Document:

EX-10.10

 Exhibit 10.10 

CONSULTING AGREEMENT 

Effective Date: May 6, 2019 
 This
Consulting Agreement (the “Agreement”) is made as of the Effective Date set forth above by and between Spruce Biosciences, Inc. (“Client”) and Richard Anthony King
(“Consultant”). 
 1. Engagement of Services. Client may issue Project Assignments to Consultant in
the form attached to this Agreement as Exhibit A (“Project Assignment”). Subject to the terms of this Agreement, Consultant will render the services set forth in Project Assignment(s) accepted by Consultant (the
“Services”) by the completion dates set forth therein. Except as otherwise provided in the applicable Project Assignment, Consultant will be free of control and direction from the Client (other than general oversight and
control over the results of the Services), and will have exclusive control over the manner and means of performing the Services, including the choice of place and time. Consultant will provide, at Consultant’s own expense, a place of work and
all equipment, tools and other materials necessary to complete the Services; however, to the extent necessary to facilitate performance of the Services, Client may, in its discretion, make certain of its equipment or facilities available to
Consultant at Consultant’s request. While on the Client’s premises, Consultant agrees to comply with Client’s then-current access rules and procedures, including those related to safety, security and confidentiality. Consultant agrees
and acknowledges that Consultant has no expectation of privacy with respect to Client’s telecommunications, networking or information processing systems (including stored computer files, email messages and voice messages) and that
Consultant’s activities, including the sending or receiving of any files or messages, on or using those systems may be monitored, and the contents of such files and messages may be reviewed and disclosed, at any time, without notice. 

2. Compensation. Client will pay Consultant the fee set forth in each Project Assignment for Services rendered pursuant to this
Agreement as Consultant’s sole compensation for such Services. Consultant will be reimbursed only for expenses that are expressly provided for in a Project Assignment or that have been approved in advance in writing by Client, provided
Consultant has furnished such documentation for authorized expenses as Client may reasonably request. Payment of Consultant’s fees and expenses will be in accordance with the terms and conditions set forth in the applicable Project Assignment.
Upon termination of this Agreement for any reason, Consultant will be paid fees on the basis stated in the Project Assignment(s) for work which has been completed. Unless otherwise provided in a Project Assignment, payment to Consultant of
undisputed fees will be due 30 days following Client’s receipt of an invoice that contains accurate records of the work performed sufficient to document the invoiced fees. 

3. Ownership of Work Product. Consultant agrees that any and all Work Product (as defined below) will be the sole and exclusive
property of Client. Consultant hereby irrevocably assigns to Client all right, title and interest worldwide in and to any deliverables specified in a Project Assignment (“Deliverables”), and to any ideas, concepts, processes,
discoveries, developments, formulae, information, materials, improvements, designs, artwork, content, software programs, other copyrightable works, and any other work product created, conceived or developed by Consultant (whether alone or jointly
with others) for Client during the term of this Agreement pursuant to the Project Assignment, including all copyrights, patents, trademarks, trade secrets, and other intellectual property rights therein (the “Work Product”).
Consultant retains no rights to use the Work Product and agrees not to challenge the validity of Client’s ownership of the Work Product. Consultant agrees to execute, at Client’s request and expense, all documents and other instruments
necessary or desirable to confirm such assignment, including without limitation, the copyright assignment set forth as Exhibit B (“Assignment of Copyright”) and the patent assignment set forth as Exhibit C
(“Assignment of Patent Application”). Consultant hereby irrevocably appoints Client as Consultant’s attorney-in-fact for the purpose of
executing such documents on Consultant’s behalf, which appointment is coupled with an interest. Consultant will deliver any Deliverables in accordance with the applicable Project Assignment and disclose promptly in writing to Client all other
Work Product. 

  
 1. 

