Walbert Keli 4

What Happened

• Walbert Keli, a director of Spruce Biosciences, received a grant/acquisition of a derivative award for 1,700 shares on 2026-05-21. The reported acquisition price is $0.00 (a granted award/derivative instrument), so no cash was paid by the insider at grant.

Key Details

• Transaction date: 2026-05-21; SEC filing date: 2026-05-26 (filed 5 days after the transaction — appears later than the standard 2-business-day Form 4 window).
• Instrument: reported as an acquisition (code A) of a derivative security; the filing’s footnote refers to the award as an "Option" under the company’s 2020 Equity Incentive Plan.
• Vesting: the shares/options vest on the first anniversary of the grant date, will be fully vested by the company’s 2027 annual meeting if the director remains in continuous service, and will vest in full upon a Change in Control.
• Shares owned after the transaction: not specified in the provided filing.

Context

• This was a grant of a derivative award (not a market sale or open-market purchase). Such grants are common for directors and are typically tied to service/retention and corporate events; they do not represent an immediate cash purchase or sale.
• The filing appears to have been submitted after the usual 2-business-day Form 4 deadline, which may be noted by regulators or the company; the filing itself provides the vesting schedule and conditions but does not indicate any immediate disposition of shares.