Document:

EX-10.8

 Exhibit 10.8 

SPRUCE BIOSCIENCES, INC. 

SEVERANCE AND CHANGE IN CONTROL POLICY 

Spruce Biosciences, Inc. (the “Company”) has established this Severance and Change in Control Policy (this
“Policy”) as of July 23, 2019 (the “Effective Date”). The purpose of the Policy is to attract and retain key employees for the Company, to align their interests with those of the Company’s stockholders,
and to provide such individuals with an incentive to continue their service with the Company and to maximize the value of the Company upon a potential Change in Control for the benefit of its stockholders. 

1. Eligible Individuals 
 All employees of
the Company who are designated by the Administrator as eligible to participate in the Policy will be subject to the terms of this Policy (each such individual, a “Participant”). Notwithstanding the foregoing, this Policy will not be
effective with respect to any person designated as a Participant by the Administrator unless and until such person agrees in writing (whether in an employment agreement or by countersigning a participation notice in a form approved by the
Administrator) to be subject to this Policy and agrees to all of its terms and conditions. 
 2. Severance Benefits 

Subject to the terms of this Policy (including, without limitation, Sections 4 and 11), if a Participant has a Change in Control Termination,
the Company will provide such Participant with the following benefits and payments (the “Severance Benefits”): 
  

	 	•	 	 Salary Severance: A lump sum, cash payment equal to six (6) months of the Participant’s Base
Salary (less applicable withholdings). 

  

	 	•	 	 Pro Rata Target Bonus Severance: A lump sum, cash payment equal to (a) the Participant’s Target
Bonus multiplied by (b) a fraction, the numerator of which is the number of days between (and including) the start of the fiscal year in which the Participant’s Change in Control Termination occurs and the date of the
Participant’s Change in Control Termination and the denominator of which is 365 (less applicable withholdings). 

  

	 	•	 	 COBRA Severance: If (a) the Participant was enrolled in a group health plan (i.e., medical,
dental, or vision plan) sponsored by the Company or an affiliate immediately prior to the Change in Control Termination, (b) the Participant is eligible to continue coverage under such group health plan under COBRA at the time of the
Participant’s termination of employment, and (c) the Participant timely elects COBRA coverage, then the Company will pay the applicable COBRA premiums on behalf of the Participant and his or her eligible dependents, if any, covered under
the Company’s group health plan (or waive the cost of coverage under any self-funded group health plan, if applicable) until the earlier of (i) the duration of the period in which the Participant and his or her eligible dependents, if any,
are enrolled in such COBRA coverage (and not otherwise covered by another 

  
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employer’s group health plan that does not impose an applicable pre-existing condition exclusion) and (ii) a period of six (6) months from
the date of the Participant’s Change in Control Termination. In addition, in lieu of such COBRA premium payments, the Company may in its sole discretion pay to the Participant, on the first day of each month during the period that it is
required to pay the COBRA premium payments for the Participant and his or her eligible dependents, if any, a fully taxable cash payment equal to the applicable COBRA premiums for that month, subject to applicable withholdings. For purposes of this
Policy, any applicable insurance premiums that are paid (or deemed paid in the case of self-insured plans) by the Company shall not include any amounts payable by the Participant under a Code Section 125 health care reimbursement plan.

 3. Change in Control Vesting Acceleration Benefit 

Subject to the terms of this Policy (including, without limitation, Section 11), if a Change in Control occurs while a Participant is an
employee of the Company, 100% of the Participant’s then-outstanding and unvested Equity Awards will immediately vest in full and, to the extent applicable, become immediately exercisable. If, however, an outstanding Equity Award is to vest
and/or the amount of the Equity Award to vest is to be determined based on the achievement of performance criteria, then the Equity Award will vest as to 100% of the amount of the Equity Award assuming the performance criteria had been achieved at
target levels for the relevant performance period(s). 
 4. Conditions to Receipt of Severance Benefits 

(a) Release Agreement. A Participant’s receipt of any severance payments or benefits upon the Participant’s Change in Control
Termination under Section 2 is subject to the Participant signing and not revoking the Company’s then-standard separation agreement and release of claims (which may include an agreement not to disparage the Company, non-solicit provisions, an agreement to assist in any litigation matters, and other standard terms and conditions) (the “Release”), which must become effective and irrevocable no later than the 60th
day following the Participant’s Change in Control Termination (the “Release Deadline”). If the Release does not become effective and irrevocable by the Release Deadline, the Participant will forfeit any right to severance
payments or benefits under Section 2. 
 (b) Confidential Information. A Participant’s receipt of Severance Benefits will
be subject to the Participant continuing to comply with the terms of any employee invention assignment and confidentiality agreement between the Participant and the Company. 

(c) Resignation from Officer and Director Positions. A Participant’s receipt of Severance Benefits will be subject to the
Participant resigning from all officer and director positions with the Company and its affiliates that the Participant holds (unless otherwise requested by the Company). 

(d) Return of Company Property. A Participant’s receipt of Severance Benefits is subject to the Participant returning all
documents and other property provided to the Participant by the Company (with the exception of a copy of the Company employee handbook and personnel documents specifically relating to the Participant), developed or obtained by the Participant in
connection with his or her employment with the Company, or otherwise belonging to the Company. 

  
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 5. Timing of Payment of Severance Benefits 

Any lump sum salary severance or pro rata bonus severance payments under Section 2 will be provided within the first two regularly
scheduled payroll periods of the Company following the date the Release becomes effective and irrevocable (the “Severance Start Date”), subject to any delay required by Section 7 below. Any taxable installments of any
COBRA-related severance benefits that otherwise would have been made to the Participant on or before the Severance Start Date will be paid on the Severance Start Date, and any remaining installments thereafter will be provided as specified in this
Policy. 
 6. Definitions 
 The
following terms referred to in this Policy will have the following meanings: 
 (a) “Administrator” means the Board,
provided, however, that if the Board has delegated authority to administer the Policy to the Compensation Committee of the Board, then “Administrator” shall also mean the Compensation Committee of the Board. Following the consummation of a
Change in Control, the Administrator means the board of directors (or similar body) of the successor entity. 
 (b) “Base
Salary” means the Participant’s base salary as of the effective date of the Participant’s Change in Control Termination (without taking into account any reduction in salary forming the basis for a resignation for Good Reason).

 (c) “Board” means the Board of Directors of the Company. 

(d) “Cause” means with respect to a particular Participant, the meaning
ascribed to such term in any written agreement between such Participant and the Company defining such term, and, in the absence of such agreement, means with respect to such Participant, the occurrence of any of the following events: (i) such
Participant’s commission of any felony or any crime involving fraud, dishonesty or moral turpitude under the laws of the United States or any state thereof; (ii) such Participant’s attempted commission of, or participation in, a fraud
or act of dishonesty against the Company; (iii) such Participant’s intentional, material violation of any contract or agreement between such Participant and the Company or of any statutory duty owed to the Company; (iv) such
Participant’s unauthorized use or disclosure of the Company’s confidential information or trade secrets; or (v) such Participant’s gross misconduct. The determination whether a termination is for Cause shall be made by the
Administrator in its sole and exclusive judgment and discretion. 
 (e) “Change in Control” means a Deemed Liquidation
Event (as defined in the Company’s Amended and Restated Certificate of Incorporation, as amended from time to time, without regard to any election by the holders of Series A Preferred Stock) in which either (i) the amount per share to be
paid or distributed to the holders of Series A Preferred Stock is equal to or greater than the Series A Original Issue Price or (ii) such Deemed Liquidation Event is declared to be a Change in Control, for purposes of this Agreement, by the
holders of a majority of the outstanding shares of Series A Preferred Stock. Notwithstanding the foregoing, a transaction will not be deemed a Change in Control unless the transaction qualifies as a change in control event within the meaning of Code
Section 409A. 

  
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 (f) “Change in Control Period” means the period beginning on the date that
is three (3) months prior to the consummation of a Change in Control and ending on the date that is twelve (12) months following the consummation of a Change in Control. 

