Document:

EX-10.7

 Exhibit 10.7 

GRAYBUG VISION, INC 
 275
SHORELINE DRIVE, SUITE 450 
 REDWOOD CITY, CA 94065 

October 23, 2017 
 Dan
Salain 
 Dear Dan: 
 Graybug Vision, Inc.
(the “Company”) is pleased to offer you employment on the following terms: 
 1. Position. Your title will be Chief
Operating Officer and you will report to the Company’s Chief Executive Officer (the “CEO”). This is a full-time position. This position will require such travel as is necessary to fulfill your duties under this Letter Agreement. 

2. Start Date. Subject to fulfillment of any conditions imposed by this Letter Agreement, you will commence employment December 11,
2017 or a mutually acceptable date within 30 days of this date (the “Start Date”). 
 3. Background Check/Proof of Right
to Work. This offer is contingent upon a background check clearance and reference check. In addition, for purposes of federal immigration law, you will be required to provide to the Company satisfactory documentary proof of your identity and
eligibility for employment in the United States, and this offer is contingent upon such satisfactory proof. Such documentation must be provided to the Company within three business days of your date of hire. 

4. Cash Compensation. The Company will pay you a starting salary at the rate of $335,000 per year, earned and payable in
accordance with the Company’s standard payroll schedule which is currently semi-monthly payments. This salary will be subject to adjustment pursuant to the Company’s employee compensation policies in effect from time to time. As an exempt
salaried employee, you will be expected to work hours as required by the nature of your work assignments, including hours beyond the Company’s normal business hours, and you will not be eligible for nor entitle to receive overtime compensation.

 5. Bonus. In addition, you will be eligible to be considered for a discretionary incentive and retention bonus for each fiscal
year of the Company. Whether you are awarded any bonus for a given fiscal year, and the amount of the bonus (if any), will be determined by the Company in its sole discretion based on your or the Company’s achievement of objective or subjective
criteria established and approved by the Company’s Board of Directors. Your target bonus will be equal to 30% of your annual base salary. Any bonus for the fiscal year in which your employment begins will be prorated, based on the number
of days you are employed by the Company during that fiscal year. Any bonus 

 Dan Salain 

October 23, 2017 
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for a fiscal year will be paid within 21⁄2 months after the close of that fiscal year, and you must remain
actively employed by the Company at the time of payment in order to earn a bonus for that fiscal year. The determinations of the Company’s Board of Directors with respect to your bonus will be final and binding. The Company may change your
compensation and benefits from time to time in its discretion. 
 Within ten business days after the Start Date, you will receive a one-time Signing and Retention Bonus of $20,000. If your employment is terminated for Cause or you choose to discontinue employment with the Company within one year of the Start Date, you will repay the
Company the full Signing and Retention Bonus. 
 6. Severance Benefits. 

(a) General. If the Company terminates your employment for any reason other than Cause or Permanent Disability and a Separation occurs,
then you will be entitled to the benefits described in this Section 6. However, this Section 6 will not apply unless you (i) have returned all Company property in your possession, (ii) have resigned as a member of the Boards of
Directors of the Company and all of its subsidiaries, to the extent applicable, and (iii) have executed a general release of all claims that you may have against the Company or persons affiliated with the Company. The release must be in the
form prescribed by the Company, without alterations. You must execute and return the release on or before the date specified by the Company in the prescribed form (the “Release Deadline”). The Release Deadline will in no event be later
than 60 days after your Separation. If you fail to return the release on or before the Release Deadline, or if you revoke the release, then you will not be entitled to the benefits described in this Section 6. 

(b) Salary Continuation. If the Company terminates your employment for any reason other than Cause or Permanent Disability and a
Separation occurs, then the Company will continue to pay your base salary for a period of six months after your Separation. Your base salary will be paid at the rate in effect at the time of your Separation and in accordance with the Company’s
standard payroll procedures. The salary continuation payments will commence within 30 days after the Release Deadline and, once they commence, will be retroactive to the date of your Separation. The salary continuation payments will end when you
commence new employment or substantial self-employment. 
 (c) COBRA. If the Company terminates your employment for any reason other
than Cause or Permanent Disability, a Separation occurs, and you elect to continue your health insurance coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) following your Separation, then the Company will pay the
same portion of your monthly premium under COBRA as it pays for active employees until the earliest of (i) the close of the six-month period following your Separation, (ii) the expiration of your
continuation coverage under COBRA or (iii) the date when you commence new employment or substantial self-employment. 
 (d)
Accelerated Vesting. If the Company terminates your employment for any reason other than Cause or Permanent Disability and a Separation occurs, and if testing does not accelerate under Section 8, then the vested percentage of the shares
subject to the Option will be determined by adding six months to the actual period of service that you have completed with the Company. 

 Dan Salain 

October 23, 2017 
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 (e) Exercise of Option. If the Company terminates your employment for any reason other
than Cause or Permanent Disability and a Separation occurs, you will have the opportunity to exercise the vested portion of your Option until the first anniversary of your termination. 

(f) Change in Control. You will also be entitled to the benefits set forth in the Company’s Change in Control Severance Policy
adopted by the Company’s Board of Directors on October 6, 2017, as amended from time to time, subject to the terms and conditions set forth therein. 

7. Employee Benefits. You will be eligible to participate in such Company-sponsored benefits, including its medical, dental and 401(k)
plans or arrangements, under the terms and conditions of the benefit plans that the Company may offer to its senior management from time to time. In addition, you will be entitled to accrue and use paid vacation benefits, in accordance with the
Company’s vacation policy, as in effect from time to time. 
 The Company reserves the right to change or otherwise modify, in its sole
discretion, the terms of employment set forth in this paragraph 7 and paragraphs 4, 5 and 6 above. 
 8. Stock Options. 

(a) In connection with the commencement of your employment and subject to the approval of the Company’s Board of Directors or its
Compensation Committee, you will be granted an option to purchase shares of the Company’s Common Stock (the “Option”) to result in an immediate post-Series B financing fully diluted equity ownership of 1.35% after each
tranche of the Series B as defined below. 
 (b) First Tranche. This Subsection (b) will apply to the first 750,738
Option shares (the “First Tranche”), which represents a fully-diluted equity ownership of 1.35% as of the date hereof. You will vest in 25% of the First Tranche after the first 12 months of continuous service, commencing on the Start Date,
and will vest in the balance of the First Tranche in equal monthly installments over the next three years of continuous service. The vested percentage of the First Tranche will be determined by adding 12 months to the actual period of service that
you have completed with the Company if the Company terminates your service without Cause.1 

(c) Second Tranche. This Subsection (b) will apply to 174,168 Option shares (the “Second Tranche”) which
represents a fully-diluted equity ownership of 1.35% as of the date hereof assuming the consummation of the remaining tranche of the Series B financing. You will vest in the Second Tranche only if (i) the Milestone, as defined in the
Company’s Series B Preferred Stock Purchase Agreement dated April 29, 2016 as amended on June 30, 2017 (the 
  

	1 	 Several capitalized terms are defined in Section 13. 

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October 23, 2017 
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“Purchase Agreement”), are satisfied on or before April 1, 2018, and (ii) the “Second Closing,” as defined in the Purchase Agreement, has occurred. Provided that the
requirements described in the preceding sentence have been met, you will vest in 25% of the Second Tranche options after the first 12 months of continuous service after the Second Tranche, and will vest in the balance of the Second Tranche in equal
monthly installments over the next 36 months of continuous service. 
 (d) The exercise price per share of the Option will equal the fair
market value on the date of grant as determined by the Company’s Board of Directors. The Option will be subject to the terms and conditions applicable to options granted under the Company’s 2015 Equity Incentive Plan (the
“Plan”), as described in the Plan and the applicable Stock Option Agreement, including vesting provisions consistent with paragraphs 8(b)&(c) above. You will have the right to early exercise of the Option pursuant to approval by
the Board of Directors. 
 9. Confidential Information and Inventions Assignment/Company Policies. Like all Company employees, you
will be required, as a condition of your employment with the Company, to sign the Company’s standard Employee Confidential Information and Inventions Assignment Agreement, a copy of which is attached hereto as Exhibit A. In
addition, you will be expected to abide by Company rules and policies, and acknowledge in writing that you have read the Company’s Employee Handbook. 

