Company: SPRB
Filing Date: 2025-04-18
Form Type: PRE 14A
Source: 0000950170-25-055856
Chunk: 63

Company: SPRUCE BIOSCIENCES, INC.
Filing Date: 2025-04-18
Form: PRE 14A
Chunk 63
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 will. Mr. Gharib is also entitled to certain severance benefits, the terms of which are described below under “—Potential Payments Upon Termination or Change of Control.”

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Dr. Charlton. We entered into an offer letter agreement with Dr. Charlton in March 2022, which governed the current terms of Dr. Charlton’s employment with us. Pursuant to the agreement, Dr. Charlton was entitled to an initial annual base salary of $400,000, was eligible to receive an annual performance bonus with a target achievement of 40% of his base salary, as determined by the Board, and was granted an option to purchase an aggregate of 250,000 shares of our common stock. Dr. Charlton was also entitled to certain severance benefits, the terms of which are described below under “—Potential Payments Upon Termination or Change of Control.” Dr. Charlton also eligible for standard benefits such as vacation and paid time off and to participate in employee benefit plans and programs, in each case, as generally available to our regular full-time employees. Dr. Charlton’s employment was at will.

Potential Payments Upon Termination or Change of Control

Severance Plan

Each of our current named executive officers, except Dr. Charlton whose employment ceased as of December 31, 2024, is eligible for our severance and change in control plan (the “Severance Plan”), which was adopted by the Board in September 2020 and became effective in connection with our initial public offering. The Severance Plan provides for severance benefits upon (i) a “change in control termination” or (ii) a “regular termination” (each as described below). Upon a change in control termination, participants will be entitled to continued payment of base salary (for 18 months for Dr. Szwarcberg and for 12 months for Mr. Gharib), a lump sum payment equal to the participant’s target cash bonus, payment of continued group health benefits (for up to 18 months for Dr. Szwarcberg and for up to 12 months for Mr. Gharib), and full accelerated vesting of all outstanding equity awards granted following effectiveness of the Severance Plan (including performance-based awards, which shall vest at 100% of target). Pursuant to the terms of his amended offer letter agreement with us, with respect to his option award for 250,000 shares of common stock granted January 3, 202