Document:

Exhibit
10.1

 

January
28, 2021

 

EQ Health Acquisition Corporation

4611 Bee Cave Road, Ste. 213

Austin, TX 78746

 

		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”) to be entered into by and among EQ Health Acquisition Corp., a Delaware
corporation (the “Company”), and Jefferies LLC, as representative (the “Representative”)
of the several underwriters (each, an “Underwriter” and collectively, the “Underwriters”),
relating to an underwritten initial public offering (the “Public Offering”), of 21,999,960 of the Company’s
units (including up to 2,869,560 units that may be purchased to cover over-allotments, if any) (the “Units”),
each comprised of one share of the Company’s Class A common stock, par value $0.0001 per share (the “Common
Stock”), and one half of one redeemable warrant.  Each whole warrant (each, a “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 will be sold in the Public Offering pursuant to a registration statement on Form S-1 and a prospectus (the “Prospectus”),
filed by the Company with the U.S. Securities and Exchange Commission (the “Commission”) and the Company
has applied to have the Units listed on the New York Stock Exchange.  Certain capitalized terms used herein are defined in
paragraph 13 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, each of EQ Health Sponsor
Group, LLC, a Delaware limited liability company (the “Sponsor”), FS Global Credit Opportunities Fund
and FS EQ Investments, LLC (collectively, the “Investor”) and the undersigned individuals, each of whom
is a member of the Company’s board of directors and/or management team (each, an “Insider” and
collectively, the “Insiders”), hereby agrees with the Company as follows:

 

		1.	It is acknowledged and
agreed that the Company shall not enter into a definitive agreement regarding a proposed Business Combination without the prior
consent of the Sponsor and the Investor. The Sponsor and 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 of Capital Stock owned by it, him or her in favor of any proposed Business Combination and (ii) not redeem any
shares of Common Stock owned by it, him or her in connection with such stockholder approval.  If the Company engages in a
tender offer in connection with any proposed Business Combination, each Insider agrees that it, he or she will not seek to sell
its, his or her shares of Common Stock to the Company in connection with such tender offer.

 

		2.	The Sponsor and each Insider
hereby agrees that in the event that the Company fails to consummate a Business Combination within 24 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 (the “Charter”), the Sponsor and 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 10 business days thereafter, subject to lawfully available funds therefor,
redeem 100% of the 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 (as defined below),
including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its franchise
and income taxes (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), subject to applicable law, 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 other requirements of applicable law.  The Sponsor and each Insider agrees not to propose any amendment
to the Charter to (a) modify the substance or timing of the Company’s obligation to redeem 100% of the Offering Shares
if the Company does not complete a Business Combination within the time period set forth in the Charter or (b) with respect
to any other provision relating to stockholders’ rights or pre-initial Business Combination activity, unless the Company
provides Public Stockholders with the opportunity to redeem their shares of Common Stock 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 earned
on the funds held in the Trust Account and not previously released to the Company to pay its franchise and income taxes, divided
by the number of then outstanding Offering Shares.

 

    			

     

    

 

The
Sponsor and 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, him or her.  The Sponsor and each Insider hereby further waives, with respect to any shares of
Common Stock held by it, him or her, if any, any redemption rights it, he or she may have in connection with the consummation
of a Business Combination, including, without limitation, any such rights available in the context of (i) a stockholder vote
to approve such Business Combination, (ii) a stockholder vote to approve an amendment to the Charter to (a) modify the
substance or timing of the Company’s obligation to redeem 100% of the Offering Shares if the Company does not complete a
Business Combination within the time period set forth in the Charter or (b) with respect to any other provision relating
to stockholders’ rights or pre-initial Business Combination activity, or (iii) in the context of a tender offer made
by the Company to purchase shares of Common Stock (although the Sponsor, the Insiders and their respective affiliates 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 the time period set forth in the Charter).

 

		3.	The undersigned acknowledges
and agrees that prior to entering into a definitive agreement for a Business Combination with a target business that is affiliated
with the undersigned or any other Insiders of the Company or their affiliates, such transaction must be approved by a majority
of the Company’s disinterested independent directors and the Company must obtain an opinion from an independent investment
banking firm, which is a member of the Financial Industry Regulatory Authority, or an independent accounting firm that such Business
Combination is fair to the Company’s unaffiliated stockholders from a financial point of view.

 

		4.	During the period commencing
on the effective date of the Underwriting Agreement and ending 180 days after such date, the Sponsor and each Insider shall not,
without the prior written consent of the Representative, (i) sell, offer to sell, contract or agree to sell, hypothecate,
pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase
a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations of the Commission
promulgated thereunder, with respect to any Units, shares of Common Stock, Founder Shares, Warrants or any securities convertible
into, or exercisable, or exchangeable for, shares of Common Stock owned by it, him or her, (ii) enter into any swap or other
arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any Units, shares
of Common Stock, Founder Shares, Warrants or any securities convertible into, or exercisable, or exchangeable for, shares of Common
Stock owned by it, him or her, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise,
or (iii) publicly announce any intention to effect any transaction specified in clause (i) or (ii).  Each of the
Insiders and the Sponsor acknowledges and agrees that, prior to the effective date of any release or waiver, of the restrictions
set forth in this paragraph 4 or paragraph 8 below, the Company shall announce the impending release or waiver by press release
through a major news service at least two business days before the effective date of the release or waiver.  Any release
or waiver granted shall only be effective two business days after the publication date of such press release.  The provisions
of this paragraph 4 will not apply if the release or waiver is effected solely to permit a transfer not for consideration and
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.

