Document:

EX-10.14

 Exhibit 10.14 

SPRUCE BIOSCIENCES, INC. 

EMPLOYMENT AGREEMENT 
 This
Employment Agreement (the “Agreement”) is made and entered into by and between Michael Huang, MD. (“Executive”) and Spruce Biosciences, Inc. (the “Company”) (together referred to herein as the
“Parties”), effective as of May 16, 2017 (the “Effective Date”). This Agreement supersedes in its entirety any other agreement to which the Company is a party with respect to Executive’s employment with
the Company, except for the Proprietary Information and Inventions Assignment Agreement between the Company and Executive (the “Confidential Information Agreement”). 

RECITALS 
 A. The Company
desires to assure itself of the services of Executive by engaging Executive to perform services under the terms hereof. 
 B. Executive
desires to provide services to the Company on the terms herein provided. 
 C. Certain capitalized terms used in this Agreement are defined
in Section 11 below. 
 In consideration of the foregoing, and for other good and valuable consideration, including the respective
covenants and agreements set forth below, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows: 

1. Employment. 

(a) General. The Company shall employ Executive as a full-time employee of the Company effective as of the Effective Date for the
period and in the position set forth in this Section 1, and upon the other terms and conditions herein provided. 
 (b) Position and
Duties. Effective on the Effective Date, Executive: (i) shall serve as the Chief Medical Officer of the Company, with responsibilities, duties and authority usual and customary for such position, subject to direction by the Company’s
Chief Executive Officer (the “CEO”); (ii) shall report directly to the CEO; and (iii) agrees promptly and faithfully to comply with all present and future policies, requirements, directions, requests and rules and regulations
of the Company in connection with the Company’s business. 
 (c) Exclusivity. Except with the prior written approval of the
Board (which the Board may grant or withhold in its sole and absolute discretion), Executive shall devote Executive’s entire working time, attention and energies to the business of the Company and shall not (i) accept any other employment
or consultancy; (ii) serve on the board of directors or similar body of any other entity; or (iii) engage, directly or indirectly, in any other business activity (whether or not pursued for pecuniary advantage) that is or may be
competitive with, or that 
 might place Executive in a competing position to, that of the Company or any of its subsidiaries or affiliates.
Notwithstanding the foregoing, Executive may devote reasonable time to unpaid activities such as supervision of personal investments and activities involving professional, 

  
 1 

 
charitable, educational, religious, civic and similar types of activities, speaking engagements and membership on committees, provided such activities do not individually or in the aggregate
interfere with the performance of Executive’s duties under this Agreement, violate the Company’s standards of conduct then in effect or raise a conflict under the Company’s conflict of interest policies. 

2. Compensation and Related Matters. 

(a) Base Salary. Executive’s annual base salary (the “Base Salary”) will be $335,000, less payroll deductions and
all required withholdings, payable in accordance with the Company’s normal payroll practices. The Board or a committee of the Board shall review Executive’s Base Salary periodically. 

(b) Bonus. If and when the Company adopts a formal incentive performance bonus program, Executive will be eligible to receive an annual
performance bonus pursuant to such program, with a target achievement of twenty-five percent (25%) of Executive’s then-Base Salary (the “Annual Bonus”). Any Annual Bonus amount payable shall be based on the achievement of
performance goals to be established by the Company and shall be subject to the terms and conditions of the adopted formal bonus program. The Board or a committee of the Board shall review Executive’s Annual Bonus periodically. Any Annual Bonus
earned by Executive pursuant to this section shall be paid to Executive, less authorized deductions and required withholding obligations, within three months following the end of the fiscal year to which the bonus relates. Executive hereby
acknowledges and agrees that nothing contained herein confers upon Executive any right to an Annual Bonus in any calendar year, and that whether and/or when the Company adopts a formal performance bonus program and whether the Company pays Executive
an Annual Bonus under such program will be determined by the Company in its sole discretion. 
 (c) Equity Awards. 

(i) Stock Option. In connection with entering into this Agreement, Executive shall be granted, subject to approval by the Board, an
option to purchase 450,000 shares of the Company’s common stock (the “Option”) with an exercise price per share equal to the fair market value of a share of the Company’s common stock on the date of grant (as determined by
the Board in its sole discretion), provided that Executive is employed by the Company on the date of grant. Subject to Executive’s continued service with the Company through the applicable vesting date, 25% of the shares subject to the
Option will be vest on the first anniversary of the Effective Date and 1/48th of the total number of shares initially subject to the Option will vest on each monthly anniversary thereafter. The Option, and any shares acquired upon exercise, will be
subject to the terms and conditions of the Company’s equity incentive plan and an option agreement to be entered into between Executive and the Company. 

(d) Benefits. Executive may participate in such employee and executive benefit plans and programs as the Company may from time to time
offer to provide to its executives, subject to the terms and conditions of such plans. Notwithstanding the foregoing, nothing herein is intended, or shall be construed, to require the Company to institute or continue any, or any particular, plan or
benefits. 

