Company: SPRB
Filing Date: 2025-04-28
Form Type: DEF 14A
Source: 0000950170-25-059288
Chunk: 64

Company: SPRUCE BIOSCIENCES, INC.
Filing Date: 2025-04-28
Form: DEF 14A
Chunk 64
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 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, 2022 only, the vesting acceleration benefits under the Severance Plan applicable to a change of control termination for Dr. Szwarcberg will only apply for a Change in Control (as defined in the Severance Plan) with an effective date on or after January 3, 2023. Upon a regular termination, participants will be entitled to continued payment of base salary (for 12 months for Dr. Szwarcberg and for nine months for Mr. Gharib) and payment of continued group health benefits (for up to 12 months for Dr. Szwarcberg and for up to nine months for Mr. Gharib).

All severance benefits under the Severance Plan are subject to the participant’s execution of an effective release of claims against the company and compliance with the terms of the company’s standard confidentiality agreement. For purposes of the Severance Plan, a “regular termination” is an involuntary termination (i.e., a termination other than for “cause,” as defined in the 2020 Plan (and not as a result of death or disability), or a resignation for “good reason,” as defined in the Severance Plan) that does not occur during the period of time beginning three months prior to, and ending 12 months following, a “change in control” (as defined in the 2020 Plan), or the “change in control period.” A “change in control termination” is an involuntary termination that occurs during the change in control period (the period commencing 3 months prior to the effective date of the change in control and ending 12 months following the effective date of the change in control).

In connection with Dr. Charlton’s departure in December 2024, Dr. Charlton is entitled to receive benefits pursuant to the Company’s Severance and Change in Control Plan, including an amount equal to nine months of salary continuation at his base salary rate, or $343,200, and continued coverage under COBRA equal to nine months, in exchange for granting and not revoking a customary release of claims.

Employee Benefit Plans

We believe that our ability to grant equity-based awards is a valuable and necessary