# EDGAR Filing Document

**Accession Number:** 0001824293
**File Stem:** 0001824293-25-000102
**Filing Date:** 2025-8
**Character Count:** 45367
**Document Hash:** f4242f0e4ec64dc5e500524ac304b620
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001824293-25-000102.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001824293-25-000102

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 18

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**EFFECTIVENESS DATE**: 20250813

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GRI Bio, Inc.
- **CENTRAL INDEX KEY:** 0001824293
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 824369909
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289593
- **FILM NUMBER:** 251213143

**BUSINESS ADDRESS:**
- **STREET 1:** 2223 AVENIDA DE LA PLAYA
- **STREET 2:** SUITE 208
- **CITY:** LA JOLLA
- **STATE:** CA
- **ZIP:** 92037
- **BUSINESS PHONE:** (619) 400-1171

**MAIL ADDRESS:**
- **STREET 1:** 2223 AVENIDA DE LA PLAYA
- **STREET 2:** SUITE 208
- **CITY:** LA JOLLA
- **STATE:** CA
- **ZIP:** 92037

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GRI BIO, Inc.
- **DATE OF NAME CHANGE:** 20230424

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Vallon Pharmaceuticals, Inc.
- **DATE OF NAME CHANGE:** 20200910

**As filed with the Securities and Exchange Commission on August 13, 2025**

**Registration No. 333-**

![image_0.jpg](image_0.jpg)

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549** 

**FORM S-8**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

**GRI BIO, INC**.

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **82-4369909** |
| (State or other jurisdiction | (IRS Employer Identification No.) |
| of incorporation) | |

---

**2223 Avenida de la Playa, #208**

**La Jolla, CA 92037**

(Address of principal executive offices and zip code)

**Amended and Restated GRI Bio, Inc. 2018 Equity Incentive Plan**

(Full titles of the plans)

**W. Marc Hertz, Ph.D.**

**Chief Executive Officer**

**GRI Bio, Inc.**

**2223 Avenida de la Playa #208**

**La Jolla, CA 92037**

**(619) 400-1170**

(Name,address, including zip code and telephone number including area code of agent for service)

**With Copy to:**

**Adam Lenain, Esq.**

**Melanie Ruthrauff Levy, Esq.**

**Hannah L. Karraker, Esq.**

**Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.**

**3580 Carmel Mountain Road, Suite 300**

**San Diego, California 92130**

**Tel: (858) 314-1500**

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act:

---

| | | | |
|:---|:---|:---|:---|
| Large Accelerated Filer | ☐ | Accelerated Filer | ☐ |
| Non-Accelerated Filer | ☒ | Smaller Reporting Company | ☒ |
| | | Emerging Growth Company | ☒ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.☐

![image_0.jpg](image_0.jpg)

![image_8.jpg](image_8.jpg)

------

**EXPLANATORY NOTE**

**Amended and Restated 2018 Equity Incentive Plan**

This Registration Statement on Form S-8 (the "Registration Statement") registers an additional 400,000 shares of common stock, par value $0.0001 per share ("Common Stock"), of GRI Bio, Inc. (the "Registrant"), reserved for issuance pursuant to the Amended and Restated GRI Bio, Inc. 2018 Equity Incentive Plan (the "2018 Plan"), effective August 13, 2025. This Registration Statement registers additional securities of the same class as other securities for which a registration statement filed on Form S-8 of the Registrant relating to an employee benefit plan is effective (File No. 333-255972). The information contained in the Registrant's registration statements on Form S-8 (File Nos. 333-255972 and 333-284149) is hereby incorporated by reference into this Registration Statement pursuant to General Instruction E of Form S-8.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference.**