  
 2 

 (e) Vacation. Executive shall be entitled to vacation, sick leave, holidays and other
paid time-off benefits provided by the Company from time to time which are applicable to the Company’s executive officers in accordance with Company policy. The opportunity to take paid time off is
contingent upon Executive’s workload and ability to manage Executive’s schedule. 
 (f) Business Expenses. The Company
shall reimburse Executive for all reasonable, documented, out-of-pocket travel and other business expenses incurred by Executive in the performance of Executive’s
duties to the Company in accordance with the Company’s applicable expense reimbursement policies and procedures as in effect from time to time. 

3. Termination. 

(a) At-Will Employment. The Company and Executive acknowledge that Executive’s employment
is and shall continue to be “at-will,” as defined under applicable law. This means that it is not for any specified period of time and can be terminated by Executive or by the Company at any
time, with or without advance notice, and for any or no particular reason or cause. It also means that Executive’s job duties, title and responsibility and reporting level, work schedule, compensation and benefits, as well as the Company’s
personnel policies and procedures, may be changed with prospective effect, with or without notice, at any time in the sole discretion of the Company. This “at-will” nature of Executive’s
employment shall remain unchanged during Executive’s tenure as an employee and may not be changed, except in an express writing signed by Executive and a duly authorized member of the Board. If Executive’s employment terminates for any
reason, Executive shall not be entitled to any payments, benefits, damages, awards or compensation other than as provided by this Agreement. 

(b) Deemed Resignation. Upon termination of Executive’s employment for any reason, Executive shall be deemed to have resigned from
all offices and directorships, if any, then held with the Company or any of its affiliates, and, at the Company’s request, Executive shall execute such documents as are necessary or desirable to effectuate such resignations. 

4. Obligations upon Termination of Employment. 

(a) Executive’s Obligations. Executive hereby acknowledges and agrees that all Personal Property (as defined below) and equipment
furnished to, or prepared by, Executive in the course of, or incident to, Executive’s employment, belongs to the Company and shall be promptly returned to the Company upon termination of Executive’s employment (and will not be kept in
Executive’s possession or delivered to anyone else). For purposes of this Agreement, “Personal Property” includes, without limitation, all books, manuals, records, reports, notes, contracts, lists, blueprints, and other
documents, or materials, or copies thereof (including computer files), keys, building card keys, company credit cards, telephone calling cards, computer hardware and software, cellular and portable telephone equipment, personal digital assistant
(PDA) devices and all other proprietary information relating to the business of the Company or its subsidiaries or affiliates. Following termination, Executive shall not retain any written or other tangible material containing any proprietary
information of the Company or its subsidiaries or affiliates. In addition, Executive shall continue to be subject to the Confidential Information Agreement. The representations and warranties contained herein and Executive’s obligations under
Subsection 4(a) and the Confidential Information Agreement hereof shall survive the termination of Executive’s employment and the termination of this Agreement. 

  
 3 

 (b) Payments of Accrued Obligations upon Termination of Employment. Upon a
termination of Executive’s employment for any reason, Executive (or Executive’s estate or legal representative, as applicable) shall be entitled to receive, within ten (10) days after the date Executive terminates employment with the
Company (or such earlier date as may be required by applicable law): (i) any portion of Executive’s Base Salary earned through Executive’s termination date not theretofore paid, (ii) any expenses owed to Executive under
Section 2(f) above, (iii) any accrued but unused vacation pay owed to Executive pursuant to Section 2(e) above, and (iv) any amount arising from Executive’s participation in, or benefits under, any employee benefit plans,
programs or arrangements under Section 2(d) above, which amounts shall be payable in accordance with the terms and conditions of such employee benefit plans, programs or arrangements. 

(c) Severance Payments upon Termination Without Cause Other Than During a Change in Control Period. If Executive experiences a Covered
Termination other than during a Change in Control Period, and if Executive executes a general release of all claims against the Company and its affiliates in a form acceptable to the Company (a “Release of Claims”) that becomes
effective and irrevocable within sixty (60) days, or such shorter period of time specified by the Company, following such Covered Termination, then, in addition to any accrued obligations payable under Section 4(b) above, the Company shall
provide Executive with the following: 
 (i) Continued Healthcare. The Company shall notify Executive of any right to continue group
health plan coverage sponsored by the Company or an affiliate of the Company immediately prior to Executive’s date of termination pursuant to the provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended
(“COBRA”). If Executive elects to receive such continued healthcare coverage, the Company shall directly pay, or reimburse Executive for, the premium for Executive and Executive’ s covered dependents, less the amount of
Executive’s monthly premium contributions for such coverage prior to termination, for the period commencing on the first day of the first full calendar month following the date the Release of Claims becomes effective and irrevocable through the
earlier of (A) the last day of the forth (4th) full calendar month following the date the Release of Claims becomes effective and irrevocable and (B) the date Executive and Executive’s covered dependents, if any, become eligible for
healthcare coverage under another employer’s plan(s). Executive shall notify the Company immediately if Executive becomes covered by a group health plan of a subsequent employer. After the Company ceases to pay premiums pursuant to the
preceding sentence, Executive may, if eligible, elect to continue healthcare coverage at Executive’s expense in accordance the provisions of COBRA. 