 

    			

     

    

 

		5.	In the event of the liquidation
of the Trust Account upon the failure of the Company to consummate its initial Business Combination within the time period set
forth in the Charter, the Sponsor (the “Indemnitor”), which for purposes of clarification shall not
extend to any other shareholders, members or managers of the Sponsor, or any of the other undersigned, 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) to which the Company may become subject as a result of any claim by (i) any third party for services
rendered or products sold to the Company or (ii) any prospective target business with which the Company has entered into
a written letter of intent, confidentiality or other similar agreement or Business Combination agreement (a “Target”); provided, however,
that such indemnification of the Company by the Indemnitor shall (x) apply only to the extent necessary to ensure that such
claims by a third party for services rendered (other than the Company’s independent public accountants) or products sold
to the Company or a Target do not reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Offering
Share and (ii) the actual amount per Offering Share held in the Trust Account as of the date of the liquidation of the Trust
Account, if less than $10.00 per Offering Share is then held in the Trust Account due to reductions in the value of the trust
assets, less interest earned on the funds in the Trust Account which may be withdrawn to pay franchise and income taxes, (y) shall
not apply to any claims by a third party or a Target which executed a waiver of any and all rights to the monies held in the Trust
Account (whether or not such waiver is enforceable) and (z) shall not apply to any claims under the Company’s indemnity
of the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities
Act”).  In the event that any such executed waiver is deemed to be unenforceable against such third party,
the Indemnitor shall not be responsible to the extent of any liability for such third party claims.  The Indemnitor 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 the Indemnitor, the Indemnitor notifies the Company in writing that it
shall undertake such defense.

 

		6.	To the extent that the
Underwriters do not exercise their over-allotment option to purchase up to an additional 2,869,560 Units within 45 days from the
date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees to forfeit, at no cost, a number of Founder
Shares in the aggregate equal to 717,390 multiplied by a fraction, (i) the numerator of which is 2,869,560 minus the number
of Units purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator of which
is 2,869,560.  The forfeiture will be adjusted to the extent that the over-allotment option is not exercised in full by the
Underwriters so that the Initial Stockholders will own an aggregate of 20% of the Company’s issued and outstanding shares
of Capital Stock after the Public Offering (assuming the Initial Stockholders do not purchase any Units in the Public Offering).

 

		7.	(a)          Lewis
N. Little, Jr. hereby agrees not to participate in the formation of, or become an officer or director of, any other any other
special purpose acquisition company with a class of securities registered under the Exchange Act until the Company has entered
into a definitive agreement regarding an initial Business Combination or unless the Company has failed to complete a Business
Combination within the time period set forth in the Charter.

 

(b)         The
Sponsor and 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 Sponsor or an Insider of its, his or her obligations under paragraphs 1, 2, 3, 4, 5,
6, 7(a), 8(a), 8(b) and 10, as applicable, 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 injunctive relief, in addition to any other remedy
that such party may have in law or in equity, in the event of such breach.

 

    			

     

    

 

		8.	(a)          The
Sponsor and each Insider agrees that it, he or she shall not Transfer any Founder Shares (or shares of Common Stock issuable upon
conversion thereof) until the earlier of (A) one year after the completion of the Company’s initial Business Combination
or (B) subsequent to the Business Combination, (x) if the last 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 at least 150 days after the Company’s initial Business Combination or (y) the
date on which the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction
that results in all of the Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities
or other property (the “Founder Shares Lock-up Period”).

 

(b)         The
Sponsor and each Insider agrees that it, he or she shall not Transfer any Private Placement Warrants (or shares of Common Stock
issued or issuable upon the exercise of the Private Placement Warrants), until 30 days after the completion of the Company’s
initial 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 8(a) and (b), Transfers of the Founder Shares, Private Placement Warrants and shares
of Common Stock issued or issuable upon the exercise or conversion of the Private Placement Warrants or the Founder Shares and
that are held by the Sponsor, any Insider or any of their permitted transferees (that have complied with this paragraph 8(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 affiliate of the Sponsor or to any member(s) of the Sponsor, any affiliates of such members and
funds and accounts advised by such members; (b) in the case of an individual, by gift to a member of such individual’s
immediate family or to a trust, the beneficiary of which is a member of such individual’s immediate family, an affiliate
of such individual or to a charitable organization; (c) in the case of an individual, by virtue of the laws of descent and
distribution upon death of such person; (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 an initial 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 completion of an initial Business Combination; (g) by virtue of the laws of the State of Delaware or the Sponsor’s
limited liability company agreement upon dissolution of the Sponsor; or (h) in the event of the Company’s liquidation,
merger, capital stock exchange, reorganization or other similar transaction which results in all of the Company’s stockholders
having the right to exchange their shares of Common Stock for cash, securities or other property subsequent to the completion
of an initial Business Combination; provided, however, that, in the case of clauses (a) through (e) or (g), these
permitted transferees must enter into a written agreement with the Company agreeing to be bound by the transfer restrictions herein.

 

		9.	During the period commencing
on the effective date of the Underwriting Agreement and ending 180 days after such date, the Sponsor and each Insider shall not,
without the prior written consent of the Representative, Transfer any Units, Common Stock, Warrants or any other securities convertible
into, or exercisable or exchangeable for, Common Stock held by it, her or him, as applicable, subject to certain exceptions enumerated
in Section 6(h) of the Underwriting Agreement.

 

    			

     

    

 

		10.	Each of the Insiders agrees
to be a director or officer of the Company, as applicable, until the earlier of the consummation by the Company of an initial
Business Combination, the liquidation of the Company, or his or her removal, death or incapacity.  The Sponsor and 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 (including any such information included in the Prospectus) is true and accurate
in all material respects and does not omit any material information with respect to the Insider’s background and contains
all of the information required to be disclosed pursuant to Item 401 of Regulation S-K, promulgated under the Securities
Act.  Each Insider’s questionnaire furnished to the Company and the Representative is true and accurate in all material
respects.  Each Insider represents and warrants that:  it, he or she 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, he or she 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, he or she is not currently a defendant in any such criminal proceeding.