(g) “Change in Control Termination” means an Involuntary Termination that occurs within the Change in Control Period. For
such purposes, if the events giving rise to a Participant’s right to resign for Good Reason arise within the Change in Control Period, and the Participant’s resignation occurs not later than thirty (30) days after the expiration of
the Cure Period (as defined below), such termination shall be a Change in Control Termination. 
 (h) “COBRA” means the
Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, together with any state law of similar effect. 
 (i)
“Code” means the Internal Revenue Code of 1986, as amended. 
 (j) “Equity Awards” means any
Company equity awards, including, but not limited to, stock options, stock appreciation rights, restricted stock and restricted stock units. 

(k) “Good Reason” for a Participant’s resignation means the occurrence of any of the following events, conditions or
actions taken by the Company without Cause and without such Participant’s consent: (i) a material reduction of such Participant’s annual base salary, which is a reduction of at least 10% of such Participant’s annual base salary
(unless pursuant to a salary reduction program applicable generally to the Company’s similarly situated employees); (ii) a material reduction in such Participant’s authority, duties or responsibilities; (iii) a relocation of such
Participant’s principal place of employment with the Company (or successor to the Company, if applicable) to a place that increases such Participant’s one-way commute by more than fifty
(50) miles as compared to such Participant’s then-current principal place of employment immediately prior to such relocation (excluding regular travel in the ordinary course of business); provided that if such Participant’s principal
place of employment is his or her personal residence, this clause (iii) shall not apply; provided, however, that in each case above, in order for the Participant’s resignation to be deemed to have been for Good Reason, the Participant must
first give the Company written notice of the action or omission giving rise to “Good Reason” within thirty (30) days after the first occurrence thereof; the Company must fail to reasonably cure such action or omission within thirty
(30) days after receipt of such notice (the “Cure Period”), and the employee’s resignation must be effective not later than thirty (30) days after the expiration of such Cure Period. 

(l) “Involuntary Termination” means a termination of a Participant’s employment by the Company without Cause (excluding
by reason of the Participant’s death or disability) or such Participant’s voluntary resignation for Good Reason, and in either case, provided such termination also qualifies as a “separation from service” (as defined in Section 1.409A-1(h) of the Treasury Regulations). 

  
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 (m) “Target Bonus” means the target annual incentive bonus, expressed in
dollars, which the Participant is eligible to earn in the fiscal year in which (i) the Change in Control occurs or (ii) the Change in Control Termination occurs, whichever of (i) or (ii) is greater. 

7. Section 409A 
 This Policy is intended
to comply with Section 409A of the Code (“Section 409A”) or an exemption thereunder and accordingly, to the maximum extent permitted, this Policy will be interpreted and administered in accordance with such
intent. Any payments to be made under this Policy upon a termination of employment may only be made upon a “separation from service” under Section 409A, and may only be made upon an event and in a manner that complies with
Section 409A or an applicable exemption. Any payments or benefits under this Policy that may be excluded from Section 409A either as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded
from Section 409A to the maximum extent possible. Each installment payment provided under this Policy shall be treated as a separate payment. To the extent required in order to avoid an accelerated or additional tax under Section 409A,
amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to this Policy during the six-month period immediately following a separation from service will instead be paid on
the first business day after the date that is six months following separation from service. If the Company determines that any severance benefits provided under this Policy constitutes “deferred compensation” under Section 409A, for
purposes of determining the schedule for payment of the severance benefits, the effective date of the Release will not be deemed to have occurred any earlier than the sixtieth (60th) day following the separation from service, regardless of when the
Release actually becomes effective. In addition to the above, to the extent required to comply with Section 409A and the applicable regulations and guidance issued thereunder, if the applicable deadline for a Participant to execute (and not
revoke) the applicable Release spans two calendar years, payment of the applicable severance benefits shall not commence until the beginning of the second calendar year. In no event will the Company reimburse, indemnify, or hold harmless any
Participant for any taxes, penalties and interest that may be imposed, or other costs that may be incurred, as a result of Section 409A. 
 8.
Limitation of Payments 
 If any payment or benefit received or to be received by a Participant (including any payment or benefit
received pursuant to this Policy or otherwise) would be (in whole or part) subject to the excise tax imposed by Section 4999 of the Code, or any successor provision thereto, or any similar tax imposed by state or local law, or any interest or
penalties with respect to such excise tax (such tax or taxes, together with any such interest or penalties, are hereafter collectively referred to as the “Excise Tax”), then the cash payments provided to the Participant under
this Policy will first be reduced, with each such payment to be reduced pro rata but without any change in the payment date, and then, if necessary, any accelerated vesting of the Participant’s equity awards arising from the terms of such
equity awards shall be reduced in the same chronological order in which those equity awards were made, but only to the extent necessary to assure that the Participant receives the greater of (i) the amount of those payments and benefits
which would not constitute a parachute payment under Section 280G of the Code or (ii) the amount which yields the Participant the greatest after-tax amount of benefits after taking into account any
Excise Tax imposed on the payments and benefits provided to the Participant hereunder (or on any other 

  
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payments or benefits to which the Participant may become entitled in connection with any change in control or ownership of the Company or the subsequent termination of the Participant’s
employment with the Company). Calculations required by this paragraph will be performed by a national accounting firm designated by the Company. 
 9.
Administration of Policy 
 The Administrator will have full discretion to administer and interpret this Policy. Any decision made or
other action taken by the Administrator with respect to this Policy and any interpretation by the Administrator of any term or condition of this Policy, or any related document, will be conclusive and binding on all persons and be given the maximum
possible deference allowed by law. 
 10. Term of Policy 

This Policy will remain in effect until terminated by the Administrator. 

11. Amendment and Termination of Policy 

The Administrator may in its sole discretion amend or terminate the Policy, any participation notice issued pursuant to the Policy, or the
benefits provided hereunder at any time, subject to the provisions of this Section 11. Any amendment or termination of the Policy will be in writing. Any amendment to the Policy that (a) causes an individual or group of individuals to
cease to be a Participant, or (b) reduces or alters to the detriment of a Participant the Severance Benefits potentially payable to the Participant or the Change in Control vesting acceleration benefits set forth in Section 3 (including,
without limitation, imposing additional conditions or modifying the timing of payment) (an amendment described in clause (a) and/or clause (b) being an “adverse amendment or termination”), will be effective only if it is approved
by the Administrator and communicated to the affected individual(s) in writing before the effective date of the adverse amendment or termination. Once a Participant has incurred an Involuntary Termination, no amendment or termination of the Policy
may, without that Participant’s written consent, reduce or alter to the detriment of the Participant the Severance Benefits or any other payments or benefits the Participant is eligible to receive under the Policy. In addition and
notwithstanding the preceding, beginning on the date that a Change in Control occurs, the Company may not, without a Participant’s written consent, amend or terminate the Policy in any way, nor take any other action under the Policy, which
(i) prevents that Participant from becoming eligible for Severance Benefits or any other benefits under the Policy, or (ii) reduces or alters to the detriment of the Participant the Severance Benefits or other benefits under the Policy
payable or realizable, or potentially payable or realizable, to the Participant (including, without limitation, imposing additional conditions). The preceding sentence shall not apply to any amendment that otherwise both (x) would take effect
before a Change in Control, and (y) meets the requirements of this Section 11 without regard to the preceding sentence. 
 12. Miscellaneous
Provisions 
 (a) Accrued Obligations. Except as set forth in this Policy, rights arising from the terms of the Company’s
benefit plans shall be governed by the terms of such plans. 