(d) Severance Payments upon a Covered Termination During a Change in Control Period. If Executive experiences a Covered Termination
during a Change in Control Period, and if Executive executes a Release of Claims that becomes effective and irrevocable within sixty (60) days, or such shorter period of time specified by the Company, following such Covered Termination, then,
in addition to any accrued obligations payable under Section 4(b) above, then the Company shall provide Executive with the following (i) the severance payments and benefits provided in Section 4(c)(i) and (ii) each outstanding
equity award held by Executive shall automatically become vested and, if applicable, exercisable and any forfeiture restrictions or rights of repurchase thereon shall lapse, in each case, with respect to one hundred percent (100%) of the
then-unvested shares subject to such outstanding award effective as of immediately prior to such termination date. 

  
 4 

 (e) No Other Severance. The provisions of this Section 4 shall supersede in
their entirety any severance payment or other arrangement provided by the Company, including, without limitation, any severance plan/policy of the Company. 

(f) No Requirement to Mitigate; Survival. Executive shall not be required to mitigate the amount of any payment provided for under this
Agreement by seeking other employment or in any other manner. Notwithstanding anything to the contrary in this Agreement, the termination of Executive’s employment shall not impair the rights or obligations of any party. 

(g) Certain Reductions. The Company shall reduce Executive’s severance benefits under this Agreement, in whole or in part, by any
other severance benefits, pay in lieu of notice, or other similar benefits payable to Executive by the Company in connection with Executive’s termination, including but not limited to payments or benefits pursuant to (i) any applicable
legal requirement, including, without limitation, the Worker Adjustment and Retraining Notification Act, or (ii) any Company policy or practice providing for Executive to remain on the payroll without being in active service for a limited
period of time after being given notice of the termination of Executive’s employment. The benefits provided under this Agreement are intended to satisfy, to the greatest extent possible, any and all statutory obligations that may arise out of
Executive’s termination of employment. Such reductions shall be applied on a retroactive basis, with severance benefits previously paid being recharacterized as payments pursuant to the Company’s statutory obligation. 

5. Limitation on Payments. 

(a) Notwithstanding anything in this Agreement to the contrary, if any payment or distribution Executive would receive pursuant to this
Agreement or otherwise (“Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (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 the Company shall cause to be determined, before any amounts of the Payment are paid to Executive, which of the following alternative
forms of payment would maximize Executive’s after-tax proceeds: (A) payment in full of the entire amount of the Payment (a “Full Payment”), or (B) payment of only a part of the Payment
so that Executive receives that largest Payment possible without being subject to the Excise Tax (a “Reduced Payment”), whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the
Excise Tax (all computed at the highest marginal rate, net of the maximum reduction in federal income taxes which could be obtained from a deduction of such state and local taxes), results in Executive’s receipt, on an after-tax basis, of the greater amount of the Payment, notwithstanding that all or some portion the Payment may be subject to the Excise Tax. 

  
 5 

 (b) If a Reduced Payment is made pursuant to this Section 5, (i) the Payment shall be
paid only to the extent permitted under the Reduced Payment alternative, and Executive shall have no rights to any additional payments and/or benefits constituting the Payment, and (ii) reduction in payments and/or benefits will occur in the
following order: (1) reduction of cash payments; (2) cancellation of accelerated vesting of equity awards other than stock options; (3) cancellation of accelerated vesting of stock options; and (4) reduction of other benefits
payable to Executive. In the event that acceleration of compensation from Executive’s equity awards is to be reduced, such acceleration of vesting shall be canceled in the reverse order of the date of grant. 

(c) All determinations required to be made under this Section 5 shall be made by such adviser as may be selected by the Company,
provided, that the adviser’s determination shall be made based upon “substantial authority” within the meaning of Section 6662 of the Code. The adviser shall provide its determination, together with detailed supporting
calculations and documentation, to Executive and the Company within fifteen (15) business days following the date of termination of Executive’s employment, if applicable, or such other time as requested by Executive (provided, that
Executive reasonably believes that any of the Payments may be subject to the Excise Tax) or the Company. All reasonable fees and expenses of the adviser in reaching such a determination shall be borne solely by the Company. 

6. Successors. 

(a) Company’s Successors. Any successor to the Company (whether direct or indirect and whether by purchase, merger, consolidation,
liquidation or otherwise) to all or substantially all of the Company’s business and/or assets shall assume the obligations under this Agreement and agree expressly to perform the obligations under this Agreement in the same manner and to the
same extent as the Company would be required to perform such obligations in the absence of a succession. For all purposes under this Agreement, the term “Company” shall include any successor to the Company’s business and/or
assets which executes and delivers the assumption agreement described in this Section 6(a) or which becomes bound by the terms of this Agreement by operation of law. 

(b) Executive’s Successors. The terms of this Agreement and all rights of Executive hereunder shall inure to the benefit of, and
be enforceable by, Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 

7. Notices. Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have
been duly given when personally delivered or one day following mailing via Federal Express or similar overnight courier service. In the case of Executive, mailed notices shall be addressed to Executive at Executive’s home address that the
Company has on file for Executive. In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all notices shall be directed to the attention of the General Counsel of the Company. 

