Punit Dhillon - 25 Aug 2023 Form 4/A - Amendment Insider Report for Skye Bioscience, Inc. (SKYE)

Role: Chief Executive Officer, Director
Signature: /s/ Kaitlyn Arsenault, as Attorney-in-Fact
Issuer symbol: SKYE
Transactions as of: 25 Aug 2023
Net transactions value: +$18,462
Form type: 4/A - Amendment
Filing time: 31 Aug 2023, 11:26:52 UTC
Date Of Original Report: 29 Aug 2023
Previous filing: 15 Nov 2022
Next filing: 06 Nov 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SKYE	Common Stock	Award		+20,277,414	+460%		24,683,957	25 Aug 2023	Direct	F1, F2
transaction	SKYE	Common Stock	Small acquisition under Rule 16a-6	$106	+9,000	+0.04%	$0.0118	24,692,957	23 Aug 2023	Direct
transaction	SKYE	Common Stock	Small acquisition under Rule 16a-6	$1,881	+110,000	+0.45%	$0.0171	24,802,957	28 Aug 2023	Direct
transaction	SKYE	Common Stock	Purchase	$16,475	+881,000	+3.6%	$0.0187	25,683,957	29 Aug 2023	Direct
holding	SKYE	Common Stock						2,335,721	25 Aug 2023	Trust	F3

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	$0	+2,253,046		$0.000000	2,253,046	25 Aug 2023	Common Stock	2,253,046	$0.0140	Direct	F4

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

Explanation of Responses:

Id	Content
F1	Represents a restricted stock unit ("RSU") award that vests on the following performance milestones : 25% vests upon achieving a market cap of $125M, an additional 25% vests upon achieving a market cap of $250M, an additional 25% vests upon achieving a market cap of $400M, an additional 25% vest at an exit of $500M or greater; provided, however, that no RSUs shall vest until the compensation committee of the Issuer determines that shares can be sold into the market to cover withholding tax obligations associated with the vesting of the RSUs . Notwithstanding anything to the foregoing, all of the RSUS shall vest if an exit greater than $500M is achieved at an earlier date.
F2	Each RSU represents a contingent right to receive one share of the Issuer's common stock.
F3	The shares are held by a trust for which the Reporting Person is a trustee and has voting and dispositive power over the shares.
F4	The option grant shall be exercisable for a price of $0.014 per option share for ten years from August 25, 2023 and the options will vest in equal monthly installments over the four year period beginning August 24, 2023. Upon a change in control of the Issuer, 100% of the options will become fully vested.