Document:

EX-10.1

 Exhibit 10.1 

June 13, 2022 
 [Name and address of warrant
holder] 
 Re:    Reprice and Reload Offer of Common Share Purchase Warrants 

To Whom It May Concern: 
 Imperial Petroleum
Inc., a Marshall Islands corporation (the “Company”), is pleased to offer to you the opportunity to receive new Common Share purchase warrants of the Company in consideration for the exercise of the Class B Common Share
purchase warrants (the “Existing Warrants”) set forth on your signature page attached hereto currently held by you (the “Holder”). Additionally, the Company is pleased to offer to you the opportunity to consent to
the reduction of the exercise price of the Existing Warrants currently held by you pursuant to Section 3(g) of the Existing Warrants. The issuance of the shares of common stock, par value $0.01 per share (“Common Shares”),
underlying the Existing Warrants (“Existing Warrant Shares”) has been registered pursuant to registration statements on Form F-1 (File Nos. 333-263593
and 333-263725) (the “Registration Statements”). The Registration Statements are currently effective and, upon exercise of the Existing Warrants, will be effective for the issuance of the
Existing Warrant Shares. Capitalized terms not otherwise defined herein shall have the meanings set forth in the Existing Warrants.  

In consideration for cash exercising certain of the Existing Warrants held by you on or before 9:00 a.m. (New York City time) on June 13,
2022 (the “Warrant Exercise”), the Company hereby offers (i) to issue to you or your designees a new Common Share Purchase Warrant (the “New Warrants”) to purchase up to a number of Common Shares equal to 100%
of the number of Existing Warrant Shares issued pursuant to each Warrant Exercise that occurs from and after the date hereof and prior to 9:00 a.m. on June 13, 2022, which New Warrant (as defined below) shall be in the form set forth on
Annex B hereto and (ii) a reduction of the exercise price of the Existing Warrants to $0.70 per share (as reduced from the current exercise price of $1.60 per share). The new Common Share Purchase Warrants will be immediately
exercisable, have a term of exercise of five (5) years thereafter, and an exercise price equal to $0.80, and will be in the form set forth on Annex B hereto. The original New Warrant certificates will be delivered within two
(2) Business Days following each Warrant Exercise pursuant to this letter agreement. Notwithstanding anything herein to the contrary, in the event the Warrant Exercise would otherwise cause the Holder to exceed the beneficial ownership
limitations (“Beneficial Ownership Limitation”) set forth in Section 2(e) of the Existing Warrants, the Company shall only issue such number of Warrant Shares to the Holder that would not cause the Holder to exceed the maximum
number of Warrant Shares permitted thereunder with the balance to be held in abeyance until notice from the Holder that the balance (or portion thereof) may be issued in compliance with such limitations, which abeyance shall be evidenced through the
Existing Warrant which shall be deemed prepaid thereafter, and exercised pursuant to a Notice of Exercise in the Existing Warrant (provided no additional exercise price shall be payable). 

The Holder may accept this offer by signing this letter below, with such acceptance constituting the Holder’s deemed exercise of the
number of Existing Warrants as set forth on the Holder’s signature page attached hereto for an aggregate exercise price as set forth on the Holder’s signature page hereto (the “Aggregate Exercise Price”) on or before 9:00
a.m. (New York City time) on June 13, 2022. 

 Additionally, the Company agrees to the representations, warranties and covenants set forth
on Annex A attached hereto. The Holder represents and warrants (1) that, as of the date hereof it is, and on each date on which it exercises any New Warrants it will be, an “accredited investor” as defined in Rule 501 of the
Securities Act, and agrees that the New Warrants will contain restrictive legends when issued, and neither the New Warrants nor the Common Shares issuable upon exercise of the New Warrants will be registered under the Securities Act, except as
provided in Annex A attached hereto, and (2) that the New Warrants and the Common Shares issuable upon exercise of the New Warrants will be acquired for such Holder’s own account, not as nominee or agent, and not with a view to the
resale or distribution of any part thereof in violation of the Securities Act of 1933. 
 If this offer is accepted and this letter
agreement is executed and delivered to the Company on or before 9:00 a.m. (New York City time) on June 13, 2022, the Company shall (i) issue a press release disclosing all material terms of the transactions contemplated hereunder,
(ii) file a Report on Form 6-K with the Securities and Exchange Commission disclosing all material terms of the transactions contemplated hereunder, including this letter agreement as an exhibit thereto,
and (iii) file prospectus supplements to the Registration Statements disclosing the transactions contemplated hereby, including the reduction of the exercise price of the Existing Warrants ((i), (ii) and (iii), collectively, the
“Required Filings”), in each case on or before 9:30 a.m. (New York City time) on June 13, 2022. Upon the release or filing, as the case may be, of the first of the Required Filings so released or filed by the Company, the
Company represents to the Holder that it shall have publicly disclosed all material, non-public information delivered to the Holder by the Company or any of its officers, directors, employees or agents in
connection with the transactions contemplated hereby. In addition, effective upon the earliest of the issuance of the Required Filings, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement,
whether written or oral, between the Company or any of its officers, directors, agents, employees or Affiliates on the one hand, and the Holder or any of its Affiliates on the other hand, shall terminate. Upon the earliest of the issuance of the
Required Filings, the Company represents to the Holder that none of the Company’s directors, officers, employees or agents will provide the Holder with any material, nonpublic information that is not disclosed in the Required Filings. 

The Company represents, warrants and covenants that, upon acceptance of this offer, all of the Existing Warrant Shares being exercised shall
be delivered electronically through the Depository Trust Company within one (1) Trading Day of the date the Company receives the Aggregate Exercise Price (or, with respect to Common Shares that would otherwise be in excess of the Beneficial
Ownership Limitation, within one (1) Business Day of the date the Company is notified by Holder that its ownership is less than the Beneficial Ownership Limitation). Except as set forth herein, the terms of the Existing Warrants, including but
not limited to the obligations to deliver the Existing Warrant Shares, shall remain in effect as if the acceptance of this offer was a formal exercise notice under the Existing Warrants. 

The Company acknowledges and agrees that the obligations of the Holder under this letter agreement are several and not joint with the
obligations of any other holder of Common Share purchase warrants of the Company (each, an “Other Holder”) under any other agreement related to the exercise of such warrants (“Other Warrant Exercise Agreement”), and
the Holder shall not be responsible in any way for the performance of the obligations of any Other Holder or under any such Other Warrant Exercise Agreement. Nothing contained in this letter agreement, and no action taken by the Holder pursuant
hereto, shall be deemed to constitute the Holder and the Other Holders as a partnership, an association, a joint 

