Charlton Ralph William III 4
4 · SPRUCE BIOSCIENCES, INC. · Filed Dec 18, 2023
Insider Transaction Report
Form 4
Charlton Ralph William III
Chief Medical Officer
Transactions
- Exercise/Conversion
Common Stock
2023-12-15+31,750→ 56,992 total - Award
Restricted Stock Units
2023-12-14+212,800→ 212,800 totalExercise: $0.00→ Common Stock (212,800 underlying) - Tax Payment
Common Stock
2023-12-15$1.66/sh−10,980$18,227→ 46,012 total - Exercise/Conversion
Restricted Stock Units
2023-12-15−31,750→ 95,250 totalExercise: $0.00→ Common Stock (31,750 underlying)
Footnotes (5)
- [F1]On December 5, 2022, the Reporting Person was granted 127,000 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, 31,750 RSUs vested, with 10,980 shares being withheld for taxes, resulting in a net issuance of 20,770 shares.
- [F2]Each RSU represents a contingent right to receive one share of SPRB common stock.
- [F3]106,400 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]106,400 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 95,250 time-based RSUs.