Samir Gharib - Jun 30, 2023 Form 4 Insider Report for SPRUCE BIOSCIENCES, INC. (SPRB)

Signature
/s/ Samir M. Gharib
Stock symbol
SPRB
Transactions as of
Jun 30, 2023
Transactions value $
-$45,514
Form type
4
Date filed
7/5/2023, 06:00 PM
Previous filing
Jan 5, 2023
Next filing
Nov 13, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction SPRB Common Stock Award $10.2K +10.5K +18.78% $0.98 66.3K Jun 30, 2023 Direct F1
transaction SPRB Common Stock Options Exercise +75K +113.12% 141K Jun 30, 2023 Direct F2
transaction SPRB Common Stock Tax liability -$55.8K -25.9K -18.36% $2.15 115K Jun 30, 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 -75K -33.33% $0.00 150K Jun 30, 2023 Common Stock 75K 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).
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% vested 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 on December 16, 2021, which shall vest upon the achievement of specified performance goals.
F5 Represents the aggregate balance of 150,000 performance-based RSUs.