  
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venture or any other kind of entity, or create a presumption that the Holder and the Other Holders are in any way acting in concert or as a group with respect to such obligations or the
transactions contemplated by this letter agreement and the Company acknowledges that the Holder and the Other Holders are not acting in concert or as a group with respect to such obligations or the transactions contemplated by this letter agreement
or any Other Warrant Exercise Agreement. The Company and the Holder confirm that the Holder has independently participated in the negotiation of the transactions contemplated hereby with the advice of its own counsel and advisors. The Holder shall
be entitled to independently protect and enforce its rights, including, without limitation, the rights arising out of this letter agreement, and it shall not be necessary for any Other Holder to be joined as an additional party in any proceeding for
such purpose. 
 The Company hereby represents and warrants as of the date hereof and covenants and agrees from and after the date hereof
until sixty (60) Trading Days after the date hereof, that none of the terms offered to any Other Holder with respect to any Other Warrant Exercise Agreement (or any amendment, modification or waiver thereof), is or will be more favorable to
such Other Holder than those of the Holder and this letter agreement. If, and whenever on or after the date hereof until sixty (60) Trading Days after the date hereof, the Company enters into an Other Warrant Exercise Agreement, then
(i) the Company shall provide notice thereof to the Holder promptly following the occurrence thereof and (ii) the terms and conditions of this letter agreement shall be, without any further action by the Holder or the Company,
automatically amended and modified in an economically and legally equivalent manner such that the Holder shall receive the benefit of the more favorable terms and/or conditions (as the case may be) set forth in such Other Warrant Exercise Agreement
(including the issuance of additional Warrant Shares), provided that upon written notice to the Company at any time the Holder may elect not to accept the benefit of any such amended or modified term or condition, in which event the term or
condition contained in this letter agreement shall apply to the Holder as it was in effect immediately prior to such amendment or modification as if such amendment or modification never occurred with respect to the Holder. The provisions of this
paragraph shall apply similarly and equally to each Other Warrant Exercise Agreement. 
 The Holder acknowledges that it has had the
opportunity to review the public filings made by the Company with the Commission and has been afforded (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company
concerning the terms and conditions of the transactions contemplated hereby and the merits and risks of investing in the Company’s securities; (ii) access to information about the Company and its financial condition, results of operations,
business, properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense
that is necessary to make an informed investment decision with respect to the investment. The Holder further acknowledges that, as described in a press release issued by the Company, the Company will be releasing its financial results for the first
quarter of 2022 on June 14, 2022 and that the Holder is entering into this agreement without knowledge of the Company’s financial results during this period. 

Each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by
such party incident to the negotiation, preparation, execution, delivery and performance of this letter agreement. The Company shall pay all transfer agent fees, stamp taxes and other taxes and duties levied in connection with the delivery of any
Existing Warrant Shares. 

  
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This letter agreement shall be governed by the laws of the State of New York without regard to the principles of conflicts of law thereof. 

*************** 

  
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 To accept this offer, Holder must counter execute this letter agreement and return the fully
executed letter agreement to the Company at e-mail: hv@Imperialpetro.com, attention: Harry N. Vafias, Chief Executive Officer, on or before 9:00 am (New York City time) on June 13, 2022. 

Please do not hesitate to call me if you have any questions. 

 

	
	Sincerely yours,
	
	IMPERIAL PETROLEUM INC.
	
	By:                                     
                        
	Name:
	Title:

  
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 Accepted and Agreed to: 

Name of Holder:
                                         
                                         
                                         
  
 Signature of Authorized Signatory of Holder:
                                         
                                

Name of Authorized Signatory:
                                         
                                         
                           

Title of Authorized Signatory:
                                         
                                         
                                   

Existing Warrant Shares:
                                        

 Number of Existing Warrants being exercised contemporaneously with signing this letter:
                     
 Aggregate Exercise Price
of the Existing Warrants being exercised contemporaneously with signing this letter:
$                             

New Warrant Shares:
                             

New Warrant Purchase Price:
                             

Beneficial Ownership Limitation New Warrant: 4.99%/9.99% 

Address for Delivery of New Warrant:
                                        

 DTC Instructions: 
 The Existing Warrant
Shares shall be delivered to the following DWAC Account Number: 
  

			
	Broker Name:	 	 
		
	Broker DTC DWAC #:    	 	 
		
	Broker Contact:	 	 
		
	Account #:	 	 

  
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 Annex A – Representations, Warranties and Covenants 

Representations, Warranties and Covenants of the Company. The Company hereby makes the following representations and warranties to the
Holder and agrees to the following covenants: 
 (a)    Registration Statements. The Existing
Warrant Shares are registered for issuance on Registration Statements on Form F-1 (File Nos. 333-263593 and 333-263725) (the
“Registration Statements”) and the Company knows of no reason why such Registration Statements shall not remain effective for the foreseeable future. 

(b)    Authorization; Enforcement. The Company will have the requisite corporate power and authority
to enter into and to consummate the transactions contemplated by this letter agreement and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this letter agreement by the Company and the consummation by
the Company of the transactions contemplated hereby will be duly authorized by all necessary action on the part of the Company and no further action is required by the Company, its board of directors or its shareholders in connection therewith. This
letter agreement has been duly executed by the Company and, when delivered in accordance with the terms hereof, will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except
(i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws
relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law. 

(c)    No Conflicts. The execution, delivery and performance of this letter agreement by the Company
and the consummation by the Company of the transactions contemplated hereby do not and will not: (i) conflict with or violate any provision of the Company’s articles of incorporation, bylaws or other organizational or charter documents; or
(ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any lien upon any of the properties or assets of the Company in connection with, or give
to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any material agreement, credit facility, debt or other material instrument (evidencing Company debt or otherwise) or
other material understanding to which such Company is a party or by which any property or asset of the Company is bound or affected, other than for which a waiver has been obtained by the Company; or (iii) conflict with or result in a violation
of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company is subject (including federal and state securities laws and regulations), or by which any property or
asset of the Company is bound or affected. 
 (d)    Filings, Consents and Approvals. The Company
is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other Person in connection with the
execution, delivery and performance by the Company of the transactions contemplated by this agreement, other than: (i) the filings required pursuant to this agreement, (ii) the notice and/or application(s) to each applicable Trading Market
for the issuance and sale of the 

  
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New Warrant and the listing of the underlying shares for trading thereon in the time and manner required thereby, and (iii) the filing of Form D with the Commission and such filings as are
required to be made under applicable state securities laws. 
 (e)    Offering Generally. The
transactions contemplated under this letter agreement, comply with all rules of the Trading Market. No registration under the Securities Act is required for the offer and sale of the New Warrant by the Company as contemplated hereby. Neither the
Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause the offering of
the New Warrants to be integrated with prior offerings by the Company for purposes of (i) the Securities Act which would require the registration of any such securities under the Securities Act, or (ii) any applicable shareholder approval
provisions of any Trading Market on which any of the securities of the Company are listed or designated. 

(f)    Issuance of the New Warrant. The issuance of the New Warrants is duly authorized and, upon
the execution of this letter agreement by the undersigned, will be duly and validly issued, fully paid and nonassessable, free and clear of all liens imposed by the Company, and the shares issuable upon exercise of the New Warrant (the “New
Warrant Shares”), when issued in accordance with the terms of the New Warrant, will be validly issued, fully paid and nonassessable, free and clear of all liens imposed by the Company. The Company has reserved from its duly authorized
capital stock a number of Common Shares for issuance of the New Warrant Shares in full. 

(g)    Legends and Transfer Restrictions. 

