Company: SPRB
Filing Date: 2025-04-18
Form Type: PRE 14A
Source: 0000950170-25-055856
Chunk: 60

Company: SPRUCE BIOSCIENCES, INC.
Filing Date: 2025-04-18
Form: PRE 14A
Chunk 60
---
 market value of one share of our common stock on the date of grant, as determined in good faith by the Board or compensation committee. All of the option awards granted since our initial public offering in October 2020 were granted with a per share exercise price equal to the closing sales price on the Nasdaq Global Select Market on the date of grant. (3) Awards in this column consist of RSU awards that were unvested as of December 31, 2024. (4) Amounts in this column represent the market value for RSU awards that were unvested as of December 31, 2024. The market value of the RSU award is calculated by multiplying the number of shares underlying the RSU award shown in the table by $0.42, the closing price of our common stock on December 31, 2024. (5) Awards in this column consist of PSU awards that were unearned and unvested as of December 31, 2024. (6) Amounts in this column represent the market value for PSU awards that were unearned and unvested as of December 31, 2024. The market value of the PSU award is calculated by multiplying the number of shares underlying the PSU award shown in the table by $0.42, the closing price of our common stock on December 31, 2024. (7) One-fourth of the shares subject to the option award vested on January 3, 2023, and the balance vests in equal monthly installments over the three years thereafter. (8) 125,000 shares subject to the option award vested upon the achievement of a specified clinical development milestone. (9) One-fourth of the shares vested on December 15, 2023, and one-third of the remaining shares vest on each anniversary thereafter, subject to continued service to us as of each such date. (10) One-fourth of the shares vested on December 15, 2024, and one-third of the remaining shares vest on each anniversary thereafter, subject to continued service to us as of each such date. (11) One-fourth of the shares will vest on December 10, 2025, and one-third of the remaining shares vest on each anniversary thereafter, subject to continued service to us as of each such date.

<div align='center'>42</div>

(12) The shares will vest in a single installment upon either the achievement of certain financing metrics/consummation of a Change