Javier B. Szwarcberg - 10 Dec 2024 Form 4 Insider Report for SPRUCE BIOSCIENCES, INC. (SPRB)

Role
CHIEF EXECUTIVE OFFICER, Director
Signature
/s/ Samir Gharib, Attorney-in-Fact
Issuer symbol
SPRB
Transactions as of
10 Dec 2024
Net transactions value
-$96,582
Form type
4
Filing time
20 Dec 2024, 20:28:11 UTC
Previous filing
18 Mar 2024
Next filing
22 Oct 2025
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 +358,800 +334% $0.000000 466,121 10 Dec 2024 Direct F1, F2
transaction SPRB Common Stock Tax liability $68,747 -128,020 -27% $0.5370 338,101 10 Dec 2024 Direct F1
transaction SPRB Common Stock Options Exercise $0 +89,700 +27% $0.000000 427,801 16 Dec 2024 Direct F1, F2
transaction SPRB Common Stock Tax liability $12,440 -32,005 -7.5% $0.3887 395,796 16 Dec 2024 Direct F1
transaction SPRB Common Stock Options Exercise $0 +111,000 +28% $0.000000 506,796 16 Dec 2024 Direct F2, F3
transaction SPRB Common Stock Tax liability $15,394 -39,605 -7.8% $0.3887 467,191 16 Dec 2024 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 -358,800 -50% $0.000000 358,800 10 Dec 2024 Common Stock 358,800 $0.000000 Direct F1, F2
transaction SPRB Restricted Stock Units Options Exercise $0 -89,700 -25% $0.000000 269,100 16 Dec 2024 Common Stock 89,700 $0.000000 Direct F1, F2, F4
transaction SPRB Restricted Stock Units Options Exercise $0 -111,000 -33% $0.000000 222,000 16 Dec 2024 Common Stock 111,000 $0.000000 Direct F2, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 On December 14, 2023, the Reporting Person was granted a total of 717,600 RSUs. 50% or 358,800 of the total RSUs are performance-based and since certain specified performance goals were met, they all vested on December 10, 2024. An addition of 50% or 358,800 of the total RSUs are time-based. 25% of which vested 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). On December 15, 2024, 89,700 shares vested and 32,005 shares were withheld for taxes, resulting in a net issuance of 57,695 shares. An additional
F2 Each RSU represents a contingent right to receive one share of SPRB common stock.
F3 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 vested 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, 2024, 111,000 RSUs vested, with 39,605 shares withheld for taxes, resulting in a net issuance of 71,395 shares.
F4 Represents the aggregate balance of time-based RSUs.