  
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 (b) Withholding Taxes. All payments and benefits under this Policy will be paid less
applicable withholding taxes. The Company is authorized to withhold from any payments or benefits all federal, state, local, and/or foreign taxes required to be withheld from the payments or benefits and make any other required payroll deductions.
The Company will not pay any Participant’s taxes arising from or relating to any payments or benefits under this Policy. 
 (c)
Exclusive Remedy. In the event of a termination of a Participant’s employment with the Company, the provisions of this Policy are intended to be and are exclusive and in lieu of any other rights or remedies to which the Participant may
otherwise be entitled, whether at law, tort or contract, or in equity. Each Participant will be entitled to no benefits, compensation or other payments or rights upon termination of employment other than those benefits expressly set forth in this
Policy, to the extent applicable. 
 (d) No Mitigation. A Participant is not required to seek other employment or to attempt in any
way to reduce any amounts otherwise payable to the Participant under this Policy. 
 (e) At-will
Employment. Nothing in this Policy shall be construed as giving any Participant any right to be retained in the employ of the Company or any subsidiary of the Company or shall affect the terms and conditions of a Participant’s employment
with the Company or a subsidiary of the Company. A Participant’s employment with the Company or any subsidiary of the Company is employment “at-will” and may be terminated at any time and for
any reason, with or without notice. 
 (f) Choice of Law. The laws of the State of California will govern all questions concerning
the construction, validity and interpretation of this Policy, without regard to that state’s conflict of laws provisions. 
 (g)
Severability. The invalidity or unenforceability of any provision or provisions of this Policy will not affect the validity or enforceability of any other provision of this Policy, which will remain in full force and effect. 

(h) Successors. Any such successor of the Company will be deemed substituted for the Company under the terms of this Policy for all
purposes. For this purpose, “successor” means any person, firm, corporation, or other business entity which at any time, whether by purchase, merger, or otherwise, directly or indirectly acquires all or substantially all of the assets or
business of the Company. None of the rights of the Participant to receive any form of compensation payable pursuant to this Policy may be assigned or transferred except by will or the laws of descent and distribution. Any other attempted assignment,
transfer, conveyance, or other disposition of the Participant’s right to compensation or other benefits will be null and void. 

  
 7EX-10.9

 Exhibit 10.9 

SPRUCE BIOSCIENCES, INC. 

SEVERANCE AND CHANGE IN CONTROL PLAN 

APPROVED BY THE BOARD OF DIRECTORS:
SEPTEMBER 9, 2020 
 Section 1.    INTRODUCTION. 

The Spruce Biosciences, Inc. Severance and Change in Control Plan (the “Plan”) is hereby established effective
upon the IPO Date (as defined below). The purpose of the Plan is to provide for the payment of severance and/or Change in Control (as defined below) benefits to eligible key employees of Spruce Biosciences, Inc. (the
“Company”) in the event that such individuals become subject to certain involuntary or constructive employment terminations. Except as otherwise provided in an individual Participation Agreement, this Plan shall
supersede any severance or change in control benefit plan, policy or practice previously maintained by the Company, including the Company’s Severance and Change in Control Policy, effective July 23, 2019, and any such benefits set forth in
any individually negotiated employment letter or agreement between the Company and an individual employee or other service provider. This Plan document also is the Summary Plan Description for the Plan. 

For purposes of the Plan, the following terms are defined as follows: 

(a)    “Affiliate” means any corporation (other than the Company) in an “unbroken chain
of corporations” beginning with the Company, if each of the corporations other then the last corporation in the unbroken chain owns stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one
of the other corporations in such chain. 
 (b)    “Base Salary” means base pay
(excluding incentive pay, premium pay, commissions, overtime, bonuses and other forms of variable compensation) as in effect prior to any reduction that would give rise to an employee’s right to resign for Good Reason (if applicable). 

(c)    “Board” means the Board of Directors of the Company; provided, however, that if the
Board has delegated authority to administer the Plan to the Compensation Committee of the Board, then “Board” shall also mean the Compensation Committee of the Board. 

(d)    “Cause” means, with respect to a particular employee, the meaning ascribed to such
term in any written agreement between such employee and the Company defining such term, and, in the absence of such agreement, means with respect to such employee, the term “Cause,” as defined in the Equity Plan. The determination whether
a termination is for Cause shall be made by the Plan Administrator in its sole and exclusive judgment and discretion. 

(e)    “Change in Control” has the meaning ascribed to such term in the Equity Plan. 

(f)    “Change in Control Period” means the period commencing three (3) months prior
to the effective date of a Change in Control and ending twelve (12) months following the effective date of such Change in Control. 

(g)    “Change in Control Termination” means an Involuntary Termination that occurs within
the Change in Control Period. For such purposes, if the events giving rise to an employee’s right to resign for Good Reason arise within the Change in Control Period, and the employee’s resignation occurs not later than thirty
(30) days after the expiration of the Cure Period (as defined below), such termination shall be a Change in Control Termination. 

  
 1. 

 (h)    “COBRA” means the Consolidated
Omnibus Budget Reconciliation Act of 1985. 
 (i)    “Code” means the Internal Revenue
Code of 1986, as amended, including any applicable regulations and guidance thereunder. 

(j)    “Company” means Spruce Biosciences, Inc. or, following a Change in Control, the
surviving entity resulting from such event. 
 (k)    “Covered Termination” means a
Regular Termination or a Change in Control Termination. 
 (l)    “Director” means
a member of the Board. 
 (m)    “Disability” means any physical or mental condition
which renders an employee incapable of performing the work for which he or she was employed by the Company or similar work offered by the Company. The Disability of an employee shall be established if (i) the employee satisfies the
requirements for benefits under the Company’s long-term disability plan or (ii) if no long-term disability plan, the employee satisfies the requirements for Social Security disability benefits. 

(n)    “Eligible Employee” means an employee of the Company that meets the requirements to
be eligible to receive Plan benefits as set forth in Section 2 and is designated in writing as eligible to participate in the Plan by the Plan Administrator. 

(o)    “Entity” means a corporation, partnership, limited liability company
or other entity. 
 (p)    “Equity Plan” means the Spruce Biosciences, Inc. 2020 Equity
Incentive Plan, as amended from time to time, or any successor plan thereto. 
 (q)    “Good
Reason” for an employee’s resignation means the occurrence of any of the following events, conditions or actions taken by the Company without Cause and without such employee’s consent: (i) a material reduction of such
employee’s annual base salary, which is a reduction of at least 10% of such employee’s base salary (unless pursuant to a salary reduction program applicable generally to the Company’s similarly situated employees); (ii) a material
reduction in such employee’s authority, duties or responsibilities; (iii) a material breach by the Company of any provision of this Plan or any other material agreement between such employee and the Company concerning the terms and
conditions of such employee’s employment with the Company; or (iv) a relocation of such employee’s principal place of employment with the Company (or successor to the Company, if applicable) to a place that increases such
employee’s one-way commute by more than fifty (50) miles as compared to such employee’s then-current principal place of employment immediately prior to such relocation (excluding regular travel
in the ordinary course of business); provided that if such employee’s principal place of employment is his or her personal residence, this clause (iv) shall not apply; provided, however, that in each case above, in order for the
employee’s resignation to be deemed to have been for Good Reason, the employee must first give the Company written notice of the action or omission giving rise to “Good Reason” within thirty (30) days after the first occurrence
thereof; the Company must fail to reasonably cure such action or omission within thirty (30) days after receipt of such notice (the “Cure Period”), and the employee’s resignation must be effective not later than
thirty (30) days after the expiration of such Cure Period. 
 (r)    “Involuntary
Termination” means a termination of employment that is due to: (1) a termination by the Company without Cause (and other than as a result of the employee’s death or Disability) or (2) an employee’s resignation for
Good Reason, provided that in any case such termination is also a Separation from Service. 

  
 2. 

 (s)    “IPO Date” means the date of the
underwriting agreement between the Company and the underwriter(s) managing the initial public offering of the common stock, of the Company pursuant to which the common stock of the Company is priced for the initial public offering. 

(t)    “Own,” “Owned,” “Owner,”
“Ownership” means a person or Entity will be deemed to “Own,” to have “Owned,” to be the “Owner” of, or to have acquired “Ownership” of securities if such person or Entity, directly or
indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares voting power, which includes the power to vote or to direct the voting, with respect to such securities. 

