Samir Gharib - Dec 16, 2021 Form 4 Insider Report for SPRUCE BIOSCIENCES, INC. (SPRB)

Role
Chief Financial Officer
Signature
/s/ Samir Gharib
Stock symbol
SPRB
Transactions as of
Dec 16, 2021
Transactions value $
$0
Form type
4
Date filed
12/20/2021, 08:10 PM
Previous filing
Jul 6, 2021
Next filing
Jul 5, 2022

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction SPRB Employee Stock Option (right to buy) Award $0 +145K $0.00 145K Dec 16, 2021 Common Stock 145K $2.48 Direct F1
transaction SPRB Restricted Stock Units Award $0 +300K $0.00 300K Dec 16, 2021 Common Stock 300K Direct F2, F3, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 1/48th of the shares vest on a monthly basis from December 16, 2021, subject to the Reporting Person's Continuous Service (as defined in the Issuer's 2020 Equity Incentive Plan).
F2 Each restricted stock unit represents a contingent right to receive one share of SPRB common stock.
F3 150,000 of the restricted stock units shall vest 25% on June 30, 2022, 25% shall vest on December 31, 2022 and 50% shall vest on June 30, 2023, subject to the Reporting Person's Continuous Service (as defined in the Issuer's 2020 Equity Incentive Plan).
F4 150,000 of the restricted stock units shall vest upon the achievement of specified performance goals.