10. Employment Relationship. Employment with the Company is for no specific period of time. Your employment with the Company will be
“at will,” meaning that either you or the Company may terminate your employment at any time and for any reason, with or without cause or advance notice. Any contrary representations that may have been made to you are superseded by this
letter agreement. This is the full and complete agreement between you and the Company on this term. Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to
time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and a duly authorized officer of the Company (other than you). 

11. No Breach of Obligations to Prior Employees. You represent that your signing of this letter agreement, agreement(s) concerning
stock options granted to you, and the Employee Confidential Information and Inventions Assignment Agreement and your commencement of employment with the Company will not violate any agreement currently in place between yourself and current or past
employers. You further represent that you have not, and agree that you will not, during the term of your employment with the Company, enter into any oral or written agreement in conflict with any of the provisions of this letter or the
Company’s policies. You are not to bring with you to the Company, or use or disclose to any person associated with the Company, any confidential or proprietary information belonging to any former employer or other person or entity with respect
to which you owe an obligation of confidentiality under any agreement or otherwise. The Company does not want or need and will not use such information, will assist you to preserve and protect the confidentiality of proprietary information belonging
to third parties, and expects you to use in performing your duties for the Company only information which is generally known and used by persons with training and experience comparable to your own, which is common knowledge in the industry or
otherwise legally in the public domain, or which is otherwise provided or developed by the Company. Also, we expect you to abide by any obligations to refrain from soliciting any person employed by or otherwise associated with any former employer
and suggest that you refrain from having any contact with such persons until such time as any non-solicitation obligation expires. 

 Dan Salain 

October 23, 2017 
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 12. Confidentiality. As an employee of the Company, you will have access to certain
confidential information of the Company and you may, during the course of your employment, develop certain information or inventions that will be the property of the Company. To protect the interests of the Company, you will need to sign the
Company’s standard “Employee Confidential Information and Inventions Assignment Agreement” as a condition of your employment. 

13. Duty of Loyalty; Duty Not to Compete. You agree to the best of your ability and experience that you will at all times loyally and
conscientiously perform all of the duties and obligations required of and from you, and to the reasonable satisfaction of the Company. During the term of your employment, you further agree that you will devote all of your business time and attention
to the business of the Company, the Company will be entitled to all of the benefits and profits arising from or incident to all such work services and advice, you will not render commercial or professional services of any nature to any person or
organization, whether or not for compensation, without the prior written consent of the Company, and you will not directly or indirectly engage or participate in any business that is competitive in any manner with the business of the Company or that
would create a conflict of interest with the Company. Nothing in this letter agreement will prevent you from accepting speaking or presentation engagements in exchange for honoraria or from serving on boards of charitable organizations or such
private or public companies, so long as these activities do not interfere with the performance of your duties with the Company, or from owning no more than one percent (1%) of the outstanding equity securities of a corporation whose stock is listed
in a national stock exchange. 
 14. Tax Matters. All forms of compensation referred to in this letter agreement are subject to
reduction to reflect applicable withholding and payroll taxes and other deductions required by law. You are encouraged to obtain your own tax advice regarding your compensation from the Company. You agree that the Company does not have a duty to
design its compensation policies in a manner that minimizes your tax liabilities, and you will not make any claim against the Company or its Board of Directors related to tax liabilities arising from your compensation. 

15. Interpretation, Amendment and Enforcement. This letter agreement, together with the Employee Confidential Information and
Inventions Assignment Agreement, constitutes the complete agreement between you and the Company with respect to the subject matter hereof and supersedes any prior agreements, representations or understandings (whether written, oral or implied)
between you and the Company. Once signed, changes to the terms of this letter agreement, other than those changes expressly reserved to the Company’s modification and/or discretion, require an express written modification signed by both you and
a duly authorized officer of the Company. The terms of this letter agreement and the resolution of any disputes as to the meaning, effect, performance or validity of this letter agreement or arising out of, related to, or in any way connected with,
this letter agreement, your employment with the Company or any other relationship between you and the Company (the “Disputes”) will be governed by Maryland law, excluding laws relating to conflicts or choice of law. You and the
Company submit to the exclusive personal jurisdiction of the federal and state coons located in Maryland in connection with any Dispute or any claim related to any Dispute. 

 Dan Salain 

October 23, 2017 
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 16. Definitions. The following terms have the meaning set forth below wherever they
are used in this letter agreement: 
 “Cause” means (a) your unauthorized use or disclosure of the Company’s
confidential information or trade secrets, which use or disclosure causes material harm to the Company, (b) your material breach of any agreement between you and the Company, (c) your material failure to comply with the Company’s
written policies or rules, (d) your conviction of, or your plea of “guilty” or “no contest” to, a felony under the laws of the United States or any State, (e) your gross negligence or willful misconduct, (f) your
continuing failure to perform assigned duties after receiving written notification of the failure from the Company’s Board of Directors or (g) your failure to cooperate in good faith with a governmental or internal investigation of the
Company or its directors, officers or employees, if the Company has requested your cooperation. 
 “Change in Control”
means (a) the consummation of a merger or consolidation of the Company with or into another entity or (b) the dissolution. liquidation or winding up of the Company. The foregoing notwithstanding, a merger or consolidation of the Company
does not constitute a “Change in Control” if immediately after the merger or consolidation a majority of the voting power of the capital stock of the continuing or surviving entity, or any direct or indirect parent corporation of the
continuing or surviving entity, will be owned by the persons who were the Company’s stockholders immediately prior to the merger or consolidation in substantially the same proportions as their ownership of the voting power of the Company’s
capital stock immediately prior to the merger or consolidation. 
 **** 

 Dan Salain 

October 23, 2017 
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 We hope that you will accept our offer to join the Company. You may indicate your agreement
with these terms and accept this offer by signing and dating both the enclosed duplicate original of this letter agreement and the enclosed Proprietary Information and Inventions Agreement and returning them to me. This offer, if not accepted, will
expire at the close of business on Nov 1, 2017. 
 If you have any questions, please do not hesitate to contact me. 

 

			
	Very truly yours,
	
	GRAYBUG VISION, INC.
	
	 /s/ Jeffrey L. Cleland

	By:	 	Jeffrey L. Cleland, Ph.D.
	Title:	 	President & Chief Executive Officer

 I have read and understood this letter agreement and hereby acknowledge, accept and agree to the terms as set forth
above and further acknowledge that no other commitments were made to me as part of my employment offer except as specifically set forth herein. 
  

