Document:

EX-10.8

 Exhibit 10.8 

OYSTER POINT PHARMA, INC. 

CHANGE IN CONTROL AND SEVERANCE AGREEMENT 

This Change in Control and Severance Agreement (the “Agreement”) is made between Oyster Point Pharma, Inc. (the
“Company”) and ________ (the “Executive”), effective as of _________________, 2019 (the “Effective Date”). 

This Agreement provides certain protections to the Executive in connection with a change in control of the Company or in connection with the
involuntary termination of the Executive’s employment under the circumstances described in this Agreement. 
 The Company and the
Executive agree as follows: 
 1. Term of Agreement. This Agreement will terminate upon the date that all of the obligations of the
parties hereto with respect to this Agreement have been satisfied. 
 2. At-Will Employment.
The Company and the Executive acknowledge that the Executive’s employment is and will continue to be at-will, as defined under applicable law. 

3. Severance Benefits. 

(a) Qualifying Non-CIC Termination. On a Qualifying
Non-CIC Termination (as defined below), the Executive will be eligible to receive the following payments and benefits from the Company: 

(i) Salary Severance. A single, lump sum payment equal to twelve (12) months of the Executive’s Salary (as defined below),
less applicable withholdings. 
 (ii) Unpaid Prior Year Bonus. A single, lump sum payment equal to the amount of any unpaid bonuses
arising from the achievement of performance goals in the fiscal year immediately prior to the fiscal year in which the Qualifying Termination occurs that Executive would have been paid had Executive remained an employee through the applicable
payment date (provided that such payment date would have occurred in the fiscal year in which the Qualifying Termination occurs), less applicable withholdings. 

(iii) COBRA Coverage. Subject to Section 3(d), the Company will pay the premiums for coverage under COBRA (as defined below) for
the Executive and the Executive’s eligible dependents, if any, at the rates then in effect, subject to any subsequent changes in rates that are generally applicable to the Company’s active employees (the “COBRA Coverage”),
until the earliest of (A) a period of twelve (12) months from the date of the Executive’s termination of employment, (B) the date upon which the Executive (and the Executive’s eligible dependents, as applicable) becomes
covered under similar plans, or (C) the date upon which the Executive ceases to be eligible for coverage under COBRA. 

 (b) Qualifying CIC Termination. On a Qualifying CIC Termination, the Executive will
be eligible to receive the following payments and benefits from the Company: 
 (i) Salary Severance. A single, lump sum payment
equal to twelve (12) months of the Executive’s Salary, less applicable withholdings. 
 (ii) Bonus Severance. A single,
lump sum payment equal to 100% of the Executive’s target annual bonus as in effect for the fiscal year in which the Qualifying CIC Termination occurs, less applicable withholdings. 

(iii) Unpaid Prior Year Bonus. A single, lump sum payment equal to the amount of any unpaid bonuses arising from the achievement of
performance goals in the fiscal year immediately prior to the fiscal year in which the Qualifying Termination occurs that Executive would have been paid had Executive remained an employee through the applicable payment date (provided that such
payment date would have occurred in the fiscal year in which the Qualifying Termination occurs), less applicable withholdings. 
 (iv)
COBRA Coverage. Subject to Section 3(d), the Company will provide COBRA Coverage until the earliest of (A) a period of twelve (12) months from the date of the Executive’s termination of employment, (B) the date upon
which the Executive (and the Executive’s eligible dependents, as applicable) becomes covered under similar plans, or (C) the date upon which the Executive ceases to be eligible for coverage under COBRA. 

(v) Equity Vesting Acceleration. Vesting acceleration (and exercisability, as applicable) as to 100% of the then-unvested shares
subject to each of the Executive’s then-outstanding Company equity awards. In the case of an equity award with performance-based vesting, unless otherwise specified in the applicable equity award agreement governing such award, all performance
goals and other vesting criteria will be deemed achieved at 100% of target levels. For the avoidance of doubt, in the event of the Executive’s Qualifying Pre-CIC Termination (as defined below), any
unvested portion of the Executive’s then-outstanding equity awards will remain outstanding until the earlier of (x) three (3) months following the Qualifying Termination or (y) the occurrence of a Change in Control, solely so
that any benefits due on a Qualifying Pre-CIC Termination can be provided if a Change in Control occurs within three (3) months following the Qualifying Termination (provided that in no event will the
Executive’s stock options or similar equity awards remain outstanding beyond the equity award’s maximum term to expiration). If no Change in Control occurs within three (3) months following a Qualifying Termination, any unvested
portion of the Executive’s equity awards automatically and permanently will be forfeited on the three (3) month anniversary of the date of the Qualifying Termination without having vested. 

(c) Termination Other Than a Qualifying Termination. If the termination of the Executive’s employment with the Company Group is not
a Qualifying Termination, then the Executive will not be entitled to receive severance or other benefits. 