 4. Other Rights. If Consultant has any rights, including without limitation
“artist’s rights” or “moral rights,” in the Work Product that cannot be assigned, Consultant hereby unconditionally and irrevocably grants to Client an exclusive (even as to Consultant), worldwide, fully paid and
royalty-free, irrevocable, perpetual license, with rights to sublicense through multiple tiers of sublicensees, to use, reproduce, distribute, create derivative works of, publicly perform and publicly display the Work Product in any medium or
format, whether now known or later developed. In the event that Consultant has any rights in the Work Product that cannot be assigned or licensed, Consultant unconditionally and irrevocably waives the enforcement of such rights, and all claims and
causes of action of any kind against Client or Client’s customers. 
 5. License to Preexisting IP. Consultant agrees not
to use or incorporate into Work Product any intellectual property developed by any third party or by Consultant other than in the course of performing services for Client (“Preexisting IP”). In the event Consultant uses or
incorporates Preexisting IP into Work Product, Consultant hereby grants to Client a non-exclusive, perpetual, fully-paid and royalty-free, irrevocable and worldwide right, with the right to sublicense through
multiple levels of sublicensees, to use, reproduce, distribute, create derivative works of, publicly perform and publicly display in any medium or format, whether now known or later developed, such Preexisting IP incorporated or used in Work
Product. However, in no event will Consultant incorporate into the Work Product any software code licensed under the GNU GPL or LGPL or any similar “open source” license. Consultant represents and warrants that Consultant has an
unqualified right to license to Client all Preexisting IP as provided in this section. 
 6. Representations and
Warranties & Consultant’s Business. Consultant represents and warrants that: (a) the Services will be performed in a professional manner and in accordance with the industry standards and the Work Product will
comply with the requirements set forth in the applicable Project Assignment, (b) Work Product will be an original work of Consultant, (c) Consultant has the right and unrestricted ability to assign the ownership of Work Product to Client
as set forth in Section 3 (including without limitation the right to assign the ownership of any Work Product created by Consultant’s employees or contractors), (d) neither the Work Product nor any element thereof will infringe upon or
misappropriate any copyright, patent, trademark, trade secret, right of publicity or privacy, or any other proprietary right of any person, whether contractual, statutory or common law, (e) Consultant has an unqualified right to grant to Client
the license to Preexisting IP set forth in Section 5, and (f) Consultant will comply with all applicable federal, state, local and foreign laws governing self-employed individuals, including laws requiring the payment of taxes, such as
income and employment taxes, and social security, disability, and other contributions. Consultant further represents and warrants that Consultant is self-employed in an independently established trade, occupation, or business, maintains and operates
a business that is separate and independent from Client’s business, holds himself or herself out to the public as independently competent and available to provide applicable services similar to the Services, has obtained and/or expects to
obtain clients or customers other than Client for whom Consultant performs services, and will perform work for Client that Consultant understands is outside the usual course of Client’s business. Consultant agrees to indemnify and hold Client
harmless from any and all damages, costs, claims, expenses or other liability (including reasonable attorneys’ fees) arising from or relating to the breach or alleged breach by Consultant of the representations and warranties set forth in this
Section 6. 
 7. Independent Contractor Relationship. Consultant’s relationship with Client is that of an
independent contractor, and nothing in this Agreement is intended to, or should be construed to, create a partnership, agency, joint venture or employment relationship between Client and any of Consultant’s employees or agents. Consultant is
not authorized to make any representation, contract or commitment on 

  
 2. 

 
behalf of Client. Consultant (if Consultant is an individual) and Consultant’s employees will not be entitled to any of the benefits that Client may make available to its employees,
including, but not limited to, group health or life insurance, profit-sharing or retirement benefits. Because Consultant is an independent contractor, Client will not withhold or make payments for social security, make unemployment insurance or
disability insurance contributions, or obtain workers’ compensation insurance on behalf of Consultant. Consultant is solely responsible for, and will file, on a timely basis, all tax returns and payments required to be filed with, or made to,
any federal, state or local tax authority with respect to the performance of Services and receipt of fees under this Agreement. Consultant is solely responsible for, and must maintain adequate records of, expenses incurred in the course of
performing Services under this Agreement. No part of Consultant’s compensation will be subject to withholding by Client for the payment of any social security, federal, state or any other employee payroll taxes. Client will regularly report
amounts paid to Consultant by filing Form 1099-MISC with the Internal Revenue Service as required by law. If, notwithstanding the foregoing, Consultant is reclassified as an employee of Client, or any affiliate of Client, by the U.S. Internal
Revenue Service, the U.S. Department of Labor, or any other federal or state or foreign agency as the result of any administrative or judicial proceeding, Consultant agrees that Consultant will not, as the result of such reclassification, be
entitled to or eligible for, on either a prospective or retrospective basis, any employee benefits under any plans or programs established or maintained by Client. 