The following documents, which the Registrant has filed with the Securities and Exchange Commission (the "Commission"), are incorporated herein by reference:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Commission on <u>[March 14, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1824293/000182429325000050/ck0001824293-20241231.htm)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2025 filed with the Commission on <u>[May 15, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1824293/000182429325000073/ck0001824293-20250331.htm)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Registrant's Current Reports on Form 8-K filed with the Commission on <u>[February 11, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1824293/000182429325000039/val-20250211.htm)</u>, <u>[February 19, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1824293/000182429325000042/val-20250219.htm)</u>, <u>[March 11, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1824293/000182429325000045/val-20250310.htm)</u>, <u>[March 17, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1824293/000182429325000053/val-20250317.htm)</u>, <u>[April 2, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1824293/000162828025016066/val-20250401.htm)</u>, <u>[April 15, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1824293/000182429325000058/val-20250411.htm)</u>, <u>[May 5, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1824293/000182429325000063/val-20250505.htm)</u>, <u>[May 15, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1824293/000182429325000072/val-20250515.htm)</u>, <u>[May 23, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1824293/000182429325000079/val-20250523.htm)</u>, <u>[June 26, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1824293/000182429325000082/val-20250626.htm)</u>, <u>[July 31, 202](https://www.sec.gov/ix?doc=/Archives/edgar/data/1824293/000182429325000094/val-20250731.htm)[5](https://www.sec.gov/ix?doc=/Archives/edgar/data/1824293/000182429325000094/val-20250731.htm)</u> and August 13, 2025 (except for the information furnished under Items 2.02 or 7.01 and the exhibits thereto); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the description of our Common Stock contained in Exhibit 4.21 of our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Commission on <u>[March 14, 2025](https://www.sec.gov/Archives/edgar/data/1824293/000182429325000050/gri-202410k_ex428.htm)</u>, and any amendment or report filed with the Commission for the purpose of updating such description.

All documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14, and 15(d) of the Securities Exchange Act of 1934, as amended, prior to the filing of a post-effective amendment that indicates that all shares of Common Stock offered hereby have been sold or which deregisters all shares of Common Stock then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be part hereof from the date of filing of such documents; provided, however, that documents or information deemed to have been furnished and not filed in accordance with Commission rules shall not be deemed incorporated by reference into this Registration Statement. Any statement contained herein or in a document, all or a portion of which is incorporated or deemed to be incorporated by reference herein, shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or amended, to constitute a part of this Registration Statement.

------

**Item 8.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exhibit No.** | **Description** | **Filed Herewith** | **Form** | **Incorporated by Reference File No.** | **Date Filed** |
| 4.1 | <u>[Amended and Restated Certificate of Incorporation, as amended.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001824293/000182429324000033/ck0001824293-20231231.htm)</u> |  | 10-K | 001-40034 | 3/28/2024 |
| 4.2 | <u>[Amended and Restated Bylaws.](https://www.sec.gov/Archives/edgar/data/1824293/000182429323000129/gribioinc-amendedandrestat.htm)</u> |  | 8-K/A | 001-40034 | 5/26/2023 |
| 4.3 | <u>[Specimen Common Stock Certificate.](https://www.sec.gov/Archives/edgar/data/1824293/000110465921008880/tm2030737d10_ex4-1.htm)</u> |  | S-1 | 333-249636 | 10/23/2020 |
| 5.1 | <u>[Opinion of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.](exhibit51-august 25sx8.htm)</u> | X |  |  |  |
| 23.1 | <u>[Consent of Sadler, Gibb & Associates, LLC, Independent Registered Public Accounting Firm.](exhibit231-august 25sx8.htm)</u> | X |  |  |  |
| 23.3 | <u>[Consent of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. (included legal opinion filed as Exhibit 5.1).](exhibit51-august 25sx8.htm)</u> | X |  |  |  |
| 24.1 | <u>[Power of Attorney (included on signature page).](#iedfc682bdbac4b19a6a42026005917d7_37)</u> | X |  |  |  |
| 99.1# | <u>[Amended and Restated GRI Bio, Inc. 2018 Equity Incentive Plan.](https://www.sec.gov/ix?doc=/Archives/edgar/data/1824293/000182429325000096/val-20250813.htm)</u> |  | 8-K | 001-40034 | 8/13/2025 |
| 99.2# | <u>[Form of Non-Qualified Stock Option Agreement under the Registrant's Amended and Restated 2018 Equity Incentive Plan.](https://www.sec.gov/Archives/edgar/data/1824293/000110465920117717/tm2030737d4_ex10-6.htm)</u> |  | S-1 | 333-249636 | 10/23/2020 |
| 99.3# | <u>[Form of Incentive Stock Option Agreement under the Registrant's Amended and Restated 2018 Equity Incentive Plan.](https://www.sec.gov/Archives/edgar/data/1824293/000110465920117717/tm2030737d4_ex10-7.htm)</u> |  | S-1 | 333-249636 | 10/23/2020 |
| 99.4# | <u>[Form of Restricted Stock Unit Agreement under the Registrant's Amended and Restated 2018 Equity Incentive Plan.](exhibit994-august 25sx8.htm)</u> | X |  |  |  |
| 107 | <u>[Filing fee table.](exfilingfees.htm)</u> | X |  |  |  |

