Company: SPRB
Filing Date: 2025-12-12
Form Type: 8-K
Source: 0001193125-25-317532
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Company: SPRUCE BIOSCIENCES, INC.
Filing Date: 2025-12-12
Form: 8-K
Item: Item 5.02
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Director Departure

On December 11, 2025, Tiba Aynechi, Ph. D. notified Spruce Biosciences, Inc. (the “ Company”) of her resignation as a member of the board of directors (the “ Board”) of the Company and as the Chair of the Compensation Committee of the Board (the “ Compensation Committee”), effective immediately. Dr. Aynechi’s resignation is not the result of any disagreement with the Company on any matter relating to its operations, policies, practices or otherwise.

Option Repricing

On December 11, 2025 (the “ Repricing Effective Date”), the Board approved a stock option repricing whereby the exercise price of certain outstanding options to purchase shares of the Company’s common stock (the “ Common Stock”) under the Company’s Amended and Restated 2016 Equity Incentive Plan (“2016 Plan”) and the Company’s 2020 Equity Incentive Plan (the “2020 Plan”) was reduced to $104.13 per share (the “ Reduced Exercise Price”), which was the thirty (30)-day trailing volume-weighted average price of the Common Stock on the Nasdaq Capital Market on the Repricing Effective Date (the “ Option Repricing”).

The Option Repricing applied to outstanding and unexercised options to purchase shares of Common Stock that (i) were granted under the 2016 Plan or the 2020 Plan, (ii) had an exercise price per share that was at least $106.09 per share, which was one hundred and twenty percent (120%) of the closing price of a share of Common Stock on the Repricing Effective Date, and (iii) were held by employees (including executive officers) and directors of the Company who remained in continuous service with the Company as of the Repricing Effective Date (the “ Repriced Options”); provided that holders of Repriced Options must remain in continuous service with the Company for a designated retention period in order for the applicable Repriced Options to be exercisable for the Reduced Exercise Price pursuant to the Option Repricing (the “ Retention Period”). The Retention Period began on the Repricing Effective Date and will end on the earliest of (A) the date that is twelve (12) months following the Repricing Effective Date; (B) the date that the Company’s trales