(u)    “Participation Agreement” means an agreement between an employee and the Company in
substantially the form of Appendix A attached hereto, and which may include such other terms as the Board deems necessary or advisable in the administration of the Plan. 

(v)    “Plan Administrator” means the Board prior to the effective date of a Change in
Control and the Representative upon and following such date. 

(w)    “Representative” means one or more members of the Board or other
persons or entities designated by the Board prior to or in connection with a Change in Control that will have authority to administer and interpret the Plan upon and following the effective date of such Change in Control as provided in
Section 10(a). 
 (x)    “Regular Termination” means an Involuntary Termination that
is not a Change in Control Termination. 

(y)    “Section 409A” means Section 409A of the Code
and the treasury regulations and other guidance thereunder and any state law of similar effect. 

(z)    “Separation from Service” means a “separation from service” within the
meaning of Treasury Regulations Section 1.409A-1(h), without regard to any alternative definition thereunder. 

Section 2.    ELIGIBILITY FOR BENEFITS. 

(a)    Eligible Employee. An employee of the Company is eligible to participate in the Plan if (i) the
Board has designated such employee as eligible to participate in the Plan by providing such person with a Participation Agreement; (ii) such employee has signed and returned such Participation Agreement to the Company within the period
specified therein; (iii) such employee’s employment with the Company terminates due to a Covered Termination; and (iv) such employee meets the other Plan eligibility requirements set forth in this Section 2. The determination of
whether an employee is an Eligible Employee shall be made by the Plan Administrator, in its sole discretion, and such determination shall be binding and conclusive on all persons. 

(b)    Release Requirement. Except as otherwise provided in an individual Participation Agreement, in order
to be eligible to receive benefits under the Plan, the employee also must execute a general waiver and release, in such a form as provided by the Company (the “Release”), within the applicable time period set forth therein,
and such Release must become effective in accordance with its terms, which must occur in no event more than sixty (60) days following the date of the applicable Covered Termination.. 

  
 3. 

 (c)    Exceptions to Benefit Entitlement. An employee who
otherwise is an Eligible Employee will not receive benefits under the Plan in the following circumstances, as determined by the Plan Administrator in its sole discretion: 

(1)    The employee is terminated by the Company for any reason or voluntarily terminates employment with the
Company in any manner (including due to the employee’s death or Disability), and in either case, such termination does not constitute a Covered Termination. Voluntary terminations include, but are not limited to, resignation, retirement or
failure to return from a leave of absence on the scheduled date. 
 (2)    The employee voluntarily terminates
employment with the Company in order to accept employment with another entity that is wholly or partly owned (directly or indirectly) by the Company or an Affiliate. 

(3)    The employee is offered an identical or substantially equivalent or comparable position with the Company or
an Affiliate. For purposes of the foregoing, a “substantially equivalent or comparable position” is one that provides the employee substantially the same level of responsibility and compensation and would not give rise to the
employee’s right to resign for Good Reason. 
 (4)    The employee is offered immediate reemployment by a
successor to the Company or an Affiliate or by a purchaser of the Company’s assets, as the case may be, following a Change in Control and the terms of such reemployment would not give rise to the employee’s right to resign for Good Reason.
For purposes of the foregoing, “immediate reemployment” means that the employee’s employment with the successor to the Company or an Affiliate or the purchaser of its assets, as the case may be, results in uninterrupted
employment such that the employee does not incur a lapse in pay or benefits as a result of the change in ownership of the Company or the sale of its assets. For the avoidance of doubt, an employee who becomes immediately reemployed as described in
this Section 2(c)(4) by a successor to the Company or an Affiliate or by a purchaser of the Company’s assets, as the case may be, following a Change in Control shall continue to be an Eligible Employee following the date of such
reemployment. 
 (d)    Termination of Severance Benefits. An Eligible Employee’s right to receive
severance benefits under this Plan shall terminate immediately if, at any time prior to or during the period for which the Eligible Employee is receiving severance benefits under the Plan, the Eligible Employee, 

  
 4. 

 
without the prior written approval of the Plan Administrator, engages in a Prohibited Action (as defined below). In addition, if benefits under the Plan have already been paid to the Eligible
Employee and the Eligible Employee subsequently engages in a Prohibited Action during the Prohibited Period (or it is determined that an Eligible Employee engaged in a Prohibited Action prior to receipt of such benefits), any benefits previously
paid to the Eligible Employee shall be subject to recoupment by the Company on such terms and conditions as shall be determined by the Plan Administrator, in its sole discretion. The “Prohibited Period” shall commence on the
date of the Eligible Employee’s Covered Termination and continue for the number of months corresponding to the Severance Period set forth in such Eligible Employee’s Participation Agreement. A “Prohibited Action”
shall occur if the Eligible Employee: (i) breaches any material statutory, common law, or contractual obligation to the Company or an Affiliate (including, without limitation, the contractual obligations set forth in the Company’s standard
employee confidentiality agreement, the Release and/or any other obligations of confidentiality, non-solicitation, non-disparagement, no conflicts or non-competition set forth in the Eligible Employee’s employment agreement, offer letter, any other written agreement between the Eligible Employee and the Company, or under applicable law); (ii) encourages
or solicits any of the Company’s then current employees to leave the Company’s employ for any reason or interferes in any other manner with employment relationships at the time existing between the Company and its then current employees;
or (iii) induces any of the Company’s then current clients, customers, suppliers, vendors, distributors, licensors, licensees, or other third parties to terminate their existing business relationship with the Company or interferes in any
other manner with any existing business relationship between the Company and any then current client, customer, supplier, vendor, distributor, licensor, licensee, or other third parties. 

Section 3.    AMOUNT OF BENEFIT. 

(a)    Severance Benefit. Benefits under the Plan shall be provided to an Eligible Employee as set forth in
the Participation Agreement. 
 (b)    Additional Benefits. Notwithstanding the foregoing, the Company
may, in its sole discretion, provide benefits to employees or consultants who are not Eligible Employees (“Non-Eligible Employees”) chosen by the Board, in its sole discretion, and the
provision of any such benefits to a Non-Eligible Employee shall in no way obligate the Company to provide such benefits to any other Non-Eligible Employee, even if
similarly situated. If benefits under the Plan are provided to a Non-Eligible Employee, references in the Plan to “Eligible Employee” (and similar references) shall be deemed to refer to such Non-Eligible Employee. 
 (c)    Certain Reductions. The Company, in its
sole discretion, shall have the authority to reduce an Eligible Employee’s severance benefits, in whole or in part, by any other severance benefits, pay and benefits provided during a period following written notice of a plant closing or mass
layoff, pay and benefits in lieu of such notice, or other similar benefits payable to the Eligible Employee by the Company or an Affiliate that become payable in connection with the Eligible Employee’s termination of employment pursuant to
(i) any applicable legal requirement, including, without limitation, the Worker Adjustment and Retraining Notification Act or any other similar state law, (ii) any individually negotiated employment contract or agreement or any other
written employment or severance agreement with the Company, or (iii) any Company policy or practice providing for the Eligible Employee to remain on the payroll for a limited period of time after being given notice of the termination of the
Eligible Employee’s employment, and the Plan Administrator shall so construe and implement the terms of the Plan. Any such reductions that the Company determines to make pursuant to this Section 3(c) shall be made such that any benefit
under the Plan shall be reduced solely by any similar type of benefit under such legal requirement, agreement, policy or practice (i.e., any cash severance benefits under the Plan shall be reduced solely by any cash payments or severance
benefits under such legal requirement, agreement, policy or practice, and any continued insurance benefits under the Plan shall be reduced solely by any continued insurance benefits under such legal requirement, agreement, policy or

  
 5. 

 
practice). The Company’s decision to apply such reductions to the severance benefits of one Eligible Employee and the amount of such reductions shall in no way obligate the Company to apply
the same reductions in the same amounts to the severance benefits of any other Eligible Employee, even if similarly situated. In the Company’s sole discretion, such reductions may be applied on a retroactive basis, with severance benefits
previously paid being re-characterized as payments pursuant to the Company’s statutory obligation. 