---

# Indicates management contract or compensatory plan, contract or arrangement.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of La Jolla, state of California on August 13, 2025.

---

| | |
|:---|:---|
| **GRI BIO, INC.** | **GRI BIO, INC.** |
| By: | /s/ W. Marc Hertz, Ph.D. |
|  | W. Marc Hertz, Ph.D. |
|  | President and Chief Executive Officer |

---

------

**POWER OF ATTORNEY**

Each person whose signature appears below constitutes and appoints each of W. Marc Hertz, Ph.D., and Leanne Kelly, acting alone or together with another attorney-in-fact, as his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for such person and in his or her name, place and stead, in any and all capacities, to sign any or all further amendments (including post-effective amendments) to this registration statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ W. Marc Hertz, Ph.D. | President, Chief Executive Officer and Director | August 13, 2025 |
| W. Marc Hertz, Ph.D. | *(Principal Executive Officer)* |  |
| /s/ Leanne Kelly | Chief Financial Officer | August 13, 2025 |
| Leanne Kelly | *(Principal Financial and Accounting Officer)* |  |
| /s/ David Szekeres | Director, Chairperson of the Board | August 13, 2025 |
| David Szekeres |  |  |
| /s/ David Baker | Director | August 13, 2025 |
| David Baker |  |  |
| /s/ Roelof Rongen | Director | August 13, 2025 |
| Roelof Rongen |  |  |
| /s/ Camilla V. Simpson, M.Sc. | Director | August 13, 2025 |
| Camilla V. Simpson, M.Sc. |  |  |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? exfilingfees

**EX-FILING FEES**

**Calculation of Filing Fee Tables**

**Form S-8**

(Form Type)

**GRI Bio, Inc.**

(Exact Name of Registrant as Specified in its Charter)

Table 1: Newly Registered Securities

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Fee Calculation or Carry Forward Rule** | **Amount** <br>**Registered**<sup>(1)</sup> | **Proposed** <br>**Maximum Offering Price Per Unit** | **Maximum Aggregate** <br>**Offering Price**  | **Fee Rate** | **Amount of Registration** <br>**Fee** |
| Fees to be Paid | Equity | Common stock, $0.0001 par value per share | 457(c) and 457(h) | 400000 | $1.21 | $484000.00 | $0.00015310 | $74.11 |
|  | Total Offering Amounts | Total Offering Amounts | Total Offering Amounts | Total Offering Amounts | Total Offering Amounts | $484000.00 |  | $74.11 |
|  | Total Fee Offset | Total Fee Offset | Total Fee Offset | Total Fee Offset | Total Fee Offset |  |  | – |
|  | Net Fee Due | Net Fee Due | Net Fee Due | Net Fee Due | Net Fee Due |  |  | $74.11 |

---

____________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Pursuant to Rule 416(a) and Rule 416(b) under the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement shall also cover any additional shares of the common stock, par value $0.0001 per share (the "Common Stock"), of GRI Bio, Inc. (referred to herein as the "Registrant", "we," "us" or "our") that becomes issuable under the Registrant's Amended and Restated 2018 Equity Incentive Plan (the "2018 Plan"), by reason of certain corporate transactions or events, including any share dividend, share split, recapitalization or certain other transactions that result in an increase in the number of the outstanding shares of the Registrant's Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Estimated in accordance with Rules 457(c) and (h) of the Securities Act solely for the purpose of calculating the registration fee. The offering price per share and the aggregate offering price for shares reserved for future grant or issuance under the 2018 Plan are based on $1.21 per share, the average of the high and the low price of Registrant's Common Stock as reported on The Nasdaq Capital Market as of a date (August 11, 2025) within five business days prior to filing this Registration Statement.