(i)     The New Warrant and New Warrant Shares may only be disposed of in compliance with state and federal
securities laws. In connection with any transfer of New Warrant or New Warrant Shares other than pursuant to an effective registration statement or Rule 144, to the Company or to an Affiliate of the undersigned or in connection with a pledge, the
Company may require the transferor thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company,
to the effect that such transfer does not require registration of such transferred New Warrant and New Warrant Shares under the Securities Act. As a condition of transfer, any such transferee shall agree in writing to be bound by the terms of this
letter agreement. 
 (ii)     The undersigned agrees to the imprinting, so long as is required by this
Section (g), of a legend on any of the New Warrant and New Warrant Shares in the following form: 
 NEITHER THIS SECURITY NOR THE SECURITIES
FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), AND, 

  
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ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT
TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR
OTHER LOAN SECURED BY SUCH SECURITIES.     . 
 The Company acknowledges and agrees that the undersigned
may from time to time pledge pursuant to a bona fide margin agreement with a registered broker-dealer or grant a security interest in some or all of the New Warrant to a financial institution that is an “accredited investor” as defined in
Rule 501(a) under the Securities Act and who agrees to be bound by the provisions of this letter agreement and, if required under the terms of such arrangement, the undersigned may transfer pledged or secured New Warrant to the pledgees or secured
parties. Such a pledge or transfer would not be subject to approval of the Company and no legal opinion of legal counsel of the pledgee, secured party or pledgor shall be required in connection therewith. Further, no notice shall be required of such
pledge. At the undersigned’s expense, the Company will execute and deliver such reasonable documentation as a pledgee or secured party of New Warrant may reasonably request in connection with a pledge or transfer of the New Warrant or New
Warrant Shares. 
 (iii)     Certificates evidencing the New Warrant Shares shall not contain any legend
(including the legend set forth in Section (g)(ii) hereof), (i) while a registration statement covering the resale of such security is effective under the Securities Act, (ii) following any sale of such New Warrant Shares pursuant to Rule 144,
(iii) if such New Warrant Shares are eligible for sale under Rule 144, or (iv) if such legend is not required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the
Commission). The Company shall cause its counsel to issue a legal opinion to its transfer agent (if required by the transfer agent) and the undersigned (if requested by the undersigned) in connection with the removal of the legend hereunder. If all
or any portion of a New Warrant is exercised at a time when there is an effective registration statement to cover the resale of the New Warrant Shares, or if such New Warrant Shares may be sold under Rule 144 or if such legend is not otherwise
required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission) then such New Warrant Shares shall be issued free of all legends. The Company agrees that
following such time as such legend is no longer required under this Section (g), it will, no later than the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined
below) following the delivery by the undersigned to the Company or the Transfer Agent of a certificate representing Warrant Shares, as applicable, issued with a restrictive legend (such date, the “Legend Removal Date”), deliver or
cause to be delivered to the undersigned a certificate representing such shares that is free from all restrictive and other legends. The Company may not make any notation on its records or give instructions to the transfer agent that enlarge the
restrictions on transfer set forth in this Section (g). Certificates for New Warrant Shares subject to legend removal hereunder shall be transmitted by the 

  
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transfer agent to the undersigned by crediting the account of the undersigned’s prime broker with the Depository Trust Company System as directed by the undersigned. “Standard
Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common Shares as in effect on the date of delivery of a certificate representing
Warrant Shares issued with a restrictive legend. 
 (iv)     In addition to such undersigned’s other
available remedies, the Company shall pay to the undersigned, in cash, (i) as partial liquidated damages and not as a penalty, for each $1,000 of New Warrant Shares (based on the VWAP of the Common Shares on the date such Securities are
submitted to the Transfer Agent) delivered for removal of the restrictive legend and subject to Section (g)(iii), $10 per Trading Day (increasing to $20 per Trading Day five (5) Trading Days after such damages have begun to accrue) for each
Trading Day after the Legend Removal Date until such certificate is delivered without a legend and (ii) if the Company fails to (a) issue and deliver (or cause to be delivered) to the undersigned by the Legend Removal Date a certificate
representing the Securities so delivered to the Company by such undersigned that is free from all restrictive and other legends and (b) if after the Legend Removal Date such undersigned purchases (in an open market transaction or otherwise)
Common Shares to deliver in satisfaction of a sale by such undersigned of all or any portion of the number of Common Shares, or a sale of a number of Common Shares equal to all or any portion of the number of Common Shares that such undersigned
anticipated receiving from the Company without any restrictive legend, then, an amount equal to the excess of such undersigned’s total purchase price (including brokerage commissions and other out-of-pocket expenses, if any) for the Common Shares so purchased (including brokerage commissions and other out-of-pocket
expenses, if any) (the “Buy-In Price”) over the product of (A) such number of New Warrant Shares that the Company was required to deliver to such undersigned by the Legend Removal Date
multiplied by (B) the lowest closing sale price of the Common Shares on any Trading Day during the period commencing on the date of the delivery by such undersigned to the Company of the applicable New Warrant Shares (as the case may be) and
ending on the date of such delivery and payment under this clause (ii). 
 (h)    Public Information
Failure. At any time during the period commencing from the six (6) month anniversary of the date hereof and ending at such time that all of the New Warrant Shares may be sold without the requirement for the Company to be in compliance with
Rule 144(c)(1) and otherwise without restriction or limitation pursuant to Rule 144, if there is no effective registration statement covering the resale of all of the New Warrant Shares and the Company (i) shall fail for any reason to satisfy
the current public information requirement under Rule 144(c) or (ii) has ever been an issuer described in Rule 144(i)(1)(i) or becomes such an issuer in the future, and the Company shall fail to satisfy any condition set forth in Rule 144(i)(2)
(a “Public Information Failure”) then, in addition to the undersigned’s other available remedies, the Company shall pay to the undersigned, in cash, as partial liquidated damages and not as a penalty, by reason of any such
delay in or reduction of its ability to sell the New Warrant Shares, an amount in cash equal to two percent (2.0%) of the aggregate Exercise Price of the undersigned’s New Warrant on the day of a Public Information Failure and on every
thirtieth (30th) day (pro-rated for periods totaling less than thirty days) thereafter until the earlier of (a) the date such Public Information Failure is cured and (b) such time that such public
information is no longer required 

  
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for the undersigned to transfer the New Warrant Shares pursuant to Rule 144. The payments to which the undersigned shall be entitled pursuant to this Section (h) are referred to herein as
“Public Information Failure Payments.” Public Information Failure Payments shall be paid on the earlier of (i) the last day of the calendar month during which such Public Information Failure Payments are incurred and (ii) the
third (3rd) Business Day after the event or failure giving rise to the Public Information Failure Payments is cured. In the event the Company fails to make Public Information Failure Payments in a timely manner, such Public Information Failure
Payments shall bear interest at the rate of 1.5% per month (prorated for partial months) until paid in full. Nothing herein shall limit the undersigned’s right to pursue actual damages for the Public Information Failure, and the undersigned
shall have the right to pursue all remedies available to it at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief. 

(i)    Listing of Common Shares. The Company shall apply to list or quote all of the New Warrant
Shares on the Nasdaq Capital Market and use its commercially reasonable efforts to promptly secure the listing of all of the New Warrant Shares on the Nasdaq Capital Market. 