  
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 (d) Conditions to Receipt of COBRA Coverage. The Executive’s receipt of COBRA
Coverage is subject to the Executive electing COBRA continuation coverage within the time period prescribed pursuant to COBRA for the Executive and the Executive’s eligible dependents, if any. If the Company determines in its sole discretion
that it cannot provide the COBRA Coverage without potentially violating, or being subject to an excise tax under, applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then in lieu of any COBRA Coverage,
the Company will provide to the Executive a taxable monthly payment payable on the last day of a given month (except as provided by the immediately following sentence), in an amount equal to the monthly COBRA premium that the Executive would be
required to pay to continue his or her group health coverage in effect on the date of his or her Qualifying Termination (which amount will be based on the premium rates applicable for the first month of COBRA Coverage for the Executive and any of
eligible dependents of the Executive) (each, a “COBRA Replacement Payment”), which COBRA Replacement Payments will be made regardless of whether the Executive elects COBRA continuation coverage and will end on the earlier of
(x) the date upon which the Executive obtains other employment or (y) the date the Company has paid an amount totaling the number of COBRA Replacement Payments equal to the number of months in the applicable COBRA Coverage period. For the
avoidance of doubt, the COBRA Replacement Payments may be used for any purpose, including, but not limited to continuation coverage under COBRA, and will be subject to any applicable withholdings. Notwithstanding anything to the contrary under this
Agreement, if the Company determines in its sole discretion at any time that it cannot provide the COBRA Replacement Payments without violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the
Executive will not receive the COBRA Replacement Payments or any further COBRA Coverage. 
 (e) Non-Duplication of Payment
or Benefits. For purposes of clarity, in the event of a Qualifying Pre-CIC Termination, any severance payments and benefits to be provided to the Executive under Section 3(b) will be reduced by
any amounts that already were provided to the Executive under Section 3(a). Notwithstanding any provision of this Agreement to the contrary, if the Executive is entitled to any cash severance, continued health coverage benefits, or vesting
acceleration of any equity awards (other than under this Agreement) by operation of applicable law or under a plan, policy, contract, or arrangement sponsored by or to which any member of the Company Group is a party (“Other
Benefits”), then the corresponding severance payments and benefits under this Agreement will be reduced by the amount of Other Benefits paid or provided to the Executive. 

(f) Death of the Executive. In the event of the Executive’s death before all payments or benefits the Executive is entitled to
receive under this Agreement have been provided, the unpaid amounts will be provided to the Executive’s designated beneficiary, if living, or otherwise to the Executive’s personal representative in a single lump sum as soon as possible
following the Executive’s death. 
 (g) Transfer Between Members of the Company Group. For purposes of this Agreement, if the
Executive is involuntarily transferred from one member of the Company Group to another, the transfer will not be a termination without Cause but may give the Executive the ability to resign for Good Reason. 

(h) Exclusive Remedy. In the event of a termination of the Executive’s employment with the Company Group, the provisions of this
Agreement are intended to be and are exclusive and in lieu of any other rights or remedies to which the Executive may otherwise be entitled, whether at law, tort or contract, or in equity. The Executive will be entitled to no benefits, compensation
or other payments or rights upon termination of employment other than those benefits expressly set forth in this Agreement. 

  
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 4. Accrued Compensation. On any termination of the Executive’s employment with
the Company Group, the Executive will be entitled to receive all accrued but unpaid vacation, expense reimbursements, wages, and other benefits due to the Executive under any Company-provided plans, policies, and arrangements. 

5. Conditions to Receipt of Severance. 

(a) Separation Agreement and Release of Claims. The Executive’s receipt of any severance payments or benefits upon the
Executive’s Qualifying Termination under Section 3 is subject to the Executive signing and not revoking the Company’s then-standard separation agreement and release of claims (which may include an agreement not to disparage any member
of the Company Group, non-solicit provisions, an agreement to assist in any litigation matters, and other standard terms and conditions) (the “Release” and that requirement, the
“Release Requirement”), which must become effective and irrevocable no later than the sixtieth (60th) day following the Executive’s Qualifying Termination (the
“Release Deadline”). If the Release does not become effective and irrevocable by the Release Deadline, the Executive will forfeit any right to severance payments or benefits under Section 3. 

(b) Payment Timing. Any lump sum Salary or bonus payments under Sections 3(a)(i), 3(a)(ii), 3(b)(i), 3(b)(ii) and 3(b)(iii) will be
provided on the first regularly scheduled payroll date of the Company following the date the Release becomes effective and irrevocable (the “Severance Start Date”), subject to any delay required by Section 5(d) below. Any
taxable installments of any COBRA-related severance benefits that otherwise would have been made to the Executive on or before the Severance Start Date will be paid on the Severance Start Date, and any remaining installments thereafter will be
provided as specified in the Agreement. Any restricted stock units, performance shares, performance units, and/or similar full value awards that accelerate vesting under Section 3(b)(v) will be settled (x) on a date no later than ten
(10) days following the date the Release becomes effective and irrevocable, or (y) if later, in the event of a Qualifying Pre-CIC Termination, on a date no later than the Change in Control. 