			
	 /s/ Dan Salain

	Signature of Employee
		
	Dated:	 	 10/24/17

 EXHIBIT A 

CONFIDENTIAL INFORMATION AND INVENTIONS ASSIGNMENT AGREEMENT 

 EMPLOYEE INVENTION ASSIGNMENT AND CONFIDENTIALITY AGREEMENT 

In consideration of, and as a condition of my employment with Graybug Vision, Inc., a Delaware corporation with its principal offices in the State of
California (the “Company”), I, as the “Employee” signing this Employee Invention Assignment and Confidentiality Agreement (this “Agreement”), hereby represent to
the Company, and the Company and I hereby agree as follows: 
 1. Purpose of Agreement. I understand that the Company
is engaged in a continuous program of research, development, production and/or marketing in connection with its current and projected business and that it is critical for the Company to preserve and protect its proprietary information, its rights in
certain inventions and works and in related intellectual property rights. Accordingly, I am entering into this Agreement, whether or not I am expected to create inventions or other works of value for the Company. As used in this Agreement,
“Inventions” means inventions, improvements, designs, original works of authorship, formulas, processes, compositions of matter, computer software programs, databases, mask works, confidential information and trade secrets.

 2. Disclosure of Inventions. I will promptly disclose in confidence to the Company, or to any person designated by
it, all Inventions that I make, create, conceive or first reduce to practice, either alone or jointly with others, during the period of my employment, whether or not in the course of my employment, and whether or not patentable, copyrightable or
protectable as trade secrets. 
 3. Work for Hire; Assigned Inventions. I acknowledge and agree that any copyrightable
works prepared by me within the scope of my employment will be “works made for hire” under the Copyright Act and that the Company will be considered the author and owner of such copyrightable works. I agree that all Inventions that I make,
create, conceive or first reduce to practice during the period of my employment, whether or not in the course of my employment, and whether or not patentable, copyrightable or protectable as trade secrets, and that (i) are developed using
equipment, supplies, facilities or trade secrets of the Company; (ii) result from work performed by me for the Company; or (iii) relate to the Company’s business or actual or demonstrably anticipated research or development (the
“Assigned Inventions”), will be the sole and exclusive property of the Company. 
 4. Excluded
Inventions and Other Inventions. Attached hereto as Exhibit A is a list describing all existing Inventions, if any, that may relate to the Company’s business or actual or demonstrably anticipated research or development and that
were made by me or acquired by me prior to the Effective Date (as defined in Section 25, below), and which are not to be assigned to the Company (“Excluded Inventions”). If no such list is attached, I represent and agree
that it is because I have no rights in any existing Inventions that may relate to the Company’s business or actual or demonstrably anticipated research or development. For purposes of this Agreement, “Other Inventions”
means Inventions in which I have or may have an interest, as of the Effective Date or thereafter, other than Assigned Inventions and Excluded Inventions. I acknowledge and agree that if, in the scope of my employment, I use any Excluded Inventions
or any Other Inventions, or if I include any Excluded Inventions or Other Inventions in any product or service of the Company or if my rights in any Excluded Inventions or Other Inventions may block or interfere with, or may otherwise be required
for, the exercise by the Company of any rights assigned to the Company under this Agreement. I will immediately so notify the Company in 

  
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writing. Unless the Company and I agree otherwise in writing as to particular Excluded Inventions or Other Inventions, I hereby grant to the Company, in such circumstances (whether or not I give
the Company notice as required above), a perpetual, irrevocable, nonexclusive, transferable, world-wide, royalty-free license to use, disclose, make, sell, offer for sale, import, copy, distribute, modify and create works based on, perform, and
display such Excluded Inventions and Other Inventions, and to sublicense third parties in one or more tiers of sublicensees with the same rights. 

5. Exception to Assignment. I understand that the Assigned Inventions will not include, and the provisions of this
Agreement requiring assignment of inventions to the Company do not apply to, any invention that qualifies fully for exclusion under the provisions of Section 2870 of the California Labor Code, which are attached hereto as Exhibit B. 

6. Assignment of Rights. I agree to assign, and do hereby irrevocably transfer and assign, to the Company: (i) all
of my rights, title and interests in and with respect to any Assigned Inventions, (ii) all patents, patent applications, copyrights, mask works, rights in databases, trade secrets, and other intellectual property rights, worldwide, in any
Assigned Inventions, along with any registrations of or applications to register such rights; and (iii) to the extent assignable, any and all Moral Rights (as defined below) that I may have in or with respect to any Assigned Inventions. I also
hereby forever waive and agree never to assert any Moral Rights I may have in or with respect to any Assigned Inventions and any Excluded Inventions or Other Inventions licensed to the Company under Section 4, even after termination of my
employment with the Company. “Moral Rights” means any rights to claim authorship of a work, to object to or prevent the modification or destruction of a work, to withdraw from circulation or control the publication or
distribution of a work, and any similar right, regardless of whether or not such right is denominated or generally referred to as a “moral right.” 

7. Assistance. I will assist the Company in every proper way to obtain and enforce for the Company all patents,
copyrights, mask work rights, trade secret rights and other legal protections for the Assigned Inventions, worldwide. I will execute and deliver any documents that the Company may reasonably request from me in connection with providing such
assistance. My obligations under this section will continue beyond the termination of my employment with the Company; provided that the Company agrees to compensate me at a reasonable rate after such termination for time and expenses actually
spent by me at the Company’s request in providing such assistance. I hereby appoint the Secretary of the Company as my attorney-in-fact to execute documents on my
behalf for this purpose. I agree that this appointment is coupled with an interest and will not be revocable. 
 8. Proprietary
Information. I understand that my employment by the Company creates a relationship of confidence and trust with respect to any information or materials of a confidential or secret nature that may be made, created or discovered by me or that
may be disclosed to me by the Company or a third party in relation to the business of the Company or to the business of any parent, subsidiary, affiliate, customer or supplier of the Company, or any other party with whom the Company agrees to hold
such information or materials in confidence (the “Proprietary information”). Without limitation as to the forms that Proprietary Information may take, I acknowledge that Proprietary Information may be contained in tangible
material such as writings, drawings, samples, electronic media, or computer programs, or may be in the nature of unwritten knowledge or know-how. Proprietary Information includes, but is not limited to,

  
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Assigned Inventions, marketing plans, product plans, designs, data, prototypes, specimens, test protocols, laboratory notebooks, business strategies, financial information, forecasts, personnel
information, contract information, customer and supplier lists, and the non-public names and addresses of the Company’s customers and suppliers, their buying and selling habits and special needs. 

9. Confidentiality. At all times, both during my employment and after its termination, and to the fullest extent
permitted by law, I will keep and hold all Proprietary Information in strict confidence and trust. I will not use or disclose any Proprietary Information without the prior written consent of the Company in each instance, except as may be necessary
to perform my duties as an employee of the Company for the benefit of the Company. Upon termination of my employment with the Company, I will promptly deliver to the Company all documents and materials of any nature pertaining to my work with the
Company, and I will not take with me or retain in any form any documents or materials or copies containing any Proprietary Information. Nothing in this Section 9 or otherwise in this Agreement shall limit or restrict in any way my immunity from
liability for disclosing the Company’s trade secrets as specifically permitted by 18 U.S. Code Section 1833, the pertinent provisions of which are attached hereto as Exhibit C. 

