Exhibit 10.1





 


September 9,
2021


 


Future Health
ESG Corp.


8 The Green, Suite #12081


Dover, DE 19901


 


Re: Initial
Public Offering


 


Ladies and
Gentlemen:


 


        This
letter (this “Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the
 “Underwriting Agreement”) entered into or proposed to be entered into by and between Future Health ESG Corp.,
a Delaware corporation (the “Company”), and Cantor Fitzgerald & Co., as the representative (“Representative”)
of the several underwriters named therein (each an “Underwriter” and collectively, the “Underwriters”),
relating to an underwritten initial public offering (the “Public Offering”), of up to 23,000,000 of the Company’s
units (including up to 3,000,000 units that may be purchased to cover the Underwriters’ option to purchase additional units, if
any) (the “Units”), each comprised of one share of common stock of the Company, par value $0.0001 per share
(“Common Stock”), and one-half of one redeemable warrant (each whole warrant, a “Warrant”).
Each Warrant entitles the holder thereof to purchase one share of Common Stock at a price of $11.50 per share, subject to adjustment.
The Units shall be sold in the Public Offering pursuant to a registration statement on Form S-1 and prospectus (the “Prospectus”)
filed by the Company with the Securities and Exchange Commission (the “Commission”). Certain capitalized terms
used herein are defined in paragraph 12 hereof.


 


        In
order to induce the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering and
for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the individuals and entities
identified on the signature pages hereto as a Founder (each such individual person or entity, a “Founder”
and collectively, the “Founders”) and Future Health ESG Associates 1, LLC (“FHA”
and, each of the Founders and FHA is also referred to as an “Insider” and collectively, the “Insiders”),
each hereby agrees, severally but not jointly, with the Company as follows:


 


        1.Each
Insider agrees that if the Company seeks stockholder approval of a proposed Business Combination, then in connection with such proposed
Business Combination, it, he or she shall (i) vote any Shares owned by it, him or her in favor of any proposed Business Combination
(including any proposals recommended by the Company’s Board of Directors in connection with such Business Combination) and (ii) not
redeem any Shares owned by it, him or her in connection with such stockholder approval.


 






     


     


    

 


        2.Each
Insider hereby agrees that in the event that the Company fails to consummate a Business Combination within 15 months from the closing
of the Public Offering, or such later period approved by the Company’s stockholders in accordance with the Company’s amended
and restated certificate of incorporation, each Insider shall take all reasonable steps to cause the Company to (i) cease all operations
except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten (10) business days thereafter,
subject to lawfully available funds therefor, redeem 100% of the shares of Common Stock sold as part of the Units in the Public Offering
(the “Offering Shares”), at a per share price, payable in cash, equal to the aggregate amount then on deposit
in the Trust Account, including interest (which interest shall be net of taxes payable and less up to $100,000 of interest to pay dissolution
expenses), divided by the number of then outstanding Offering Shares, which redemption will completely extinguish all Public Stockholders’
rights as stockholders (including the right to receive further liquidation distributions, if any) and (iii) as promptly as reasonably
possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board
of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims
of creditors and the other requirements of applicable law. Each Insider agrees to not propose any amendment to the Company’s amended
and restated certificate of incorporation (A) to modify the substance or timing of the Company’s obligation to allow redemption
as described in the Prospectus or (B) with respect to any other provision relating to stockholders’ rights or pre-initial
Business Combination activity, unless the Company provides its Public Stockholders with the opportunity to redeem their Offering Shares
upon approval of any such amendment at a per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust
Account, including interest (which interest shall be net of taxes payable), divided by the number of then outstanding Offering Shares.


 


        Each
Insider acknowledges that it, he or she has no right, title, interest or claim of any kind in or to any monies held in the Trust Account
or any other asset of the Company as a result of any liquidation of the Company with respect to the Founder Shares held by it. Each Insider
hereby further waives, with respect to any Shares held by it, him or her, if any, any redemption rights it, he or she may have in connection
with (x) the consummation of a Business Combination, including, without limitation, any such rights available in the context of
a stockholder vote to approve such Business Combination or in the context of a tender offer made by the Company to purchase shares of
Common Stock and (y) a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation
(A) to modify the substance or timing of the Company’s obligation to allow redemptions as described in the Prospectus or (B) with
respect to any other provision relating to stockholders’ rights or pre-initial Business Combination activity (although the Insiders
shall be entitled to redemption and liquidation rights with respect to any Offering Shares it or they hold if the Company fails to consummate
a Business Combination within 15 months from the date of the closing of the Public Offering).


