Skye Bioscience, Inc. — Director's Dealing 2024

Mar 2, 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: DHILLON PUNIT (Director, Chief Executive Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2024-02-29	Common Stock	A	100000	—	Acquired	397006	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	125000	Acquired	2034-03-01	Common Stock (125000)	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 $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.