 

		11.	Except as disclosed in
the Prospectus, neither the Sponsor nor any Insider, nor any affiliate of the Sponsor or any Insider, 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), other than the following, none of which will be made from the
proceeds held in the Trust Account prior to the completion of the initial Business Combination:  repayment of a loan and
advances up to an aggregate of $150,000 made to the Company by the Sponsor; payment to an affiliate of the Sponsor for certain
office space, utilities and secretarial and administrative support as may be reasonably required by the Company for a total of
$10,000 per month; reimbursement for any reasonable out-of-pocket expenses related to identifying, investigating and consummating
an initial Business Combination, and repayment of loans, if any, and on such terms as to be determined by the Company from time
to time, made by the Sponsor, an affiliate of the Sponsor or any of the Company’s officers or directors to finance transaction
costs in connection with an intended initial Business Combination, provided, that, if the Company does not consummate
an initial Business Combination, a portion of the working capital held outside the Trust Account may be used by the Company to
repay such loaned amounts so long as no proceeds from the Trust Account are used for such repayment.  Up to $1,500,000 of
such loans may be convertible into warrants at a price of $1.00 per warrant at the option of the lender.  Such warrants would
be identical to the Private Placement Warrants, including as to exercise price, exercisability and exercise period.

 

		12.	The Sponsor and 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 director on the board of directors of the Company and hereby consents to being named in the Prospectus
as an officer and/or director of the Company.

 

		13.	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 businesses; (ii) “Capital Stock” shall
mean, collectively, the Common Stock and the Founder Shares; (iii) “Founder Shares” shall mean
(a) the 5,499,990 shares of the Company’s Class B common stock, par value $0.0001 per share, initially issued
to the Sponsor and certain Insiders (up to 717,390 shares of which are subject to complete or partial forfeiture by the Sponsor
if the over-allotment option is not exercised in full or in part by the Underwriters); (iv) “Initial Stockholders”
shall mean the Sponsor and any Insider that holds Founder Shares; (v) “Private Placement Warrants”
shall mean the Warrants to purchase up to 5,826,080 shares of Common Stock of the Company (or 6,399,992 shares of Common Stock
if the over-allotment option is exercised in full by the Underwriters) that the Sponsor has agreed to purchase for an aggregate
purchase price of $5,826,080 (or $5,826,080 if the over-allotment option is exercised in full by the Underwriters), or $1.00 per
Warrant, in a private placement that shall occur simultaneously with the consummation of the Public Offering; (vi) “Public
Stockholders” shall mean the holders of securities issued in the Public Offering; (vii) “Trust
Account” shall mean the trust account into which the net proceeds of the Public Offering and certain proceeds from
the sale of the Private Placement Warrants shall be deposited; and (viii) “Transfer” shall mean
the (a) sale 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 Exchange Act, 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).

 

    			

     

    

 

		14.	Subject to the terms and
conditions of this paragraph 14, if, in connection with or prior to the closing of the initial Business Combination, the Company
proposes to raise additional capital by issuing any equity securities, or securities convertible into, exchangeable or exercisable
for equity securities other than Excluded Securities (as defined below) (such securities, “New Equity Securities”),
the Company shall first make an offer of the New Equity Securities to the Sponsor in accordance with the following provisions
of this paragraph 14 (the “Right of First Offer”):

 

(a)          Offer
Notice.

 

(i)           The
Company shall give written notice (the “Offering Notice”) to the Sponsor stating its bona fide intention
to offer the New Equity Securities and specifying the number of New Equity Securities and the material terms and conditions, including
the price, pursuant to which the Company proposes to offer the New Equity Securities.

 

(ii)          The
Offering Notice shall constitute the Company’s offer to sell the New Equity Securities to the Sponsor, which offer shall
be irrevocable for a period of three (3) business days (the “ROFO Notice Period”).

 

(b)          Exercise
of Right of First Offer.

 

(i)           Upon
receipt of the Offering Notice, the Sponsor shall have until the end of the ROFO Notice Period to offer to purchase any or all
of the New Equity Securities by delivering a written notice (a “ROFO Offer Notice”) to the Company stating
that it offers to purchase such New Equity Securities on the terms specified in the Offering Notice.  Any ROFO Offer Notice
so delivered shall be binding upon delivery and irrevocable by the Sponsor.

 

(ii)          If
the Sponsor does not deliver a ROFO Offer Notice during the ROFO Notice Period or indicates, in its ROFO Offer Notice its offer
to purchase some but not all of the New Equity Securities, the Sponsor shall be deemed to have waived all of the Sponsor’s
rights to purchase such number of New Equity Securities that it declined to purchase, and the Company shall thereafter be free
to sell or enter into an agreement to sell such number of New Equity Securities to any third party without any further obligation
to the Sponsor pursuant to this paragraph 14 within the forty-five (45) day period thereafter (and with respect to an
agreement to sell, consummate such sale at any time thereafter) at a price not more favorable to the third party than those set
forth in the Offering Notice.  If the Company does not sell or enter into an agreement to sell such number of New Equity
Securities within such period, the rights provided hereunder shall be deemed to be revived and such New Equity Securities shall
not be offered to any third party unless first re-offered to the Sponsor in accordance with this paragraph 14.

 

    			

     

    

 

(c)          Excluded
Securities.  For purposes hereof, the term “Excluded Securities” means any warrants issued
upon the conversion of working capital loans to the Company, if any, made by the Sponsor, an affiliate of the Sponsor or any of
the Company’s officers or directors to finance transaction costs in connection with an intended initial Business Combination
(up to $1,500,000 of which may be convertible at the option of the lender into warrants of the post-Business Combination entity
having the same terms as the Private Placement Warrants at a price of $1.00 per warrant), and any securities issued by the Company
as consideration to any seller in the Business Combination or in satisfaction for any amounts owed by or claims against the Company.

 

(d)         Assignment
of Right of First Offer.  The Right of First Offer may be assigned in whole or in part by the Sponsor to any of its members
without the prior consent of the Company.  Following any such assignment, the Company and any such assignee shall comply
with the provisions set forth in this paragraph 14 with respect to the Right of First Offer as if such assignee were a party hereto.

 

		15.	The Company will maintain
an insurance policy or policies providing directors’ and officers’ liability insurance, and each Insider shall be
covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for
any of the Company’s directors or officers.

 

		16.	The Company shall not,
without the prior consent of the Investor, (i) include the name of the Investor or any of its affiliates in any disclosure,
marketing materials, tombstones and other usages in connection with the Public Offering, otherwise related to the activities of
the Company, or in connection with the initial Business Combination or thereafter; (ii) amend any term of the Founder Shares,
including, but not limited to, the economic terms; (iii) amend any term of the Private Placement Warrants, including, but
not limited to, economic terms;  or (iv) amend any terms of the Trust Account.

