K $9.80 Direct F1
holding SKYX Warrant (right to buy) 19.8K Oct 4, 2024 Common Stock, no par value 19.8K $9.80 Direct F1
holding SKYX Subordinated Convertible Promissory Note $250K Oct 4, 2024 Common Stock, no par value $250K $3.00 Direct F2, F3
* 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 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.
F4 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.
F5 The Series A-1 Preferred Stock (the "Preferred Stock") has an original issue price of $25.00 per share and is convertible at any time, at the holder's option, into shares of the issuer's common stock at an initial conversion price of $2.00 per share (or 12.5 shares of common stock for each share of Preferred Stock), subject to adjustment provisions (including certain anti-dilution provisions) and a minimum conversion price of $1.20 per share. Until October 4, 2026, the Preferred Stock is subject to mandatory conversion by the issuer upon the occurrence of certain specified events. In addition, the issuer may redeem the Preferred Stock for cash upon the occurrence of certain events or at any time beginning October 4, 2027. The Preferred Stock has no expiration date.
F6 Includes 230,000 restricted stock units, which will vest as follows, subject to continued employment through the vesting date: 200,000 in four semi-annual installments of 50,000 beginning on March 12, 2025 and 30,000 on March 12, 2027.