 


        3.Notwithstanding
the provisions set forth in paragraphs 7(a) and (b) below, during the period commencing on the effective date of the Public
Offering and ending 180 days after such date, each Founder, FHA, and each Insider shall not, without the prior written consent of the
Representative, (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract
to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, or file with, or
submit to, the Commission a registration statement under the Securities Act of 1933, as amended (the “Securities Act”), relating
to any Units, shares of Common Stock, Warrants or any securities convertible into, or exercisable, or exchangeable for, any Units, shares
of Common Stock, or Warrants, or publicly disclose the intention to undertake any of the foregoing, or (ii) enter into any swap
or other arrangement that transfers, in whole or in part, any of the economic consequences of ownership of any Units, shares of Common
Stock, or Warrants or any such other securities, whether any such transaction described in clause (i) or (ii) above is to be
settled by delivery of units or such other securities, in cash or otherwise, or (iii) publicly announce any intention to effect
any transaction specified in clause (i) or (ii). The provisions of this paragraph will not apply to any transfer permitted under
paragraph 7(c) hereof or (i) to permit a transfer of securities that is not for consideration and (ii) the transferee
has agreed in writing to be bound by the same terms described in this Letter Agreement to the extent and for the duration that such terms
remain in effect at the time of the transfer.


 






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        4.In
the event of the liquidation of the Trust Account, FHA agrees to indemnify and hold harmless the Company against any and all loss, liability,
claim, damage and expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably incurred in investigating,
preparing or defending against any litigation, whether pending or threatened, or any claim whatsoever) to which the Company may become
subject as a result of any claim by (i) any third party (other than the Company’s independent registered public accounting
firm) for services rendered or products sold to the Company or (ii) a prospective target business with which the Company has discussed
entering into a transaction agreement (a “Target”); provided, however, that such indemnification
of the Company by FHA shall apply only to the extent necessary to ensure that such claims by a third party for services rendered (other
than the Company’s independent registered public accounting firm) or products sold to the Company or a Target do not reduce the
amount of funds in the Trust Account to below (i) $10.05 per Offering Share or (ii) such lesser amount per Offering Share held
in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of the trust assets as of
the date of the liquidation of the Trust Account, in each case, net of the amount of interest which may be withdrawn to pay taxes, except
as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any
claims under the Company’s indemnity of the Underwriters against certain liabilities, including liabilities under the Securities
Act. In the event that any such executed waiver is deemed to be unenforceable against such third party, FHA shall not be responsible
to the extent of any liability for such third-party claims. FHA shall have the right to defend against any such claim with counsel of
its choice reasonably satisfactory to the Company if, within 15 days following written receipt of notice of the claim to FHA, FHA notifies
the Company in writing that it shall undertake such defense.


 


        5.(a) To
the extent that the Underwriters do not exercise their option to purchase up to an additional 3,000,000 Units within 45 days from the
date of the Prospectus (and as further described in the Prospectus), each Founder agrees that it shall forfeit, at no cost, a number
of Founder Shares equal to 750,000, multiplied by (i) a fraction, (x) the numerator of which is 3,000,000 minus the number
of Units purchased by the Underwriters upon the exercise of their option to purchase additional Units and (y) the denominator of
which is 3,000,000, multiplied by (ii) a fraction (x) the numerator of which is the number of Founder Shares purchased by it,
her or him and (y) the denominator of which is the aggregate number of Founder Shares held by all Founders. All references in this
Letter Agreement to Founder Shares of the Company being forfeited shall take effect as a contribution of such Founder Shares to the Company’s
capital as a matter of Delaware law. The forfeiture will be adjusted on a pro rata basis among each Founder to the extent that the option
to purchase additional Units is not exercised in full by the Underwriters so that the number of Founder Shares will equal an aggregate
of 20.0% of the Company’s issued and outstanding Shares after the Public Offering. The Initial Stockholders further agree that
to the extent that the size of the Public Offering is increased or decreased, the Company will effect a capitalization or stock repurchase
or redemption, as applicable, immediately prior to the consummation of the Public Offering in such amount as to maintain the number of
Founder Shares at 20.0% of the Company’s issued and outstanding Shares upon the consummation of the Public Offering. In connection
with such increase or decrease in the size of the Public Offering, then (A) the references to 3,000,000 and 750,000 in the numerator
and denominator of the formula in the first sentence of this paragraph shall be changed to a number equal to 15.0% of the number of shares
of Common Stock included in the Units issued in the Public Offering and 15.0% of the aggregate number of Founder Shares (assuming no
exercise of the Underwriters’ over-allotment option), respectively.


 


        6.Each
Insider hereby agrees and acknowledges that: (i) the Underwriters and the Company would be irreparably injured in the event of a
breach by such Insider of its, his or her obligations under paragraphs 1, 2, 3, 4, 5, 7(a), 7(b), and 9 of this Letter Agreement (ii) monetary
damages may not be an adequate remedy for such breach and (iii) the non-breaching party shall be entitled to seek injunctive relief,
in addition to any other remedy that such party may have in law or in equity, in the event of such breach.