(d)    Parachute Payments. Except as otherwise provided in an individual Participation Agreement, if any
payment or benefit an Eligible Employee will or may receive from the Company or otherwise (a “Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and
(ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then any such Payment shall be equal to the Reduced Amount. The “Reduced
Amount” shall be either (x) the largest portion of the Payment that would result in no portion of the Payment (after reduction) being subject to the Excise Tax or (y) the largest portion, up to and including the total, of the
Payment, whichever amount (i.e., the amount determined by clause (x) or by clause (y)), after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable
marginal rate), results in the Eligible Employee’s receipt, on an after-tax basis, of the greater economic benefit notwithstanding that all or some portion of the Payment may be subject to the Excise Tax.
If a reduction in a Payment is required pursuant to the preceding sentence and the Reduced Amount is determined pursuant to clause (x) of the preceding sentence, the reduction shall occur in the manner (the “Reduction
Method”) that results in the greatest economic benefit for the Eligible Employee. If more than one method of reduction will result in the same economic benefit, the items so reduced will be reduced pro rata (the “Pro Rata
Reduction Method”). 
 Notwithstanding any provisions in this Section above to the contrary, if the Reduction Method or the Pro
Rata Reduction Method would result in any portion of the Payment being subject to taxes pursuant to Section 409A that would not otherwise be subject to taxes pursuant to Section 409A, then the Reduction Method and/or the Pro Rata Reduction
Method, as the case may be, shall be modified so as to avoid the imposition of taxes pursuant to Section 409A as follows: (A) as a first priority, the modification shall preserve to the greatest extent possible, the greatest economic
benefit for the Eligible Employee as determined on an after-tax basis; (B) as a second priority, Payments that are contingent on future events (e.g., being terminated without Cause), shall be
reduced (or eliminated) before Payments that are not contingent on future events; and (C) as a third priority, Payments that are “deferred compensation” within the meaning of Section 409A shall be reduced (or eliminated) before
Payments that are not deferred compensation within the meaning of Section 409A. 
 The Company shall appoint a nationally recognized
accounting or law firm to make the determinations required by this Section 3. The Company shall bear all expenses with respect to the determinations by such accounting or law firm required to be made hereunder. If the Eligible Employee receives
a Payment for which the Reduced Amount was determined pursuant to clause (x) above and the Internal Revenue Service determines thereafter that some portion of the Payment is subject to the Excise Tax, Eligible Employee agrees to promptly return
to the Company a sufficient amount of the Payment (after reduction pursuant to clause (x) above) so that no portion of the remaining Payment is subject to the Excise Tax. For the avoidance of doubt, if the Reduced Amount was determined pursuant
to clause (y) above, the Eligible Employee shall have no obligation to return any portion of the Payment pursuant to the preceding sentence. 

Section 4.    RETURN OF COMPANY PROPERTY. 

An Eligible Employee will not be entitled to any severance benefit under the Plan unless and until the Eligible Employee returns all Company
Property. For this purpose, “Company Property” 

  
 6. 

 
means all Company documents (and all copies thereof) and other Company property which the Eligible Employee had in his or her possession at any time, including, but not limited to, Company files,
notes, drawings, records, plans, forecasts, reports, studies, analyses, proposals, agreements, financial information, research and development information, sales and marketing information, operational and personnel information, specifications, code,
software, databases, computer-recorded information, tangible property and equipment (including, but not limited to, computers, facsimile machines, mobile telephones, servers), credit cards, entry cards, identification badges and keys; and any
materials of any kind which contain or embody any proprietary or confidential information of the Company (and all reproductions thereof in whole or in part). As a condition to receiving benefits under the Plan, an Eligible Employee must not make or
retain copies, reproductions or summaries of any such Company documents, materials or property. However, an Eligible Employee is not required to return his or her personal copies of documents evidencing the Eligible Employee’s hire,
termination, compensation, benefits and stock options and any other documentation received as a stockholder of the Company. 

Section 5.    TIME OF PAYMENT AND FORM
OF BENEFIT. 
 The Company reserves the right in the Participation Agreement to specify whether severance
payments under the Plan will be paid in a single sum, in installments, or in any other form and to determine the timing of such payments. All such payments under the Plan will be subject to applicable withholding for federal, state and local taxes.
If an Eligible Employee is indebted to the Company on his or her termination date, the Company reserves the right to offset any severance payments under the Plan by the amount of such indebtedness. All severance benefits provided under the Plan are
intended to satisfy the requirements for an exemption from application of Section 409A to the maximum extent that an exemption is available and any ambiguities herein shall be interpreted accordingly; provided, however, that to the extent such
an exemption is not available, the severance benefits provided under the Plan are intended to comply with the requirements of Section 409A to the extent necessary to avoid adverse personal tax consequences and any ambiguities herein shall be
interpreted accordingly. 
 Notwithstanding anything to the contrary set forth herein, any payments and benefits provided under the Plan
that constitute “deferred compensation” within the meaning of Section 409A shall not commence in connection with an Eligible Employee’s termination of employment unless and until the Eligible Employee has also incurred a
“Separation from Service,”, unless the Company reasonably determines that such amounts may be provided to the Eligible Employee without causing the Eligible Employee to incur the adverse personal tax consequences under Section 409A.

 It is intended that (i) each installment of any benefits payable under the Plan to an Eligible Employee be regarded as a separate
“payment” for purposes of Treasury Regulations Section 1.409A-2(b)(2)(i), (ii) all payments of any such benefits under the Plan satisfy, to the greatest extent possible, the exemptions from the
application of Section 409A provided under Treasury Regulations Sections 1.409A-1(b)(4) and 1.409A-1(b)(9)(iii), and (iii) any such benefits consisting of
COBRA premiums also satisfy, to the greatest extent possible, the exemption from the application of Section 409A provided under Treasury Regulations Section 1.409A-1(b)(9)(v). However, if the Company
determines that any such benefits payable under the Plan constitute “deferred compensation” under Section 409A and the Eligible Employee is a “specified employee” of the Company, as such term is defined in
Section 409A(a)(2)(B)(i), then, solely to the extent necessary to avoid the imposition of the adverse personal tax consequences under Section 409A, (A) the timing of such benefit payments shall be delayed until the earlier of
(1) the date that is six (6) months and one (1) day after the Eligible Employee’s Separation from Service and (2) the date of the Eligible Employee’s death (such applicable date, the “Delayed Initial Payment
Date”), and (B) the Company shall (1) pay the Eligible Employee a lump sum amount equal to the sum of the benefit payments that the Eligible Employee would otherwise have received through the Delayed Initial Payment Date if
the commencement of the payment of the benefits had not been delayed pursuant to this paragraph and (2) commence paying the balance, if any, of the benefits in accordance with the applicable payment schedule. 

  
 7. 

 In no event shall payment of any benefits under the Plan be made prior to an Eligible
Employee’s termination date or prior to the effective date of the Release. If the Company determines that any payments or benefits provided under the Plan constitute “deferred compensation” under Section 409A, and the Eligible
Employee’s Separation from Service occurs at a time during the calendar year when the Release could become effective in the calendar year following the calendar year in which the Eligible Employee’s Separation from Service occurs, then
regardless of when the Release is returned to the Company and becomes effective, the Release will not be deemed effective any earlier than the latest permitted effective date (the “Release Deadline”). If the Company
determines that any payments or benefits provided under the Plan constitute “deferred compensation” under Section 409A, then except to the extent that payments may be delayed until the Delayed Initial Payment Date pursuant to the
preceding paragraph, on the first regular payroll date following the effective date of an Eligible Employee’s Release, the Company shall (1) pay the Eligible Employee a lump sum amount equal to the sum of the benefit payments that the
Eligible Employee would otherwise have received through such payroll date but for the delay in payment related to the effectiveness of the Release and (2) commence paying the balance, if any, of the benefits in accordance with the applicable
payment schedule. 
 All severance payments under the Plan shall be subject to applicable withholding for federal, state and local taxes. If
an Eligible Employee is indebted to the Company at his or her termination date, the Company reserves the right to offset any severance payments under the Plan by the amount of such indebtedness.     

