Punit Dhillon - Feb 29, 2024 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
Feb 29, 2024
Transactions value $
$0
Form type
4
Date filed
3/1/2024, 06:24 PM
Previous filing
Nov 6, 2023
Next filing
Aug 27, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction SKYE Common Stock Award $0 +100K +33.67% $0.00 397K Feb 29, 2024 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 +125K $0.00 125K Feb 29, 2024 Common Stock 125K $14.56 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 $750M and a stock price of $20.00 per share, an additional 25% vests upon achieving a market cap of $1B and a stock price of $25.00 per share, an additional 25% vests upon achieving a market cap of $1.25B and a stock price of $30.00 per share, an additional 25% vest at if the Company is acquired for total consideration of $1.5B or greater and a stock price of $35.00 per share; 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. Upon a change in control of the Issuer, 100% of the options will become fully vested.
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 $14.56 per option share for ten years from February 29, 2024 and the options will vest in equal monthly installments over the four year period beginning February 29, 2024. Upon a change in control of the Issuer, 100% of the options will become fully vested.