 


        7.(a) Each
Insider agrees that it, he or she shall not Transfer (as defined below) any Founder Shares until the earlier of (A) one year after
the completion of the Company’s initial Business Combination and (B) subsequent to the Business Combination, (x) the
date on which the Company completes a liquidation, merger, stock exchange, reorganization or other similar transaction that results in
all of the Public Stockholders having the right to exchange their shares of Common Stock for cash, securities or other property or (y) if
the last reported sale price of the Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing after the Company’s initial
Business Combination (the “Founder Shares Lock-Up Period”).


 






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                (b) Each
Insider agrees that it, he or she shall not Transfer any Private Placement Warrants or Underlying Shares until 30 days after the completion
of a Business Combination (the “Private Placement Warrants Lock-Up Period”, together with the Founder Shares
Lock-Up Period, the “Lock-Up Periods”).


 


                (c) Notwithstanding
the provisions set forth in paragraphs 7(a) and (b), Transfers of the Founder Shares, the Private Placement Warrants and the Underlying
Shares or the Founder Shares and that are held by any Insider or any of their permitted transferees (that have complied with this paragraph
7(c)), are permitted (a) to the Company’s officers or directors, any affiliates or family members of any of the Company’s
officers or directors, any members of the Founders, or any affiliates of the Founders, (b) in the case of an individual, by gift
to a member of the individual’s immediate family or to a trust, the beneficiary of which is a member of the individual’s
immediate family or an affiliate of such person, or to a charitable organization; (c) in the case of an individual, by virtue of
laws of descent and distribution upon death of the individual; (d) in the case of an individual, pursuant to a qualified domestic
relations order; (e) by private sales or transfers made in connection with the consummation of the Company’s Business Combination
at prices no greater than the price at which the securities were originally purchased; (f) in the event of the Company’s liquidation
prior to the Company’s completion of an initial Business Combination; (g) by virtue of the laws of Delaware or FHA’s
or any Founder’s limited liability company, partnership or trust agreement, as amended, or other organizational documents upon
dissolution of FHA or a Founder; or (h) in the event of the Company’s completion of a liquidation, merger, stock exchange,
reorganization or other similar transaction which results in all of the Public Stockholders having the right to exchange their Common
Stock for cash, securities or other property subsequent to the Company’s completion of an initial Business Combination; provided,
however, that in the case of clauses (a) through (e), these permitted transferees must enter into a written agreement with
the Company agreeing to be bound by the transfer restrictions and other applicable restrictions in this Letter Agreement.


 


        8.Each
Insider represents and warrants that it, he or she has never been suspended or expelled from membership in any securities or commodities
exchange or association or had a securities or commodities license or registration denied, suspended or revoked. Each Insider’s
biographical information furnished to the Company, if any (including any such information included in the Prospectus), is true and accurate
in all respects and does not omit any material information with respect to such Insider’s background. Each Insider’s questionnaire
furnished to the Company, if any, is true and accurate in all respects. Each Insider represents and warrants that: it is not subject
to or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from
any act or practice relating to the offering of securities in any jurisdiction; it has never been convicted of, or pleaded guilty to,
any crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another person, or (iii) pertaining
to any dealings in any securities and it is not currently a defendant in any such criminal proceeding.


 


        9.Except
as disclosed in, or as expressly contemplated by, the Prospectus, neither any Insider nor any affiliate of any Insider, nor any director
or officer of the Company, shall receive from the Company any finder’s fee, reimbursement, consulting fee, monies in respect of
any repayment of a loan or other compensation prior to, or in connection with any services rendered in order to effectuate the consummation
of the Company’s initial Business Combination (regardless of the type of transaction that it is).


 


        10.Each
Insider has full right and power, without violating any agreement to which it is bound (including, without limitation, any non-competition
or non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement and, as applicable, to serve
as an officer and/or a director on the board of directors of the Company and, if applicable, hereby consents to being named in the Prospectus
as an officer and/or a director of the Company.


 






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        11.Each
Insider acknowledges that he, she or it may, from time to time, receive material non-public information relating to the Company, including
with respect to proposed transactions, and is cautioned not to trade in the Company’s securities while in possession of non-public
information relating to the Company.


