Samir Gharib - Dec 10, 2024 Form 4 Insider Report for SPRUCE BIOSCIENCES, INC. (SPRB)

Role
PRESIDENT AND CFO
Signature
/s/ Samir Gharib
Stock symbol
SPRB
Transactions as of
Dec 10, 2024
Transactions value $
-$40,013
Form type
4
Date filed
12/20/2024, 08:28 PM
Previous filing
Mar 18, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction SPRB Common Stock Options Exercise $0 +154K +75.95% $0.00 357K Dec 10, 2024 Direct F1, F2
transaction SPRB Common Stock Tax liability -$29.5K -54.9K -15.4% $0.54 302K Dec 10, 2024 Direct F1
transaction SPRB Common Stock Options Exercise $0 +38.5K +12.76% $0.00 340K Dec 16, 2024 Direct F1, F2
transaction SPRB Common Stock Tax liability -$5.34K -13.7K -4.04% $0.39 327K Dec 16, 2024 Direct F1
transaction SPRB Common Stock Options Exercise $0 +37.3K +11.41% $0.00 364K Dec 16, 2024 Direct F2, F3
transaction SPRB Common Stock Tax liability -$5.17K -13.3K -3.65% $0.39 351K Dec 16, 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 -154K -50% $0.00 154K Dec 10, 2024 Common Stock 154K $0.00 Direct F1, F2
transaction SPRB Restricted Stock Units Options Exercise $0 -38.5K -25% $0.00 116K Dec 16, 2024 Common Stock 38.5K $0.00 Direct F1, F2, F4
transaction SPRB Restricted Stock Units Options Exercise $0 -37.3K -33.33% $0.00 74.5K Dec 16, 2024 Common Stock 37.3K $0.00 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 308,000 RSUs. 50% or 154,000 of the total RSUs are performance-based and since certain specified performance goals were met, they all vested on December 10, 2024. An additional 50% or 154,000 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, 38,500 shares vested and 13,737 shares were withheld for taxes, resulting in a net issuance of 24,763 shares.
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 149,000 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, 37,250 RSUs vested, with 13,291 shares being withheld for taxes, resulting in a net issuance of 23,959 shares.
F4 Represents the aggregate balance of time-based RSUs.