Section 6.    TRANSFER AND ASSIGNMENT. 

The rights and obligations of an Eligible Employee under this Plan may not be transferred or assigned without the prior written consent of the
Company. This Plan shall be binding upon any entity or person who is a successor by merger, acquisition, consolidation or otherwise to the business formerly carried on by the Company without regard to whether or not such entity or person actively
assumes the obligations hereunder and without regard to whether or not a Change in Control occurs. 

Section 7.    MITIGATION. 

Except as otherwise specifically provided in the Plan, an Eligible Employee will not be required to mitigate damages or the amount of any
payment provided under the Plan by seeking other employment or otherwise, nor will the amount of any payment provided for under the Plan be reduced by any compensation earned by an Eligible Employee as a result of employment by another employer or
any retirement benefits received by such Eligible Employee after the date of the Eligible Employee’s termination of employment with the Company. 

Section 8.    CLAWBACK; RECOVERY. 

All payments and severance benefits provided under the Plan will be subject to recoupment in accordance with any clawback policy that the
Company is required to adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer
Protection Act or other applicable law. In addition, the Plan Administrator may impose such other clawback, recovery or recoupment provisions as the Plan Administrator determines necessary or appropriate, including but not limited to a reacquisition
right in respect of previously acquired shares of common stock of the Company or other cash or property upon the occurrence of a termination of employment for Cause. No recovery of compensation under such a clawback policy will be an event giving
rise to a right to resign for Good Reason, constructive termination, or any similar term under any plan of or agreement with the Company. 

  
 8. 

 Section 9.    REEMPLOYMENT. 

In the event of an Eligible Employee’s reemployment by the Company during the period of time in respect of which severance benefits
pursuant to the Plan have been paid, the Company, in its sole and absolute discretion, may require such Eligible Employee to repay to the Company all or a portion of such severance benefits as a condition of reemployment. 

Section 10.    RIGHT TO INTERPRET AND ADMINISTER
PLAN; AMENDMENT OR TERMINATION. 

(a)    Interpretation and Administration. Prior to the effective date of a Change in Control, the Board shall
be the Plan Administrator and shall have the exclusive discretion and authority to establish rules, forms, and procedures for the administration of the Plan and to construe and interpret the Plan and to decide any and all questions of fact,
interpretation, definition, computation or administration arising in connection with the operation of the Plan, including, but not limited to, the eligibility to participate in the Plan and amount of benefits paid under the Plan. The rules,
interpretations, computations and other actions of the Board shall be binding and conclusive on all persons. Upon and after the effective date of Change in Control, the Plan will be interpreted and administered in good faith by the Representative
who shall be the Plan Administrator during such period. All actions taken by the Representative in interpreting the terms of the Plan and administering the Plan upon and after the effective date of a Change in Control will be final and binding on
all Eligible Employees. Any references in this Plan to the “Board” or “Plan Administrator” with respect to periods following the effective date of a Change in Control shall mean the Representative. 

(b)    Amendment or Termination. The Plan Administrator reserves the right to amend or terminate this Plan
at any time, without advance notice to any Eligible Employee and without regard to the effect of the amendment or termination on any Eligible Employee or on any other individual, except as otherwise provided herein or in an individual Participation
Agreement. Any amendment or termination of the Plan will be in writing. Notwithstanding the foregoing, an Eligible Employee’s rights to receive payments and benefits pursuant to the Plan under an effective Participation Agreement may not be
adversely affected, without the Eligible Employee’s written consent, by an amendment or termination of the Plan. 

Section 11.    NO IMPLIED EMPLOYMENT CONTRACT. 

The Plan shall not be deemed (i) to give any employee or other person any right to be retained in the employ of the Company or
(ii) to interfere with the right of the Company to discharge any employee or other person at any time, with or without cause, which right is hereby reserved. 

Section 12.    LEGAL CONSTRUCTION. 

This Plan is intended to be governed by and shall be construed in accordance with the Employee Retirement Income Security Act of 1974
(“ERISA”) and, to the extent not preempted by ERISA, the laws of the State of California. 

Section 13.    CLAIMS, INQUIRIES AND APPEALS. 

(a)    Applications for Benefits and Inquiries. Any application for benefits, inquiries about the Plan or
inquiries about present or future rights under the Plan must be submitted to the Plan 

  
 9. 

 
Administrator in writing by an applicant (or his or her authorized representative). The Plan Administrator is: 

Spruce Biosciences, Inc. 
 Board of
Directors 
 2001 Junipero Serra Boulevard, Suite 640 

Daly City, CA 94014 

(b)    Denial of Claims. In the event that any application for benefits is denied in whole or in part, the
Plan Administrator must provide the applicant with written or electronic notice of the denial of the application, and of the applicant’s right to review the denial. Any electronic notice will comply with the regulations of the U.S. Department
of Labor. The notice of denial will be set forth in a manner designed to be understood by the applicant and will include the following: 

(1)    the specific reason or reasons for the denial; 

(2)    references to the specific Plan provisions upon which the denial is based; 

(3)    a description of any additional information or material that the Plan Administrator needs to complete the
review and an explanation of why such information or material is necessary; and 
 (4)    an explanation of the
Plan’s review procedures and the time limits applicable to such procedures, including a statement of the applicant’s right to bring a civil action under Section 502(a) of ERISA following a denial on review of the claim, as described
in Section 13(d) below. 
 This notice of denial will be given to the applicant within ninety (90) days after the Plan
Administrator receives the application, unless special circumstances require an extension of time, in which case, the Plan Administrator has up to an additional ninety (90) days for processing the application. If an extension of time for
processing is required, written notice of the extension will be furnished to the applicant before the end of the initial ninety (90) day period. 

This notice of extension will describe the special circumstances necessitating the additional time and the date by which the Plan
Administrator is to render its decision on the application. 
 (c)    Request for a Review. Any person (or
that person’s authorized representative) for whom an application for benefits is denied, in whole or in part, may appeal the denial by submitting a request for a review to the Plan Administrator within sixty (60) days after the application
is denied. A request for a review shall be in writing and shall be addressed to: 
 Spruce Biosciences, Inc. 

Board of Directors 
 2001 Junipero
Serra Boulevard, Suite 640 
 Daly City, CA 94014 

A request for review must set forth all of the grounds on which it is based, all facts in support of the request and any other matters that the applicant
feels are pertinent. The applicant (or his or her representative) shall have the opportunity to submit (or the Plan Administrator may require the applicant to submit) written comments, documents, records, and other information relating to his or her
claim. The applicant (or his or her representative) shall be provided, upon request and free of charge, reasonable 

  
 10. 

 
access to, and copies of, all documents, records and other information relevant to his or her claim. The review shall take into account all comments, documents, records and other information
submitted by the applicant (or his or her representative) relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. 

(d)    Decision on Review. The Plan Administrator will act on each request for review within sixty
(60) days after receipt of the request, unless special circumstances require an extension of time (not to exceed an additional sixty (60) days), for processing the request for a review. If an extension for review is required, written
notice of the extension will be furnished to the applicant within the initial sixty (60) day period. This notice of extension will describe the special circumstances necessitating the additional time and the date by which the Plan Administrator
is to render its decision on the review. The Plan Administrator will give prompt, written or electronic notice of its decision to the applicant. Any electronic notice will comply with the regulations of the U.S. Department of Labor. In the event
that the Plan Administrator confirms the denial of the application for benefits in whole or in part, the notice will set forth, in a manner calculated to be understood by the applicant, the following: 

(1)    the specific reason or reasons for the denial; 

(2)    references to the specific Plan provisions upon which the denial is based; 

(3)    a statement that the applicant is entitled to receive, upon request and free of charge, reasonable access
to, and copies of, all documents, records and other information relevant to his or her claim; and 
 (4)    a
statement of the applicant’s right to bring a civil action under Section 502(a) of ERISA. 