8. Confidential Information. Consultant agrees that during the term of this Agreement and thereafter it will not use or permit
the use of Client’s Confidential Information in any manner or for any purpose not expressly set forth in this Agreement, will hold such Confidential Information in confidence and protect it from unauthorized use and disclosure, and will not
disclose such Confidential Information to any third parties except as set forth in Section 9 below. “Confidential Information” as used in this Agreement means all information disclosed by Client to Consultant, whether
during or before the term of this Agreement, that is not generally known in the Client’s trade or industry and will include, without limitation: (a) concepts and ideas relating to the development and distribution of content in any medium
or to the current, future and proposed products or services of Client or its subsidiaries or affiliates; (b) trade secrets, drawings, inventions, know-how, software programs, and software source
documents; (c) information regarding plans for research, development, new service offerings or products, marketing and selling, business plans, business forecasts, budgets and unpublished financial statements, licenses and distribution
arrangements, prices and costs, suppliers and customers; (d) existence of any business discussions, negotiations or agreements between the parties; and (e) any information regarding the skills and compensation of employees, contractors or
other agents of Client or its subsidiaries or affiliates. Confidential Information also includes proprietary or confidential information of any third party who may disclose such information to Client or Consultant in the course of Client’s
business. Confidential Information does not include information that (x) is or becomes a part of the public domain through no act or omission of Consultant, (y) is disclosed to Consultant by a third party without restrictions on
disclosure, or (z) was in Consultant’s lawful possession prior to the disclosure and was not obtained by Consultant either directly or indirectly from Client. In addition, this section will not be construed to prohibit disclosure of
Confidential Information to the extent that such disclosure is required by law or valid order of a court or other governmental authority; provided, however, that Consultant will first have given notice to Client and will have made a
reasonable effort to obtain a protective order requiring that the Confidential Information so disclosed be used only for the purposes for which the order was issued. All Confidential Information furnished to Consultant by Client is the sole and
exclusive property of Client or its suppliers or customers. Upon request by Client, Consultant agrees to deliver to Client the original and any copies of the Confidential Information within 10 (ten) working days. Notwithstanding the foregoing
nondisclosure obligations, pursuant to 18 U.S.C. Section 1833(b), Consultant will not be held criminally or civilly liable under any 

  
 3. 

 
federal or state trade secret law for the disclosure of a trade secret that is made: (1) in confidence to a federal, state, or local government official, either directly or indirectly, or to
an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (2) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. 

9. Consultant’s Employees, Consultants and Agents. Consultant will ensure that each of its employees, consultants and
agents who will have access to any Confidential Information or perform any Services has entered into a binding written agreement that is expressly for the benefit of Client and protects Client’s rights and interests to at least the same degree
as Section 8. Client reserves the right to refuse or limit Consultant’s use of any of its employees, consultants or agents or to require Consultant to remove any employee, consultant or agent already engaged in the performance of the
Services. Client’s exercise of such right will in no way limit Consultant’s obligations under this Agreement. 
 10. No
Conflict of Interest. During the term of this Agreement, Consultant will not accept work, enter into a contract, or accept an obligation from any third party, inconsistent or incompatible with Consultant’s obligations, or the scope of
Services rendered for Client, under this Agreement. Consultant warrants that there is no other contract or duty on its part inconsistent with this Agreement. Consultant agrees to indemnify Client from any and all loss or liability incurred by reason
of the alleged breach by Consultant of any services agreement with any third party. 
 11. Term and Termination. 