 

		17.	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 all parties hereto.

 

		18.	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 the Sponsor
and each Insider and their respective successors, heirs and assigns and permitted transferees.

 

		19.	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.

 

		20.	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.

 

		21.	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.

 

    			

     

    

 

		22.	This Letter Agreement shall
be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflicts
of law principles that would result in the application of the substantive laws of another jurisdiction.  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.

 

		23.	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
transmission.

 

		24.	This Letter Agreement shall
terminate on the earlier of (i) the expiration of the Lock-up Periods or (ii) the liquidation of the Company; provided
that paragraph 5 of this Letter Agreement shall survive such liquidation.

 

    			

     

    

 

	 	Sincerely,
	 	 
	 	EQ HEALTH SPONSOR GROUP, LLC,

 a Delaware limited liability company
	 	 
	 	 
	 	By:	/s/ Andrew Beckman
	 	 	Name:  Andrew Beckman
	 	 	Title:    Manager
	 	 	 
	 	 	 
	 	By:	/s/ Lewis N. Little, Jr.
	 	 	Name:  Lewis N. Little, Jr.
	 	 	Title:    Manager
	 	 	 
	 	 	 
	 	FS GLOBAL CREDIT OPPORTUNITIES FUND

 
	 	 	By: FS Global Advisor, LLC, Its investment advisor
	 	 	 
	 	By:	/s/ Andrew Beckman
	 	 	Name:  Andrew Beckman
	 	 	Title:    Managing Member
	 	 	 
	 	  FS EQ INVESTMENTS, LLC
	 	 	 
	 	 	 
	 	By:	/s/ Andrew Beckman
	 	 	Name:  Andrew Beckman
	 	 	Title:    Managing Member
	 	 	 
	 	 	 
	 	 	/s/ Lewis N. Little, Jr.
	 	 	Lewis N. Little, Jr.
	 	 	 
	 	 	/s/ Scott Ellyson
	 	 	Scott Ellyson
	 	 	 
	 	 	/s/ Benjamin Hanson
	 	 	Benjamin Hanson
	 	 	 
	 	 	/s/ William W. Burke
	 	 	William W. Burke
	 	 	 
	 	 	/s/ Clarke Heidrick
	 	 	Clarke Heidrick
	 	 	 
	 	 	/s/ Molly Cate
	 	 	Molly Cate
	 	 	 
	 	 	/s/ Andrew Beckman
	 		Andrew Beckman

 

[Signature
Page to Letter Agreement]

 

    			

     

    

 

	Acknowledged and Agreed:	 	 
	 	 	 
	EQ HEALTH ACQUISITION CORP.	 	 
	 	 	 
	By:	/s/
    Scott Ellyson	 	 
	 	Name:  Scott Ellyson	 	 
	 	Title:   President and Chief Executive
    Officer 	 	 

 

[Signature
Page to Letter Agreement]Exhibit 10.2

 

INVESTMENT
MANAGEMENT TRUST AGREEMENT

 

This Investment Management Trust Agreement
(this “Agreement”) is made effective as of January 28, 2021, by and between EQ Health Acquisition Corp.,
a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New
York limited purpose trust company (the “Trustee”).

 

WHEREAS, the Company’s registration
statements on Form S-1, File Nos. 333-252080 (collectively, the “Registration Statement”) and prospectus
(the “Prospectus”) for the initial public offering of the Company’s units (the “Units”),
each of which consists of one share of the Company’s Class A common stock, par value $0.0001 per share (the “Common
Stock”), and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one
share of Common Stock (such initial public offering hereinafter referred to as the “Offering”), has been
declared effective as of the date hereof by the U.S. Securities and Exchange Commission;

 

WHEREAS, the Company has entered into an
Underwriting Agreement (the “Underwriting Agreement”) with Jefferies LLC as representative (the “Representative”)
of the several underwriters (the “Underwriters”) named therein;

 

WHEREAS, as described in the Prospectus,
$191,304,000 of the proceeds of the Offering and sale of the Private Placement Warrants (as defined in the Underwriting Agreement)
(or $219,999,600, if the Underwriters’ over-allotment option is exercised in full) will be delivered to the Trustee to be
deposited and held in a segregated trust account located at all times in the United States (the “Trust Account”)
for the benefit of the Company and the holders of the Common Stock included in the Units issued in the Offering as hereinafter
provided (the amount to be delivered to the Trustee (and any interest subsequently earned thereon) is referred to herein as the
 “Property,” the stockholders for whose benefit the Trustee shall hold the Property will be referred to
as the “Public Stockholders,” and the Public Stockholders and the Company will be referred to together
as the “Beneficiaries”);

 

WHEREAS, pursuant to the Underwriting Agreement,
a portion of the Property equal to $6,695,640, or $7,699,986 if the Underwriters’ over-allotment option is exercised in full,
is attributable to deferred underwriting discounts and commissions that will be payable by the Company to the Underwriters upon
and concurrently with the consummation of the Business Combination (as defined below) (the “Deferred Discount”);
and

 

WHEREAS, the Company and the Trustee desire
to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold the Property.