(j)    Registration Statement. As soon as practicable (and in any event within fifteen
(15) Trading Days of the date of this Agreement), the Company shall file a registration statement on Form F-1 providing for the resale by the Holders of the New Warrant Shares issued and issuable upon
exercise of the New Warrants; provided that each Holder shall have furnished in writing to the Company such other information regarding itself, the securities held by it and the intended method of disposition of the securities held by it, as shall
be reasonably required to effect the registration of such Registrable Securities. The Company shall use commercially reasonable efforts to cause such registration to become effective on or prior to the 60th calendar day after the initial filing date and to keep such registration statement effective at all times until no Holder owns any New Warrants or New Warrant Shares issuable upon exercise thereof.
If the Company fails to file the registration statement within fifteen (15) Trading Days of the date hereof, the Company shall pay to the undersigned an amount in cash, as partial liquidated damages and not as a penalty, equal to the product of
1.0% of the aggregate exercise price of the New Warrants for each 30-day period (or pro rata for any portion thereof) following such filing deadline for which no registration statement is filed. If
the Company fails to pay any partial liquidated damages pursuant to this Section in full within seven (7) days after the date payable, the Company will pay interest thereon at a rate of 18% per annum (or such lesser maximum amount that is
permitted to be paid by applicable law) to the undersigned, accruing daily from the date such partial liquidated damages are due until such amounts, plus all such interest thereon, are paid in full. 

(k)    Subsequent Equity Sales. From the date hereof until ten (10) Trading Days following the
date hereof, neither the Company nor any Subsidiary shall (i) issue, enter into any agreement to issue or announce the issuance or proposed issuance of any Common Shares or Common Share Equivalents or (ii) file any registration statement
or any amendment or supplement thereto that registers additional securities, in each case other than the registration statement registering the New Warrant Shares or a registration statement on Form S-8 and
supplements to currently effective registration statements of the Company that the Company reasonably determines are necessary to satisfy its disclosure obligations under the federal securities laws with respect to such registration statements.
Notwithstanding the foregoing, this Section (k) shall not apply in respect of an Exempt Issuance. As used herein, “Exempt Issuance” means the issuance 

  
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of (a) Common Shares or options to employees, officers or directors of the Company pursuant to any stock or option plan duly adopted for such purpose by a majority of the non-employee members of the Board of Directors or a majority of the members of a committee of non-employee directors established for such purpose, (b) securities upon the
exercise or exchange of or conversion of any securities issued hereunder and/or other securities exercisable or exchangeable for or convertible into Common Shares issued and outstanding on the date of this Agreement, provided that such securities
have not been amended since the date of this Agreement to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities (except for such decreases in exercise, exchange or conversion
price in accordance with the terms of such securities) or to extend the term of such securities, and (c) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company,
provided that such securities are issued as “restricted securities” (as defined in Rule 144) and carry no registration rights that require or permit the filing of any registration statement in connection therewith until the registration
statement registering all of the New Warrant Shares is declared effective, and provided that any such issuance shall only be to a Person (or to the equity holders of a Person) which is, itself or through its subsidiaries, an operating company or an
owner of an asset in a business synergistic with the business of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities
primarily for the purpose of raising capital or to an entity whose primary business is investing in securities. “Common Share Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder
thereof to acquire at any time Common Shares, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the
holder thereof to receive, Common Shares. 

  
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 Annex B – Form of New Warrant 

  
 13EX-10.1

 Exhibit 10.1 

SEPARATION AGREEMENT AND RELEASE 

This Separation Agreement and Release (“Agreement”) is made by and between Kevin Appelbaum (“Executive”), Kevin Appelbaum,
or his successor(s), as Trustee of The Kevin Appelbaum Revocable Trust under Revocable Trust Declaration dated May 16, 2020, as amended (“Executive’s Trust”), Better Therapeutics OpCo, Inc., a Delaware corporation (together with
its predecessors, the “OpCo”), Better Therapeutics, Inc., a Delaware corporation and the sole stockholder of the Company (the “Parent” and together with the OpCo, the “Company”) (collectively referred to as the
“Parties” or individually referred to as a “Party”). 
 RECITALS 

WHEREAS, Executive was employed by the OpCo and served as a director and officer of the OpCo and the Parent; 

WHEREAS, Executive and the OpCo entered into an Employment Agreement effective as of April 6, 2021 (the “Employment
Agreement”); 
 WHEREAS, Executive signed an Employee Non-Competition, Non-Solicitation, Confidentiality and Assignment Agreement with the OpCo effective as of April 6, 2021 (the “Confidentiality Agreement”); 

WHEREAS, the OpCo and Executive’s Trust have entered into a Restricted Stock Agreement, dated August 14, 2020, pursuant to which
Executive’s Trust currently holds 113,703 unvested shares of the Parent’s common stock (the “Restricted Shares”) subject to the Parent’s right of repurchase (the “Repurchase Right”) which shall lapse upon the
earlier of (i) the achievement by the OpCo of twelve month trailing booked revenues of at least $20 million, or (ii) the filing by the OpCo of a de novo submission to the U.S. Food and Drug Administration (the “Performance-Based
Conditions”) provided that the Executive is then providing services to the OpCo; 
 WHEREAS, the OpCo and Executive have entered into a
Non-Qualified Stock Option Agreement dated April 6, 2021 under the OpCo’s 2020 Stock Option and Grant Plan, as amended from time to time, pursuant to which Executive currently holds an option to
purchase 236,881 shares of the Parent’s common stock (the “2021 Option”), of which 69,092 shares are vested and 167,789 shares are unvested as of the Separation Date (as defined below); 

WHEREAS, the Parent and Executive have entered into a Non-Qualified Stock Option Agreement dated
April 1, 2022 under the Parent’s 2021 Stock Option and Incentive Plan, as amended from time to time, pursuant to which Executive currently holds an option to purchase 235,000 shares of the Parent’s common stock (the “2022
Option”), of which no shares are vested and all 235,000 shares are unvested as of the Separation Date; 
 WHEREAS, the Parties agreed
on June 7, 2022 that Executive would separate from the Company (the “Notification Date”); 
 WHEREAS, Executive’s
employment with the OpCo shall terminate effective as of July 5, 2022 (the “Separation Date”); 
  

 WHEREAS, during the period between the Notification Date and the Separation Date (the
“Transition Period”), Executive shall perform transition duties as requested by the Company; 
 WHEREAS, the Parties wish to
resolve any and all disputes, claims, complaints, grievances, charges, actions, petitions, and demands that the Executive may have against the Company and any of the Releasees (as defined below), including, but not limited to, any and all claims
arising out of or in any way related to Executive’s employment with or separation from the Company; 
 NOW, THEREFORE, in consideration
of the mutual promises made herein, the Parties hereby agree as follows: 
 COVENANTS 

1. Transition Period; Separation from Employment. Executive and the Company hereby acknowledge and agree that neither Company’s
tendering of this Agreement to Executive nor any aspect of this Agreement taking effect shall constitute grounds for Good Reason, as defined in the Employment Agreement. Executive hereby reaffirms and consents to the Confidentiality Agreement, as
amended (see Exhibit B). In consideration of Executive’s execution of this Agreement, Executive’s execution of the supplemental release attached hereto as Exhibit A (the “Supplemental Release”) within sixty
(60) days of the Separation Date, and Executive’s fulfillment of all of the terms and conditions in this Agreement and the Supplemental Release, Company agrees to permit Executive to remain employed as the Chief Executive Officer and
therefore to remain a participant in the Company’s benefits plans and continue to be paid salary in accordance with the Company’s standard payroll practices up through the Separation Date. Executive shall continue to perform regular work
as the Chief Executive Officer in good faith during the Transition Period. Effective as of the Separation Date, Executive hereby resigns from each of his positions as a director or an officer of each of the OpCo and the Parent. 

