Skye Bioscience, Inc. — Director's Dealing 2024

Mar 5, 2024

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Skye Bioscience, Inc. (SKYE)
CIK: 0001516551
Period of Report: 2024-02-29

Reporting Person: Grayson Paul A. (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2024-02-29	Common Stock	A	100000	—	Acquired	346252	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2024-02-29	Stock Option (Right to Buy)	$14.56	A	35000	Acquired	2034-03-01	Common Stock (35000)	Direct

Footnotes

F1: Represents a restricted stock unit ("RSU") award that vests on the following 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 upon achieving a market cap 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 RSUs 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 one year period beginning February 29, 2024.