Javier B. Szwarcberg - 14 Dec 2023 Form 4 Insider Report for SPRUCE BIOSCIENCES, INC. (SPRB)

Role
Chief Executive Officer, Director
Signature
/s/ Samir M. Gharib, Attorney-in-Fact
Issuer symbol
SPRB
Transactions as of
14 Dec 2023
Net transactions value
-$63,717
Form type
4
Filing time
18 Dec 2023, 20:15:50 UTC
Previous filing
28 Nov 2023
Next filing
18 Mar 2024
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 $0 +111,000 +320% $0.000000 145,705 15 Dec 2023 Direct F1, F2
transaction SPRB Common Stock Tax liability $63,717 -38,384 -26% $1.66 107,321 15 Dec 2023 Direct F1

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 +717,600 $0.000000 717,600 14 Dec 2023 Common Stock 717,600 $0.000000 Direct F2, F3, F4
transaction SPRB Restricted Stock Units Options Exercise $0 -111,000 -25% $0.000000 333,000 15 Dec 2023 Common Stock 111,000 $0.000000 Direct F1, F2, F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 On December 5, 2022, the Reporting Person was granted 444,000 time-based restricted stock units ("RSUs"), subject to a 4-year vesting schedule, with 25% of the total number of RSUs to vest on December 15, 2023 (the "Annual Vesting Date") and 25% of the total number of RSUs to vest in annual installments on each anniversary of the Annual Vesting Date thereafter, subject to the Reporting Person's Continuous Service (as defined in the Issuer's 2020 Equity Incentive Plan). On December 15, 2023, 111,000 RSUs vested, with 38,384 shares being withheld for taxes, resulting in a net issuance of 72,616 shares.
F2 Each RSU represents a contingent right to receive one share of SPRB common stock.
F3 358,800 of the RSUs shall vest as to 25% on December 15, 2024, and in equal annual installments thereafter, subject to the Reporting Person's Continuous Service (as defined in the Issuer's 2020 Equity Incentive Plan).
F4 358,800 of the RSUs shall vest 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).
F5 Represents the aggregate balance of 333,000 time-based RSUs.