2. Severance Benefits. Provided that Executive satisfies the Conditions (defined below in Section 3), the Company will provide
Executive with the following “Severance Benefits”: 
 a. Separation Payment. The Company agrees to pay Executive a total of
Five Hundred and Forty Thousand Dollars ($540,000), at the rate of Forty Three Thousand Three Hundred and Thirty Three Dollars and Thirty Three Cents ($45,000.00) per month, less applicable withholding, for a period of twelve (12) months
commencing within sixty (60) days following the Separation Date, in accordance with the Company’s regular payroll practices. 
 b.
COBRA Payment. Subject to Executive’s copayment of premium amounts at the applicable active Executives’ rate and Executive’s proper election to receive benefits under the Consolidated Omnibus Budget Reconciliation Act of 1985,
as amended (“COBRA”), the Company shall pay to the group health plan provider or the COBRA provider a monthly payment equal to the monthly employer contribution that the Company would have made to provide health insurance to the Executive
if the Executive had remained employed by the Company until the earliest of (A) the twelve (12) month anniversary of the Separation Date; (B) the date that Executive becomes eligible for group medical plan benefits under any other
employer’s group medical plan; or (C) the cessation of Executive’s health continuation rights under COBRA; provided, however, that if the Company determines that it cannot pay such amounts to the group health plan provider or
the COBRA provider (if applicable) without potentially violating applicable law (including, without limitation, 

  
 Page 2 of 15 

 
Section 2716 of the Public Health Service Act), then the Company shall convert such payments to payroll payments directly to the Executive for the time period specified above. Such payments
to the Executive shall be subject to tax-related deductions and withholdings and paid on the Company’s regular payroll dates. 

c. Vesting Benefits. Notwithstanding anything to the contrary in any applicable option agreement or other stock-based award agreement,
a number of shares pursuant to each stock-based awards held by the Executive subject solely to: 
  

	 	i.	 time-based vesting (the “Time-Based Equity Awards) equal to the number of shares that would have vested
pursuant to such Time-Based Equity Award during the six (6) month period immediately following the Separation Date had the Executive remained in continuous employment with the Company during such period, will immediately vest and become
exercisable as of the Separation Date, such that with respect to the 2021 Option, an additional 29,612 shares shall vest (for a total of 98,704 vested shares under the 2021 Option as of the Separation Date after giving effect to this provision), and
with respect to the 2022 Option, no additional shares shall vest (for a total of zero (0) vested shares under the 2022 Option as of the Separation Date); and 

 

	 	ii.	 performance-based vesting (the “Performance-Based Equity Awards” and together with the Time-Based
Equity Awards, the “Outstanding Equity Awards”) equal to the number of shares that would have vested pursuant to such Performance-Based Equity Awards subject to the Company’s achievement of the applicable performance-based vesting
conditions described in the applicable award agreements within the six (6) month period following the Separation Date, will vest and become exercisable. For the avoidance of doubt, the Restricted Shares shall vest and the Repurchase Right shall
lapse if the Performance-Based Conditions are achieved on or before January 6, 2023 (the “Outside Date”), provided that if the Performance-Based Conditions are not achieved as of the Outside Date, then the Company shall automatically
exercise its Repurchase Right as of the Outside Date and the repurchase price shall be deemed to have been paid in consideration of the payments and other exchanges made herein. For purposes of this Section 2(c)(ii), any termination or other
forfeiture of the unvested portion of the applicable Performance-Based Equity Award(s) that would otherwise occur on the Separation Date will be delayed to effect the terms of this Section 2(c)(ii) and such termination will subsequently occur
if the vesting pursuant to this subsection does not occur due to the absence of the satisfaction of the Conditions or the failure of the Company to achieve the applicable performance-based vesting conditions during the
six-month period following the Separation Date. 

 The 138,181 unvested shares under the 2021
Option and 235,000 unvested shares under the 2022 Option shall be forfeited automatically on the Separation Date in accordance with the applicable award agreements. The 98,704 vested shares under the 2021 Option shall remain available for exercise
by the Executive for a period of twenty-four (24) months in accordance with the applicable award agreement, and any unexercised shares at the end of such twenty-four (24) month period shall be automatically forfeited in accordance with the
applicable award agreement. 

  
 Page 3 of 15 

 The amounts payable pursuant to this Sections 2(a) and (b), to the extent taxable, shall be paid out in
substantially equal installments in accordance with the Company’s payroll practice over 12 months commencing within sixty (60) days after the Separation Date; provided, however, that if the
60-day period begins in one calendar year and ends in a second calendar year, such payments, to the extent they qualify as “non-qualified deferred
compensation” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), shall begin to be paid in the second calendar year by the last day of such
60-day period; provided, further, that the initial payment shall include a catch-up payment to cover amounts retroactive to the day immediately following the
Separation Date. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). 

3. Conditions. For purposes of this Agreement, the “Conditions” mean that (i) this Agreement becomes effective and
Executive complies with its terms; (ii) Executive is not terminated for Cause (as defined in the Employment Agreement) on or prior to the Separation Date; (iii) Executive does not resign prior to the Separation Date without the
Company’s written consent; (iv) the Supplemental Release becomes effective within sixty (60) days of the Separation Date; and (v) Executive complies with the terms of the Confidentiality Agreement, as amended. 

4. Release of Claims. Executive agrees that the foregoing consideration represents settlement in full of all outstanding obligations
owed to Executive by the Company and its current and former officers, directors, Executives, agents, investors, attorneys, shareholders, administrators, affiliates, benefit plans, plan administrators, insurers, trustees, divisions, and subsidiaries,
and predecessor and successor corporations and assigns (collectively, the “Releasees”). Executive, on his own behalf and on behalf of his respective heirs, family members, executors, agents, and assigns, hereby and forever releases the
Releasees from, and agrees not to sue concerning, or in any manner to institute, prosecute, or pursue, any claim, complaint, charge, duty, obligation, demand, or cause of action relating to any matters of any kind, whether presently known or
unknown, suspected or unsuspected, that Executive may possess against any of the Releasees arising from any omissions, acts, facts, or damages that have occurred up until and including the Effective Date (as defined below) of this Agreement,
including, without limitation: 
 a. any and all claims relating to or arising from Executive’s employment relationship with the
Company and the termination of that relationship; 
 b. any and all claims relating to, or arising from, Executive’s right to purchase,
or actual purchase of shares of stock of the Company, including, without limitation, any claims for fraud, misrepresentation, breach of fiduciary duty, breach of duty under applicable state corporate law, and securities fraud under any state or
federal law; 
 c. any and all claims for wrongful discharge of employment; termination in violation of public policy; discrimination;
harassment; retaliation; breach of contract, both express and implied; breach of covenant of good faith and fair dealing, both express and implied; promissory estoppel; negligent or intentional infliction of emotional distress; fraud; negligent or
intentional misrepresentation; negligent or intentional interference with contract or prospective economic advantage; unfair business practices; defamation; libel; slander; negligence; personal injury; assault; battery; invasion of privacy; false
imprisonment; conversion; and disability benefits; 