(e)    Rules and Procedures. The Plan Administrator will establish rules and procedures, consistent with the
Plan and with ERISA, as necessary and appropriate in carrying out its responsibilities in reviewing benefit claims. The Plan Administrator may require an applicant who wishes to submit additional information in connection with an appeal from the
denial of benefits to do so at the applicant’s own expense. 
 (f)    Exhaustion of Remedies. No
legal action for benefits under the Plan may be brought until the applicant (i) has submitted a written application for benefits in accordance with the procedures described by Section 13(a) above, (ii) has been notified by the Plan
Administrator that the application is denied, (iii) has filed a written request for a review of the application in accordance with the appeal procedure described in Section 13(c) above, and (iv) has been notified that the Plan
Administrator has denied the appeal. Notwithstanding the foregoing, if the Plan Administrator does not respond to an Eligible Employee’s claim or appeal within the relevant time limits specified in this Section 13, the Eligible Employee
may bring legal action for benefits under the Plan pursuant to Section 502(a) of ERISA. 

Section 14.    BASIS OF PAYMENTS TO AND
FROM PLAN. 
 The Plan shall be unfunded, and all cash payments under the Plan shall be paid only from the
general assets of the Company. 

  
 11. 

 Section 15.    OTHER PLAN
INFORMATION. 
 (a)    Employer and Plan Identification Numbers. The Employer
Identification Number assigned to the Company (which is the “Plan Sponsor” as that term is used in ERISA) by the Internal Revenue Service is 81-2154263. The Plan Number assigned to the Plan by the
Plan Sponsor pursuant to the instructions of the Internal Revenue Service is 510. 
 (b)    Ending Date
for Plan’s Fiscal Year. The date of the end of the fiscal year for the purpose of maintaining the Plan’s records is December 31. 

(c)    Agent for the Service of Legal Process. The agent for the service of legal process with respect to
the Plan is: 
 Spruce Biosciences, Inc. 

2001 Junipero Serra Boulevard, Suite 640 

Daly City, CA 94014 
 In addition, service of
legal process may be made upon the Plan Administrator. 
 (d)    Plan Sponsor. The “Plan
Sponsor” is: 
 Spruce Biosciences, Inc. 

2001 Junipero Serra Boulevard, Suite 640 

Daly City, CA 94014 

(e)    Plan Administrator. The Plan Administrator is the Board prior to the effective date of a Change in
Control and the Representative upon and following such date. The Plan Administrator’s contact information is: 
 Spruce Biosciences, Inc.

 Board of Directors or Representative 

2001 Junipero Serra Boulevard, Suite 640 

Daly City, CA 94014 
 The Plan Administrator is
the named fiduciary charged with the responsibility for administering the Plan. 
 Section 16.    STATEMENT
OF ERISA RIGHTS. 
 Participants in this Plan (which is a welfare benefit plan sponsored by Spruce
Biosciences, Inc.) are entitled to certain rights and protections under ERISA. If you are an Eligible Employee, you are considered a participant in the Plan and, under ERISA, you are entitled to: 

(a)    Receive Information About Your Plan and Benefits. 

(1)    Examine, without charge, at the Plan Administrator’s office and at other specified locations, such as
worksites, all documents governing the Plan and a copy of the latest annual report (Form 5500 Series), if applicable, filed by the Plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security
Administration; 

  
 12. 

 (2)    Obtain, upon written request to the Plan Administrator,
copies of documents governing the operation of the Plan and copies of the latest annual report (Form 5500 Series), if applicable, and an updated (as necessary) Summary Plan Description. The Administrator may make a reasonable charge for the copies;
and 
 (3)    Receive a summary of the Plan’s annual financial report, if applicable. The Plan Administrator
is required by law to furnish each Eligible Employee with a copy of this summary annual report. 

(b)    Prudent Actions by Plan Fiduciaries. In addition to creating rights for Plan Eligible Employees,
ERISA imposes duties upon the people who are responsible for the operation of the employee benefit plan. The people who operate the Plan, called “fiduciaries” of the Plan, have a duty to do so prudently and in the interest of you and other
Eligible Employees and beneficiaries. No one, including your employer, your union or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a Plan benefit or exercising your rights under ERISA.

 (c)    Enforce Your Rights. If your claim for a Plan benefit is denied or ignored, in whole or in part,
you have a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules. 

Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request a copy of Plan documents or the latest
annual report from the Plan, if applicable, and do not receive them within thirty (30) days, you may file suit in a Federal court. In such a case, the court may require the Plan Administrator to provide the materials and pay you up to $110 a
day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the Plan Administrator. 

If you have a claim for benefits which is denied or ignored, in whole or in part, you may file suit in a state or Federal court. 

If you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in
a Federal court. The court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for
example, if it finds your claim is frivolous. 
 (d)    Assistance with Your Questions. If you have any
questions about the Plan, you should contact the Plan Administrator. If you have any questions about this statement or about your rights under ERISA, or if you need assistance in obtaining documents from the Plan Administrator, you should contact
the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of
Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210. You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration. 

  
 13. 

 APPENDIX A 

SPRUCE BIOSCIENCES, INC. 

SEVERANCE AND CHANGE IN CONTROL PLAN 

PARTICIPATION AGREEMENT 

Name:                      

Section 1.     ELIGIBILITY. 

You have been designated as eligible to participate in the Spruce Biosciences, Inc. Severance and Change in Control Plan (the
“Plan”), a copy of which is attached as Annex I to this Participation Agreement (the “Agreement”). Capitalized terms not explicitly defined in this Agreement but defined in the Plan shall have the same
definitions as in the Plan. 
 Section 2.    SEVERANCE BENEFITS. 

Subject to the terms of the Plan and Section 4 of this Agreement, if you are terminated in a Covered Termination, and meet all the other
eligibility requirements set forth in the Plan, including, without limitation, executing the required Release within the applicable time period set forth therein and provided that such Release becomes effective in accordance with its terms, you will
receive the severance benefits set forth in this Section 2. Notwithstanding the schedule for provision of severance benefits as set forth below, the provision of any severance benefits under this Section 2 is subject to any delay in
payment that may be required under Section 5 of the Plan. 
 (a)    Regular Termination. Upon a
Regular Termination, you shall be eligible to receive the following severance benefits. 
 (1)    Cash
Severance Benefit. You will be entitled to continue to receive your then-current Base Salary for [twelve (12) / nine (9) / six (6)]2 months (such period of months, the “Severance
Period”) commencing on the first payroll period following the effective date of your Release. 

(2)    Payment of Continued Group Health Plan Benefits. 

(i)    If you timely elect continued group health plan continuation coverage under COBRA following your
termination date, the Company shall pay directly to the carrier the full amount of your COBRA premiums, or shall provide coverage under any self-funded plan, on behalf of you for your continued coverage under the Company’s group health plans,
including coverage for your eligible dependents, until the earliest of (i) the end of the Severance Period following the date of your termination, (ii) the expiration of your eligibility for the continuation coverage under COBRA, or
(iii) the date when you become eligible for substantially equivalent health insurance coverage in connection with new employment (such period from your termination date through the earliest of (i) through (iii), the “COBRA
Payment Period”). Upon the conclusion of such period of insurance premium payments made by the Company, or the provision of coverage under a self-funded group health plan, you will be responsible for the entire payment of premiums (or
payment for the cost of coverage) required under COBRA for the duration of your eligible COBRA coverage period. For purposes of this Section, 

 

	2 	 NTD: Insert 12 months for the CEO, 9 months for other C-Suite
executives, and 6 months for VP-level executives. 

  
 1. 