------

0001824293

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
| ![mintzlogo.jpg](mintzlogo.jpg) | 3580 Carmel Mountain Road, Ste 300<br>San Diego, CA 92130<br>858 314 1500<br>mintz.com |

---

August 13, 2025

GRI Bio, Inc.

2223 Avenida de la Playa, Suite 208

La Jolla, CA 92037

Re: <u>Registration Statement on Form S-8</u>

Ladies and Gentlemen:

We have acted as legal counsel to GRI Bio, Inc., a Delaware corporation (the "Company"), in connection with the preparation and filing with the Securities and Exchange Commission (the "Commission") of a Registration Statement on Form S-8 (the "Registration Statement"), pursuant to which the Company is registering the issuance under the Securities Act of 1933, as amended (the "Securities Act"), of an aggregate of 400,000 additional shares (the "Shares") of the Company's common stock, par value $0.0001 per share, that may be issued pursuant to the Company's Amended and Restated 2018 Equity Incentive Plan (the "2018 Plan"). This opinion is being rendered in connection with the filing of the Registration Statement with the Commission. All capitalized terms used herein and not otherwise defined shall have the respective meanings given to them in the Registration Statement.

In connection with this opinion, we have examined the Company's Amended and Restated Certificate of Incorporation, as amended, and Amended and Restated Bylaws, each as currently in effect; such other records of the corporate proceedings of the Company and certificates of the Company's officers as we have deemed relevant; and the Registration Statement and the exhibits thereto.

In our examination, we have assumed the genuineness of all signatures, the legal capacity of natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as copies, the authenticity of the originals of such copies and the truth and correctness of any representations and warranties contained therein. In addition, we have assumed that the Company will receive any required consideration in accordance with the terms of the 2018 Plan.

Our opinion expressed herein is limited to the General Corporation Law of the State of Delaware and we express no opinion with respect to the laws of any other jurisdiction. No opinion is expressed herein with respect to the qualification of the Shares under the securities or blue sky laws of any state or any foreign jurisdiction.

Please note that we are opining only as to the matters expressly set forth herein, and no opinion should be inferred as to any other matters. This opinion is based upon currently existing statutes, rules, regulations and judicial decisions, and we disclaim any obligation to advise you of any change in any of these sources of law or subsequent legal or factual developments which might affect any matters or opinions set forth herein.

Based upon the foregoing, we are of the opinion that the Shares, when issued and delivered in accordance with the terms of the 2018 Plan, will be validly issued, fully paid and non-assessable.

---

| |
|:---|
| BOSTON&nbsp;&nbsp;&nbsp;&nbsp; LOS ANGELES&nbsp;&nbsp;&nbsp;&nbsp; MIAMI&nbsp;&nbsp;&nbsp;&nbsp; NEW YORK&nbsp;&nbsp;&nbsp;&nbsp; SAN DIEGO&nbsp;&nbsp;&nbsp;&nbsp; SAN FRANCISCO&nbsp;&nbsp;&nbsp;&nbsp; TORONTO&nbsp;&nbsp;&nbsp;&nbsp; WASHINGTON |
| MINTZ, LEVIN, COHN, FERRIS, GLOVSKY AND POPEO, P.C. |

---

------

---

| | |
|:---|:---|
| **MINTZ** | |
| August 13, 2025<br>Page 2 | ![mintzlogo.jpg](mintzlogo.jpg) |

---

We understand that you wish to file this opinion with the Commission as an exhibit to the Registration Statement in accordance with the requirements of Item 601(b)(5) of Regulation S-K promulgated under the Securities Act, and we hereby consent thereto. In giving this consent, we do not admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission promulgated thereunder.