  
 Page 4 of 15 

 d. any and all claims for violation of any federal, state, or municipal statute, including,
but not limited to, Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; the Rehabilitation Act of 1973; the Americans with Disabilities Act of 1990; the Equal Pay Act; the Fair Labor Standards Act; the Fair Credit Reporting
Act; the Age Discrimination in Employment Act of 1967; the Older Workers Benefit Protection Act; the Employee Retirement Income Security Act of 1974; the Worker Adjustment and Retraining Notification Act; the Family and Medical Leave Act; the
Sarbanes-Oxley Act of 2002; the Immigration Control and Reform Act; the California Family Rights Act; the California Labor Code; the California Workers’ Compensation Act; the Oregon Family Leave Act; the Oregon Military Family Leave Act;
Chapter 659A of the Oregon Revised Statutes; and any other similar statutes, regulations or laws; 
 e. any and all claims for violation of
the federal or any state constitution; 
 f. any and all claims arising out of any other laws and regulations relating to employment or
employment discrimination; 
 g. any claim for any loss, cost, damage, or expense arising out of any dispute over the nonwithholding or
other tax treatment of any of the proceeds received by Executive as a result of this Agreement; and 
 h. any and all claims for
attorneys’ fees and costs. 
 Executive agrees that the release set forth in this section shall be and remain in effect in all respects as a complete
general release as to the matters released. This release does not extend to any obligations incurred under this Agreement and does not release claims that cannot be released as a matter of law. Specifically, this release does not extend to any
claims or rights that cannot be released under California Government Code § 12964.5, including but not limited to, claims or rights under the California Fair Employment and Housing Act. Further, this release shall not affect Executive’s
equity awards and the related equity documents; shall not affect Executive’s rights to vested ERISA benefits (e.g., 401(k) plan); and shall not affect Executive’s rights to indemnification, regardless of the source. Executive represents
that Executive has made no assignment or transfer of any right, claim, complaint, charge, duty, obligation, demand, cause of action, or other matter waived or released by this section. 

5. Acknowledgment of Waiver of Claims under ADEA. Executive acknowledges that he is waiving and releasing any rights he may have under
the Age Discrimination in Employment Act of 1967 (“ADEA”), and that this waiver and release is knowing and voluntary. Executive agrees that this waiver and release does not apply to any rights or claims that may arise under the ADEA after
the Effective Date of this Agreement. Executive acknowledges that the consideration given for this waiver and release is in addition to anything of value to which Executive was already entitled. Executive further acknowledges that he has been
advised by this writing that: (a) he should consult with an attorney prior to executing this Agreement; (b) he has twenty-one (21) days within which to consider this Agreement;
(c) he has seven (7) days following his execution of this Agreement to revoke this Agreement; (d) this Agreement shall not be effective until after the revocation period has expired; and (e) nothing in this Agreement prevents or
precludes Executive 

  
 Page 5 of 15 

 
from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties, or costs for doing so, unless
specifically authorized by federal law. In the event Executive signs this Agreement and returns it to the Company in less than the 21-day period identified above, Executive hereby acknowledges that he has
freely and voluntarily chosen to waive the time period allotted for considering this Agreement. Executive acknowledges and understands that revocation must be accomplished by a written notification to the person executing this Agreement on the
Company’s behalf that is received prior to the Effective Date. The parties agree that changes, whether material or immaterial, do not restart the running of the 21-day period. 

6. California Civil Code Section 1542. Executive acknowledges that he has been advised to consult with legal counsel
and is familiar with the provisions of California Civil Code Section 1542, a statute that otherwise prohibits the release of unknown claims, which provides 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. 

Executive, being aware of said code section, agrees to expressly waive any rights he may have thereunder, as well as under any other statute
or common law principles of similar effect. 
 7. No Pending or Future Lawsuits. Executive represents that he has no lawsuits,
claims, or actions pending in his name, or on behalf of any other person or entity, against the Company or any of the other Releasees. Executive also represents that he does not intend to bring any claims on his own behalf or on behalf of any other
person or entity against the Company or any of the other Releasees. 
 8. No Cooperation. Executive agrees that he will not knowingly
encourage, counsel, or assist any attorneys or their clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints by any third party against any of the Releasees, unless under a subpoena or
other court order to do so or as related directly to the ADEA waiver in this Agreement. Executive agrees both to immediately notify the Company upon receipt of any such subpoena or court order, and to furnish, within three (3) business days of
its receipt, a copy of such subpoena or other court order. If approached by anyone for counsel or assistance in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints against any of the Releasees,
Executive shall state no more than that he cannot provide counsel or assistance. 
 9. Cooperation with Company. Executive agrees to
cooperate with the Company and be reasonably available to the Company with respect to continuing and/or future matters related to the Executive’s employment period with the Company, whether such matters are business-related, legal, regulatory
or otherwise (including, without limitation, the Executive making reasonable efforts to (i) appear at the Company’s request to give testimony without requiring service of a subpoena or other legal process, and (ii) volunteering to the
Company all pertinent information and turning over to the Company all relevant documents which are or may come into the Executive’s 

  
 Page 6 of 15 

 
possession). Following the Executive’s employment, the Company shall advance and/or reimburse the Executive for all reasonable out of pocket expenses incurred by the Executive in rendering
such services that are approved by the Company, and Executive’s obligations under this paragraph shall not unreasonably interfere with Executive’s professional commitments. 

10. Breach. In addition to the rights provided in the “Attorneys’ Fees” section below, Executive acknowledges and agrees
that any material breach of this Agreement, unless such breach constitutes a legal action by Executive challenging or seeking a determination in good faith of the validity of the waiver herein under the ADEA, or of any provision of the
Confidentiality Agreement shall entitle the Company immediately to seek recovery of the consideration provided to Executive under this Agreement and to obtain damages, except as provided by law; provided that before invoking any such remedies
hereunder, the Company first will provide Executive with written notice of the alleged breach and, if the breach is curable, ten (10) business days to effect a cure. 

11. No Admission of Liability. Executive understands and acknowledges that this Agreement constitutes a compromise and settlement of
any and all actual or potential disputed claims by Executive. No action taken by either party hereto, either previously or in connection with this Agreement, shall be deemed or construed to be (a) an admission of the truth or falsity of any
actual or potential claims or (b) an acknowledgment or admission by either party of any fault or liability whatsoever to the other party or to any third party. 

12. Costs. The Parties shall each bear their own costs, attorneys’ fees, and other fees incurred in connection with the
preparation of this Agreement. 
 13. Tax Consequences. The Company makes no representations or warranties with respect to the tax
consequences of the payments and any other consideration provided to Executive or made on his behalf under the terms of this Agreement. Executive agrees and understands that he is responsible for payment, if any, of local, state, and/or federal
taxes on the payments and any other consideration provided hereunder by the Company and any penalties or assessments thereon. 
 14.
Authority. The Company represents and warrants that the undersigned has the authority to act on behalf of the Company and to bind the Company and all who may claim through it to the terms and conditions of this Agreement. Executive represents
and warrants that he has the capacity to act on his own behalf and on behalf of all who might claim through him to bind them to the terms and conditions of this Agreement. Each Party warrants and represents that there are no liens or claims of lien
or assignments in law or equity or otherwise of or against any of the claims or causes of action released herein. 
 15. No
Representations. Executive represents that he has had an opportunity to consult with an attorney, and has carefully read and understands the scope and effect of the provisions of this Agreement. Executive has not relied upon any representations
or statements made by the Company that are not specifically set forth in this Agreement. 
 16. Severability. In the event that any
provision or any portion of any provision hereof or any surviving agreement made a part hereof becomes or is declared by a court of competent jurisdiction or arbitrator to be illegal, unenforceable, or void, this Agreement shall continue in full
force and effect without said provision or portion of provision. 