 

NOW THEREFORE, IT IS AGREED:

 

1.            Agreements
and Covenants of Trustee. The Trustee hereby agrees and covenants to:

 

(a)            Hold
the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust Account established by
the Trustee in the United States at J.P. Morgan Chase Bank, N.A., (or at another U.S.-chartered commercial bank with consolidated
assets of $100 billion or more) in the United States, maintained by the Trustee and at a brokerage institution selected by the
Trustee that is reasonably satisfactory to the Company;

 

(b)            Manage,
supervise and administer the Trust Account subject to the terms and conditions set forth herein;

 

(c)            In
a timely manner, upon the written instruction of the Company, invest and reinvest the Property solely in United States government
securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of
185 days or less, or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of
Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended (or any successor rule), which invest only in direct
U.S. government treasury obligations, as determined by the Company; it being understood that the Trust Account will earn no interest
while account funds are uninvested awaiting the Company’s instructions hereunder and the Trustee may earn bank credits or
other consideration;

 

     

     

    

 

(d)            Collect
and receive, when due, all principal, interest or other income arising from the Property, which shall become part of the “Property,”
as such term is used herein;

 

(e)            Promptly
notify the Company and the Representative of all communications received by the Trustee with respect to any Property requiring
action by the Company;

 

(f)            Supply
any necessary information or documents as may be requested by the Company (or its authorized agents) in connection with the Company’s
preparation of the tax returns relating to assets held in the Trust Account;

 

(g)            Participate
in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when instructed
by the Company to do so;

 

(h)            Render
to the Company monthly written statements of the activities of, and amounts in, the Trust Account reflecting all receipts and disbursements
of the Trust Account;

 

(i)            Commence
liquidation of the Trust Account only after and promptly after (x) receipt of, and only in accordance with, the terms of a
letter from the Company (“Termination Letter”) in a form substantially similar to that attached hereto
as either Exhibit A or Exhibit B, as applicable, signed on behalf of the Company by its Chief Executive Officer, Chief
Financial Officer, President, Executive Vice President, Vice President, Secretary or Chairman of the board of directors of the
Company (the “Board”) or other authorized officer of the Company, and complete the liquidation of the
Trust Account and distribute the Property in the Trust Account, including interest not previously released to the Company to pay
its franchise and income taxes (less up to $100,000 of interest that may be released to the Company to pay dissolution expenses),
only as directed in the Termination Letter and the other documents referred to therein, or (y) upon the date which is, the
later of (1) 24 months after the closing of the Offering and (2) such later date as may be approved by the Company’s
stockholders in accordance with the Company’s amended and restated certificate of incorporation if a Termination Letter has
not been received by the Trustee prior to such date, in which case the Trust Account shall be liquidated in accordance with the
procedures set forth in the Termination Letter attached as Exhibit B and the Property in the Trust Account, including interest
not previously released to the Company to pay its franchise and income taxes (less up to $100,000 of interest that may be released
to the Company to pay dissolution expenses) shall be distributed to the Public Stockholders of record as of such date;

 

(j)            Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit C, withdraw from the Trust Account and distribute to the Company the amount of interest earned on the Property
requested by the Company to cover any tax obligation, including any franchise tax obligations, owed by the Company as a result
of assets of the Company or interest or other income earned on the Property, which amount shall be delivered directly to the Company
by electronic funds transfer or other method of prompt payment, and the Company shall forward such payment to the relevant taxing
authority, as applicable; provided, however, that to the extent there is not sufficient cash in the Trust Account to pay such tax
obligation, the Trustee shall liquidate such assets held in the Trust Account as shall be designated by the Company in writing
to make such distribution, so long as there is no reduction in the principal amount initially deposited in the Trust Account; provided,
further, that if the tax to be paid is a franchise tax, the written request by the Company to make such distribution shall be accompanied
by a copy of the franchise tax bill from the State of Delaware for the Company (it being acknowledged and agreed that any such
amount in excess of interest income earned on the Property shall not be payable from the Trust Account). The written request of
the Company referenced above shall constitute presumptive evidence that the Company is entitled to said funds, and the Trustee
shall have no responsibility to look beyond said request;

 

(k)            Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit D, the Trustee shall distribute on behalf of the Company the amount requested by the Company to be used to redeem
shares of Common Stock from Public Stockholders properly submitted in connection with a stockholder vote to approve an amendment
to the Company’s amended and restated certificate of incorporation to (i) modify the substance or timing of the Company’s
obligation to redeem 100% of the shares of Common Stock included in the Units sold in the Offering if the Company does not complete
a Business Combination within the time period set forth in the Company’s amended and restated certificate of incorporation
or (ii) with respect to any other provision relating to stockholders’ rights or pre-initial Business Combination activity;
and

 

     

     

    

 

(l)            Not
make any withdrawals or distributions from the Trust Account other than pursuant to Section 1(i), (j) or (k) above.

 

2.            Agreements
and Covenants of the Company. The Company hereby agrees and covenants to:

 

(a)            Give
all instructions to the Trustee hereunder in writing, signed by the Company’s Chairman of the Board, Chief Executive Officer,
Chief Financial Officer, President, Executive Vice President, Vice President or Secretary. In addition, except with respect to
its duties under Sections 1(i), 1(j) and 1(k) hereof, the Trustee shall be entitled to rely on, and shall be protected
in relying on, any verbal or telephonic advice or instruction which it, in good faith and with reasonable care, believes to be
given by any one of the persons authorized above to give written instructions, provided that the Company shall promptly confirm
such instructions in writing;

 

(b)            Subject
to Section 4 hereof, hold the Trustee harmless and indemnify the Trustee from and against any and all expenses, including
reasonable counsel fees and disbursements, or losses suffered by the Trustee in connection with any action taken by it hereunder
and in connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection with
any claim or demand, which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the
Property or any interest earned on the Property, except for expenses and losses resulting from the Trustee’s gross negligence,
fraud or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any
action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this Section 2(b), it shall
notify the Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”). The
Trustee shall have the right to conduct and manage the defense against such Indemnified Claim; provided that the Trustee shall
obtain the consent of the Company with respect to the selection of counsel, which consent shall not be unreasonably withheld. The
Trustee may not agree to settle any Indemnified Claim without the prior written consent of the Company, which such consent shall
not be unreasonably withheld. The Company may participate in such action with its own counsel;

 

(c)            Pay
the Trustee the fees set forth on Schedule A hereto, including an initial acceptance fee, annual administration fee, and transaction
processing fee which fees shall be subject to modification by the parties from time to time. It is expressly understood that the
Property shall not be used to pay such fees unless and until the closing of the Business Combination (defined below). The Company
shall pay the Trustee the initial acceptance fee and the first annual administration fee at the consummation of the Offering. The
Company shall not be responsible for any other fees or charges of the Trustee except as set forth in this Section 2(c), Schedule A
and as may be provided in Section 2(b) hereof;