8. Dispute Resolution. To ensure the timely and economical resolution of disputes that arise in connection with this Agreement,
Executive and the Company agree that any and all controversies, claims and disputes arising out of or relating to this Agreement, including without limitation any alleged violation of its terms, shall be resolved by final and binding arbitration
before a single neutral arbitrator in San Francisco County, California, in accordance with the 

  
 6 

 
Employment Dispute Resolution Rules of the American Arbitration Association (“AAA”). The arbitration shall be commenced by filing a demand for arbitration with the AAA within
fourteen (14) days after the filing Party has given notice of such breach to the other Party. The arbitrator shall award the prevailing Party attorneys’ fees and expert fees, if any. Notwithstanding the foregoing, it is acknowledged that
it will be impossible to measure in money the damages that would be suffered if the Parties fail to comply with any of the obligations imposed on them under Section 10(a) hereof, and that in the event of any such failure, an aggrieved person
will be irreparably damaged and will not have an adequate remedy at law. Any such person shall, therefore, be entitled to injunctive relief, including specific performance, to enforce such obligations, and if any action shall be brought in equity to
enforce any of the provisions of Section 10(a) of this Agreement, none of the Parties hereto shall raise the defense that there is an adequate remedy at law. 

9. Section 409A. The intent of the Parties is that the payments and benefits under this Agreement comply with or be exempt from
Section 409A of the Code and the Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Effective Date,
(“Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. If the Company determines that any provision of this Agreement would cause
Executive to incur any additional tax or interest under Section 409A (with specificity as to the reason therefor), the Company and Executive shall take commercially reasonable efforts to reform such provision to try to comply with or be exempt
from Section 409A through good faith modifications to the minimum extent reasonably appropriate to conform with Section 409A, provided that any such modifications shall not increase the cost or liability to the Company. To the
extent that any provision hereof is modified in order to comply with or be exempt from Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic
benefit to Executive and the Company of the applicable provision without violating the provisions of Section 409A. 
 (a) Separation
from Service. Notwithstanding any provision to the contrary in this Agreement, no amount deemed deferred compensation subject to Section 409A of the Code shall be payable pursuant to Section 4 above unless Executive’s termination
of employment constitutes a “separation from service” with the Company within the meaning of Section 409A (“Separation from Service”) and, except as provided under Section 9(b) below, any such amount shall
not be paid, or in the case of installments, commence payment, until the sixtieth (60th) day following Executive’s Separation from Service. Any installment payments that would have been made to Executive during the sixty (60) day period
immediately following Executive’s Separation from Service but for the preceding sentence shall be paid to Executive on the sixtieth (60th) day following Executive’s Separation from Service and the remaining payments shall be made as
provided in this Agreement. 
 (b) Specified Employee. Notwithstanding any provision to the contrary in this Agreement, if Executive
is deemed at the time of her Separation from Service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, to the extent delayed commencement of any portion of the benefits to which Executive is
entitled under this Agreement is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of Executive’s benefits shall not be provided to Executive prior to the earlier of (i)

  
 7 

 
the expiration of the six (6)-month period measured from the date of Executive’s Separation from Service or (ii) the date of Executive’s death. Upon the first day of the seventh (7th) month following the date of the Executive’s Separation from Service, all payments deferred pursuant to this Section 9(b) shall be paid in a lump sum to Executive, and any remaining
payments due under this Agreement shall be paid as otherwise provided herein. 
 (c) Expense Reimbursements. To the extent that any
reimbursements payable pursuant to this Agreement are subject to the provisions of Section 409A, any such reimbursements payable to Executive pursuant to this Agreement shall be paid to Executive no later than December 31 of the year
following the year in which the expense was incurred, the amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year, and Executive’s right to reimbursement under this Agreement will
not be subject to liquidation or exchange for another benefit. 
 (d) Installments. For purposes of Section 409A (including,
without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), Executive’s right to receive any installment payments under this Agreement shall be treated as a right to receive
a series of separate payments and, accordingly, each such installment payment shall at all times be considered a separate and distinct payment. 

10. Miscellaneous Provisions. 

(a) Confidentiality Agreement. As a condition of Executive’s employment with the Company, Executive shall abide by the
Confidential Information Agreement. 
 (b) Withholdings and Offsets. The Company shall be entitled to withhold from any amounts
payable under this Agreement any federal, state, local or foreign withholding or other taxes or charges which the Company is required to withhold. The Company shall be entitled to rely on an opinion of counsel if any questions as to the amount or
requirement of withholding shall arise. If Executive is indebted to the Company at her termination date, the Company reserves the right to offset any severance payments under this Agreement by the amount of such indebtedness. 

(c) Waiver. No provision of this Agreement shall be modified, waived or discharged unless the modification, waiver or discharge is
agreed to in writing and signed by Executive and by an authorized officer of the Company (other than Executive). No waiver by either Party of any breach of, or of compliance with, any condition or provision of this Agreement by the other Party shall
be considered a waiver of any other condition or provision or of the same condition or provision at another time. 
 (d) Whole
Agreement. This Agreement and the Confidential Information Agreement represent the entire understanding of the Parties hereto with respect to the subject matter hereof and supersede all prior arrangements and understandings regarding same. 

(e) Amendment. This Agreement cannot be amended or modified except by a written agreement signed by Executive and an authorized member
of the Company. 
 (f) Choice of Law. The validity, interpretation, construction and performance of this Agreement shall be governed
by the laws of the State of California. 

