PUNIT DHILLON - 06 Nov 2023 Form 4 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
06 Nov 2023
Net transactions value
$0
Form type
4
Filing time
06 Nov 2023, 20:29:48 UTC
Previous filing
31 Aug 2023
Next filing
01 Mar 2024
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 $0 +194,270 +189% $0.000000 297,006 06 Nov 2023 Direct 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 $0 +21,586 +239% $0.000000 30,599 06 Nov 2023 Common Stock 21,586 $3.50 Direct F3
* 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 option grant shall be exercisable for a price of $3.50 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.