Company: SPRB
Filing Date: 2025-12-12
Form Type: 8-K
Source: 0001193125-25-317532
Chunk: 1

Company: SPRUCE BIOSCIENCES, INC.
Filing Date: 2025-12-12
Form: 8-K
Item: Item 5.02
Chunk 1
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inidase alfa product candidate receives regulatory approval by the U. S. Food and Drug Administration; and (C) a Change in Control (as defined in the 2016 Plan or the 2020 Plan, as applicable) during the optionholder’s continuous service with the Company. If any such Repriced Option is exercised prior to the end of the Retention Period, the exercise price per share shall be the original exercise price per share, and not the Reduced Exercise Price. No other changes were made to the Repriced Options as a result of the Option Repricing, including with respect to the vesting schedules or expiration dates of or the number of shares underlying the Repriced Options.

The total number of shares underlying all Repriced Options is 30,174 shares. The Repriced Options previously had exercise prices ranging from $108.00 to $1,506.00 per share.

The Repriced Options include underwater options held by the Company’s principal executive officer and principal financial and accounting officer as set forth below:

  Name and Position                          Total Repriced Options      Original Exercise Price of Repriced Options  
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Javier Szwarcberg, M. D., MPH                              11,666      $344.25                                      
  Samir Gharib                                                6,131      $122.65 to $1,506.00                         

The Board approved the Option Repricing upon the recommendation of the Compensation Committee, which had engaged in careful review and consideration of the rationale for the Option Repricing, various potential alternatives thereto, and other applicable factors with the advice of the Compensation Committee’s independent compensation consultant. The Option Repricing was designed, including via the Retention Period feature, to provide added incentive to retain and motivate the holders of the Repriced Options to continue to work in the best interests of the Company and its stockholders without incurring the stock dilution resulting from significant additional equity grants or significant additional cash expenditures resulting from additional cash compensation.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

  Spruce Biosciences, Inc.                                             
  By:                           /s/ Samir Gharib                       
                                Samir Gharib                           
                                President and Chief Financial Officer