  
 8 

 (g) Severability. The finding by a court of competent jurisdiction of the
unenforceability, invalidity or illegality of any provision of this Agreement shall not render any other provision of this Agreement unenforceable, invalid or illegal. Such court shall have the authority to modify or replace the invalid or
unenforceable term or provision with a valid and enforceable term or provision which most accurately represents the intention of the Parties hereto with respect to the invalid or unenforceable term or provision. 

(h) Interpretation; Construction. The headings set forth in this Agreement are for convenience of reference only and shall not be used
in interpreting this Agreement. This Agreement has been drafted by legal counsel representing the Company, but Executive has been encouraged to consult with, and has consulted with, Executive’s own independent counsel and tax advisors with
respect to the terms of this Agreement. The Parties hereto acknowledge that each Party hereto and its counsel has reviewed and revised, or had an opportunity to review and revise, this Agreement, and any rule of construction to the effect that any
ambiguities are to be resolved against the drafting Party shall not be employed in the interpretation of this Agreement. 
 (i)
Representations; Warranties. Executive represents and warrants that Executive is not restricted or prohibited, contractually or otherwise, from entering into and performing each of the terms and covenants contained in this Agreement, and that
Executive’s execution and performance of this Agreement will not violate or breach any other agreements between Executive and any other person or entity and that Executive has not engaged in any act or omission that could be reasonably expected
to result in or lead to an event constituting “Cause” for purposes of this Agreement. 
 (j) Counterparts. This
Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together will constitute one and the same instrument. 

11. Definition of Terms. The following terms referred to in this Agreement shall have the following meanings: 

(a) Cause. “Cause” means (i) Executive’s unauthorized use or disclosure of confidential information or trade
secrets of the Company or any material breach of a written agreement between Executive and the Company, including without limitation a material breach of this Agreement, the Confidential Information Agreement or any other similar agreement;
(ii) Executive’s commission of, indictment for or the entry of a plea of guilty or nolo contendere by Executive to, a felony under the laws of the United States or any state thereof or any crime involving dishonesty or moral turpitude (or
any similar crime in any jurisdiction outside the United States); (iii) Executive’s negligence or willful misconduct in the performance of Executive’s duties or Executive’s willful or repeated failure or refusal to substantially
perform assigned duties; (iv) any act of fraud, embezzlement, material misappropriation or dishonesty committed by Executive’s against the Company; or (v) any acts, omissions or statements by Executive which the Company determines to
be materially detrimental or damaging to the reputation, operations, prospects or business relations of the Company. 

  
 9 

 (b) Change in Control. “Change in Control” means (i) a merger
or consolidation of the Company with or into any other corporation or other entity or person, (ii) a sale, lease, exchange or other transfer in one transaction or a series of related transactions of all or substantially all of the
Company’s assets, or (iii) any other transaction, including the sale by the Company of new shares of its capital stock or a transfer of existing shares of capital stock of the Company, the result of which is that a third party that is not
an affiliate of the Company or its stockholders (or a group of third parties not affiliated with the Company or its stockholders) immediately prior to such transaction acquires or holds capital stock of the Company representing a majority of the
Company’s outstanding voting power immediately following such transaction; provided that the following events shall not constitute a “Change in Control”: (A) a transaction (other than a sale of all or substantially all
of the Company’s assets) in which the holders of the voting securities of the Company immediately prior to the merger or consolidation hold, directly or indirectly, at least a majority of the voting securities in the successor corporation or
its parent immediately after the merger or consolidation; (B) a sale, lease, exchange or other transaction in one transaction or a series of related transactions of all or substantially all of the Company’s assets to an affiliate of the
Company; (C) an initial public offering of any of the Company’s securities; (D) a reincorporation of the Company solely to change its jurisdiction; or (E) a transaction undertaken for the primary purpose of creating a holding
company that will be owned in substantially the same proportion by the persons who held the Company’s securities immediately before such transaction. Notwithstanding the foregoing, if a Change in Control would give rise to a payment or
settlement event that constitutes “nonqualified deferred compensation,” the transaction or event constituting the Change in Control must also constitute a “change in control event” (as defined in Treasury Regulation
§1.409A-3(i)(5)) in order to give rise to the payment or settlement event, to the extent required by Section 409A. 

(c) Change in Control Period. “Change in Control Period” shall mean that period of time commencing on the consummation
of a Change in Control and ending on the first (1st) anniversary of such Change in Control. 
 (d) Covered Termination.
“Covered Termination” shall mean the termination of Executive’s employment by the Company other than for Cause or by Executive for Good Reason. 

(e) Good Reason. “Good Reason” means Executive’s right to resign from employment with the Company after providing
written notice to the Company within sixty (60) days after one or more of the following events occurs without Executive’s consent provided such event remains uncured thirty (30) days after Executive delivers to the Company of written
notice thereof and Executive’s resignation is effective not later than thirty (30) days after the expiration of such thirty (30) day cure period: (i) a material reduction in Executive’s job responsibilities or duties as
Chief Executive Officer, provided that any change made solely as the result of the Company becoming a subsidiary or business unit of a larger company in a Change in Control shall not on its own give rise to Good Reason; (ii) a material
diminution by the Company in Executive’s Base Salary in effect immediately prior to such reduction, other than a material diminution that is proportionately applicable to other officers and key employees of the Company generally; or
(iii) the forced relocation of the principal place of business at which Executive performs services for the Company that increases Executive’s one way commute by fifty (50) miles or more. 