10. Physical Property. All documents, supplies, equipment and other physical property furnished to me by the Company or
produced by me or others in connection with my employment will be and remain the sole property of the Company. I will return to the Company all such items when requested by the Company, excepting only my personal copies of records relating to my
employment or compensation and any personal property I bring with me to the Company and designate as such. Even if the Company does not so request, I will upon termination of my employment return to the Company all Company property, and I will not
take with me or retain any such items. 
 11. No Breach of Prior Agreements. I represent that my performance of all the
terms of this Agreement and my duties as an employee of the Company will not breach any invention assignment, proprietary information, confidentiality, non-competition, or other agreement with any former
employer or other party. I represent that I will not bring with me to the Company or use in the performance of my duties for the Company any documents or materials or intangibles of my own or of a former employer or third party that are not
generally available for use by the public or have not been legally transferred to the Company. 
 12. “At Will”
Employment. I understand that this Agreement does not constitute a contract of employment or obligate the Company to employ me for any stated period of time. I understand that I am an “at will” employee of the Company and that my
employment can be terminated at any time, with or without notice and with or without cause, for any reason or for no reason, by either the Company or by me. I acknowledge that any statements or representations to the contrary are ineffective, unless
put into a writing signed by the Company. I further acknowledge that my participation in any stock option or benefit program is not to be construed as any assurance of continuing employment for any particular period of time. 

13. Company Opportunities; Duty Not to Compete. During the period of my employment, I will at all times devote my best
efforts to the interests of the Company, and I will 

  
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not, without the prior written consent of the Company, engage in, or encourage or assist others to engage in, any other employment or activity that: (i) would divert from the Company any
business opportunity in which the Company can reasonably be expected to have an interest; (ii) would directly compete with, or involve preparation to compete with, the current or future business of the Company; or (iii) would otherwise
conflict with the Company’s interests or could cause a disruption of its operations or prospects. 
 14. Non-Solicitation of Employees/Consultants. During my employment with the Company and for a one (1) year period thereafter, I will not directly or indirectly solicit away employees or consultants of the
Company for my own benefit or for the benefit of any other person or entity, nor will I encourage or assist others to do so. 
 15.
Use of Name & Likeness. I hereby authorize the Company to use, reuse, and to grant others the right to use and reuse, my name, photograph, likeness (including caricature), voice, and biographical
information, and any reproduction or simulation thereof, in any form of media or technology now known or hereafter developed, both during and after my employment, for any purposes related to the Company’s business, such as marketing,
advertising, credits, and presentations. 
 16. Notification. I hereby authorize the Company, during and after the
termination of my employment with the Company, to notify third parties, including, but not limited to, actual or potential customers or employers, of the terms of this Agreement and my responsibilities hereunder. 

17. Injunctive Relief. I understand that a breach or threatened breach of this Agreement by me may cause the Company to
suffer irreparable harm and that the Company will therefore be entitled to injunctive relief to enforce this Agreement. 
 18.
Governing Law; Severability. This Agreement is intended to supplement, and not to supersede, any rights the Company may have in law or equity with respect to the duties of its employees and the protection of its trade secrets. This
Agreement will be governed by and construed in accordance with the laws of the State of California without giving effect to any principles of conflict of laws that would lead to the application of the laws of another jurisdiction. If any provision
of this Agreement is invalid, illegal or unenforceable in any respect, such provision will be enforced to the maximum extent possible, given the fundamental intentions of the parties when entering into this Agreement. To the extent such provision
cannot be so enforced, it will be stricken from this Agreement and the remainder of this Agreement will be enforced as if such invalid, illegal or unenforceable provision had never been contained in this Agreement. 

19. Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an
original, but all of which together shall 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, e.g., www
docusign.com or www.echosign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

  
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 20. Entire Agreement. This Agreement and the documents referred to
herein constitute the entire agreement and understanding of the parties with respect to the subject matter of this Agreement, and supersede all prior understandings and agreements, whether oral or written, between the parties hereto with respect to
such subject matter. 
 21. Amendment and Waiver. This Agreement may be amended only by a written agreement executed by
each of the parties to this Agreement. No amendment or waiver of, or modification of any obligation under, this Agreement will be enforceable unless specifically set forth in a writing signed by the party against which enforcement is sought. A
waiver by either party of any of the terms and conditions of this Agreement in any instance will not be deemed or construed to be a waiver of such term or condition with respect to any other instance, whether prior, concurrent or subsequent. 

22. Successors and Assigns; Assignment. Except as otherwise provided in this Agreement, this Agreement, and the rights
and obligations of the parties hereunder, will bind and benefit the parties and their respective successors, assigns, heirs, executors, administrators, and legal representatives. The Company may assign any of its rights and obligations under this
Agreement. I understand that I will not be entitled to assign or delegate this Agreement or any of my rights or obligations hereunder, whether voluntarily or by operation of law, except with the prior written consent of the Company. 

23. Further Assurances. The parties will execute such further documents and instruments and take such further actions as
may be reasonably necessary to carry out the purposes and intent of this Agreement. Upon termination of my employment with the Company, I will execute and deliver a document or documents in a form reasonably requested by the Company confirming my
agreement to comply with the post-employment obligations contained in this Agreement. 
 24. Acknowledgement. I certify
and acknowledge that I have carefully read all of the provisions of this Agreement and that I understand and will fully and faithfully comply with this Agreement. 

[Section 25 and signatures follow on the next page. ] 

  
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 25. Effective Date of Agreement. This Agreement is and will be
effective on and after the first day of my employment by the Company, which is December 11, 2017 (the “Effective Date”). 
  

									
	Company: GRAYBUG VISION, INC.	 		 	Employee
				
	By:	 	  
	 		 	 /s/ Dan Salain

		 		 		 	Signature
				
	Name:	 	  
	 		 	 Dan Salain

		 		 		 	Name (Please Print)
				
	Title:	 	  
	 		 	

  
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 Exhibit A 

LIST OF EXCLUDED INVENTIONS UNDER SECTION 4 
  

					
	 Title
	  	 Date
	  	 Identifying Number
or Brief
Description

  

	☑	 No inventions, improvements, or original works of authorship 

 

	☐	 Additional sheets attached 

 

			
	Signature of Employee:	 	 /s/ Dan Salain

			
	Print Name of Employee:	 	 Dan Salain

			
	Date:	 	 October 24, 2017

 Exhibit B 

CALIFORNIA LABOR CODE 2870 NOTICE: 

California Labor Code Section 2870 provides as follows: 

Any provision in an employment agreement which provides that an employee shall assign, or offer to assign, any of his or her rights in an
invention to his or her employer shall not apply to an invention that the employee developed entirely on his or her own time without using the employer’s equipment, supplies, facilities, or trade secret information except for those inventions
that either: (1) relate at the time of conception or reduction to practice of the invention to the employer’s business, or actual or demonstrably anticipated research or development of the employer, or (2) result from any work
performed by the employee for the employer. To the extent a provision in an employment agreement purports to require an employee to assign an invention otherwise excluded from being required to be assigned under California Labor Code
Section 2870(a), the provision as against the public policy of this state and is unenforceable. 

