Camilla V. Simpson - May 20, 2021 Form 4 Insider Report for SPRUCE BIOSCIENCES, INC. (SPRB)

Role: Director
Signature: /s/ Samir Gharib, Attorney-in-Fact
Stock symbol: SPRB
Transactions as of: May 20, 2021
Transactions value $: -$4,823
Form type: 4
Date filed: 5/21/2021, 09:10 PM
Next filing: May 27, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SPRB	Common Stock	Options Exercise	$284	+334		$0.85	334	May 20, 2021	Direct
transaction	SPRB	Common Stock	Sale	-$5.11K	-334	-100%	$15.29^*	0	May 20, 2021	Direct	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	SPRB	Stock Option (Right to Buy)	Options Exercise	$0	-334	-16.64%	$0.00	1.67K	May 20, 2021	Common Stock	2.01K	$0.85	Direct	F2
transaction	SPRB	Stock Option (Right to Buy)	Award	$0	+10K		$0.00	10K	May 20, 2021	Common Stock	10K	$15.24	Direct	F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan previously adopted by the Reporting Person.
F2	The shares subject to the stock option vest over a four-year period commencing October 19, 2017, with 1/4th of the shares vesting on October 19, 2018 and 1/36th of the remaining shares vesting on a monthly basis.
F3	The shares vest on the first anniversary of the Grant Date, provided that the Option will in any case be fully vested on the date of Company's 2022 annual stockholder meeting, subject to the Reporting Person's Continuous Service (as defined in the 2020 Equity Incentive Plan (the "Plan")) through such vesting date and will vest in full upon a Change in Control (as defined in the Plan).