SKYX president covers taxes with 5,930 shares
SKYX Platforms Corp. president Steven Mark Schmidt reported a routine tax-related share disposition.
Rhea-AI Filing Summary
SKYX Platforms Corp. president Steven Mark Schmidt reported a routine tax-related share disposition. He had 5,930 shares of common stock withheld at $1.03 per share to satisfy tax obligations tied to vesting restricted stock units, rather than selling shares on the open market.
After this withholding, he directly holds 451,804 shares of common stock, which include 100,000 RSUs scheduled to vest in quarterly installments of 20,000 starting on September 30, 2026, subject to continued employment. He also retains derivative positions: Series A-1 Preferred Stock convertible into 416,667 common shares at a conversion price of $1.20 per share, plus stock options for 100,000 shares at $1.09 expiring on December 15, 2029 and 250,000 shares at $0.90 expiring on September 15, 2029.
Positive
- None.
Negative
- None.
Insider Trade Summary
Exercise Price or Tax Liability: 5,930 shares
Exercise Price or Tax Liability
4 txns
Insider
Schmidt Steven Mark
Role
President
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise Price or Tax Liability | Common Stock, no par value | 5,930 | $1.03 | $6K |
| holding | Stock Option (right to buy) | -- | -- | -- |
| holding | Stock Option (right to buy) | -- | -- | -- |
| holding | Series A-1 Preferred Stock | -- | -- | -- |
Holdings After Transaction:
Common Stock, no par value — 451,804 shares (Direct);
Stock Option (right to buy) — 350,000 contracts (Direct);
Series A-1 Preferred Stock — 416,667 contracts (Direct)
Footnotes (5)
- F1. The reporting person has elected to satisfy his tax withholding obligations in connection with the vesting of restricted stock units ("RSUs") by directing the issuer to withhold shares otherwise issuable upon vesting of the grants.
- F2. Fully exercisable.
- F3. These options vest as follows, subject to continued employment through the vesting date: 10,000 vested on December 20, 2024, and the remaining 240,000 vest in equal quarterly installments of 20,000 beginning December 31, 2024.
- F4. The Series A-1 Preferred Stock (the "Preferred Stock") has an original issue price of $25.00 per share and is convertible at any time, at the holder's option, into shares of the issuer's common stock at an adjusted conversion price of $1.20 per share (or approximately 20.83 shares of common stock for each share of Preferred Stock). Until October 4, 2026, the Preferred Stock is subject to mandatory conversion by the issuer upon the occurrence of certain specified events. In addition, the issuer may redeem the Preferred Stock for cash upon the occurrence of certain events or at any time beginning October 4, 2027. The Preferred Stock has no expiration date.
- F5. Includes 100,000 RSUs, which vest in equal quarterly installments of 20,000 beginning September 30, 2026, subject to continued employment through the vesting date.
Key Figures
Tax-withheld shares: 5,930 shares at $1.03
Common shares held: 451,804 shares
Convertible preferred underlying: 416,667 shares
+5 more
8 metrics
Tax-withheld shares
5,930 shares at $1.03
Common stock withheld to satisfy RSU tax obligations
Common shares held
451,804 shares
Direct SKYX common stock holdings after tax withholding
Convertible preferred underlying
416,667 shares
Common shares underlying Series A-1 Preferred Stock at $1.20 conversion price
Option grant 1
100,000 shares at $1.09
Stock option, fully exercisable, expiring December 15, 2029
Option grant 2
250,000 shares at $0.90
Stock option, expiring September 15, 2029, with staged vesting
RSU grant
100,000 RSUs
Vest 20,000 quarterly beginning September 30, 2026
Preferred original price
$25.00 per share
Original issue price of Series A-1 Preferred Stock
Preferred conversion ratio
20.83 common per preferred
Implied by $1.20 adjusted conversion price and $25.00 issue price
Key Terms
restricted stock units ("RSUs"), tax withholding obligations, Series A-1 Preferred Stock, mandatory conversion, +2 more
6 terms
restricted stock units ("RSUs") financial
"vesting of restricted stock units ("RSUs") by directing the issuer"
Restricted stock units (RSUs) are a company promise to give an employee shares of stock (or cash equivalent) in the future, but only after certain conditions—usually staying with the company for a set time or hitting performance goals—are met. Investors watch RSUs because when they vest they increase the number of shares outstanding and can lead insiders to sell shares, affecting share price, company dilution and the true cost of employee pay.
tax withholding obligations financial
"elected to satisfy his tax withholding obligations in connection"
Series A-1 Preferred Stock financial
"The Series A-1 Preferred Stock (the "Preferred Stock") has an"
Series A-1 preferred stock is a specific class of company shares created in an early financing round that typically gives its holders priority over common shareholders for dividends and money if the company is sold or liquidates. Think of it as a special ticket with upfront privileges — often convertible into ordinary shares and sometimes carrying voting or protective rights — so investors use it to reduce risk and preserve control compared with ordinary stock.
mandatory conversion financial
"subject to mandatory conversion by the issuer upon the occurrence"
Mandatory conversion is a rule that forces certain convertible securities—like bonds or preferred shares—to be turned into common stock when specific conditions are met (for example, a date arrives or a price target is hit). For investors this matters because it increases the number of shares outstanding and can dilute existing ownership, shifting value from fixed-income holders into equity holders and changing a company’s risk and return profile, much like an automatic trade that swaps a guaranteed payment for an ownership stake.
stock option (right to buy) financial
"security_title": "Stock Option (right to buy)""
vesting date financial
"subject to continued employment through the vesting date"
FAQ
What did SKYX president Steven Mark Schmidt report in this Form 4?
He reported a tax-related share withholding. The issuer withheld 5,930 shares of SKYX common stock at $1.03 per share to cover his tax obligations from vesting restricted stock units, rather than him selling shares in the open market.
What are the key details of Steven Mark Schmidt’s RSUs at SKYX?
He holds 100,000 restricted stock units (RSUs). These RSUs vest in equal quarterly installments of 20,000 shares beginning on September 30, 2026, and each vesting is contingent on his continued employment through the applicable vesting date.
What stock options does Steven Mark Schmidt hold in SKYX Platforms Corp.?
He holds two notable stock option grants. One covers 100,000 common shares at a $1.09 exercise price expiring December 15, 2029. Another covers 250,000 shares at a $0.90 exercise price expiring September 15, 2029, with vesting over time.
Was the SKYX Form 4 transaction an open-market sale by Steven Mark Schmidt?
No, it was a tax-withholding disposition. The shares were withheld by the issuer to satisfy tax obligations arising from RSU vesting, described as payment of tax liability by delivering securities, not a discretionary market sale.
AI-generated analysis. How Rhea-AI works. Not financial advice.