 

(d)            In
connection with any vote of the Company’s stockholders regarding a merger, capital stock exchange, asset acquisition, stock
purchase, reorganization or similar business combination involving the Company and one or more businesses (the “Business
Combination”), provide to the Trustee an affidavit or certificate of the inspector of elections for the stockholder
meeting verifying the vote of such stockholders regarding such Business Combination;

 

(e)            Provide
the Representative with a copy of any Termination Letter(s) and/or any other correspondence that is sent to the Trustee with
respect to any proposed withdrawal from the Trust Account promptly after it issues the same;

 

(f)            Unless
otherwise agreed among the Company and the Representative, ensure that any Instruction Letter (as defined in Exhibit A) delivered
in connection with a Termination Letter in the form of Exhibit A expressly provides that the Deferred Discount is paid directly
to the account or accounts directed by the Representative on behalf of the Underwriters prior to any transfer of the funds held
in the Trust Account to the Company or any other person;

 

     

     

    

 

(g)            Instruct
the Trustee to make only those distributions that are permitted under this Agreement, and refrain from instructing the Trustee
to make any distributions that are not permitted under this Agreement; and

 

(h)            Within
five (5) business days after the Representative, on behalf of the Underwriters, exercise the over-allotment option (or any
unexercised portion thereof) or such over-allotment option expires, provide the Trustee with a notice in writing of the total amount
of the Deferred Discount, which shall in no event be less than $6,695,640.

 

3.            Limitations
of Liability. The Trustee shall have no responsibility or liability to:

 

(a)            Imply
obligations, perform duties, inquire or otherwise be subject to the provisions of any agreement or document other than this Agreement
and that which is expressly set forth herein;

 

(b)            Take
any action with respect to the Property, other than as directed in Section 1 hereof, and the Trustee shall have no liability
to any third party except for liability arising out of the Trustee’s gross negligence, fraud or willful misconduct;

 

(c)            Institute
any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding of
any kind with respect to, any of the Property unless and until it shall have received instructions from the Company given as provided
herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses incident thereto;

 

(d)            Refund
any depreciation in principal of any Property;

 

(e)            Assume
that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided
otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee;

 

(f)            The
other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted,
in good faith and in the Trustee’s best judgment, except for the Trustee’s gross negligence, fraud or willful misconduct.
The Trustee may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice
of counsel (including counsel chosen by the Trustee, which counsel may be the Company’s counsel), statement, instrument,
report or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but also
as to the truth and acceptability of any information therein contained) which the Trustee believes, in good faith and with reasonable
care, to be genuine and to be signed or presented by the proper person or persons. The Trustee shall not be bound by any notice
or demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced
by a written instrument delivered to the Trustee, signed by the proper party or parties and, if the duties or rights of the Trustee
are affected, unless it shall give its prior written consent thereto;

 

(g)            Verify
the accuracy of the information contained in the Registration Statement;

 

(h)            Provide
any assurance that any Business Combination entered into by the Company or any other action taken by the Company is as contemplated
by the Registration Statement;

 

(i)             File
information returns with respect to the Trust Account with any local, state or federal taxing authority or provide periodic written
statements to the Company documenting the taxes payable by the Company, if any, relating to any interest income earned on the Property;

 

(j)             Prepare,
execute and file tax reports, income or other tax returns and pay any taxes with respect to any income generated by, and activities
relating to, the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company, including, but not
limited to, franchise and income tax obligations, except pursuant to Section 1(j) hereof; or

 

     

     

    

 

(k)            Verify
calculations, qualify or otherwise approve the Company’s written requests for distributions pursuant to Sections 1(i),
1(j) or 1(k) hereof.

 

4.            Trust
Account Waiver. The Trustee has no right of set-off or any right, title, interest or claim of any kind (“Claim”)
to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account
that it may have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including,
without limitation, under Section 2(b) or Section 2(c) hereof, the Trustee shall pursue such Claim solely against
the Company and its assets outside the Trust Account and not against the Property or any monies in the Trust Account.

 

5.            Termination.
This Agreement shall terminate as follows:

 

(a)            If
the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable
efforts to locate a successor trustee, pending which the Trustee shall continue to act in accordance with this Agreement. At such
time that the Company notifies the Trustee that a successor trustee has been appointed by the Company and has agreed to become
subject to the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee,
including but not limited to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this
Agreement shall terminate; provided, however, that in the event that the Company does not locate a successor trustee within ninety
(90) days of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited
with any court in the State of New York or with the United States District Court for the Southern District of New York and upon
such deposit, the Trustee shall be immune from any liability whatsoever; or

 

(b)            At
such time that the Trustee has completed the liquidation of the Trust Account and its obligations in accordance with the provisions
of Section 1(i) hereof (which section may not be amended under any circumstances) and distributed the Property in accordance
with the provisions of the Termination Letter, this Agreement shall terminate except with respect to Section 2(b) and
Section 4.

 

6.            Miscellaneous.

 

(a)            The
Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect to funds
transferred from the Trust Account. The Company and the Trustee will each restrict access to confidential information relating
to such security procedures to authorized persons. Each party must notify the other party immediately if it has reason to believe
unauthorized persons may have obtained access to such confidential information, or of any change in its authorized personnel. In
executing funds transfers, the Trustee shall rely upon all information supplied to it by the Company, including, account names,
account numbers, and all other identifying information relating to a Beneficiary, Beneficiary’s bank or intermediary bank.
Except for any liability arising out of the Trustee’s gross negligence, fraud or willful misconduct, the Trustee shall not
be liable for any loss, liability or expense resulting from any error in the information or transmission of the funds.

 

(b)            This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving
effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. This
Agreement may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together
shall constitute but one instrument.

 

(c)            This
Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. This
Agreement or any provision hereof may only be changed, amended or modified (other than to correct a typographical error) by a writing
signed by each of the parties hereto.