11.1 Term. The initial term of this Agreement is for three months from the Effective Date set forth above (the
“Initial Term”). Thereafter, this Agreement will continue until terminated as provided in this Agreement. 

11.2 Termination Without Cause. Client may terminate this Agreement with or without cause, at any time after the Initial Term
upon 30 days’ prior written notice to Consultant. Consultant may terminate this Agreement without cause, at any time after the Initial Term when no Project Assignment is in effect upon 30 days’ prior written notice to Client. 

11.3 Termination for Cause. Either party may terminate this Agreement immediately in the event the other party has materially
breached the Agreement and failed to cure such breach within 15 days after notice by the non-breaching party is given. 

11.4 Survival. The rights and obligations contained in Sections 3 (“Ownership of Work
Product”), 4 (“Other Rights”), 5 (“License to Preexisting IP”), 6 (“Representations and Warranties”), and 8 (“Confidential
Information”) and 12 (“Noninterference with Business”) will survive any termination or expiration of this Agreement. 

12. Noninterference with Business. Consultant agrees that during the Term of this Agreement, Consultant will not, without
Client’s express written consent, either directly or indirectly engage in any employment or business activity that is competitive with, or would otherwise conflict with the Services rendered to, or that would otherwise interfere with the
business of, the Client. Consultant agrees that during the Term of this Agreement, and for one year thereafter, Consultant will not either directly or indirectly, solicit or attempt to solicit any employee, independent contractor, or consultant of
Client to terminate his, her or its relationship with Client in order to become an employee, consultant, or independent contractor to or for any other person or entity. 

  
 4. 

 13. Arbitration of All Disputes. 

13.1 Agreement to Arbitrate. To ensure the timely and economical resolution of disputes that may arise between Consultant and Client,
both Consultant and Client mutually agree that pursuant to the Federal Arbitration Act, 9 U.S.C. §1-16, and to the fullest extent permitted by applicable law, they will submit solely to final, binding and
confidential arbitration any and all disputes, claims, or causes of action arising from or relating to: (i) the negotiation, execution, interpretation, performance, breach or enforcement of this Agreement; or (ii) the relationship between
Client and Consultant; or (iii) the termination of that relationship; provided, however, that this Section 13 shall not apply to any claim or cause of action that cannot be subject to arbitration as a matter of law. BY AGREEING
TO THIS ARBITRATION PROCEDURE, BOTH CONSULTANT AND CLIENT WAIVE THE RIGHT TO RESOLVE ANY SUCH DISPUTES THROUGH A TRIAL BY JURY OR JUDGE OR THROUGH AN ADMINISTRATIVE PROCEEDING. 

13.2 Arbitrator Authority. The Arbitrator shall have the sole and exclusive authority to determine whether a dispute, claim or
cause of action is subject to arbitration under this Section 13 and to determine any procedural questions which grow out of such disputes, claims or causes of action and bear on their final disposition. 

13.3 Individual Capacity Only. All claims, disputes, or causes of action under this Section 13, whether by Consultant or
Client, must be brought solely in an individual capacity, and shall not be brought as a plaintiff (or claimant) or class member in any purported class or representative proceeding, nor joined or consolidated with the claims of any other person or
entity. The Arbitrator may not consolidate the claims of more than one person or entity, and may not preside over any form of representative or class proceeding. To the extent that the preceding sentences in this Section 13.3 are found to
violate applicable law or are otherwise found unenforceable, any claim(s) alleged or brought on behalf of a class shall proceed in a court of law rather than by arbitration. 