(Signature page follows) 

  
 10 

 IN WITNESS WHEEOF, each of the Parties has executed this Agreement, in the case of the
Company by its duly authorized member, as of the day and year set forth below. 
  

			
	SPRUCE BIOSCIENCES, INC.
		
	By:	 	 /s/ Alexis Howerton

	Title:	 	President & CEO
		
	Date:	 	05/16/2017
	
	EXECUTIVE
	
	 /s/ Michael Huang, MD

	Name:	 	Michael Huang, MD
		
	Date::	 	May 16, 2017

  
 11EX-10.15

 Exhibit 10.15 

February 26, 2020 
 Michael Huang, M.D. 

Re: Separation Agreement 
 Dear Mike: 

This letter sets forth the terms of the separation agreement that Spruce Biosciences, Inc. (the “Company”) is offering to aid in your
employment transition. 
 1. Separation Date; Final Pay. Your last day of work with the Company and your employment termination date is
February 26, 2020 (the “Separation Date”). On that day you will be sent a check in the amount of $8,053.92, representing all remaining accrued salary and all accrued and unused vacation earned through the Separation Date,
subject to standard payroll deductions and withholdings. You are entitled to this payment regardless of whether or not you sign this Agreement. 
 2.
Severance Benefits. If on or within twenty-one (21) days after you receive this Agreement you sign and return this Agreement to the Company. allow the releases set forth herein to become effective,
and you comply fully with your obligations hereunder (including but not limited to your obligations to timely return all Company property under Section 6), the Company will provide you with the following severance benefits (the
“Severance Benefits”): 
  

	 	(a)	 Severance Pay. The Company will pay you, as severance, the equivalent of six months of your base salary
in effect as of the Separation Date, subject to standard payroll deductions and withholding, as well as any performance based bonus associated with your work at the company (the “Severance”). The Severance will be paid in a lump sum
payment on the first regular payroll date following the Effective Date (as defined in Section 10(c)). 

  

	 	(b)	 Stock Options and Vesting. On July 27, 2017, you were granted an option to purchase 450,000 shares
of the Company’s common stock (the “Initial Option”). On July 23, 2019, you were granted an option to purchase an additional 100,000 shares of the Company’s common stock (the “Second Option,” and
together with the Initial Option, the “Options”). The Options were granted pursuant to the Company’s 2016 Equity Incentive Plan, stock option agreements and other applicable grant documents (collectively the “Option
Documents”). Vesting of your Options and any other equity awards, if any, will cease as of the Separation Date. Except as expressly modified in this Agreement, the Options shall continue to be governed by the Option Documents.

  

	 	(c)	 Post-Termination Exercise Period. Subject to approval by the Board, the post-termination exercise period
during which you may exercise your Options to purchase your vested shares following the Separation Date (which, under the terms of such Options, is three months following the Separation Date) shall be extended

  
 1 

	 	
to December 31, 2020. Additionally, you acknowledge and agree that as a result of the modification of the post-termination exercise period of the Options and the tax rules applicable to
incentive stock options the Options (regardless whether they were intended to qualify as incentive stock options) will hereafter be treated as non-statutory stock options. You are advised to seek independent tax advice of the consequences of such
modification. 

 3. COBRA. To the extent provided by the federal COBRA law or, if applicable, state insurance laws
(collectively, “COBRA”), and by the Company’s current group health insurance policies, you will be eligible to continue your group health insurance benefits at your own expense after the Separation Date. Later, you may be able
to convert to an individual policy through the provider of the Company’s health insurance, if you wish. You will be provided with a separate notice describing your rights and obligations under COBRA laws on or after the Separation Date. If you
elect to receive such continued healthcare coverage, the Company will directly pay, or reimburse you for the premium for you and your covered dependents, less the amount of your monthly premium contributions for such coverage prior to the Separation
Date, for the period commencing on the first day of the first full calendar month following the Effective Date through the earlier of (A) the last day of the fourth full calendar month following the Effective Date and (B) the date you and
your covered dependents, if any, become eligible for healthcare coverage under another employer’s plan(s). You will notify the Company immediately if you become covered by a group health plan of a subsequent employer. 

4. No Other Compensation or Benefits. You agree and acknowledge that the benefits provided in this Agreement are in lieu of and supersede any
other severance payments, compensation or benefits that you may be entitled to receive from the Company under any agreement, plan or policy (including but not limited to severance benefits under that certain May 16, 2017 employment agreement
between you and the Company, and under the Company’s Severance and Change in Control Policy). By executing this Agreement, you hereby further agree and acknowledge that any such other severance payments, compensation or benefits are
extinguished and you waive all rights you may have to any such benefits. You further acknowledge that, except as provided in this Agreement, you have not earned and are not entitled to receive any additional compensation, severance or benefits on or
after the Separation Date. 
 5. Expense Reimbursements. You agree that, within ten (10) days after the Separation Date, you will submit
your final documented expense reimbursement statement reflecting all business expenses you incurred through the Separation Date, if any, for which you seek reimbursement. The Company will reimburse you for these expenses pursuant to its regular
business practice. 
 6. Return of Company Property. On the Separation Date, you shall return to the Company all Company documents (and all
copies thereof) and other Company property in your possession or control, 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. customer lists, prospect information, pipeline reports, sales reports, 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