 

     

     

    

 

(d)            This
Agreement or any provision hereof may only be changed, amended or modified pursuant to Section 6(c) hereof with the Consent
of the Stockholders. For purposes of this Section 6(d), the “Consent of the Stockholders” means
(i) receipt by the Trustee of a certificate from the inspector of elections of the stockholder meeting certifying that the
Company’s stockholders of record as of a record date established in accordance with Section 213(a) of the Delaware
General Corporation Law, as amended (or any successor rule), who hold sixty-five percent (65%) or more of all then outstanding
shares of the Common Stock and Class B common stock, par value $0.0001 per share, of the Company voting together as a single
class, have voted in favor of such change, amendment or modification, or (ii) the Company’s stockholders of record as
of the record date who hold sixty-five percent (65%) or more of all then outstanding shares of the Common Stock and Class B
common stock, par value $0.0001 per share, of the Company voting together as a single class, have delivered to the Trustee a signed
writing approving such change, amendment or modification. No such amendment will affect any Public Stockholder who has otherwise
indicated his, her or its election to redeem his, her or its shares of Common Stock in connection with a stockholder vote sought
to amend this Agreement, including a corresponding change to the Company’s amended and restated certificate of incorporation.
Except for any liability arising out of the Trustee’s gross negligence, fraud or willful misconduct, the Trustee may rely
conclusively on the certification from the inspector or elections referenced above and shall be relieved of all liability to any
party for executing the proposed amendment in reliance thereon.

  

(e)            The
parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, State of New
York, for purposes of resolving any disputes hereunder. AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING TO THIS
AGREEMENT, EACH PARTY WAIVES THE RIGHT TO TRIAL BY JURY.

 

(f)            Any
notice, consent or request to be given in connection with any of the terms or provisions of this 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 by electronic mail:

 

if to the Trustee,
to:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

		Attn:	Francis Wolf and Celeste Gonzalez

		Email:	fwolf@continentalstock.com 

cgonzalez@continentalstock.com

 

 

if to the Company,
to:

 

EQ Health Acquisition Corp.

4611 Bee Cave Road, Ste. 106

Austin, TX 78746

		Attn:	Scott Ellyson

		 	Email:

 

in each case, with
copies to:

 

DLA Piper LLP (US)

555 Mission Street, Suite 2400

San Francisco, CA 94105

		Attn:	Jeffrey C. Selman, Esq.

		Email:	Jeffrey.selman@us.dlapiper.com

 

and

 

BTIG, LLC

65 E 55th Street

New York, NY 10022

		Email:	equitycapitalmarkets@btig.com

 

and

 

Jefferies LLC

520 Madison Avenue, New York

New York 10022

Attention: General Counsel

Email:            

 

and

 

Kirkland & Ellis LLP

601 Lexington Avenue

New York, NY 10022

		Attn:	Christian O. Nagler, Esq.

		Email:	cnagler@kirkland.com

 

     

     

    

 

(g)          Each
of the Company and the Trustee hereby represents that it has the full right and power and has been duly authorized to enter into
this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that it
shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any funds
in the Trust Account under any circumstance.

 

(h)          This
Agreement is the joint product of the Trustee and the Company and each provision hereof has been subject to the mutual consultation,
negotiation and agreement of such parties and shall not be construed for or against any party hereto.

 

(i)           This
Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts
shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or electronic
transmission shall constitute valid and sufficient delivery thereof.

 

(j)           Each
of the Company and the Trustee hereby acknowledges and agrees that the Representative on behalf of the Underwriters are third party
beneficiaries of this Agreement.

 

(k)           Except
as specified herein, no party to this Agreement may assign its rights or delegate its obligations hereunder to any other person
or entity.

 

[Signature Page Follows]

 

    7

     

    

 

IN WITNESS WHEREOF, the parties have
duly executed this Investment Management Trust Agreement as of the date first written above.

 

	 	CONTINENTAL STOCK TRANSFER &
	 	TRUST COMPANY, as Trustee
	 	 
	 	 
	 	By:	/s/ Francis Wolf
	 	Name:	Francis Wolf
	 	Title:	Vice President
	 	 	 
	 	 	 
	 	EQ HEALTH ACQUISITION CORP.
	 	 
	 	 
	 	By:	/s/ Scott Ellyson
	 	Name:	Scott Ellyson
	 	Title:	President and Chief Executive Officer 

 

[Signature Page to Investment Management Trust Agreement]

 

    

     

    

 

SCHEDULE
A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial set-up fee	 	Initial closing of Offering by wire transfer	 	$	3,500.00	 
	Trustee administration fee	 	First year, initial closing of Offering by wire transfer, thereafter on the anniversary of the effective date of the Offering by wire transfer or check	 	$	10,000.00	 
	Transaction processing fee for disbursements to Company under Sections 1(i) and 1(j)	 	Billed to Company following disbursement made to Company under Section 1	 	$	250.00	 
	Paying Agent services as required pursuant to Sections 1(i) and 1(k)	 	Billed to Company upon delivery of service pursuant to Sections 1(i) and 1(k)	 	 	Prevailing rates	 

 

 

     

     

    

 

EXHIBIT A

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re:         Trust
Account - Termination Letter

 

Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i) of the
Investment Management Trust Agreement between EQ Health Acquisition Corp. (the “Company”) and Continental
Stock Transfer & Trust Company (the “Trustee”), dated as of              ,    2021 (the “Trust Agreement”),
this is to advise you that the Company has entered into an agreement with [             ] (the “Target Business”)
to consummate a business combination with the Target Business (the “Business Combination”) on or about
[insert date]. The Company shall notify you at least seventy-two (72) hours in advance (or such shorter time as you may agree)
of the actual date of the consummation of the Business Combination (the “Consummation Date”). Capitalized
terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In accordance with the terms of the Trust
Agreement, we hereby authorize you to commence to liquidate all of the assets of the Trust Account and transfer the proceeds to
a segregated account held by you on behalf of the Beneficiaries to the effect that, on the Consummation Date, all of the funds
held in the Trust Operating Account at JP Morgan Chase Bank, N.A. will be immediately available for transfer to the account or
accounts that the Company shall direct on the Consummation Date (including as directed to it by the Representative on behalf of
the Underwriters (with respect to the Deferred Discount)). It is acknowledged and agreed that while the funds are on deposit in
the trust operating account at J.P. Morgan Chase Bank, N.A. awaiting distribution, the Company will not earn any interest or dividends.

