Company: SPRB
Filing Date: 2025-04-28
Form Type: DEF 14A
Source: 0000950170-25-059288
Chunk: 61

Company: SPRUCE BIOSCIENCES, INC.
Filing Date: 2025-04-28
Form: DEF 14A
Chunk 61
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) 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.

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(12) The shares will vest in a single installment upon either the achievement of certain financing metrics/consummation of a Change of Control (as defined in the 2020 Plan) or the completion of an equity financing of the Company resulting in at least $50 million of gross proceeds (prior to commissions and offering expenses).

(13) One-fourth of the shares subject to the option award vested on May 1, 2021, and the balance vests in equal monthly installments over the three years thereafter. The option includes an early exercise feature.

(14) One-forty-eighth of the shares subject to the option award vested on each monthly anniversary of August 7, 2020, subject to continued service to us. The option includes an early exercise feature.

(15) One-forty-eighth of the shares subject to the option award shall vest on each monthly anniversary of January 28, 2021, subject to continued service to us.

(16) One-forty-eighth of the shares subject to the option award shall vest on each monthly anniversary of December 16, 2021, subject to continued service to us.

(17) One-forty-eighth of the shares subject to the option award shall vest on each monthly anniversary of January 3, 2022, subject to continued service to us.

(18) One-fourth of the shares subject to the option award vested on March 28, 2023, and the balance vested in equal monthly installments until Dr. Charlton’s termination on December 31, 2024.

Options held by our named executive officers are eligible for accelerated vesting under specified circumstances as further described under the section titled “Executive Compensation—Potential Payments Upon Termination or Change of Control”.

Employment and Letter Agreements

Below are descriptions of our employment and letter agreements with our named executive officers. For a discussion of the severance pay and other benefits to be provided in connection with a termination of employment and/or a change in control under the arrangements with our named executive officers, see the section titled “Executive Compensation—Potential Payments Upon Termination or Change of Control” below.

Dr. Szwarcberg. We entered into an offer letter agreement with Dr. Szwarcberg