  
 2 

 
confidential or proprietary information of the Company (and all reproductions thereof in whole or in part). You agree that you will make a diligent search to locate any such documents, property
and information within the timeframe referenced above. In addition, if you have used any personally-owned computer, server, or email system to receive, store, review, prepare or transmit any confidential or proprietary data, materials or information
of the Company, then within five (5) business days after the Separation Date. or earlier if requested by the Company, you must provide the Company with a computer-useable copy of such information and then permanently delete and expunge such
confidential or proprietary information from those systems without retaining any reproductions (in whole or in part); and you agree to provide the Company access to your system. as requested, to verify that the necessary copying and deletion is
done. 
 7. Confidential Information Obligations. You acknowledge and reaffirm your continuing obligations under your Proprietary Information
and Inventions Assignment Agreement (the “Confidentiality Agreement”), including your obligations not to use or disclose any confidential or proprietary information of the Company. A copy of your Confidentiality Agreement is
attached hereto as Exhibit A. 
 8. Confidentiality. The provisions of this Agreement will be held in strictest confidence by you and will not
be publicized or disclosed in any manner whatsoever: provided, however, that: (a) you may disclose this Agreement in confidence to your immediate family; (b) you may disclose this Agreement in confidence to your attorneys. accountants,
auditors, tax preparers, and financial advisors; and (c) you may disclose this Agreement insofar as such disclosure may be necessary to enforce its terms or as otherwise required by law. In particular, and without limitation. you agree not to
disclose the terms of this Agreement to any current or former employee, consultant or independent contractor of the Company. 
 9.
Nondisparagement. You agree not to disparage the Company or the Company’s officers, directors, employees, shareholders. parents, subsidiaries, affiliates, and agents, in any manner likely to be harmful to them or their business, business
reputation or personal reputation; provided that you may respond accurately and fully to any question, inquiry or request for information to the extent required by legal process. 

10. Release of Claims. 
  

	 	(a)	 General Release. In exchange for the consideration provided to you under this Agreement to which you
would not otherwise be entitled you hereby generally and completely release the Company, and its affiliated, related, parent and subsidiary entities, and its and their current and former directors, officers, employees, shareholders, partners,
agents, attorneys, predecessors, successors, insurers, affiliates, and assigns (collectively, the “Released Parties”) from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way
related to events, acts, conduct, or omissions occurring prior to or on the date you sign this Agreement (collectively. the “Released Claims”). 

  
 3 

	 	(b)	 Scope of Release. The Released Claims include, but are not limited to: (i) all claims arising out
of or in any way related to your employment with the Company, or the termination of that employment; (ii) all claims related to your compensation or benefits from the Company, including salary. bonuses, commissions, vacation, expense
reimbursements, severance pay, fringe benefits, stock, stock options. or any other ownership, equity, or profits interests in the Company; (iii) all claims for breach of contract. wrongful termination, and breach of the implied covenant of good
faith and fair dealing; (iv) all tort claims, including claims for fraud, defamation. emotional distress, and discharge in violation of public policy; and (v) all federal, state, and local statutory claims, including claims for
discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964, the federal Americans with Disabilities Act of 1990, the federal Age Discrimination in Employment Act of 1967 and the
Older Workers Benefit Protection Act (the “ADEA”), the federal Family and Medical Leave Act, the California Family Rights Act, the California Labor Code and the California Fair Employment and Housing Act. 

 

	 	(c)	 ADEA Waiver. You acknowledge that you are knowingly and voluntarily waiving and releasing any rights you
may have under the ADEA (the “ADEA Waiver”), and that the consideration given for the ADEA Waiver is in addition to anything of value to which you are already entitled. You further acknowledge that you have been advised, as required
by the ADEA. that: (i) your ADEA Waiver does not apply to any rights or claims that may arise after the date that you sign this Agreement; (ii) you should consult with an attorney prior to signing this Agreement (although you may choose
voluntarily not to do so); (iii) you have twenty-one (21) days to consider this Agreement (although you may choose voluntarily to sign it earlier); (iv) you have seven (7) days following the date you
sign this Agreement to revoke the ADEA Waiver (by providing written notice of your revocation to me); and (v) this Agreement will not be effective until the date upon which the revocation period has expired, which will be the eighth day after
the date that this Agreement is signed by you provided that you do not revoke it (the “Effective Date”). 

  

	 	(d)	 Waiver of Unknown Claims. In giving the releases set forth in this Agreement, which include claims which
may be unknown to you at present, you acknowledge that you have read and understand Section 1542 of the California Civil Code, which reads as. follows: “A general release does not extend to claims that the creditor or releasing party does
not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party.” You hereby expressly waive and
relinquish all rights and benefits under that section and any law or legal principle of similar effect in any other jurisdiction with respect to your release of claims herein, including but not limited to the release of unknown and unsuspected
claims. 

