Samir Gharib - Nov 8, 2023 Form 4 Insider Report for SPRUCE BIOSCIENCES, INC. (SPRB)

Role
President & CFO
Signature
/s/ Samir M. Gharib
Stock symbol
SPRB
Transactions as of
Nov 8, 2023
Transactions value $
$0
Form type
4
Date filed
11/13/2023, 07:01 PM
Previous filing
Jul 5, 2023
Next filing
Dec 18, 2023

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 Award $0 +75K $0.00 75K Nov 8, 2023 Common Stock 75K Direct F1, F2, F3
* 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 On December 16, 2021, the Reporting Person was granted 150,000 time-based RSUs, all of which were fully vested as of June 30, 2023. The Reporting Person was also granted 150,000 performance-based RSUs, which vest in two equal installments upon the achievement of specified performance goals, subject to the Reporting Person's Continuous Service (as defined in the Issuer's 2020 Equity Incentive Plan). On November 8, 2023, the Compensation Committee of the Issuer's Board of Directors certified the achievement of certain specified performance goals, resulting in the vesting of 75,000 performance-based RSUs effective December 15, 2023.
F3 Represents the aggregate balance of 75,000 performance-based RSUs.