 Exhibit C 

DEFEND TRADE SECRETS ACT, 18 U.S. CODE § 1833 NOTICE: 

18 U.S. Code Section 1833 provides as follows: 

Immunity From Liability For Confidential Disclosure Of A Trade Secret To The Government Or In A Court Filing. An individual shall not be
held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made, (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to
an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. 

Use of Trade Secret Information in Anti-Retaliation Lawsuit. An individual who files a lawsuit for retaliation by an employer for
reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (A) files any document containing the trade secret under
seal; and (B) does not disclose the trade secret, except pursuant to court order.EX-10.8

 Exhibit 10.8 

May 7, 2020 
 Parisa Zamiri 

Dear Parisa: 
 Graybug Vision, Inc. (the
“Company”) is pleased to offer you employment on the following terms: 
 1. Position. Your title will be
Chief Medical Officer and you will report to the Company’s Chief Executive Officer (the “CEO”). This is a full-time position. This position will require such travel as is necessary to fulfill your duties under this letter
agreement. 
 2. Start Date. Subject to fulfillment of any conditions imposed by this letter agreement, you will commence
employment on June 1, 2020 or a mutually acceptable date within 30 days of this date (the “Start Date”). 
 3.
Background Check/Proof of Right to Work. This offer is contingent upon successful background and reference checks. In addition, for purposes of federal immigration law, you will be required to provide to the Company satisfactory documentary
proof of your identity and eligibility for employment in the United States, and this offer is contingent upon such satisfactory proof. Such documentation must be provided to the Company within three business days of your Start Date. 

4. Cash Compensation. The Company will pay you a starting salary at the rate of $420,000.00 per year, subject to
applicable withholdings, payable in accordance with the Company’s standard payroll schedule which is currently semi-monthly payments. This salary will be subject to adjustment pursuant to the Company’s employee compensation policies in
effect from time to time. As an exempt salaried employee, you will be expected to work hours as required by the nature of your work assignments, including hours beyond the Company’s normal business hours, and you will not be eligible for nor
entitled to receive overtime compensation. 
 5. Bonus. In addition, you will be eligible to be considered for a discretionary
incentive and retention bonus for each fiscal year of the Company. Whether you are awarded any bonus for a given fiscal year, and the amount of the bonus (if any), will be determined by the Company in its sole discretion based on your or the
Company’s achievement of objective or subjective criteria established and approved by the Company’s Board of Directors (the “Board”). Your target bonus will be equal to up to 35% of your annual base salary. Any
bonus for the fiscal year in which your employment begins will be prorated, based on the number of days you are employed by the Company during that fiscal year. Any bonus for a fiscal year will be paid within
21⁄2 months after the close of that fiscal year, and you must remain actively employed by the Company at the time of payment in order to earn a bonus for that
fiscal year. The determinations of the Board with respect to your bonus will be final and binding. 

 6. Severance Benefits Not in Connection with a Change in Control.1 
 (a) General. Except as set forth in Section 6, if the Company terminates
your employment for any reason other than for Cause or other than as a result of death or Permanent Disability, and a Separation occurs, then you will be entitled to the benefits described in this Section 6. However, this Section 6 will
not apply unless you (i) have returned all Company property in your possession, (ii) have resigned as a member of the Board of the Company and all of its subsidiaries, to the extent applicable, and (iii) have executed a general
release of all claims that you may have against the Company or persons affiliated with the Company. The release must be in the form prescribed by the Company, without alterations. You must execute and return the release on or before the date
specified by the Company in the prescribed form (the “Release Deadline”). The Release Deadline will in no event be later than 60 days after your Separation. If you fail to return the release on or before the Release Deadline, or if
you revoke the release, then you will not be entitled to the benefits described in this Section 6. 
 (b) Salary Continuation.
If the Company terminates your employment for any reason other than for Cause or other than as a result of death or Permanent Disability and a Separation occurs, then the Company will continue to pay your base salary until the earlier of: (i) a
period of six months after your Separation, and (ii) the date upon which you commence new employment or substantial self-employment. Your base salary will be paid at the rate in effect at the time of your Separation and in accordance with the
Company’s standard payroll procedures. The salary continuation payments will commence within 15 days after the Release Deadline, with the first payment including a catch-up payment, if applicable,
covering the amount that would have otherwise been paid during the period between the Separation Date and the first payment date. 
 (c)
COBRA. If the Company terminates your employment for any reason other than for Cause or other than as a result of death or Permanent Disability, a Separation occurs, and you elect to continue your health insurance coverage under the
Consolidated Omnibus Budget Reconciliation Act (“COBRA”) following your Separation, then the Company will pay the same portion of your monthly premium under COBRA as it pays for active employees until the earliest of (i) the
close of the six-month period following your Separation, (ii) the expiration of your continuation coverage under COBRA or (iii) the date when you commence new employment or substantial
self-employment and become covered under another group health plan. Notwithstanding the foregoing, if the Company determines, in its sole discretion, that it cannot pay the COBRA premiums without a substantial risk of violating applicable law, the
Company instead shall pay to Executive, on the first day of each calendar month, a fully taxable cash payment equal to the applicable COBRA premiums for that month, subject to applicable tax withholdings, for the remainder of the COBRA premium
period. Executive may, but is not obligated to, use such payments toward the cost of COBRA premiums. 
 (d) Extended Exercise Period of
Option. If the Company terminates your employment for any reason other than for Cause or other than as a result of death or Permanent Disability and a Separation occurs, you will have the opportunity to exercise the vested portion of your Option
until the first anniversary of your termination. 
  

	1 	 Several capitalized terms are defined in Section 16. 

  
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 7. Severance Benefits in Connection with a Change in Control. In the event you
are subject to a Qualified Termination (as defined in the Policy) in the twelve-month period following the consummation of a Change in Control (as such capitalized terms are defined in the Policy), then upon such termination you will be entitled to:
(a) the benefits set forth in the Company’s Change in Control Severance Policy adopted by the Board on October 6, 2017, as amended from time to time (the “Policy”), subject to the terms and conditions set forth
therein and (b) acceleration of all unvested shares underlying the Option (as defined in Section 9 below). For the avoidance of doubt, the severance payments and benefits payable pursuant to Section 6 above and this Section 7 are
not cumulative. You hereby acknowledge that the severance benefits pursuant to this Section 7 are intended to be the sole and exclusive severance benefits provided to you in connection with a Change in Control (as defined in the Policy) and you
hereby waive any and all rights you may have with respect to any severance benefits in connection with a Change in Control other than such benefits provided pursuant to the Policy. 

8. Employee Benefits. You will be eligible to participate in such Company-sponsored benefits, including its medical, dental and
401(k) plans or arrangements, under the terms and conditions of the benefit plans that the Company may offer to its senior management from time to time. In addition, you will be entitled to accrue and use paid vacation benefits, in accordance with
the Company’s vacation policy, as in effect from time to time. 
 The Company reserves the right to change or otherwise modify, in its
sole discretion, the terms of employment set forth in this Section 8 and Sections 4 and 5 and 7 above. 
 9. Stock
Options. In connection with the commencement of your employment and subject to the approval of the Board (or an authorized committee thereof), you will be granted an option to purchase 2,014,936 shares of the Company’s Common Stock (the
“Option”). You will vest in 25% of the shares underlying the Option after the first 12 months of continuous service following the Start Date, and will vest in the balance of the shares underlying the Option in equal monthly
installments over the next three years of continuous service. You will have the right to early exercise of the Option subject to approval of the Board. The exercise price per share of the shares underlying the Option will be equal to the fair market
value as determined by the Board (or an authorized committee thereof) on the date of grant. The Option will be subject to the terms and conditions applicable to options granted under the Company’s 2015 Stock Incentive Plan (the
“Plan”), as described in the Plan and the applicable Stock Option Agreement thereunder, including vesting provisions consistent with this Sections 9 and Sections 6 and 7. 

