[Form 4] Spruce Power Holding Corporation Insider Trading Activity

Rhea-AI Filing Summary

Jonathan M. Norling, Chief Legal Officer of Spruce Power Holding Corp (SPRU), reported a Form 4 disclosing a transaction on 09/09/2025. The filing shows 5,899 shares of common stock were disposed of at a price of $1.59 per share. After the transaction, the reporting person beneficially owned 435,517 shares. The filing explains the 5,899 shares were withheld to satisfy the reporting person's tax withholding obligations related to the vesting of previously reported restricted stock units (RSUs). The applicable RSUs were originally reported on the Form 3 filed April 3, 2023.

Positive

• Disclosure compliance: The reporting person timely filed Form 4 and provided a clear explanation that shares were withheld for tax withholding on vested RSUs.
• Substantial remaining ownership: The reporting person continues to beneficially own 435,517 shares after the transaction, indicating retained alignment with shareholders.

Negative

• Shares disposed: 5,899 shares were disposed of at $1.59 per share, reducing share count.
• Transaction reduces outstanding insider shares: While administrative, the withholding decreased the insider's liquid share balance.

Insights

Securities Analyst

TL;DR: Insider reported RSU tax-withholding via share withholding; net ownership remains material at 435,517 shares.

The Form 4 documents a non-derivative disposal of 5,899 common shares on 09/09/2025 at $1.59 per share. The filing explicitly states the shares were withheld to satisfy tax withholding obligations from RSU vesting, not an open-market sale. Post-transaction beneficial ownership is reported at 435,517 shares, reflecting continued substantial insider exposure. This is a routine, administrative transaction with no additional compensatory or market-sale detail provided.

Corporate Governance Expert

TL;DR: Transaction appears administrative and routine; disclosure follows Section 16 reporting requirements.

The Form 4 identifies the reporting person as an officer (Chief Legal Officer) and notes the transaction code "F," consistent with tax withholding on vested equity awards. The filing cites the original RSUs on a Form 3 from April 3, 2023, providing traceability of the award. There is no indication of additional disposals, pledges, or changes to voting control. The submission is signed and dated 09/11/2025, meeting formal filing requirements.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Norling Jonathan M

(Last) (First) (Middle)

C/O SPRUCE POWER HOLDING CORPORATION

2000 S COLORADO BLVD, SUITE 2-825

(Street)

DENVER CO 80222

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SPRUCE POWER HOLDING CORP [ SPRU ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Legal Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/09/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/09/2025		F		5,899(1)	D	$1.59	435,517	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. (1) The securities were withheld to pay the reporting person's tax withholding obligations with respect to the vesting of restricted stock units (RSUs) on September 9, 2025. The applicable RSUs were reported on the Form 3 filed April 3, 2023.

Remarks:

	/s/ Jonathan M. Norling	09/11/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Jonathan M. Norling report on Form 4 for SPRU?

The Form 4 reports a disposal of 5,899 common shares on 09/09/2025 at $1.59 per share; post-transaction beneficial ownership is 435,517 shares.

Why were the 5,899 shares disposed of according to the filing?

The filing states the shares were withheld to pay tax withholding obligations related to the vesting of previously granted RSUs.

What was the transaction code and what does it indicate?

The transaction code listed is F, indicating the disposition was related to tax withholding on vested equity awards as disclosed in the Form 4.

How can I find the original RSU grant referenced in this Form 4?

The Form 4 references the applicable RSUs reported on the Form 3 filed April 3, 2023.

When was the Form 4 signed and filed by the reporting person?

The signature block shows the reporting person signed on 09/11/2025.