Company: SPRB
Filing Date: 2025-12-15
Form Type: 8-K
Source: 0001193125-25-318488
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Company: SPRUCE BIOSCIENCES, INC.
Filing Date: 2025-12-15
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.

Appointment of Keli Walbert as a Director

On December 11, 2025, the board of directors (the “ Board”) of Spruce Biosciences, Inc. (the “ Company”) appointed Keli Walbert to the Board, effective immediately. Ms. Walbert will serve as a Class I Director, with an initial term expiring at the Company’s 2027 Annual Meeting of Stockholders. Ms. Walbert was also appointed to serve on the Compensation Committee of the Board (the “ Compensation Committee”).

Pursuant to the Company’s Non-Employee Director Compensation Policy (as it may be amended from time to time, the “ Policy”), Ms. Walbert was automatically granted a nonstatutory stock option to purchase 3,400 shares of the Company’s common stock (the “ Common Stock”) upon her appointment to the Board, which will vest monthly over a three-year period, subject to Ms. Walbert’s continuous service as of each such vesting date. In addition, in accordance with the Policy, Ms. Walbert will also receive an annual cash retainer of $40,000 for her service as a director and $5,000 for her service on the Compensation Committee, each of which will be pro-rated for 2025. In addition, in accordance with the Policy, commencing on January 1, 2026, Ms. Walbert’s annual cash retainer for her service on the Compensation Committee will increase to $5,500 while her annual cash retainer for her service as director will remain as $40,000. In addition, in accordance with the Policy, commencing with the Company’s 2026 Annual Meeting of Stockholders, Ms. Walbert will be eligible to receive an annual nonstatutory stock option to purchase 1,700 shares of Common Stock, subject to her continuous service as of each annual meeting of stockholders. The shares subject to each such option grant would vest upon the earlier of (a) the first anniversary of the date of grant and (b) the date of the Company’s next annual meeting of stockholders, subject to Ms. Walbert’s continuous service as of each such date.

Ms. Walbert has entered into the Company’s standard form of indemnification agreement. There were no arrangements or understandings between Ms. Walbert and any other persons pursuant to which she