---

| |
|:---|
| Very truly yours, |
| /s/ Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. |
| Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. |

---

## Exhibit 23.1

**Exhibit 23.1**

**<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

As independent registered public accountants, we hereby consent to the use of our report dated March 14, 2025, with respect to the consolidated financial statements of GRI Bio, Inc. for the years ended December 31, 2024 and 2023, in its Registration Statement on Form S-8 pertaining to the registration of 400,000 shares of common stock as described in the prospectus.

*/s/ Sadler, Gibb & Associates, LLC*

Draper, UT

August 13, 2025

## Exhibit 99.1

**Exhibit 99.4**

Restricted Stock Unit No.________

**GRI BIO, INC.**

**Restricted Stock Unit Award Grant Notice**

**Restricted Stock Unit Award Grant under the Company's**

**Amended and Restated 2018 Equity Incentive Plan** 

1.&nbsp;&nbsp;&nbsp;&nbsp;Name and Address of Participant:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

2.&nbsp;&nbsp;&nbsp;&nbsp;Date of Grant of

Restricted Stock Unit Award:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

3.&nbsp;&nbsp;&nbsp;&nbsp;Maximum Number of Shares underlying

Restricted Stock Unit Award:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

4.&nbsp;&nbsp;&nbsp;&nbsp;Vesting of Award: This Restricted Stock Unit Award shall vest as follows provided the Participant is an Employee, director or Consultant of the Company or of an Affiliate on the applicable vesting date:

<u>Number of Restricted Stock Units</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting Date</u>

The Company and the Participant acknowledge receipt of this Restricted Stock Unit Award Grant Notice and agree to the terms of the Restricted Stock Unit Agreement attached hereto and incorporated by reference herein, the Company's Amended and Restated 2018 Equity Incentive Plan and the terms of this Restricted Stock Unit Award as set forth above.

**GRI BIO, INC.** 

By:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Title:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

**Participant**

------

**GRI BIO, INC.** 

**RESTRICTED STOCK UNIT AGREEMENT**

**INCORPORATED TERMS AND CONDITIONS**

AGREEMENT (this "**Agreement**") made as of the date of grant set forth in the Restricted Stock Unit Award Grant Notice between GRI Bio, Inc. (the "**Company**"), a Delaware corporation, and the individual whose name appears on the Restricted Stock Unit Award Grant Notice (the "**Participant**").

WHEREAS, the Company has adopted the Amended and Restated 2018 Equity Incentive Plan (the "**Plan**"), to promote the interests of the Company by providing an incentive for Employees, directors and Consultants of the Company and its Affiliates;

WHEREAS, pursuant to the provisions of the Plan, the Company desires to grant to the Participant restricted stock units ("**RSU**s") related to the Company's common stock, $0.0001 par value per share ("**Common Stock**"), in accordance with the provisions of the Plan, all on the terms and conditions hereinafter set forth; and

WHEREAS, the Company and the Participant understand and agree that any terms used and not defined herein have the meanings ascribed to such terms in the Plan.

NOW, THEREFORE, in consideration of the promises and the mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>GRANT OF AWARD</u>.

The Company hereby grants to the Participant an award for the number of RSUs set forth in the Restricted Stock Unit Award Grant Notice (the "**Award**"). Each RSU represents a contingent entitlement of the Participant to receive one share of Common Stock, on the terms and conditions and subject to all the limitations set forth herein and in the Plan, which is incorporated herein by reference. The Participant acknowledges receipt of a copy of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>VESTING OF AWARD.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms and conditions set forth in this Agreement and the Plan, the Award granted hereby shall vest as set forth in the Restricted Stock Unit Award Grant Notice and is subject to the other terms and conditions of this Agreement and the Plan. On each vesting date set forth in the Restricted Stock Unit Award Grant Notice, the Participant shall be entitled to receive such number of shares of Common Stock equivalent to the number of RSUs as set forth in the Restricted Stock Unit Award Grant Notice provided that the Participant is employed or providing service to the Company or an Affiliate on such vesting date. Such shares of Common Stock shall thereafter be delivered by the Company to the Participant within five days of the applicable vesting date and in accordance with this Agreement and the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise set forth in this Agreement, if the Participant ceases to be employed or providing services for any reason by the Company or by an Affiliate (the "**Termination**") prior to a vesting date set forth in the Restricted Stock Unit Award Grant Notice, then as of the date on