10. Employment Relationship. Employment with the Company is for no specific period of time. Your employment with the Company
will be “at will,” meaning that either you or the Company may terminate your employment at any time and for any reason, with or without cause or advance notice. Any contrary representations that may have been made to you are superseded by
this letter agreement. This is the full and complete agreement between you and the Company on this term. Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from
time to time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and a duly authorized officer of the Company (other than you). For the avoidance of doubt, this Section 10, shall
not limit your right to severance benefits under Section 6 hereto, to the extent you have met the criteria for such severance benefits as outlined in this letter. 

  
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 11. No Breach of Obligations to Prior Employers. You represent that your
signing of this letter agreement, agreement(s) concerning stock options granted to you, and the Employee Confidential Information and Inventions Assignment Agreement and your commencement of employment with the Company will not violate any agreement
currently in place between yourself and current or past employers. You further represent that you have not, and agree that you will not, during the term of your employment with the Company, enter into any oral or written agreement in conflict with
any of the provisions of this letter or the Company’s policies. You are not to bring with you to the Company, or use or disclose to any person associated with the Company, any confidential or proprietary information belonging to any former
employer or other person or entity with respect to which you owe an obligation of confidentiality under any agreement or otherwise. The Company does not want or need and will not use such information, will assist you to preserve and protect the
confidentiality of proprietary information belonging to third parties, and expects you to use in performing your duties for the Company only information which is generally known and used by persons with training and experience comparable to your
own, which is common knowledge in the industry or otherwise legally in the public domain, or which is otherwise provided or developed by the Company. Also, you agree to abide by all contractual post-employment restrictions on solicitation of the
personnel of any former employer. 
 12. Confidentiality. As an employee of the Company, you will have access to certain
confidential information of the Company and you may, during the course of your employment, develop certain information or inventions that will be the property of the Company. To protect the interests of the Company, you will need to sign the
Company’s standard “Employee Confidential Information and Inventions Assignment Agreement” as a condition of your employment. 

13. Duty of Loyalty; Duty Not to Compete. You agree to the best of your ability and experience that you will at all times
loyally and conscientiously perform all of the duties and obligations required of and from you, and to the reasonable satisfaction of the Company. During the term of your employment, you further agree that you will devote all of your business time
and attention to the business of the Company, the Company will be entitled to all of the benefits and profits arising from or incident to all such work services and advice, you will not render commercial or professional services of any nature to any
person or organization, whether or not for compensation, without the prior written consent of the Company, and you will not directly or indirectly engage or participate in any business that is competitive in any manner with the business of the
Company or that would create a conflict of interest with the Company. Nothing in this letter agreement will prevent you from accepting speaking or presentation engagements in exchange for honoraria or from serving on boards of charitable
organizations or such private or public companies, so long as these activities do not interfere with the performance of your duties with the Company, or from owning no more than one percent (1%) of the outstanding equity securities of a corporation
whose stock is listed on a national stock exchange. 
 14. Tax Matters. All forms of compensation referred to in this letter
agreement are subject to reduction to reflect applicable withholding and payroll taxes and other deductions required by law. You are encouraged to obtain your own tax advice regarding your compensation from the Company. You agree that the Company
does not have a duty to design its compensation policies in a manner that minimizes your tax liabilities, and you will not make any claim against the Company or its Board related to tax liabilities arising from your compensation. 

  
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 15. Entire Agreement. The offer set forth in this letter agreement,
once accepted, constitutes the entire agreement between you and the Company with respect to the subject matter hereof and supersedes all prior offers, negotiations and agreements, if any, whether written or oral, relating to such subject matter. You
acknowledge that neither the Company nor its agents have made any promise, representation or warranty whatsoever, either express or implied, written or oral, which is not contained in this letter agreement for the purpose of inducing you to execute
this letter agreement, and you acknowledge that you have executed this letter agreement in reliance only upon such promises, representations and warranties as are contained herein. 

16. Definitions. The following terms have the meaning set forth below wherever they are used in this letter agreement: 

“Cause” means (a) your unauthorized use or disclosure of the Company’s confidential information or trade secrets,
which use or disclosure causes material harm to the Company, (b) your material breach of any agreement between you and the Company, (c) your material failure to comply with the Company’s written policies or rules, (d) your
conviction of, or your plea of “guilty” or “no contest” to, a felony under the laws of the United States or any state, (e) your gross negligence or willful misconduct, (f) your continuing failure to perform assigned
duties after receiving written notification of the failure from the Board or (g) your failure to cooperate in good faith with a governmental or internal investigation of the Company or its directors, officers or employees, if the Company has
requested your cooperation. 
 “Permanent Disability” means that you are unable to perform the essential functions of your
position, with or without reasonable accommodation, for a period of at least 120 consecutive days because of a physical or mental impairment. 

“Separation” means a “separation from service,” as defined in the regulations under Section 409A of the
Internal Revenue Code of 1986, as amended. 
 17. Governing Law. The terms of this letter agreement and the resolution of any
disputes as to the meaning, effect, performance or validity of this letter agreement or arising out of, related to, or in any way connected with, this letter agreement, your employment with the Company or any other relationship between you and the
Company (the “Disputes”) will be governed by California law, excluding laws relating to conflicts or choice of law. You and the Company submit to the exclusive personal jurisdiction of the federal and state courts located in
California in connection with any Dispute or any claim related to any Dispute. 
 **** 

  
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 We hope that you will accept our offer to join the Company. You may indicate your agreement
with these terms and accept this offer by signing and dating both the enclosed duplicate original of this letter agreement and the enclosed Proprietary Information and Inventions Agreement and returning them to me. This offer, if not accepted, will
expire at the close of business on May 8, 2020. 
 If you have any questions, please do not hesitate to contact me. 

 
  

			
	Very truly yours,
	
	GRAYBUG VISION, INC.
	
	 /s/ Frédéric Guerard

	By:	 	Frédéric Guerard
	Title:	 	Chief Executive Officer

 I have read and understood this letter agreement and hereby acknowledge, accept and agree to the terms as set forth
above and further acknowledge that no other commitments were made to me as part of my employment offer except as specifically set forth herein. 
  