 
(i) references to COBRA shall be deemed to refer also to analogous provisions of state law and (ii) any applicable insurance premiums that are paid by the Company shall not include any
amounts payable by you under an Internal Revenue Code Section 125 health care reimbursement plan, which amounts, if any, are your sole responsibility. You agree to promptly notify the Company as soon as you become eligible for health insurance
coverage in connection with new employment or self-employment. 
 (ii)    Notwithstanding the foregoing, if at
any time the Company determines, in its sole discretion, that it cannot provide the COBRA premium benefits without potentially incurring financial costs or penalties under applicable law (including, without limitation, Section 2716 of the
Public Health Service Act), then in lieu of paying COBRA premiums directly to the carrier on your behalf, the Company will instead pay you on the last day of each remaining month of the COBRA Payment Period a fully taxable cash payment equal to the
COBRA premium for that month, subject to applicable tax withholding (such amount, the “Special Severance Payment”), such Special Severance Payment to be made without regard to yours election of COBRA coverage or payment of
COBRA premiums and without regard to your continued eligibility for COBRA coverage during the COBRA Payment Period. Such Special Severance Payment shall end upon expiration of the COBRA Payment Period. 

(b)    Change in Control Termination. Upon a Change in Control Termination, you shall be eligible to receive
the following severance benefits. For the avoidance of doubt, in no event shall you be entitled to benefits under both Section 2(a) and this Section 2(b). If you are eligible for severance benefits under both Section 2(a) and this
Section 2(b), you shall receive the benefits set forth in this Section 2(b) and such benefits shall be reduced by any benefits previously provided to you under Section 2(a). 

(1)    Cash Severance Benefit. You will receive the cash severance benefit described in
Section 2(a)(1) above, except that: 
 (i)    your Severance Period will be [eighteen (18) / twelve (12) /
nine (9)]3 months and Base Salary payments will commence on the first payroll period following the later of (i) the effective date of your Release, or (ii) the effective date of the
Change in Control; and 
 (ii)    you will additionally be entitled to the annual target cash bonus, if any,
established for you by the Board (or an authorized committee or designee thereof) for the year in which your Change in Control Termination occurs. If at the time of the Change in Control Termination you are eligible for the annual target cash bonus
for the year in which the Change in Control Termination occurs, but the target percentage (or target dollar amount, if specified as such in the applicable bonus plan) for such bonus has not yet been established for such year, the target percentage
shall be the target percentage established for you for the preceding year (but adjusted, if necessary for your position for the year in which the Change in Control Termination occurs). For the avoidance of doubt, the amount of the annual target
bonus to which you are entitled under this Section 2(b)(1)(ii) will be calculated (1) assuming all articulated performance goals for such bonus (including, but not limited to, corporate and individual performance, if applicable), for the
year of the Change in Control Termination was achieved at target levels; (2) as if you had provided services for the entire year for which the bonus relates; and (3) ignoring any reduction in your Base Salary that would give rise to your
right to resign for Good Reason (such bonus to which you are entitled under this Section 2(b)(1)(ii), the “Annual Target Bonus Severance Payment”). The Annual Target Bonus Severance Payment shall be payable in a lump sum
payment within ten (10) business days following the later of (i) the effective date of your Release, or (ii) the effective date of the Change in Control. 

 

	3 	 NTD: Insert 18 months for the CEO, 12 months for other C-Suite
executives, and 9 months for VP-level executives. 

  
 2. 

 (2)     Accelerated Vesting of Stock Awards. 

(i)    Effective as of the later of the effective date of your Release or the effective date of the Change in
Control, to the extent not previously vested: (i) the vesting and exercisability of all outstanding stock options to purchase the Company’s common stock held by you on such date that were granted to you after the IPO Date by the Company
under the Equity Plan shall be accelerated in full, (ii) any reacquisition or repurchase rights held by the Company in respect of common stock issued pursuant to any other stock award granted to you after the IPO Date by the Company under the
Equity Plan shall lapse in full, and (iii) the vesting of any other stock awards granted to you after the IPO Date by the Company under the Equity Plan, and any issuance of shares triggered by the vesting of such stock awards, shall be
accelerated in full. For purposes of determining the number of shares that will vest pursuant to the foregoing provision with respect to any performance based vesting award that has multiple vesting levels depending upon the level of performance,
vesting acceleration shall occur with respect to the number of shares subject to the award as if the applicable performance criteria had been attained at a 100% level. 

(ii)    In order to give effect to the intent of the foregoing provision, notwithstanding anything to the contrary
set forth in the Equity Plan or the applicable stock award agreements that provides that any then unvested portion of your award will immediately expire upon your termination of service, your stock awards shall remain outstanding following your
Change in Control Termination to give effect to such acceleration as necessary. 
 (iii)    Notwithstanding
anything to the contrary set forth herein, your stock awards shall remain subject to the terms of the Equity Plan or other applicable equity plan under which such awards were granted, including the stock award agreement governing your stock award,
that may apply upon a Change in Control and or/termination of your service and no provision of the Plan or this Agreement shall be construed as to limit the actions that may be taken, or to violate the terms, thereunder. 

(3)    Payment of Continued Group Health Plan Benefits. You will receive the payment for continued group
health plan benefits described in Section 2(a)(2) above, except that the COBRA Payment Period will be equal to the Severance Period applicable to a Change in Control Termination as set forth in Section 2(b)(1) above. 

Section 3.    CHANGE IN CONTROL ACCELERATION. 

Subject to the terms of Section 2(b)(2)(iii), if a Change in Control occurs while you are an employee of the Company, 100% of the
then-outstanding and unvested stock awards granted to you by the Company prior to the IPO Date will immediately vest in full and, to the extent applicable, become immediately exercisable. If, however, an outstanding stock award is to vest and/or the
amount of the stock award to vest is to be determined based on the achievement of performance criteria, then the stock award will vest as to 100% of the amount of the stock award assuming the performance criteria had been achieved at target levels
for the relevant performance period(s). 

  
 3. 

 Section 4.    REQUIREMENTS DURING
SEVERANCE PERIOD. 
 Your eligibility for and receipt of any severance benefits to which you may become
entitled as described in Section 2 above is expressly contingent upon your timely execution of an effective Release and your compliance with the terms and conditions of the provisions of the Employee Confidential Information and
Invention Assignment Agreement between you and the Company dated [                    ] as may be amended from time to time (the
“CIIA”). Severance benefits under this Agreement shall immediately cease in the event of your violation of the provisions in this Section 4. 

Section 5.    ACKNOWLEDGEMENTS. 

As a condition to participation in the Plan, you hereby acknowledge each of the following: 

(a)    The severance benefits that may be provided to you under this Agreement are subject to all of the terms of
the Plan which is incorporated into and becomes part of this Agreement, including but not limited to the reductions under Section 3 of the Plan. 

(b)    Except as provided herein, this Agreement and the Plan supersede and replace any severance or change in
control benefit previously provided to you by the Company, including under the Company’s Severance and Change in Control Policy, effective July 23, 2019[ and Section 4 of your Employment Agreement with the Company, effective
October 1, 2019]4. This Agreement and the Plan do not supersede, replace or otherwise alter the CIIA. 

(c)    You may not sell, transfer, or otherwise assign or pledge your right to benefits under this Agreement and
the Plan to either your creditors or to your beneficiary, except to the extent permitted by the Plan Administrator if such action would not result in adverse tax consequences under Section 409A. 

(d)    Notwithstanding anything to the contrary in the Plan or this Agreement, your rights under this Agreement may
not be adversely affected by an amendment or termination of the Plan without your written consent. 
 To accept the terms of this Agreement and participate
in the Plan, please sign and date this Agreement in the space provided below and return it to [                    ] no later than
                    , 2020. 
  

			
	 Spruce Biosciences, Inc.

 

			
	By:	 	 

			
	Name:	 	 

			
	Title:	 	 

  

			
	  
 [Eligible Employee]
	  	  
 Date

  

	 	 

 

	4 	 NTD: Insert for the CEO 

  
 4. 

 ANNEX I 

SPRUCE BIOSCIENCES, INC. SEVERANCE AND CHANGE
IN CONTROL PLAN5 
  

	5 	 NTD: Attach copy of the Plan as most recently approved by the Board. 

  
 1.

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