------

which the Participant's employment or service terminates, all unvested RSUs shall immediately be forfeited to the Company and this Agreement shall terminate and be of no further force or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>PROHIBITIONS ON TRANSFER AND SALE</u>.

This Award (including any additional RSUs received by the Participant as a result of stock dividends, stock splits or any other similar transaction affecting the Company's securities without receipt of consideration) shall not be transferable by the Participant otherwise than (i) by will or by the laws of descent and distribution, or (ii) pursuant to a qualified domestic relations order as defined by the Internal Revenue Code or Title I of the Employee Retirement Income Security Act or the rules thereunder. Except as provided in the previous sentence, the shares of Common Stock to be issued pursuant to this Agreement shall be issued, during the Participant's lifetime, only to the Participant (or, in the event of legal incapacity or incompetence, to the Participant's guardian or representative). This Award shall not be assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to execution, attachment or similar process. Any attempted transfer, assignment, pledge, hypothecation or other disposition of this Award or of any rights granted hereunder contrary to the provisions of this Section 3, or the levy of any attachment or similar process upon this Award shall be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>ADJUSTMENTS</u>.

The Plan contains provisions covering the treatment of RSUs and shares of Common Stock in a number of contingencies such as stock splits. Provisions in the Plan for adjustment with respect to this Award and the related provisions with respect to successors to the business of the Company are hereby made applicable hereunder and are incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;<u>SECURITIES LAW COMPLIANCE</u>.

The Participant specifically acknowledges and agrees that any sales of shares of Common Stock shall be made in accordance with the requirements of the Securities Act of 1933, as amended. The Company currently has an effective registration statement on file with the Securities and Exchange Commission with respect to the Common Stock to be granted hereunder. The Company intends to maintain this registration statement but has no obligation to do so. If the registration statement ceases to be effective for any reason, Participant will not be able to transfer or sell any of the shares of Common Stock issued to the Participant pursuant to this Agreement unless exemptions from registration or filings under applicable securities laws are available. Furthermore, despite registration, applicable securities laws may restrict the ability of the Participant to sell his or her Common Stock, including due to the Participant's affiliation with the Company. The Company shall not be obligated to either issue the Common Stock or permit the resale of any shares of Common Stock if such issuance or resale would violate any applicable securities law, rule or regulation.

ALTERNATIVE FOR PRIVATELY PLACED RSUs: The Participant specifically acknowledges and agrees that any sales of shares of Common Stock issued to the Participant pursuant to this Agreement shall be made in accordance with the requirements of the Securities Act of 1933, as amended. The Company does not currently have an effective registration statement on file with the Securities and Exchange Commission with respect to the Common Stock to be granted hereunder. Without an effective registration statement with respect to the Common Stock to be granted hereunder, Participant will not be able to transfer or sell any of the shares of Common Stock issued to the Participant pursuant to this Agreement unless exemptions from registration or filings under applicable securities laws are available.

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The Participant hereby agrees that the Participant will in no event sell or distribute all or any part of any shares of Common Stock issued pursuant to this Agreement unless (a) there is an effective registration statement under the Securities Act and applicable state securities laws covering any such transaction involving the shares of Common Stock or (b) the Company receives an opinion of the Participant's legal counsel (concurred in by legal counsel for the Company) stating that such transaction is exempt from registration or the Company otherwise satisfies itself that such transaction is exempt from registration. Furthermore, despite registration, applicable securities laws may restrict the ability of the Participant to sell his or her Common Stock, including due to the Participant's affiliation with the Company. The Company shall not be obligated to either issue the Common Stock or permit the resale of any shares of Common Stock if such issuance or resale would violate any applicable securities law, rule or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;<u>RIGHTS AS A STOCKHOLDER</u>.

