0001209191-23-059054.txt : 20231218 0001209191-23-059054.hdr.sgml : 20231218 20231218201635 ACCESSION NUMBER: 0001209191-23-059054 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20231214 FILED AS OF DATE: 20231218 DATE AS OF CHANGE: 20231218 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Gharib Samir M. CENTRAL INDEX KEY: 0001533302 ORGANIZATION NAME: FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-39594 FILM NUMBER: 231495329 MAIL ADDRESS: STREET 1: 2655 PINE STREET STREET 2: #6 CITY: SAN FRANCISCO STATE: CA ZIP: 94115 ISSUER: COMPANY DATA: COMPANY CONFORMED NAME: SPRUCE BIOSCIENCES, INC. CENTRAL INDEX KEY: 0001683553 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] ORGANIZATION NAME: 03 Life Sciences IRS NUMBER: 812154263 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 BUSINESS ADDRESS: STREET 1: 611 GATEWAY BOULEVARD, SUITE 740 CITY: SOUTH SAN FRANCISCO STATE: CA ZIP: 94080 BUSINESS PHONE: (415) 655-4168 MAIL ADDRESS: STREET 1: 611 GATEWAY BOULEVARD, SUITE 740 CITY: SOUTH SAN FRANCISCO STATE: CA ZIP: 94080 4 1 doc4.xml FORM 4 SUBMISSION X0508 4 2023-12-14 0 0001683553 SPRUCE BIOSCIENCES, INC. SPRB 0001533302 Gharib Samir M. C/O SPRUCE BIOSCIENCES, INC. 611 GATEWAY BOULEVARD, SUITE 740 SOUTH SAN FRANCISCO CA 94080 0 1 0 0 President & CFO 0 Common Stock 2023-12-15 4 M 0 75000 0.00 A 190366 D Common Stock 2023-12-15 4 F 0 23213 1.66 D 167153 D Common Stock 2023-12-15 4 M 0 37250 0.00 A 204403 D Common Stock 2023-12-15 4 F 0 12882 1.66 D 191521 D Restricted Stock Units 0.00 2023-12-14 4 A 0 308000 0.00 A Common Stock 308000 308000 D Restricted Stock Units 0.00 2023-12-15 4 M 0 75000 0.00 D Common Stock 75000 75000 D Restricted Stock Units 0.00 2023-12-15 4 M 0 37250 0.00 D Common Stock 37250 111750 D On December 16, 2021, the Reporting Person was granted 150,000 time-based restricted stock units ("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. On December 15, 2023, 23,213 shares were withheld for taxes, resulting in a net issuance of 51,787 shares. Each RSU represents a contingent right to receive one share of SPRB common stock. On December 5, 2022, the Reporting Person was granted 149,000 time-based 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, 37,250 RSUs vested, with 12,882 shares being withheld for taxes, resulting in a net issuance of 24,368 shares. 154,000 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). 154,000 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). Represents the aggregate balance of 75,000 performance-based RSUs. Represents the aggregate balance of 111,750 time-based RSUs. /s/ Samir M. Gharib 2023-12-18