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. On March 31, he had 5,930 shares of common stock withheld at $1.12 per share to cover tax obligations tied to vesting restricted stock units.
After this withholding, he directly holds 457,734 common shares, including 120,000 RSUs that vest in quarterly 20,000-share installments beginning June 30, 2026. He also holds stock options over 100,000 shares at $12.00, 250,000 shares at $0.90, and 100,000 shares at $1.09, plus 416,667 shares of Series A‑1 Preferred Stock with an original issue price of $25.00 and a conversion price of $1.20 per common share, which may be converted, mandatorily converted, or redeemed upon specified events.
Positive
- None.
Negative
- None.
Insider Trade Summary
Exercise Price or Tax Liability: 5,930 shares
Exercise Price or Tax Liability
5 txns
Insider
Schmidt Steven Mark
Role
President
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise Price or Tax Liability | Common Stock, no par value | 5,930 | $1.12 | $7K |
| holding | Stock Option (right to buy) | -- | -- | -- |
| 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 — 457,734 shares (Direct);
Stock Option (right to buy) — 450,000 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 120,000 RSUs, which vest in equal quarterly installments of 20,000 beginning June 30, 2026, subject to continued employment through the vesting date.
Key Figures
Tax-withheld shares: 5,930 shares
Shares held after transaction: 457,734 shares
Unvested RSUs: 120,000 RSUs
+4 more
7 metrics
Tax-withheld shares
5,930 shares
Common stock withheld at $1.12 per share for RSU taxes on March 31, 2026
Shares held after transaction
457,734 shares
Direct SKYX common stock ownership following tax-withholding disposition
Unvested RSUs
120,000 RSUs
Vest 20,000 quarterly beginning June 30, 2026, subject to continued employment
Option position at $12.00
100,000 shares
Stock options, exercise price $12.00, expiring June 1, 2026
Option position at $0.90
250,000 shares
Stock options, exercise price $0.90, expiring September 15, 2029
Option position at $1.09
100,000 shares
Stock options, exercise price $1.09, expiring December 15, 2029
Series A-1 Preferred held
416,667 shares
Original issue price $25.00, conversion price $1.20 per common share
Key Terms
restricted stock units ("RSUs"), tax withholding obligations, Stock Option (right to buy), Series A-1 Preferred Stock, +2 more
6 terms
restricted stock units ("RSUs") financial
"tax withholding obligations in connection with the vesting of restricted stock units ("RSUs")"
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 with the vesting of RSUs"
Stock Option (right to buy) financial
"security_title": "Stock Option (right to buy)""
Series A-1 Preferred Stock financial
"The Series A-1 Preferred Stock (the "Preferred Stock") has an original issue price"
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 of certain specified events"
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.
redeem the Preferred Stock for cash financial
"the issuer may redeem the Preferred Stock for cash upon the occurrence of certain events"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What insider transaction did SKYX (SKYX) report for President Steven Mark Schmidt?
President Steven Mark Schmidt reported a tax-related share disposition. On March 31, 5,930 common shares were withheld at $1.12 per share to satisfy tax obligations arising from vesting restricted stock units, leaving his remaining equity position in SKYX largely intact.
Was the SKYX insider transaction an open-market sale or tax withholding?
The transaction was a tax-withholding disposition, not an open-market sale. Schmidt elected to satisfy tax obligations from RSU vesting by directing SKYX to withhold 5,930 shares otherwise issuable, a common administrative mechanism that does not reflect discretionary selling in the open market.
What are the key terms of Schmidt’s Series A-1 Preferred Stock in SKYX?
He holds 416,667 shares of Series A-1 Preferred Stock with a $25.00 original issue price and a conversion price of $1.20 per common share, or about 20.83 common shares per preferred. The preferred is convertible any time and subject to specified mandatory conversion or cash redemption events.
How do Schmidt’s RSUs in SKYX vest according to the Form 4 footnotes?
Schmidt’s 120,000 restricted stock units vest in equal quarterly installments of 20,000 shares. Vesting begins on June 30, 2026, and each installment requires his continued employment through the applicable vesting date, aligning equity compensation with ongoing service.
AI-generated analysis. How Rhea-AI works. Not financial advice.