			
	 /s/ Parisa Zamiri

	Signature of Employee
		
	Dated:	 	 5/7/2020

  
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 EXHIBIT A 

CONFIDENTIAL INFORMATION AND INVENTIONS ASSIGNMENT AGREEMENT 

 FOR CALIFORNIA EMPLOYEES 

18. EMPLOYEE INVENTION ASSIGNMENT AND CONFIDENTIALITY AGREEMENT 

In consideration of, and as a condition of my employment with Graybug Vision, Inc., a Delaware corporation with its principal offices in the
State of California (the “Company”), I, as the “Employee” signing this Employee Invention Assignment and Confidentiality Agreement (this “Agreement”), hereby
represent to the Company, and the Company and I hereby agree as follows: 
 1. Purpose of Agreement. I understand that
the Company is engaged in a continuous program of research, development, production and/or marketing in connection with its current and projected business and that it is critical for the Company to preserve and protect its proprietary information,
its rights in certain inventions and works and in related intellectual property rights. Accordingly, I am entering into this Agreement, whether or not I am expected to create inventions or other works of value for the Company. As used in this
Agreement, “Inventions” means inventions, improvements, designs, original works of authorship, formulas, processes, compositions of matter, computer software programs, databases, mask works, confidential information and trade
secrets. 
 2. Disclosure of Inventions. I will promptly disclose in confidence to the Company, or to any person
designated by it, all Inventions that I make, create, conceive or first reduce to practice, either alone or jointly with others, during the period of my employment, whether or not in the course of my employment, and whether or not patentable,
copyrightable or protectable as trade secrets. 
 3. Work for Hire; Assigned Inventions. I acknowledge and agree that
any copyrightable works prepared by me within the scope of my employment will be “works made for hire” under the Copyright Act and that the Company will be considered the author and owner of such copyrightable works. I agree that all
Inventions that I make, create, conceive or first reduce to practice during the period of my employment, whether or not in the course of my employment, and whether or not patentable, copyrightable or protectable as trade secrets, and that
(i) are developed using equipment, supplies, facilities or trade secrets of the Company; (ii) result from work performed by me for the Company; or (iii) relate to the Company’s business or actual or demonstrably anticipated research
or development (the “Assigned Inventions”), will be the sole and exclusive property of the Company. 
 4.
Excluded Inventions and Other Inventions. Attached hereto as Exhibit A is a list describing all existing Inventions, if any, that may relate to the Company’s business or actual or demonstrably anticipated research or
development and that were made by me or acquired by me prior to the Effective Date (as defined in Section 25, below), and which are not to be assigned to the Company (“Excluded Inventions”). If no such list is attached,
I represent and agree that it is because I have no rights in any existing Inventions that may relate to the Company’s business or actual or demonstrably anticipated research or development. For purposes of this Agreement,

  
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“Other Inventions” means Inventions in which I have or may have an interest, as of the Effective Date or thereafter, other than Assigned Inventions and Excluded
Inventions. I acknowledge and agree that if, in the scope of my employment, I use any Excluded Inventions or any Other Inventions, or if I include any Excluded Inventions or Other Inventions in any product or service of the Company or if my rights
in any Excluded Inventions or Other Inventions may 

  
 Page 9 

 
block or interfere with, or may otherwise be required for, the exercise by the Company of any rights assigned to the Company under this Agreement, I will immediately so notify the Company in
writing. Unless the Company and I agree otherwise in writing as to particular Excluded Inventions or Other Inventions, I hereby grant to the Company, in such circumstances (whether or not I give the Company notice as required above), a perpetual,
irrevocable, nonexclusive, transferable, world-wide, royalty-free license to use, disclose, make, sell, offer for sale, import, copy, distribute, modify and create works based on, perform, and display such Excluded Inventions and Other Inventions,
and to sublicense third parties in one or more tiers of sublicensees with the same rights. 
 5. Exception to Assignment.
I understand that the Assigned Inventions will not include, and the provisions of this Agreement requiring assignment of inventions to the Company do not apply to, any invention that qualifies fully for exclusion under the provisions of
Section 2870 of the California Labor Code, which are attached hereto as Exhibit B. 
 6. Assignment of Rights.
I agree to assign, and do hereby irrevocably transfer and assign, to the Company: (i) all of my rights, title and interests in and with respect to any Assigned Inventions; (ii) all patents, patent applications, copyrights, mask works,
rights in databases, trade secrets, and other intellectual property rights, worldwide, in any Assigned Inventions, along with any registrations of or applications to register such rights; and (iii) to the extent assignable, any and all Moral
Rights (as defined below) that I may have in or with respect to any Assigned Inventions. I also hereby forever waive and agree never to assert any Moral Rights I may have in or with respect to any Assigned Inventions and any Excluded Inventions or
Other Inventions licensed to the Company under Section 4, even after termination of my employment with the Company. “Moral Rights” means any rights to claim authorship of a work, to object to or prevent the modification
or destruction of a work, to withdraw from circulation or control the publication or distribution of a work, and any similar right, regardless of whether or not such right is denominated or generally referred to as a “moral right.” 

7. Assistance. I will assist the Company in every proper way to obtain and enforce for the Company all patents,
copyrights, mask work rights, trade secret rights and other legal protections for the Assigned Inventions, worldwide. I will execute and deliver any documents that the Company may reasonably request from me in connection with providing such
assistance. My obligations under this section will continue beyond the termination of my employment with the Company; provided that the Company agrees to compensate me at a reasonable rate after such termination for time and expenses actually
spent by me at the Company’s request in providing such assistance. I hereby appoint the Secretary of the Company as my attorney-in-fact to execute documents on my
behalf for this purpose. I agree that this appointment is coupled with an interest and will not be revocable. 
 8. Proprietary
Information. I understand that my employment by the Company creates a relationship of confidence and trust with respect to any information or materials of a confidential or secret nature that may be made, created or discovered by me or that
may be disclosed to me by the Company or a third party in relation to the business of the Company or to the business of any parent, subsidiary, affiliate, customer or supplier of the Company, or any other party with whom the Company agrees to hold
such information or materials in confidence (the “Proprietary Information”). Without limitation as to the forms that Proprietary Information 

  
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may take, I acknowledge that Proprietary Information may be contained in tangible material such as writings, drawings, samples, electronic media, or computer programs, or may be in the nature of
unwritten knowledge or know-how. Proprietary Information includes, but is not limited to, Assigned Inventions, marketing plans, product plans, designs, data, prototypes, specimens, test protocols, laboratory
notebooks, business strategies, financial information, forecasts, personnel information, contract information, customer and supplier lists, and the non-public names and addresses of the Company’s
customers and suppliers, their buying and selling habits and special needs. 
 9. Confidentiality. At all times, both
during my employment and after its termination, and to the fullest extent permitted by law, I will keep and hold all Proprietary Information in strict confidence and trust. I will not use or disclose any Proprietary Information without the prior
written consent of the Company in each instance, except as may be necessary to perform my duties as an employee of the Company for the benefit of the Company. Upon termination of my employment with the Company, I will promptly deliver to the Company
all documents and materials of any nature pertaining to my work with the Company, and I will not take with me or retain in any form any documents or materials or copies containing any Proprietary Information. Nothing in this Section 9 or
otherwise in this Agreement shall limit or restrict in any way my immunity from liability for disclosing the Company’s trade secrets as specifically permitted by 18 U.S. Code Section 1833, the pertinent provisions of which are attached
hereto as Exhibit C. 
 10. Physical Property. All documents, supplies, equipment and other physical property
furnished to me by the Company or produced by me or others in connection with my employment will be and remain the sole property of the Company. I will return to the Company all such items when requested by the Company, excepting only my personal
copies of records relating to my employment or compensation and any personal property I bring with me to the Company and designate as such. Even if the Company does not so request, I will upon termination of my employment return to the Company all
Company property, and I will not take with me or retain any such items. 
 11. No Breach of Prior Agreements. I
represent that my performance of all the terms of this Agreement and my duties as an employee of the Company will not breach any invention assignment, proprietary information, confidentiality, non-competition,
or other agreement with any former employer or other party. I represent that I will not bring with me to the Company or use in the performance of my duties for the Company any documents or materials or intangibles of my own or of a former employer
or third party that are not generally available for use by the public or have not been legally transferred to the Company. 
 12.
“At Will” Employment. I understand that this Agreement does not constitute a contract of employment or obligate the Company to employ me for any stated period of time. I understand that I am an “at will” employee of
the Company and that my employment can be terminated at any time, with or without notice and with or without cause, for any reason or for no reason, by either the Company or by me. I acknowledge that any statements or representations to the contrary
are ineffective, unless put into a writing signed by the Company. I further acknowledge that my participation in any stock option or benefit program is not to be construed as any assurance of continuing employment for any particular period of time.