13.4 Arbitration Process. Any arbitration proceeding under this Section 13 shall be presided over by a single arbitrator
and conducted by JAMS, Inc. (“JAMS”) in San Francisco under the then applicable JAMS streamlined rules for the resolution of disputes (available upon request and also currently available at
http://www.jamsadr.com/rules-streamlined-arbitration/). Consultant and Client both have the right to be represented by legal counsel at any arbitration proceeding, at each party’s own expense. The Arbitrator shall:
(i) have the authority to compel adequate discovery for the resolution of the dispute; (ii) issue a written arbitration decision, to include the arbitrator’s essential findings and conclusions and a
statement of the award; and (iii) be authorized to award any or all remedies that Consultant or Client would be entitled to seek in a court of law. Client shall pay all JAMS arbitration fees. 

13.5 Injunctive Relief and Final Orders. Nothing in this Section 13 is intended to prevent either Consultant or Client from
obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration. Any final award in any arbitration proceeding hereunder may be entered as a judgment in the federal and state courts of any competent
jurisdiction and enforced accordingly 
 14. Successors and Assigns. Consultant may not subcontract or otherwise delegate or
assign this Agreement or any of its obligations under this Agreement without Client’s prior written consent. Any attempted assignment in violation of the foregoing will be null and void. Subject to the foregoing, this Agreement will be for the
benefit of Client’s successors and assigns, and will be binding on Consultant’s assignees. Additionally, Client may not delegate or assign this Agreement or any of its obligations under this Agreement without Consultant’s prior
written consent. 

  
 5. 

 15. Notices. Any notice required or permitted by this Agreement will be in
writing and will be delivered as follows with notice deemed given as indicated: (i) by personal delivery when delivered personally; (ii) by overnight courier upon written verification of receipt; (iii) by telecopy or facsimile
transmission upon acknowledgment of receipt of electronic transmission; or (iv) by certified or registered mail, return receipt requested, upon verification of receipt. Notice will be sent to the addresses set forth below or such other address
as either party may specify in writing. 
 16. Governing Law. This Agreement will be governed in all respects by the laws of
the United States of America and by the laws of the State of California, without giving effect to any conflicts of laws principles that require the application of the law of a different jurisdiction. 

17. Severability. Should any provisions of this Agreement be held by a court of law to be illegal, invalid or unenforceable, the
legality, validity and enforceability of the remaining provisions of this Agreement will not be affected or impaired thereby. 
 18.
Waiver. The waiver by Client of a material breach of any provision of this Agreement by Consultant will not operate or be construed as a waiver of any other or subsequent breach by Consultant. 

19. Injunctive Relief for Breach. Consultant’s obligations under this Agreement are of a unique character that gives them
particular value; material breach of any of such obligations, specifically the unauthorized use or disclosure of Preexisting IP or material Confidential Information, will result in irreparable and continuing damage to Client for which there will be
no adequate remedy at law; and, in the event of such material breach, Client will be entitled to injunctive relief and/or a decree for specific performance, and such other and further relief as may be proper (including monetary damages if
appropriate). 
 20. Entire Agreement. This Agreement constitutes the entire agreement between the parties relating to this
subject matter and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter. The terms of this Agreement will govern all services undertaken by Consultant for Client; provided, however, that in the
event of any conflict between the terms of this Agreement and any Project Assignment, the terms of the applicable Project Assignment will control. This Agreement may only be changed or amended by mutual agreement of authorized representatives of the
parties in writing. This Agreement may be executed in two or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic
mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law) or other transmission method and any counterpart so delivered will be deemed to have been
duly and validly delivered and be valid and effective for all purposes. 
 [Remainder of page intentionally left blank] 

  
 6. 

 The parties have executed this Agreement as of the Effective Date. 

 

			
	CLIENT:
	
	Spruce Biosciences, Inc.
		
	By:	 	/s/ Michael
Grey                                    
	 	 	Name:     Michael Grey                        
	 	 	Title:       Executive Chairman              

  

	
	 CONSULTANT:
  

	 Richard King
  

	/s/ Richard King
	Signature

  
 7. 

