4//SEC Filing
SOKOLOW LEONARD J 4
Accession 0001493152-24-012548
CIK 0001598981other
Filed
Mar 31, 8:00 PM ET
Accepted
Apr 1, 5:55 PM ET
Size
26.5 KB
Accession
0001493152-24-012548
Insider Transaction Report
Form 4
SOKOLOW LEONARD J
DirectorChief Executive Officer
Transactions
- Award
Subordinated Convertible Promissory Note
2024-03-29Exercise: $3.00Exp: 2025-05-16→ Common Stock, no par value - Disposition to Issuer
6.0% Subordinated Convertible Promissory Note
2024-03-29Exercise: $15.00Exp: 2023-09-22→ Common Stock, no par value
Holdings
- 17,500
Stock Option (right to buy)
Exercise: $12.34From: 2022-03-31Exp: 2027-03-11→ Common Stock, no par value (17,500 underlying) - 150,000
Stock Option (right to buy)
Exercise: $3.00From: 2017-06-30Exp: 2027-04-19→ Common Stock, no par value (150,000 underlying) - 100,000
Stock Option (right to buy)
Exercise: $12.00From: 2020-12-31Exp: 2025-12-31→ Common Stock, no par value (100,000 underlying) - 450,000
Stock Option (right to buy)
Exercise: $1.58From: 2023-09-12Exp: 2028-09-12→ Common Stock, no par value (450,000 underlying) - 1,088
Warrant (right to buy)
Exercise: $9.80Exp: 2024-10-26→ Common Stock, no par value (1,088 underlying) - 759,220
Common Stock, no par value
- 150,000
Stock Option (right to buy)
Exercise: $0.60From: 2015-11-15Exp: 2025-11-15→ Common Stock, no par value (150,000 underlying) - 100,000
Stock Option (right to buy)
Exercise: $12.00From: 2020-01-01Exp: 2025-01-01→ Common Stock, no par value (100,000 underlying) - 17,500
Stock Option (right to buy)
Exercise: $3.28From: 2023-04-30Exp: 2028-04-05→ Common Stock, no par value (17,500 underlying) - 150,000
Stock Option (right to buy)
Exercise: $4.00From: 2017-12-31Exp: 2027-04-19→ Common Stock, no par value (150,000 underlying) - 100,000
Stock Option (right to buy)
Exercise: $12.00From: 2021-12-31Exp: 2026-12-31→ Common Stock, no par value (100,000 underlying) - 3,375
Warrant (right to buy)
Exercise: $9.80Exp: 2024-11-29→ Common Stock, no par value (3,375 underlying) - 19,827
Warrant (right to buy)
Exercise: $9.80Exp: 2024-12-22→ Common Stock, no par value (19,827 underlying)
Footnotes (7)
- [F1]Exercisable at any time on or prior to the expiration date at the holder's discretion at the adjusted exercise price of $9.80 per share, subject to adjustment provisions (including certain anti-dilution provisions).
- [F2]On March 29, 2024, the issuer and the reporting person entered into an amendment to the 6.0% subordinated convertible promissory note (the "Amendment") in order to, among other things, extend the maturity date of the note to May 16, 2025, increase the interest rate from 6.0% per annum to 10.0% per annum, effective as of January 1, 2024, and change the common stock conversion price from $15.00 per share to $3.00 per share. The Amendment is effective as of the original maturity date of the note and resulted in the cancellation of the "old" convertible note and the acquisition of a "new" convertible note. The issuer's Board of Directors approved the Amendment.
- [F3]Prior to the Amendment, the principal amount, plus any accrued and unpaid interest, was convertible into shares of common stock at any time on or prior to the maturity date at the holder's discretion at the conversion price of $15.00 per share. Following the Amendment, the principal amount, plus any accrued and unpaid interest, is convertible into shares of common stock at any time on or prior to the maturity date at the holder's discretion at the conversion price of $3.00 per share.
- [F4]Represents the principal amount of the convertible note and excludes interest that may accrue. Beginning January 1, 2024, the note accrues interest at a rate of 10.0% per annum, which is payable annually, in cash or common stock, at the holder's discretion. Prior to such date, the note accrued interest at a rate of 6.0% per annum.
- [F5]Options vest over 3.5 years as follows, subject to continued employment through the vesting date: 120,000 vested on September 12, 2023; 300,000 vest in six semi-annual installments of 50,000, beginning on March 12, 2024; and 30,000 vest on March 12, 2027.
- [F6]Includes 10,084 restricted shares granted in consideration for services to be provided to the issuer pursuant to a corporate advisory agreement between the issuer and Newbridge Securities Corporation dated November 9, 2022. The restricted shares vest on the following schedule: one quarter of the shares on each of November 9, 2022 and the six-, 12- and 18-month anniversaries of such date. If the agreement is terminated prior to its expiration, any shares that have not vested as of such date will be forfeited.
- [F7]Includes 280,000 restricted stock units ("RSUs"), which will vest as follows, subject to continued employment through the vesting date: 250,000 vest in five semi-annual installments of 50,000 beginning on September 12, 2024 and 30,000 vest on March 12, 2027.
Documents
Issuer
SKYX Platforms Corp.
CIK 0001598981
Entity typeother
Related Parties
1- filerCIK 0000923890
Filing Metadata
- Form type
- 4
- Filed
- Mar 31, 8:00 PM ET
- Accepted
- Apr 1, 5:55 PM ET
- Size
- 26.5 KB