  
 Page 7 of 15 

 17. Attorneys’ Fees. Except with regard to a legal action
challenging or seeking a determination in good faith of the validity of the waiver herein under the ADEA, in the event that either Party brings an action to enforce or effect its rights under this Agreement, the prevailing Party shall be entitled to
recover its costs and expenses, including the costs of mediation, arbitration, litigation, court fees, and reasonable attorneys’ fees incurred in connection with such an action. 

18. Entire Agreement. This Agreement represents the entire agreement and understanding between the Company and Executive concerning the
subject matter of this Agreement and Executive’s employment with and separation from the Company and the events leading thereto and associated therewith, and supersedes and replaces any and all prior agreements and understandings concerning the
subject matter of this Agreement and Executive’s relationship with the Company, with the exception of the Confidentiality Agreement (as amended) and the stock and option agreements, including the governing stock plan(s). 

19. No Oral Modification. This Agreement may only be amended in a writing signed by Executive and a duly-authorized Company
representative. 
 20. Governing Law. This Agreement and the Supplemental Release shall be governed by the laws of the State of
Delaware, without regard for choice-of-law provisions. Executive consents to personal and exclusive jurisdiction and venue in the State of Delaware. 

21. Protected Disclosures and Other Protected Actions. Notwithstanding any other provision of this Agreement, nothing in this Agreement
prevents Executive from: (i) filing a charge or complaint with any federal, state or local governmental agency or commission (a “Government Agency”); (ii) communicating with any Government Agency or otherwise participating in any
investigation or proceeding that may be conducted by any Government Agency, including Executive’s ability to provide documents or other information, without notice to the Company; (iii) providing truthful testimony in litigation; or
(iv) discussing or disclosing information about unlawful acts in the workplace, including harassment, discrimination or other conduct Executive has reasonable cause to believe is unlawful. If Executive files any charge or complaint with any
Government Agency and if the Government Agency pursues any claim on Executive’s behalf, or if any other third party pursues any claim on Executive’s behalf, Executive waives any right to monetary or other individualized relief (either
individually, or as part of any collective or class action). 
 22. Effective Date. Executive understands that this Agreement shall
be null and void if not executed by him within twenty one (21) days. Each Party has seven (7) days after that Party signs this Agreement to revoke it. This Agreement will become effective on the eighth (8th) day after Executive signed this
Agreement, so long as it has been signed by the Parties and has not been revoked by either Party before that date (the “Effective Date”). 

23. Counterparts. This Agreement and the Supplemental Release may be executed in counterparts and by facsimile, and each counterpart
and facsimile shall have the same force and effect as an original and shall constitute an effective, binding agreement on the part of each of the undersigned. 

  
 Page 8 of 15 

 24. Acknowledgements; Voluntary Execution of Agreement. Executive understands and
agrees that Executive executed this Agreement voluntarily, without any duress or undue influence on the part or behalf of the Company or any third party, with the full intent of releasing all of Executive’s claims against the Company and any of
the other Releasees. Executive acknowledges that: 
 (a) Executive has read this Agreement; 

(b) Executive has the right to consult an attorney regarding this Agreement, and has been represented in the preparation, negotiation, and
execution of this Agreement by legal counsel of Executive’s own choice or has voluntarily elected not to retain legal counsel; 
 (c)
Executive has been provided with a reasonable time period of not less than five (5) business days to consult with an attorney and consider this Agreement, and if Executive signs and returns a copy of this Agreement in less than five
(5) business days, Executive acknowledges that Executive has knowingly, voluntarily and without any inducement by the Company, chosen to waive such time period allotted for considering this Agreement; 

(d) Executive understands the terms and consequences of this Agreement and of the releases it contains; and 

(e) Executive is fully aware of the legal and binding effect of this Agreement. 

  
 Page 9 of 15 

 IN WITNESS WHEREOF, the Parties have executed this Agreement on the respective dates set forth below. 

 

									
		 		 	KEVIN APPELBAUM, an individual
			
	Dated: June 7, 2022	 		 	 /s/ Kevin Appelbaum

		 	                        	 	Kevin Appelbaum
			
		 		 	KEVIN APPELBAUM, or his successor(s), as Trustee of The Kevin Appelbaum Revocable Trust under Revocable Trust Declaration dated May 16, 2020, as amended
			
	Dated: June 7, 2022	 		 	 /s/ Kevin Appelbaum

		 		 	Kevin Appelbaum
			
		 		 	BETTER THERAPEUTICS, INC.
				
	Dated: June 7, 2022	 		 	By:	 	 /s/ David Perry

		 		 		 	David Perry
		 		 		 	Executive Chairman
			
		 		 	BETTER THERAPEUTICS OPCO, INC.
				
	Dated: June 7, 2022	 		 	By:	 	 /s/ David Perry

		 		 		 	David Perry
		 		 		 	Executive Chairman

  
 Page 10 of 15 

 EXHIBIT A – SUPPLEMENTAL RELEASE 

This Supplemental Release (“Supplemental Release”) is made by and between Kevin Appelbaum (“Executive”), Better
Therapeutics OpCo, Inc. and Better Therapeutics, Inc. (together, the “Company”) (collectively referred to as the “Parties” or individually referred to as a “Party”) as of the Supplemental Release Effect Date. 

1. Supplemental Release Effective Date. Executive understands that Executive has had more than
twenty-one (21) days to consider this Supplemental Release since first receiving it with the Separation Agreement to which it was attached as Exhibit A (the “Agreement”). To accept this
Supplemental Release, Executive must sign it no earlier than July 5, 2022 and then return the signed copy to the Company no later than July 8, 2022, and this Supplemental Release shall be null and void if Executive fails to do so. This
Agreement will become effective on the eighth (8th) day after Executive signed this Supplemental Release, so long as it has been signed by the Company and has not been revoked by either Party before that date (the “Supplemental Release
Effective Date”). 
 2. Severance Benefits. Executive acknowledges that without this Supplemental Release becoming effective
(along with the satisfaction of other Conditions, as defined in the Agreement), Executive is otherwise not entitled to the Severance Benefits described in Section 2 of the Agreement. 