 EXHIBIT A 

Project Assignment #1 Under Consulting Agreement 

Dated: May 5, 2019 

Project: 
 Consultant will render such services as Client
may from time to time request, including, without limiting the generality of the foregoing: Consultant will act as interim CEO of Client and will be responsible for strategic advice, counseling and other services as requested by the Client’s
Board of Directors (the “Board”). 
 Schedule Of Work: 

The work will commence on May 6, 2019. 

Fees And Reimbursement: 
  

	A.	 Cash Fee: $35,000 per month, paid at the end of each month for which services are performed

 Equity Fee: Subject to approval by the Board, the Client will grant Consultant 380,000 shares of the
Client’s common stock (the “Option”). The Option will be governed by the terms and conditions of the Client’s 2016 Equity Incentive Plan (the “Plan”) and Consultant’s form of stock
option grant notice and stock option agreement, and will include the following vesting schedule: 50% of the total shares subject to the Option (190,000) will be immediately vest upon the date of grant (the “Vesting Commencement
Date”), and 8.33% of the total shares subject to the Option will vest monthly thereafter, commencing December 6, 2019, on the same day of the month as the Vesting Commencement Date, subject to Consultant’s Continuous Service
(as defined in the Plan) as of each such date. In the event of a successful agreement between the Client and the Federal Drug Administration (the “FDA”) regarding the remainder of Phase 2 and a Phase 3 program leading to an
acceptable label, and subject to Consultant’s continued performance of the Services under this Agreement, both as determined in the Client’s sole discretion, the vesting of the Option shall accelerate upon acceptance by the Board that an
acceptable agreement with FDA has been reached such that one hundred percent (100%) of the shares subject to the Option will be immediately vested and exercisable. 

Financing Fee: In addition, Consultant will be eligible to receive an extra retention and financing consulting fee in the target total
amount of $200,000 (the “Financing Fee”), conditioned upon Consultant’s continued performance of the Services under this Agreement until and through the successful closing of a Series B financing resulting in more than
$35,000,000 in proceeds to the Client, provided that such closing occurs on or before March 31, 2020. Whether such successful closing has occurred will be determined in the Client’s sole discretion. If such closing occurs, the Client will
pay the Financing Fee to Consultant within 15 business days of such closing. For the avoidance of doubt, if such closing occurs after March 31, 2020, Consultant will not be eligible for and will not receive the Financing Fee. 

  
 A-1 

	B.	 Consultant will be reimbursed for all reasonable business expenses if approved in advance by Client.

 Consultant will invoice Client monthly for services and expenses and will provide such reasonable receipts or other
documentation of expenses as Client might request. 
 Payment terms: net 10 days from receipt of invoice. Client will be invoiced on the
twenty first day of each month for services rendered and expenses incurred during the current month. 
 The parties have executed this
Project Assignment as of the date first written above. 
  

			
	CLIENT:
	
	Spruce Biosciences, Inc.
		
	By:	 	/s/ Michael
Grey                                    
	 	 	Name:     Michael Grey                        
	 	 	Title:       Executive Chair              

  

	
	 CONSULTANT:
  

	 Richard King
  

	/s/ Richard King
	Signature

  
  

  
 A-2EX-10.11

 Exhibit 10.11 

SPRUCE BIOSCIENCES, INC. 

EMPLOYMENT AGREEMENT 
 This
Employment Agreement (the “Agreement”) is made and entered into by and between Richard A. King (“Executive”) and Spruce Biosciences, Inc. (the “Company”) (together referred to herein as the
“Parties”), effective as of October 1, 2019 (the “Effective Date”). 
 R E C I T A L S 

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. 