  

	 	(e)	 Excluded Claims. Notwithstanding the foregoing. the following are not included in the Released Claims
(the “Excluded Claim”): (i) any rights or claims for indemnification you may have pursuant to any written indemnification agreement with the Company to which you are a party or under applicable law; (ii) any rights which are
not waivable as a matter of law; (iii) any rights you have to file or pursue a claim for workers’ compensation or unemployment insurance; and (iv) any claims for breach of this Agreement. You hereby represent and warrant that, other
than the Excluded Claims, you are not aware of any claims you have or might have against any of the Released Parties that are not included in the Released Claims. 

  
 4 

 11. No Admissions. You understand and agree that the promises and payments in consideration of
this Agreement shall not be construed to be an admission of any liability or obligation by the Company to you or to any other person, and that the Company makes no such admission. 

12. Protected Activity. Notwithstanding any provision in this Agreement to the contrary, nothing herein shall prevent you from disclosing the
fact or terms of this Agreement as part of any government investigation. or prohibit you from filing a charge. complaint, or report with. or otherwise communicating with. providing information to, cooperating with, or participating in any
investigation or proceeding by or before the Equal Employment Opportunity Commission, the United States Department of Labor, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange
Commission (the “SEC”), or any other federal, state or local government agency or commission. While this Agreement does not limit your right to receive an award for information provided to the SEC, you are otherwise waiving, to the
fullest extent permitted by law, any and all rights you may have to individual relief based on any claims that you have released and any rights you have waived by signing this Agreement. 

13. Representations. You hereby represent that you have been paid all compensation owed and for all hours worked. have received all the leave
and leave benefits and protections for which you are eligible pursuant to the federal Family and Medical Leave Act, the California Family Rights Act. any applicable law or Company policy, and have not suffered any on-the-job injury for which you have not already filed a workers’ compensation claim. 
 14. Dispute
Resolution. To ensure the timely and economical resolution of disputes that may arise in connection with your employment with the Company, you and the Company agree that any and all disputes, claims or causes of action arising from or relating
to the enforcement, breach. performance, negotiation, execution or interpretation of this Agreement, your employment or the termination of your employment including but not limited to statutory claims, shall be resolved pursuant to the Federal
Arbitration Act, 9 U.S.C. §1-16, and to the fullest extent permitted by law by final, binding and confidential arbitration, by a single arbitrator, in San Francisco, California, conducted by Judicial
Arbitration and Mediation Services, Inc. (“JAMS”) or its successor, under JAMS’ then applicable rules and procedures for employment disputes (available upon request and also currently available at
http://www.jamsadr.com/rules-employment -arbitration/). You acknowledge that by agreeing to this arbitration procedure, both you and the Company waive the right to resolve any such dispute through a trial by jury or judge or administrative
proceeding. The Company acknowledges that you will have the right to be represented by legal counsel at any arbitration proceeding. The arbitrator shall: (a) have the authority to compel adequate discovery for the resolution of the dispute and
to award such relief as would otherwise be permitted by law; and (b) issue a written arbitration decision, to include the arbitrator’s essential findings and conclusions and a statement of the award. The arbitrator shall be authorized to
award any or all remedies that you or the Company would be entitled to seek in a court of law. The Company shall pay all JAMS arbitration fees in excess of the administrative fees that you would be required to pay if the dispute were decided in a
court of law. Nothing in this Agreement is intended to prevent either you or the Company from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration. Any awards or orders in such arbitrations
may be entered and enforced as judgments in the federal and state courts of any competent jurisdiction. 

  
 5 

 15. Miscellaneous. This Agreement, including the previously signed Confidentiality Agreement,
constitutes the complete. final and exclusive embodiment of the entire agreement between you and the Company with regard to this subject matter. It is entered into without reliance on any promise or representation, written or oral, other than those
expressly contained herein, and it supersedes any other such promises, warranties or representations. This Agreement may not be modified or amended except in a writing signed by both you and a duly authorized officer of the Company. This Agreement
will bind the heirs, personal representatives, successors and assigns of both you and the Company, and inure to the benefit of both you and the Company, their heirs, successors and assigns. If any provision of this Agreement is determined to be
invalid or unenforceable. in whole or in part, this determination will not affect any other provision of this Agreement and the provision in question will be modified by the court so as to be rendered enforceable to the fullest extent permitted by
law, consistent with the intent of the parties. This Agreement shall be construed and enforced in accordance with the laws of the State of California without regard to conflicts of law principles. Any waiver of a breach of this Agreement, or rights
hereunder, shall be in writing and shall not be deemed to be a waiver of any successive breach or rights hereunder. This Agreement may be executed in counterparts which shall be deemed to be part of one original, and facsimile and electronic
signatures shall be equivalent to original signatures. 
 If this Agreement is acceptable to you, please sign and date below and return the original to me
no later than March 18, 2020, which is 21 days after the date of this letter. The Company’s offer contained herein will automatically expire if we do not receive the fully signed Agreement within this timeframe. 

We wish you the best in your future endeavors. 
  

	
	Sincerely
	
	/s/ Richard King
	Richard King,
	President and CEO
	Spruce Biosciences

  

	
	Acknowledged and accepted:
	
	/s/ Michael Huang, M.D.
	Michael Huang, M.D.
	Dated: 27 February 2020

  
 6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00314-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00314-of-00352.parquet"}]]