GREY MICHAEL G 4

What Happened

• Michael G. Grey, Executive Chairman and Director of Spruce Biosciences (SPRB), was granted a derivative award for 1,700 shares on May 21, 2026. The award shows an acquisition price of $0.00 (no cash paid at grant).
• This is a grant/award (not an open-market purchase or sale); the shares are subject to vesting and are not immediately unrestricted or sold.

Key Details

• Transaction date: 2026-05-21; Form 4 filed: 2026-05-26 (filed 5 days after the grant; Form 4s are normally due within 2 business days).
• Award size and price: 1,700 shares, $0.00 per share (derivative).
• Shares owned after transaction: Not specified in the filing excerpt provided.
• Footnote on vesting: The award vests on the first anniversary of the grant date, but will be fully vested by the Company’s 2027 annual stockholder meeting if the Reporting Person remains in continuous service; the award also vests in full upon a Change in Control.

Context

• This is a time-based equity award to an executive (a common form of compensation) rather than an immediate market purchase or sale. Derivative designation means the economic right to shares is subject to vesting/plan terms and may convert to common stock later.
• Filing appears to be late relative to the usual Form 4 deadline (filed 5 days after the transaction), which investors may note for timeliness but does not change the substance of the grant.