Punit Dhillon - Nov 10, 2022 Form 4 Insider Report for Skye Bioscience, Inc. (SKYE)

Role
Chief Executive Officer, Director
Signature
/s/ Punit S. Dhillon
Stock symbol
SKYE
Transactions as of
Nov 10, 2022
Transactions value $
$0
Form type
4
Date filed
11/15/2022, 12:41 PM
Previous filing
Dec 16, 2021
Next filing
Aug 31, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction SKYE Common Stock Award +1.41M +46.88% 4.41M Nov 10, 2022 Direct F1
transaction SKYE Common Stock Award +2.34M 2.34M Nov 10, 2022 Trust F1, F2

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 SKYE Stock Option (Right to Buy) Award +390K 390K Nov 10, 2022 Common Stock 390K $1.60 Direct F3, F4
transaction SKYE Stock Option (Right to Buy) Award +390K 390K Nov 10, 2022 Common Stock 390K $0.11 Direct F3, F5
transaction SKYE Stock Option (Right to Buy) Award +488K 488K Nov 10, 2022 Common Stock 488K $0.06 Direct F3, F4
transaction SKYE Stock Option (Right to Buy) Award +293K 293K Nov 10, 2022 Common Stock 293K $0.08 Direct F3, F6
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 The reporting person acquired these securities on November 10th, 2022, in exchange for the reporting person's securities of Emerald Health Therapeutics, Inc., which the company acquired by way of a plan of arrangement pursuant to the Arrangement Agreement, dated as of May 11, 2022 (as amended, the "Arrangement Agreement"). Pursuant to the terms of the Arrangement Agreement, each holder of EHT shares received 1.95 shares of company common stock for each EHT share (the "Exchange Ratio").
F2 The shares are held by a trust for which the Reporting Person is a trustee and has voting and dispositive power over the shares.
F3 The reporting person acquired these securities on November 10th, 2022, in exchange for the reporting person's securities of Emerald Health Therapeutics, Inc., which the company acquired by way of a plan of arrangement pursuant to the Arrangement Agreement. Pursuant to the terms of the Arrangement Agreement, each option to purchase EHT shares was exchanged into an option to purchase shares of company common stock, with the number of shares underlying each option (and the exercise price of such option) adjusted based on the Exchange Ratio.
F4 The options underlying this award are fully vested.
F5 Options will vest, or have vested, in equal installments on each of February 6, 2020, February 6, 2021, February 6, 2022, February 6, 2023.
F6 8.33% of the options vested on the grant date of August 3, 2020. An additional 8.333% of the options vest on each monthly anniversary of the grant date.