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 President and Chief Executive Officer
of the Company, with responsibilities, duties and authority usual and customary for such position, subject to direction by the Company’s Board of Directors (the “Board”); (ii) shall report directly to the Board; 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. In addition, Executive shall
continue to serve as a member of the Board while employed hereunder. 
 (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; or (ii) 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 (x) serve on the board of directors of up to two (2) other private or public companies, subject in each case to the prior approval
of the Board, not to be unreasonably withheld; and (y) devote reasonable time to unpaid activities such as supervision of personal investments and activities involving professional, charitable, educational, religious, civic and similar types of
activities, speaking engagements and membership on committees, provided that in each case 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 initial annual base salary (the “Base Salary”) will be $400,000, less payroll
deductions and all required withholdings, payable in accordance with the Company’s normal payroll practices. The Board or an authorized committee of the Board shall review Executive’s Base Salary annually, and any changes to Base Salary
will be communicated in writing to Executive. 
 (b) Bonus. Executive will be eligible to receive an annual performance bonus with a
target achievement of fifty percent (50%) 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, as
determined by the Board or an authorized committee of the Board. The Board or an authorized committee of the Board shall review Executive’s Annual Bonus target periodically. Any Annual Bonus earned by Executive pursuant to this section shall be
paid to Executive, less authorized deductions and required withholding obligations, within 75 days 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 the Company pays Executive an Annual Bonus under such program will be determined by the Company in its sole discretion. For clarification, this Annual Bonus is separate
and distinct from the Financing Bonus outlined in Section 2(d). 
 (c) Equity Awards. 

(i) Stock Options. Executive currently holds an option to purchase 380,000 shares of the Company’s common stock (the
“Existing Option”). In addition, in connection with entering into this Agreement, Executive shall be granted an option to purchase 1,148,406 shares of the Company’s common stock (the “Additional Option”), which
together with the Initial Option represents approximately four percent (4%) of the Fully Diluted Shares (as defined below) as of the Effective Date, 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, 1/48th of the total number of shares initially subject to the Additional Option will vest on each monthly anniversary of the Effective Date. The Additional Option, and any shares acquired upon exercise, will be subject to the terms and
conditions of the Company’s equity incentive plan and option agreements to be entered into between Executive and the Company. For the purposes of this Agreement, “Fully Diluted Shares” shall be calculated by adding (x) the
number of outstanding shares of capital stock of the Company, plus (y) the number of shares of Company common stock subject to issuance under outstanding options or warrants, plus (z) the number of unallocated shares of Company common
stock reserved for issuance pursuant to the Company’s equity incentive plans, in each case, as of the close of the business day preceding the date of determination. 

(ii) Additional Equity Grants. Executive shall be eligible to receive additional grants of equity awards in the Board’s sole
discretion. 

  
 -2- 

 (d) Financing Bonus. Executive shall be eligible to receive a special bonus in the
target total amount of $200,000 (the “Financing Bonus”), conditioned upon Executive’s continued employment under this Agreement until and through the successful closing of a Series B financing resulting in more than $35,000,000
in proceeds to the Company, provided that such closing occurs on or before March 31, 2020. Whether such successful closing has occurred will be determined in the Company’s reasonable discretion. If such closing occurs, the Company will pay
the Financing Bonus to Executive within fifteen (15) business days of such closing. For the avoidance of doubt, if such closing occurs after March 31, 2020, Executive will not be eligible for and will not receive the Financing Bonus,
unless the Board in its sole discretion determines otherwise. 
 (e) 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. 
 (f) 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 vacation
policy. The opportunity to take paid time off is contingent upon Executive’s workload and ability to manage Executive’s schedule. 

(g) 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. 

  
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 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 within 30 days of the 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. 

(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(g) above, (iii) any accrued but unused
vacation pay owed to Executive pursuant to Section 2(f) above, and (iv) any amount arising from Executive’s participation in, or benefits under, any employee benefit plans, programs or arrangements under Section 2(e) above, which
amounts shall be payable in accordance with the terms and conditions of such employee benefit plans, programs or arrangements. 
 (c)
Double Trigger Severance Benefits. Executive shall be designated as a participant in the Company’s Severance and Change of Control Policy (the “Severance Policy”). Subject to the terms of the Severance Policy and
Executive’s Participation Notice thereunder, if Executive experiences a Change of Control Termination (as defined in the Severance Policy), the Company shall provide Executive with the severance benefits and payments set forth therein, except
that the references to “six (6) months” in the Salary Severance and COBRA Severance sections of the Severance Policy shall be modified to read “twelve (12) months” in the case of Executive. 

