Skye Bioscience, Inc. 8-K

What Happened

• Skye Bioscience (SKYE) filed an 8-K disclosing that Chief Financial Officer Kaitlyn Arsenault will step down effective February 20, 2026 to pursue other opportunities. On that date the company and Ms. Arsenault entered into a Separation and Release Agreement and an Advisor Agreement for transition services.
• The Board appointed President & CEO Punit Dhillon as the company’s principal accounting officer effective February 20, 2026; he will continue as CEO and director and his compensation remains unchanged.

Key Details

• Cash severance: $450,000 (consistent with termination-by-company, not for cause, under her 10/4/2021 Employment Agreement).
• Additional cash and reimbursements: $45,000 (2026 bonus consideration); up to $30,000 for legal fees; $41,172.48 lump-sum to cover 12 months of COBRA premiums.
• Advisor Agreement: initial term of 6 months from Feb 20, 2026; thereafter either party may terminate on 15 days’ notice. Certain outstanding equity awards will continue to vest during the advisory term.
• Equity protections: if a Change in Control occurs within one year of the Separation Date, outstanding unvested awards automatically vest immediately prior to the change; vested stock options remain exercisable until the later of Feb 20, 2027 or 90 days after the Advisor Agreement expires.
• Ms. Arsenault’s departure is not due to any disagreement with the company’s auditors or on accounting/financial matters. Full agreements will be filed as exhibits to the company’s next Form 10-Q.

Why It Matters

• For investors, this is a material executive change affecting the company’s finance leadership: the CFO transition includes significant severance and a short-term advisory arrangement designed to ensure continuity.
• The appointment of the CEO as principal accounting officer consolidates executive responsibilities temporarily; the filing says Mr. Dhillon’s pay and material terms are unchanged.
• Equity vesting protections and extended exercise periods for Ms. Arsenault’s awards reduce the risk of immediate forfeiture of her equity and could affect share overhang/timing of option exercises.