Samir Gharib - Jan 3, 2023 Form 4 Insider Report for SPRUCE BIOSCIENCES, INC. (SPRB)

Role
President & CFO
Signature
/s/ Samir M. Gharib
Stock symbol
SPRB
Transactions as of
Jan 3, 2023
Transactions value $
-$17,586
Form type
4
Date filed
1/5/2023, 07:11 PM
Previous filing
Dec 7, 2022
Next filing
Jul 5, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction SPRB Common Stock Award $0.93 +1 +0% $0.93 33.6K Dec 30, 2022 Direct F1
transaction SPRB Common Stock Options Exercise +37.5K +111.57% 71.1K Jan 3, 2023 Direct F2
transaction SPRB Common Stock Tax liability -$17.6K -15.3K -21.51% $1.15 55.8K Jan 3, 2023 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 -37.5K -14.29% $0.00 225K Jan 3, 2023 Common Stock 37.5K Direct F2, F4, F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 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.
F2 Each restricted stock unit ("RSU") represents a contingent right to receive one share of SPRB common stock.
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 each of June 30, 2022 and 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 underlying common stock of the RSUs that vested on December 31, 2022, a non-trading date, were settled on January 3, 2023. The Reporting Person was also granted 150,000 performance-based RSUs on December 16, 2021, which shall vest upon the achievement of specified performance goals.
F5 Represents the aggregate balances of 75,000 time-based RSUs and 150,000 performance-based RSUs.

Remarks:

Exhibit List: Exhibit 24 - Power of Attorney