  
 -4- 

 (d) Single Trigger Severance Benefits. If Executive experiences an Involuntary
Termination (as defined in the Severance Policy) that is not a Change of Control Termination, Executive will be entitled to the following severance benefits (the “Single Trigger Severance Benefits”): 

(i) continuation of Executive’s then-current Base Salary, payable monthly according to the Company’s normal payroll,
for a period of nine (9) months after the date of the Involuntary Termination; 
 (ii) if (A) Executive was
enrolled in a group health plan (i.e., medical, dental, or vision plan) sponsored by the Company or an affiliate immediately prior to the Involuntary Termination, (B) Executive is eligible to continue coverage under such group health plan under
COBRA at the time of the Involuntary Termination, and (C) Executive timely elects COBRA coverage, then the Company will pay the applicable COBRA premiums on behalf of Executive and his eligible dependents, if any, covered under the
Company’s group health plan (or waive the cost of coverage under any self-funded group health plan, if applicable) until the earlier of (x) the duration of the period in which Executive and his eligible dependents, if any, are enrolled in
such COBRA coverage (and not otherwise covered by another employer’s group health plan that does not impose an applicable pre-existing condition exclusion) and (y) a period of nine (9) months
from the date of the Involuntary Termination. In addition, in lieu of such COBRA premium payments, the Company may in its sole discretion pay to Executive, on the first day of each month during the period that it is required to pay the COBRA premium
payments for Executive and his eligible dependents, if any, a fully taxable cash payment equal to the applicable COBRA premiums for that month, subject to applicable withholdings; and 

(iii) (iii) a lump sum, cash payment equal to Executive’s Annual Bonus for the year in which the Involuntary Termination
occurs, pro-rated for the amount of time up to the date of separation, and paid to Executive within thirty (30) days of the date of separation. 

Executive’s receipt of the Single Trigger Severance Benefits is subject to Executive signing and not revoking the Company’s
then-standard separation agreement and release of claims (which may include an agreement not to disparage the Company, non-solicit provisions, an agreement to assist in any litigation matters, and other
standard terms and conditions) (the “Release”), which must become effective and irrevocable no later than the 60th day following the Participant’s Involuntary Termination (the “Release Deadline”). If the
Release does not become effective and irrevocable by the Release Deadline, the Participant will forfeit any right to the Single Trigger Severance Benefits. Executive’s receipt of the Single Trigger Severance Benefits will also be subject to
Executive continuing to comply with the terms of the Confidential Information Agreement (as defined below). 
 5.
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 5(a) or which becomes bound by the terms of this Agreement by operation of law. 

  
 -5- 

 (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. 

6. 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, to the attention of the Executive Chairman of the Board. 

7. 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 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 9(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 9(a) of this Agreement, none of the Parties hereto shall raise the defense that there is an adequate remedy at law. 

8. 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. 

  
 -6- 

 (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 8(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
Executive’s 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) 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 8(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. 
 9. Miscellaneous Provisions.

 (a) Confidentiality Agreement. As a condition of Executive’s employment with the Company, Executive shall execute and abide
by the Company’s standard Proprietary Information and Inventions Assignment Agreement (the “Confidential Information Agreement”), a copy of which is attached hereto as Exhibit A. 

  
 -7- 

 (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 Executive’s 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 dis- charged
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, including the Consulting Agreement between the Parties dated May 6, 2019. 

(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. 
 (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. 

  
 -8- 

 (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. 
 (Signature page follows)

  
 -9- 

 IN WITNESS WHEREOF, 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/ Michael Grey

	 Name:
	 	 Michael Grey

	 Title:
	 	 Executive Chairman

	 Date:
	 	 10/15/2019

	
	EXECUTIVE
	
	 /s/ Richard King

	 Name:
	 	 Richard A. King

	Date:	 	10/15/2019

  
 Signature Page to
Employment Agreement

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