 


        12.As
used herein, (i) “Business Combination” shall mean a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination, involving the Company and one or more target businesses; (ii) “Shares”
shall mean, collectively, the Common Stock, the Founder Shares and the Underlying Shares; (iii) “Founder Shares”
shall mean the 5,750,000 shares of Common Stock issued and outstanding immediately prior to the consummation of the Public Offering;
(iv) “Initial Stockholders” shall mean the Founders, FHA and any Insider that holds Founder Shares; (v) “Private
Placement Warrants” shall mean the 6,375,000 warrants of the Company (or 6,975,000 warrants if the over-allotment option
is exercised in full) that the Founders have agreed to purchase for an aggregate purchase price of $6,375,000 in the aggregate (or $6,975,000
if the over-allotment option is exercised in full), or $1.00 per warrant, in a private placement that shall occur substantially concurrently
with the consummation of the Public Offering; (vii) “Public Stockholders” shall mean the holders of securities
issued in the Public Offering; (viii) “Trust Account” shall mean the trust fund into which a portion of
the net proceeds of the Public Offering shall be deposited; (ix) “Transfer” shall mean the (a) sale
or assignment of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose
of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with
respect to or decrease of a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as
amended, and the rules and regulations of the Commission promulgated thereunder with respect to, any security, (b) entry into
any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any security,
whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of
any intention to effect any transaction specified in clause (a) or (b) herein; and (x) “Underlying Shares”
shall mean shares of Common Stock issuable upon exercise of the Private Placement Warrants.


 


        13.This
Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof and
supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they
relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement may not be changed, amended,
modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument executed
by (1) each Insider and each Founder that is the subject of any such change, amendment modification or waiver and (2) the Company.


 


        14.No
party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the prior written
consent of the other parties. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate
to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding on each Insider and their
respective successors, heirs and assigns and permitted transferees.


 


        15.Nothing
in this Letter Agreement shall be construed to confer upon, or give to, any person or corporation other than the parties hereto any right,
remedy or claim under or by reason of this Letter Agreement or of any covenant, condition, stipulation, promise or agreement hereof.
All covenants, conditions, stipulations, promises and agreements contained in this Letter Agreement shall be for the sole and exclusive
benefit of the parties hereto and their successors, heirs, personal representatives and assigns and permitted transferees; provided,
however, that the Underwriters shall benefit from the provisions set forth in paragraph 3, which such paragraphs shall not be
amended or modified without the written consent of the Representative.


 






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        16.This
Letter Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes
be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.


 


        17.This
Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the
validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid
or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Letter Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.


 


        18.This
Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York. The parties hereto
(i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this Letter Agreement shall
be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit to such jurisdiction and venue,
which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive jurisdiction and venue or that such
courts represent an inconvenient forum.


 


        19.Any
notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall be in writing
and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery
or facsimile or other electronic transmission.


 


        20.Each
party hereto shall not be liable for any breaches or misrepresentations contained in this Letter Agreement by any other party to this
Letter Agreement, and no party shall be liable or responsible for the obligations of another party, including, without limitation, indemnification
obligations and notice obligations.


 


        21.This
Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-Up Periods and (ii) the liquidation of the
Company; provided, however, that this Letter Agreement shall earlier terminate in the event that the Public Offering is
not consummated and closed by September 30, 2021; provided further that paragraph 4 of this Letter Agreement shall survive such
liquidation.


 


[Signature Page Follows]


 






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	 	Sincerely,
	 	 
	 	FOUNDERS:
	 	 
	 	BEA
    HOLDINGS, LLC
	 	 
	 	By:	 /s/ Bradley A. Bostic
	 	Name:
    Bradley A. Bostic
	 	 
	 	Title:
    Manager
	 	 
	 	M2 ENTERPRISES
    HOLDINGS, LLC
	 	 
	 	By: 	/s/ Travis A. Morgan
	 	Name:
    Travis A. Morgan
	 	Title:
    Manager
	 	 
	 	HC1.COM, INC
	 	 
	 	By: 	/s/ Chris Brown
	 	Name:
    Chris Brown
	 	Title:
    Chief Operating Officer
	 	 
	 	/s/
    R. Mark Lubbers
	 	R. Mark
    Lubbers
	 	 
	 	/s/
    Dr. John F. Mills
	 	Dr. F.
    John Mills
	 	 
	 	/s/
    Dr. Nancy L. Snyderman
	 	Dr. Nancy
    L. Snyderman
	 	 
	 	MB EQUITY,
    LLC
	 	 
	 	By: 	/s/ Travis A. Morgan
	 	Name:
    Travis A. Morgan
	 	Title:
    Managing Director


 


[Signature Page to Letter Agreement]


 



     


     


    




 


 


	 	FHA:
	 	 
	 	FUTURE
    HEALTH ASSOCIATES 1, LLC
	 	 
	 	By: 	/s/ Travis A. Morgan
	 	Name:
    Travis A. Morgan
	 	Title:
    Manager


 


[Signature Page to Letter Agreement]


 



     


     


    

 


	Acknowledged and Agreed:	 
	 	 
	FUTURE HEALTH ESG CORP.	 
	 	 
	By:	 /s/ Bradley A. Bostic	 
	Name: Bradley A. Bostic	 
	Title: Chief Executive Officer	 


 


[Signature Page to Letter Agreement]