The Participant shall have no right as a stockholder, including voting and dividend rights, with respect to the RSUs subject to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;<u>INCORPORATION OF THE PLAN</u>.

The Participant specifically understands and agrees that the RSUs and the shares of Common Stock to be issued under the Plan will be issued to the Participant pursuant to the Plan, a copy of which Plan the Participant acknowledges he or she has read and understands and by which Plan he or she agrees to be bound. The provisions of the Plan are incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;<u>TAX LIABILITY OF THE PARTICIPANT AND PAYMENT OF TAXES</u>.

The Participant acknowledges and agrees that any income or other taxes due from the Participant with respect to this Award or the shares of Common Stock to be issued pursuant to this Agreement or otherwise sold shall be the Participant's responsibility. Without limiting the foregoing, the Participant agrees that if under applicable law the Participant will owe taxes at each vesting date on the portion of the Award then vested the Company shall be entitled to immediate payment from the Participant of the amount of any tax or other amounts required to be withheld by the Company by applicable law or regulation. Any taxes or other amounts due shall be paid, at the option of the Administrator as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;through reducing the number of shares of Common Stock entitled to be issued to the Participant on the applicable vesting date in an amount up to the statutory maximum of the Participant's total tax and other withholding obligations due and payable by the Company. Fractional shares will not be retained to satisfy any portion of the Company's withholding obligation. Accordingly, the Participant agrees that in the event that the amount of withholding required would result in a fraction of a share being owed, that amount will be satisfied by withholding the fractional amount from the Participant's paycheck;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;requiring the Participant to deposit with the Company an amount of cash equal to the amount determined by the Company to be required to be withheld with respect to up to the statutory maximum amount of the Participant's total tax and other withholding obligations due and payable by the Company or otherwise withholding from the Participant's paycheck an amount equal to such amounts due and payable by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;by requiring the sale by the Participant on the applicable vesting date of such number of shares of Common Stock as the Company instructs a registered broker to sell to satisfy the Company's withholding obligation, after deduction of the broker's commission, and the broker shall be

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required to remit to the Company the cash necessary in order for the Company to satisfy its withholding obligation. Such sales shall be made pursuant to a mandatory "sell-to-cover" program instituted by the Company with no discretion by the Participant with respect to any sale under the "sell-to-cover" program. To the extent the proceeds of such sale exceed the Company's withholding obligation the Company agrees to pay such excess cash to the Participant as soon as practicable. In addition, if such sale is not sufficient to pay the Company's withholding obligation the Participant agrees to pay to the Company as soon as practicable, including through additional payroll withholding, the amount of any withholding obligation that is not satisfied by the sale of shares of Common Stock. The Participant agrees to hold the Company and the broker harmless from all costs, damages or expenses relating to any such sale. The Participant acknowledges that the Company and the broker are under no obligation to arrange for such sale at any particular price. In connection with such sale of shares of Common Stock, the Participant shall execute any such documents requested by the broker in order to effectuate the sale of shares of Common Stock and payment of the withholding obligation to the Company.

[It is the Company's intention that the Participant's tax obligations under this Section 8 shall be satisfied through the procedure of Subsection (c) above, unless the Company provides notice of an alternate procedure under this Section, in its discretion.]<sup>1</sup> The Company shall not deliver any shares of Common Stock to the Participant until it is satisfied that all required withholdings have been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;<u>PARTICIPANT ACKNOWLEDGEMENTS AND AUTHORIZATIONS</u>.

