Punit Dhillon - Nov 6, 2023 Form 4 Insider Report for Skye Bioscience, Inc. (SKYE)

Role: Chief Executive Officer, Director
Signature: /s/ Kaitlyn Arsenault, as Attorney-in-Fact
Stock symbol: SKYE
Transactions as of: Nov 6, 2023
Transactions value $: $0
Form type: 4
Date filed: 11/6/2023, 08:29 PM
Previous filing: Aug 31, 2023
Next filing: Mar 1, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SKYE	Common Stock	Award	$0	+194K	+189.1%	$0.00	297K	Nov 6, 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	+21.6K	+239.5%	$0.00	30.6K	Nov 6, 2023	Common Stock	21.6K	$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.