3. Payment of Salary and Receipt of All Benefits. Executive acknowledges and represents that the Company has paid or provided all
salary, wages, bonuses, accrued vacation/paid time off, premiums, reimbursement for health care, leaves, housing allowances, relocation costs, interest, severance, outplacement costs, fees, reimbursable expenses, commissions, stock, stock options,
vesting, and any and all other benefits and compensation due to Executive through the Separation Date. 
 4. Release of Claims.
Executive agrees that the Severance Benefits represents settlement in full of all outstanding obligations owed to Executive by the Company and its current and former officers, directors, Executives, agents, investors, attorneys, shareholders,
administrators, affiliates, benefit plans, plan administrators, insurers, trustees, parents, divisions, and subsidiaries, and predecessor and successor corporations and assigns (collectively, the “Releasees”). Executive, on his own behalf
and on behalf of his respective heirs, family members, executors, agents, and assigns, hereby and forever releases the Releasees from, and agrees not to sue concerning, or in any manner to institute, prosecute, or pursue, any claim, complaint,
charge, duty, obligation, or cause of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that Executive may possess against any of the Releasees arising from any omissions, acts, facts, or
damages that may have occurred up until and including the Supplemental Release Effective Date, including, without limitation: 
 a. any and
all claims relating to or arising from Executive’s employment relationship with the Company and the termination of that relationship; 

b. any and all claims relating to, or arising from, Executive’s right to purchase, or actual purchase of shares of stock of the Company,
including, without limitation, any claims for fraud, misrepresentation, breach of fiduciary duty, breach of duty under applicable state corporate law, and securities fraud under any state or federal law; 

  
 Page 11 of 15 

 c. any and all claims for wrongful discharge of employment; constructive discharge;
termination in violation of public policy; discrimination; harassment; retaliation; breach of contract, both express and implied; breach of covenant of good faith and fair dealing, both express and implied; promissory estoppel; negligent or
intentional infliction of emotional distress; fraud; negligent or intentional misrepresentation; negligent or intentional interference with contract or prospective economic advantage; unfair business practices; defamation; libel; slander;
negligence; personal injury; assault; battery; invasion of privacy; false imprisonment; conversion; and disability benefits; 
 d. any and
all claims for violation of any federal, state, or municipal statute, including, but not limited to, Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; the Rehabilitation Act of 1973; the Age Discrimination in Employment
Act of 1967; the Americans with Disabilities Act of 1990; the Equal Pay Act; the Fair Labor Standards Act; the Fair Credit Reporting Act; the Employee Retirement Income Security Act of 1974; the Worker Adjustment and Retraining Notification Act; the
Family and Medical Leave Act; the Sarbanes-Oxley Act of 2002; the Immigration Control and Reform Act; the California Family Rights Act; the California Labor Code; the California Workers’ Compensation Act; the California Fair Employment and
Housing Act; the Oregon Family Leave Act; the Oregon Military Family Leave Act; Chapter 659A of the Oregon Revised Statutes; and any other similar statutes, regulations or laws; 

e. any and all claims for violation of the federal or any state constitution; 

f. any and all claims arising out of any other laws and regulations relating to employment or employment discrimination; 

g. any claim for any loss, cost, damage, or expense arising out of any dispute over the
non-withholding or other tax treatment of any of the proceeds received by Executive as a result of this Supplemental Release; and 

h. any and all claims for attorneys’ fees and costs. 

Executive agrees that the release set forth in this section shall be and remain in effect in all respects as a complete general release as to the matters
released. This release does not extend to any obligations incurred under this Supplemental Release. This release does not release claims that cannot be released as a matter of law, including, but not limited to, Executive’s right to file a
charge with or participate in a charge by the Equal Employment Opportunity Commission, or any other local, state, or federal administrative body or government agency that is authorized to enforce or administer laws related to employment, against the
Company (with the understanding that any such filing or participation does not give Executive the right to recover any monetary damages against the Company; Executive’s release of claims herein bars Executive from recovering such monetary
relief from the Company). Further, this release shall not affect Executive’s equity awards and the related equity documents; shall not affect Executive’s rights to vested ERISA benefits (e.g., 401(k) plan); and shall not affect
Executive’s rights to indemnification, regardless of the source. 
 5. Acknowledgment of Waiver of Claims under ADEA. Executive
acknowledges that Executive is waiving and releasing any rights Executive may have under the Age Discrimination in Employment Act of 1967 (“ADEA”), and that this waiver and release is knowing and voluntary. Executive agrees that this
waiver and release does not apply to any rights or claims that may arise under the ADEA after the Supplemental Release Effective Date. Executive acknowledges that the consideration given for this waiver and release is in addition to anything of
value to which Executive was already entitled. 

  
 Page 12 of 15 

 6. California Civil Code Section 1542. Executive acknowledges that
Executive has been advised to consult with legal counsel and is familiar with the provisions of California Civil Code Section 1542, a statute that otherwise prohibits the release of unknown claims, which provides 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. 

Executive, being aware of said code section, agrees to expressly waive any rights Executive may have thereunder, as well as under any other statute or common
law principles of similar effect. 
 7. No Pending or Future Lawsuits. Executive represents that Executive has no lawsuits, claims,
or actions pending in his name, or on behalf of any other person or entity, against the Company or any of the other Releasees. Executive also represents that Executive does not intend to bring any other claims on his own behalf or on behalf of any
other person or entity against the Company or any of the other Releasees. 
 8. Trade Secrets and Confidential Information/Company
Property. Executive reaffirms and agrees to observe and abide by the terms of the Confidentiality Agreement, specifically including the provisions therein regarding nondisclosure of the Company’s trade secrets and confidential and
proprietary information, and nonsolicitation of Company Executives Executive acknowledges that during the course of Executive’s employment with the Company Executive had access to a number of highly confidential materials and Executive
specifically represents that Executive shall refrain from using any such confidential information in the future. Executive affirms that Executive has returned all documents and other items provided to Executive by the Company, developed or obtained
by Executive in connection with Executive’s employment with the Company, or otherwise belonging to the Company. Executive’s signature below constitutes his certification under penalty of perjury that he has returned all documents and other
items provided to Executive by the Company, developed or obtained by Executive in connection with his employment with the Company, or otherwise belonging to the Company.  

9. Entire Agreement. This Supplemental Release and the Agreement represents the entire agreement and understanding between the Company
and Executive concerning the subject matter of this Supplemental Release and the Agreement and Executive’s employment with and separation from the Company and the events leading thereto and associated therewith, and supersedes and replaces any
and all prior agreements and understandings concerning the subject matter of this Supplemental Release and the Agreement and Executive’s relationship with the Company, with the exception of the Confidentiality Agreement (as amended) and the
stock and option agreements, as well as the applicable stock plan(s). 

  
 Page 13 of 15 

 10. Voluntary Execution of Supplemental Release. Executive understands and agrees
that Executive executed this Supplemental Release voluntarily, without any duress or undue influence on the part or behalf of the Company or any third party, with the full intent of releasing all of his claims against the Company and any of the
other Releasees. Executive acknowledges that: 
 a. Executive has read this Supplemental Release; 

b. Executive has been represented in the preparation, negotiation, and execution of this Supplemental Release by legal counsel of his own
choice or has elected not to retain legal counsel; 
 c. Executive understands the terms and consequences of this Supplemental Release and
of the releases it contains; and 
 d. Executive is fully aware of the legal and binding effect of this Supplemental Release. 

IN WITNESS WHEREOF, the Parties have executed this Supplemental Release on the respective dates set forth below. 

 

							
		 		 	 KEVIN APPELBAUM, an individual

			
	Dated: _______________	 		 	  

		 		 	Kevin Appelbaum
			
		 		 	BETTER THERAPEUTICS, INC.
				
	Dated: _______________	 		 	By	 	  

		 		 	Name: David Perry
		 		 	Title: Executive Chairman
			
		 		 	BETTER THERAPEUTICS OPCO, INC.
				
	Dated: _______________	 		 	By	 	  

		 		 	Name: David Perry
		 		 	Title: Executive Chairman

  
 Page 14 of 15 

 EXHIBIT B – CONFIDENTIALITY AGREEMENT 

  
 Page 15 of 15

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