The Participant acknowledges the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company is not by the Plan or this Award obligated to continue the Participant as an employee, director or consultant of the Company or an Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Plan is discretionary in nature and may be suspended or terminated by the Company at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The grant of this Award is considered a one-time benefit and does not create a contractual or other right to receive any other award under the Plan, benefits in lieu of awards or any other benefits in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Plan is a voluntary program of the Company and future awards, if any, will be at the sole discretion of the Company, including, but not limited to, the timing of any grant, the amount of any award, vesting provisions and the purchase price, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The value of this Award is an extraordinary item of compensation outside of the scope of the Participant's employment or consulting contract, if any. As such the Award is not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments. The future value of the shares of Common Stock is unknown and cannot be predicted with certainty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The Participant (i) authorizes the Company and each Affiliate and any agent of the Company or any Affiliate administering the Plan or providing Plan recordkeeping services, to disclose to the Company or any of its Affiliates such information and data as the Company or any such Affiliate shall request in order to facilitate the grant of the Award and the administration of the Plan; and (ii)

<sup>1</sup> NTD: Include if institute a mandatory sell to cover program which would allow sales to be made to cover taxes on vesting even in a blackout period.

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authorizes the Company and each Affiliate to store and transmit such information in electronic form for the purposes set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;<u>NOTICES</u>.

Any notices required or permitted by the terms of this Agreement or the Plan shall be given by recognized courier service, facsimile, registered or certified mail, return receipt requested, addressed as follows:

If to the Company:

2223 Avenida de la Playa, #208

La Jolla, CA 92037

Attn: Leanne Kelly, Chief Financial Officer

If to the Participant at the address set forth on the Restricted Stock Unit Award Grant Notice or to such other address or addresses of which notice in the same manner has previously been given. Any such notice shall be deemed to have been given on the earliest of receipt, one business day following delivery by the sender to a recognized courier service, or three business days following mailing by registered or certified mail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;<u>ASSIGNMENT AND SUCCESSORS.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement is personal to the Participant and without the prior written consent of the Company shall not be assignable by the Participant otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Participant's legal representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;<u>GOVERNING LAW</u>.

This Agreement shall be construed and enforced in accordance with the laws of the State of Delaware, without giving effect to the conflict of law principles thereof. For the purpose of litigating any dispute that arises under this Agreement, whether at law or in equity, the parties hereby consent to exclusive jurisdiction in the state of California and agree that such litigation shall be conducted in the state courts of the state of California or the federal courts of the United States for the Southern District of California.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;<u>SEVERABILITY</u>.

If any provision of this Agreement is held to be invalid or unenforceable by a court of competent jurisdiction, then such provision or provisions shall be modified to the extent necessary to make such provision valid and enforceable, and to the extent that this is impossible, then such provision shall be deemed to be excised from this Agreement, and the validity, legality and enforceability of the rest of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;<u>ENTIRE AGREEMENT</u>.

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This Agreement, together with the Plan, constitutes the entire agreement and understanding between the parties hereto with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof. No statement, representation, warranty, covenant or agreement not expressly set forth in this Agreement shall affect or be used to interpret, change or restrict the express terms and provisions of this Agreement provided, however, in any event, this Agreement shall be subject to and governed by the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;<u>MODIFICATIONS AND AMENDMENTS; WAIVERS AND CONSENTS</u>.

The terms and provisions of this Agreement may be modified or amended as provided in the Plan. Except as provided in the Plan, the terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was given, and shall not constitute a continuing waiver or consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;<u>SECTION 409A</u>.

The Award of RSUs evidenced by this Agreement is intended to be exempt from the nonqualified deferred compensation rules of Section 409A of the Code as a "short term deferral" (as that term is used in the final regulations and other guidance issued under Section 409A of the Code, including Treasury Regulation Section 1.409A-1(b)(4)(i)), and shall be construed accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;<u>DATA PRIVACY</u>.

By entering into this Agreement, the Participant: (i) authorizes the Company and each Affiliate, and any agent of the Company or any Affiliate administering the Plan or providing Plan recordkeeping services, to disclose to the Company or any of its Affiliates such information and data as the Company or any such Affiliate shall request in order to facilitate the grant of options and the administration of the Plan; (ii) to the extent permitted by applicable law waives any data privacy rights he or she may have with respect to such information, and (iii) authorizes the Company and each Affiliate to store and transmit such information in electronic form for the purposes set forth in this Agreement.