Skye Bioscience, Inc. — Director's Dealing 2023

Nov 7, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Skye Bioscience, Inc. (SKYE)
CIK: 0001516551
Period of Report: 2023-11-06

Reporting Person: DHILLON PUNIT (Director, Chief Executive Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-11-06	Common Stock	A	194270	—	Acquired	297006	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2023-11-06	Stock Option (Right to Buy)	$3.50	A	21586	Acquired	2033-08-25	Common Stock (21586)	Direct

Footnotes

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.