  
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 13. Company Opportunities; Duty Not to Compete. During the period of my
employment, I will at all times devote my best efforts to the interests of the Company, and I will not, without the prior written consent of the Company, engage in, or encourage or assist others to engage in, any other employment or activity that:
(i) would divert from the Company any business opportunity in which the Company can reasonably be expected to have an interest; (ii) would directly compete with, or involve preparation to compete with, the current or future business of the
Company; or (iii) would otherwise conflict with the Company’s interests or could cause a disruption of its operations or prospects. 

14. Non-Solicitation of Employees/Consultants. During my employment with the
Company and for a one (1) year period thereafter, I will not directly or indirectly solicit away employees or consultants of the Company for my own benefit or for the benefit of any other person or entity, nor will I encourage or assist others
to do so. 
 15. Use of Name & Likeness. I hereby authorize the Company to use, reuse, and to grant others the
right to use and reuse, my name, photograph, likeness (including caricature), voice, and biographical information, and any reproduction or simulation thereof, in any form of media or technology now known or hereafter developed, both during and after
my employment, for any purposes related to the Company’s business, such as marketing, advertising, credits, and presentations. 

16. Notification. I hereby authorize the Company, during and after the termination of my employment with the Company, to
notify third parties, including, but not limited to, actual or potential customers or employers, of the terms of this Agreement and my responsibilities hereunder. 

17. Injunctive Relief. I understand that a breach or threatened breach of this Agreement by me may cause the Company to
suffer irreparable harm and that the Company will therefore be entitled to injunctive relief to enforce this Agreement. 
 18.
Governing Law; Severability. This Agreement is intended to supplement, and not to supersede, any rights the Company may have in law or equity with respect to the duties of its employees and the protection of its trade secrets. This
Agreement will be governed by and construed in accordance with the laws of the State of California without giving effect to any principles of conflict of laws that would lead to the application of the laws of another jurisdiction. If any provision
of this Agreement is invalid, illegal or unenforceable in any respect, such provision will be enforced to the maximum extent possible, given the fundamental intentions of the parties when entering into this Agreement. To the extent such provision
cannot be so enforced, it will be stricken from this Agreement and the remainder of this Agreement will be enforced as if such invalid, illegal or unenforceable provision had never been contained in this Agreement. 

19. Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an
original, but all of which together shall 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, e.g.,
www.docusign.com or www.echosign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

  
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 20. Entire Agreement. This Agreement and the documents referred to
herein constitute the entire agreement and understanding of the parties with respect to the subject matter of this Agreement, and supersede all prior understandings and agreements, whether oral or written, between the parties hereto with respect to
such subject matter. 
 21. Amendment and Waiver. This Agreement may be amended only by a written agreement executed by
each of the parties to this Agreement. No amendment or waiver of, or modification of any obligation under, this Agreement will be enforceable unless specifically set forth in a writing signed by the party against which enforcement is sought. A
waiver by either party of any of the terms and conditions of this Agreement in any instance will not be deemed or construed to be a waiver of such term or condition with respect to any other instance, whether prior, concurrent or subsequent. 

22. Successors and Assigns; Assignment. Except as otherwise provided in this Agreement, this Agreement, and the rights
and obligations of the parties hereunder, will bind and benefit the parties and their respective successors, assigns, heirs, executors, administrators, and legal representatives. The Company may assign any of its rights and obligations under this
Agreement. I understand that I will not be entitled to assign or delegate this Agreement or any of my rights or obligations hereunder, whether voluntarily or by operation of law, except with the prior written consent of the Company. 

23. Further Assurances. The parties will execute such further documents and instruments and take such further actions as
may be reasonably necessary to carry out the purposes and intent of this Agreement. Upon termination of my employment with the Company, I will execute and deliver a document or documents in a form reasonably requested by the Company confirming my
agreement to comply with the post-employment obligations contained in this Agreement. 
 24. Acknowledgement. I certify
and acknowledge that I have carefully read all of the provisions of this Agreement and that I understand and will fully and faithfully comply with this Agreement. 

[Section 25 and signatures follow on the next page.] 

  
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 25. Effective Date of Agreement. This Agreement is and will be
effective on and after the first day of my employment by the Company, which is June 1, 2020 (the “Effective Date”). 
  

									
	Company: GRAYBUG VISION, INC.	 		 	Employee:
				
	By	 	 /s/ Frédéric Guerard
	 		 	 /s/ Parisa Zamiri

		 		 		 	Signature
					
	Name:	 	 Frédéric Guerard
	 		 	Names:	 	 Parisa Zamiri

					
	Title:	 	Chief Executive Officer	 		 		 	

  
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 Exhibit A 

LIST OF EXCLUDED INVENTIONS UNDER SECTION 4 
  

					
	 Title
	  	 Date
	  	 Identifying Number

or Brief Description

		  		  	
		  		  	
		  		  	

          No inventions, improvements, or original works of authorship 

         Additional sheets attached 
  

			
	Signature of Employee:	 	  

 

			
	Print Name of Employee:	 	 /s/ Parisa Zamiri

 

			
	Date:	 	 5/7/2020

  
 Page 15 

 Exhibit B 

CALIFORNIA LABOR CODE 2870 NOTICE: 

California Labor Code Section 2870 provides as follows: 

Any provision in an employment agreement which provides that an employee shall assign, or offer to assign, any of his or her rights in an
invention to his or her employer shall not apply to an invention that the employee developed entirely on his or her own time without using the employer’s equipment, supplies, facilities, or trade secret information except for those inventions
that either: (1) relate at the time of conception or reduction to practice of the invention to the employer’s business, or actual or demonstrably anticipated research or development of the employer; or (2) result from any work
performed by the employee for the employer. To the extent a provision in an employment agreement purports to require an employee to assign an invention otherwise excluded from being required to be assigned under California Labor Code
Section 2870(a), the provision is against the public policy of this state and is unenforceable. 

  
 Page 16 

 Exhibit C 

DEFEND TRADE SECRETS ACT, 18 U.S. CODE § 1833 NOTICE: 

18 U.S. Code Section 1833 provides as follows: 

Immunity From Liability For Confidential Disclosure Of A Trade Secret To The Government Or In A Court Filing. An individual shall not be
held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made, (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to
an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. 

Use of Trade Secret Information in Anti-Retaliation Lawsuit. An individual who files a lawsuit for retaliation by an employer for
reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (A) files any document containing the trade secret under
seal; and (B) does not disclose the trade secret, except pursuant to court order. 

  
 Page 17

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