EX-10.3





 Exhibit 10.3 

TALKSPACE, INC. 
 NON-EMPLOYEE DIRECTOR COMPENSATION PROGRAM 
 Eligible Directors (as defined below) on the board of
directors (the “Board”) of Talkspace, Inc. (the “Company”) shall be eligible to receive cash and equity compensation as set forth in this Non-Employee Director
Compensation Program (this “Program”). The cash and equity compensation described in this Program shall be paid or be made, as applicable, automatically as set forth herein and without further action of the Board, to each
member of the Board who is not an employee of the Company or any of its parents, affiliates or subsidiaries, and who is determined by the Board to be eligible to receive compensation under this Program (each, an “Eligible
Director”), who may be eligible to receive such cash or equity compensation, unless such Eligible Director declines the receipt of such cash or equity compensation by written notice to the Company. 

This Program shall become effective upon the Effective Date (as defined below), and shall remain in effect until it is revised or rescinded by
further action of the Board. This Program may be amended, modified or terminated by the Board at any time in its sole discretion. No Eligible Director shall have any rights hereunder, except with respect to equity awards granted pursuant to
Section 2 of this Program. For purposes of this Program, the “Effective Date” shall mean the date on which the closing of the transactions contemplated by that certain Agreement and Plan of Merger by and among Hudson
Executive Investment Corp. and certain parties thereto, dated as of January 12, 2021 (the “SPAC Merger”) are consummated. 

1.    Cash Compensation. 

a.    Annual Retainers. Each Eligible Director shall be eligible to receive an annual cash retainer
of $40,000 for service on the Board. 
 b.    Additional Annual Retainers. An Eligible Director
shall be eligible to receive the following additional annual retainers, as applicable: 
 (i)    Audit
Committee Chairperson. An Eligible Director serving as Chairperson of the Audit Committee shall be eligible to receive an additional annual retainer of $20,000 for such service. 

(ii)    Compensation Committee Chairperson. An Eligible Director serving as Chairperson of the
Compensation Committee shall be eligible to receive an additional annual retainer of $10,000 for such service. 

c.    Payment of Retainers. The annual cash retainers described in Sections 1(a) and 1(b) shall be
earned on a quarterly basis based on a calendar quarter and shall be paid by the Company in arrears not later than 30 days following the end of each calendar quarter. In the event an Eligible Director does not serve as a director, or in the
applicable positions described in Section 1(b), for an entire calendar quarter, the retainer paid to such Eligible Director shall be prorated for the portion of such calendar quarter actually served as a director, or in such position, as
applicable. 
 2.    Equity Compensation. 

a.    General. Eligible Directors shall be granted the equity awards described below. The awards
described below shall be granted under and shall be subject to the terms and provisions of the Company’s 2021 Incentive Award Plan or any other applicable Company equity incentive plan then-maintained by the Company (such plan, as may be
amended from time to time, the “Equity Plan”) and may be granted subject to the execution and delivery of award agreements, including attached exhibits, in substantially the forms approved by the Board prior to or in
connection with such grants. All applicable terms of the Equity Plan apply to this Program as if fully set forth herein, and all grants of equity awards hereby are subject in all respects to the terms of the Equity Plan. Capitalized terms not
otherwise defined herein shall have the meanings ascribed to them in the Equity Plan. 

  
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 b.    Original Director Awards. Each Eligible
Director serving on the Board as of the closing of the SPAC Merger automatically shall be granted an Option with a value of $320,000 and a Restricted Stock Unit award with a value of $80,000 (each, a “Existing Director
Award”). Each Existing Director Award that is an Option shall be granted on the date of the closing of the SPAC Merger and each Existing Director Award that is a Restricted Stock Unit award shall be granted upon effectiveness of the
Form S-8 with respect to the Company’s common stock issuable under the Plan, in each case subject to continued service through the applicable grant date. Each Existing Director Award shall vest and become
exercisable (as applicable) as to 25% of the Shares subject to such award on each of the first four anniversaries of the closing of the SPAC Merger, subject to continued service through the applicable vesting date. 

c.    Initial Awards. Each Eligible Director who is initially elected or appointed to serve on the
Board after the Effective Date automatically shall be granted an Option with a value of $320,000 and a Restricted Stock Unit award with a value of $80,000 (each, an “Initial Award”). Each Initial Award shall be granted on the
date on which such Eligible Director is appointed or elected to serve on the Board (the “Election Date”). Each Initial Award shall vest and become exercisable (as applicable) as to 25% of the Shares subject to such award on
each of the first four anniversaries of such Election Date, subject to continued service through the applicable vesting date. 

d.    Annual Awards. An Eligible Director who is serving on the Board as of the date of the Annual
Meeting each calendar year beginning with calendar year 2022 shall be granted a Restricted Stock Unit award with a value of $160,000 (an “Annual Award” and together with the Original Director Awards and the Initial Awards,
the “Director Awards”). Each Annual Award shall vest in full on the earlier to occur of (i) the one-year anniversary of the applicable grant date and (ii) the date of the next
Annual Meeting following the grant date, subject to continued service through the applicable vesting date. 

e.    Accelerated Vesting Events. Notwithstanding the foregoing, an Eligible Director’s
Director Award(s) shall vest in full immediately prior to the occurrence of a Change in Control, to the extent outstanding at such time, if the Eligible Director will not become, as of immediately following such Change in Control, a member of the
board of the Company or the ultimate parent of the Company. 
 f.    Provisions Applicable to
Awards. With respect to any Award granted under this Program: 
 i.    The exercise price per Share
with respect to an Option shall be equal to the Fair Market Value of a Share on the applicable grant date. 

ii.    An Option shall have a maximum term of ten years from the applicable grant date. 

iii.    The number of Shares subject to an Option shall be determined by dividing the value of the Option
by the per share Black-Scholes valuation as of the applicable grant date, utilizing the same assumptions that the Company uses in preparation of its financial statements. 

  
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 iv.    The number of Shares subject to a Restricted
Stock Unit award shall be determined by dividing the value by the Fair Market Value of a Share on the applicable grant date. 

3.    Compensation Limits. Notwithstanding anything to the contrary in this Program, all compensation payable under
this Program will be subject to any limits on the maximum amount of non-employee Director compensation set forth in the Equity Plan, as in effect from time to time. 

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