 

On the Consummation Date (i) counsel
for the Company shall deliver to you written notification that the Business Combination has been consummated, or will be consummated
substantially concurrently with your transfer of funds to the accounts as directed by the Company (the “Notification”)
and (ii) the Company shall deliver to you (a) a certificate of the Chief Executive Officer, which verifies that the Business
Combination has been approved by a vote of the Company’s stockholders, if a vote is held and (b) a written instruction
signed by the Company with respect to the transfer of the funds held in the Trust Account, including payment of amounts owed to
public stockholders who have properly exercised their redemption rights and payment of the Deferred Discount to the Representative
from the Trust Account (the “Instruction Letter”). You are hereby directed and authorized to transfer
the funds held in the Trust Account immediately upon your receipt of the Notification and the Instruction Letter, in accordance
with the terms of the Instruction Letter. In the event that certain deposits held in the Trust Account may not be liquidated by
the Consummation Date without penalty, you will notify the Company in writing of the same and the Company shall direct you as to
whether such funds should remain in the Trust Account and be distributed after the Consummation Date to the Company. Upon the distribution
of all the funds, net of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account,
your obligations under the Trust Agreement shall be terminated.

 

In the event that the Business Combination
is not consummated on the Consummation Date described in the notice thereof and we have not notified you on or before the original
Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written instructions from the Company, the funds
held in the Trust Account shall be reinvested as provided in Section 1(c) of the Trust Agreement on the business day
immediately following the Consummation Date as set forth in such notice as soon thereafter as possible.

 

    

     

    

  

	 	 	Very truly yours,
	 	 	 
	 	 	EQ Health Acquisition Corp.
	 	 	 
	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	 
	cc: 	BTIG, LLC	 

 

     

     

    

 

EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re:         Trust
Account - Termination Letter

 

Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i) of the
Investment Management Trust Agreement between EQ Health Acquisition Corp. (the “Company”) and Continental
Stock Transfer & Trust Company (the “Trustee”), dated as of              ,     2021 (the “Trust Agreement”),
this is to advise you that the Company did not effect a business combination with a Target Business (the “Business
Combination”) within the time frame specified in the Company’s amended and restated certificate of incorporation,
as described in the Company’s Prospectus relating to the Offering. Capitalized terms used but not defined herein shall have
the meanings set forth in the Trust Agreement.

 

In accordance with the terms of the Trust
Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account and transfer the total proceeds into a segregated
account held by you on behalf of the Beneficiaries to await distribution to the Public Stockholders. The Company has selected [
             , 20 ]1 as the effective date for the purpose of determining when the Public Stockholders will be entitled to receive
their share of the liquidation proceeds. You agree to be the Paying Agent of record and, in your separate capacity as Paying Agent,
agree to distribute said funds directly to the Company’s Public Stockholders in accordance with the terms of the Trust Agreement
and the Company’s amended and restated certificate of incorporation. Upon the distribution of all the funds, net of any payments
necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under the Trust Agreement
shall be terminated, except to the extent otherwise provided in Section 1(i) of the Trust Agreement.

 

	 	 	Very truly yours,
	 	 	 
	 	 	EQ Health Acquisition Corp.
	 	 	 
	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 
	 	 	 
	cc: 	BTIG, LLC	 
	 	Jefferies LLC	 

 

1 24 months from the closing of the Offering
or at a later date, if extended.

 

    B-1

     

    

 

EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re:         Trust
Account - Withdrawal Instruction

 

Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(j) of the
Investment Management Trust Agreement between EQ Health Acquisition Corp. (the “Company”) and Continental
Stock Transfer & Trust Company (the “Trustee”), dated as of             ,      2021 (the “Trust Agreement”),
the Company hereby requests that you deliver to the Company $[            ] of the interest income earned on the Property as of the date hereof.
Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

The Company needs such funds [to pay for
the tax obligations as set forth on the attached tax return or tax statement]. In accordance with the terms of the Trust Agreement,
you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to
the Company’s operating account at:

 

[WIRE
INSTRUCTION INFORMATION]

 

	 	 	Very truly yours,
	 	 	 
	 	 	EQ Health Acquisition Corp.
	 	 	 
	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 
	 	 	 
	cc: 	BTIG, LLC	 
	 	Jefferies LLC	 

 

    C-1

     

    

 

EXHIBIT D

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re:         Trust
Account – Stockholder Redemption Withdrawal Instruction

 

Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(k) of the
Investment Management Trust Agreement between EQ Health Acquisition Corp. (the “Company”) and Continental
Stock Transfer & Trust Company (the “Trustee”), dated as of             ,      2021 (the “Trust Agreement”),
the Company hereby requests that you deliver to the redeeming Public Stockholders of the Company $[            ] of the principal and interest
income earned on the Property as of the date hereof to a segregated account held by you on behalf of the Beneficiaries for distribution
to the Public Stockholders who have requested redemption of their shares of Common Stock. Capitalized terms used but not defined
herein shall have the meanings set forth in the Trust Agreement.

 

The Company needs such funds to pay its
Public Stockholders who have properly elected to have their shares of Common Stock redeemed by the Company in connection with a
stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation to (i) modify
the substance or timing of the Company’s obligation to redeem 100% of the shares of Common Stock included in the Units sold
in the Offering if the Company does not complete a Business Combination within the time period set forth in the Company’s
amended and restated certificate of incorporation or (ii) with respect to any other provision relating to stockholders’
rights or pre-initial Business Combination activity. As such, you are hereby directed and authorized to transfer (via wire transfer)
such funds promptly upon your receipt of this letter.

 

	 	 	Very truly yours,
	 	 	 
	 	 	EQ Health Acquisition Corp.
	 	 	 
	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 
	 	 	 
	cc: 	BTIG, LLC	 
	 	Jefferies LLC	 

 

    D-1

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