Samir M. Gharib - 30 Jun 2022 Form 4 Insider Report for SPRUCE BIOSCIENCES, INC. (SPRB)

Role
President & CFO
Signature
/s/ Samir M. Gharib
Issuer symbol
SPRB
Transactions as of
30 Jun 2022
Net transactions value
-$14,510
Form type
4
Filing time
05 Jul 2022, 16:04:53 UTC
Previous filing
05 Jul 2022
Next filing
07 Dec 2022
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction SPRB Common Stock Options Exercise +37,500 +1032% 41,132 30 Jun 2022 Direct F1
transaction SPRB Common Stock Award $8,055 +5,446 +13% $1.48 46,578 30 Jun 2022 Direct F2
transaction SPRB Common Stock Tax liability $22,564 -12,968 -28% $1.74 33,610 30 Jun 2022 Direct F3

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 Restricted Stock Units Options Exercise $0 -37,500 -12% $0.000000 262,500 30 Jun 2022 Common Stock 37,500 Direct F1, F4, F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Each restricted stock unit ("RSU") represents a contingent right to receive one share of SPRB common stock.
F2 Shares acquired by the Reporting Person pursuant to the Issuer's 2020 Employee Stock Purchase Plan in a transaction that was exempt under both Rule 16b-3(d) and Rule 16b-3(c). The Reporting Person acquired the maximum shares allowable pursuant to Section 423 of the Internal Revenue Code.
F3 Represents shares withheld by the Issuer to satisfy a tax obligation realized by the Reporting Person upon the vesting and settlement of RSUs.
F4 On December 16, 2021, the Reporting Person was granted 150,000 time-based RSUs. 25% of the RSUs vested 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). The Reporting Person was also granted 150,000 performance-based RSUs, which shall vest upon the achievement of specified performance goals.
F5 Represents the aggregate balances of 112,500 time-based RSUs and 150,000 performance-based RSUs.