(c) Return of Company Property. The Executive’s receipt of any severance payments or benefits upon the Executive’s Qualifying
Termination under Section 3 is subject to the Executive returning all documents and other property provided to the Executive by any member of the Company Group (with the exception of a copy of the Company employee handbook and personnel
documents specifically relating to the Executive), developed or obtained by the Executive in connection with his or her employment with the Company Group, or otherwise belonging to the Company Group. 

(d) Section 409A. The Company intends that all payments and benefits provided under this Agreement or otherwise are exempt from, or
comply with, the requirements of Section 409A of the Code and any guidance promulgated under Section 409A of the Code (collectively, “Section 409A”) so that none of the payments or benefits will be
subject to the additional tax imposed under Section 409A, and any ambiguities in this Agreement will be interpreted in accordance with this intent. No payment or benefits to be paid to the Executive, if any, under this Agreement or otherwise,

  
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when considered together with any other severance payments or separation benefits that are considered deferred compensation under Section 409A (together, the “Deferred
Payments”) will be paid or otherwise provided until the Executive has a “separation from service” within the meaning of Section 409A. If, at the time of the Executive’s termination of employment, the Executive is a
“specified employee” within the meaning of Section 409A, then the payment of the Deferred Payments will be delayed to the extent necessary to avoid the imposition of the additional tax imposed under Section 409A, which generally
means that the Executive will receive payment on the first payroll date that occurs on or after the date that is six (6) months and one (1) day following the Executive’s termination of employment. The Company reserves the right to
amend this Agreement as it considers necessary or advisable, in its sole discretion and without the consent of the Executive or any other individual, to comply with any provision required to avoid the imposition of the additional tax imposed under
Section 409A or to otherwise avoid income recognition under Section 409A prior to the actual payment of any benefits or imposition of any additional tax. Each payment, installment, and benefit payable under this Agreement is intended to
constitute a separate payment for purposes of U.S. Treasury Regulation Section 1.409A-2(b)(2). In no event will any member of the Company Group reimburse, indemnify, or hold harmless the Executive for any
taxes, penalties and interest that may be imposed, or other costs that may be incurred, as a result of Section 409A. 
 (e)
Resignation of Officer and Director Positions. The Executive’s receipt of any severance payments or benefits upon the Executive’s Qualifying Termination under Section 3 is subject to the Executive resigning from all officer and
director positions with all members of the Company Group and the Executive executing any documents the Company may require in connection with the same. 

6. Limitation on Payments. 

(a) Reduction of Severance Benefits. If any payment or benefit that the Executive would receive from any Company Group member or
any other party whether in connection with the provisions in this Agreement or otherwise (the “Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code and (ii) but
for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Payment will be equal to the Best Results Amount. The “Best Results Amount” will be either
(x) the full amount of the Payment or (y) a lesser amount that would result in no portion of the Payment being subject to the Excise Tax, whichever of those amounts, taking into account the applicable federal, state and local employment
taxes, income taxes and the Excise Tax, results in the Executive’s receipt, on an after-tax basis, of the greater amount. If a reduction in payments or benefits constituting parachute payments is
necessary so that the Payment equals the Best Results Amount, reduction will occur in the following order: (A) reduction of cash payments in reverse chronological order (that is, the cash payment owed on the latest date following the occurrence
of the event triggering the Excise Tax will be the first cash payment to be reduced); (B) cancellation of equity awards that were granted “contingent on a change in ownership or control” within the meaning of Section 280G of the
Code in the reverse order of date of grant of the awards (that is, the most recently granted equity awards will be cancelled first); (C) reduction of the accelerated vesting of equity awards in the reverse order of date of grant of the awards
(that is, the vesting of the most recently granted equity awards will be cancelled first); and (D) reduction of employee benefits in reverse chronological order (that is, the benefit owed on the latest date following the occurrence of the event
triggering the Excise Tax will be the first benefit to be reduced). In no event will the Executive 

  
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have any discretion with respect to the ordering of Payment reductions. The Executive will be solely responsible for the payment of all personal tax liability that is incurred as a result of the
payments and benefits received under this Agreement, and the Executive will not be reimbursed, indemnified, or held harmless by any member of the Company Group for any of those payments of personal tax liability. 

(b) Determination of Excise Tax Liability. Unless the Company and the Executive otherwise agree in writing, the Company will
select a professional services firm (the “Firm”) to make all determinations required under this Section 6, which determinations will be conclusive and binding upon the Executive and the Company for all purposes. For purposes of
making the calculations required by this Section 6, the Firm may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and
4999 of the Code. The Company and the Executive will furnish to the Firm such information and documents as the Firm reasonably may request in order to make determinations under this Section 6. The Company will bear the costs and make all
payments for the Firm’s services in connection with any calculations contemplated by this Section 6. The Company will have no liability to the Executive for the determinations of the Firm. 

7. Definitions. The following terms referred to in this Agreement will have the following meanings: 

(a) “Board” means the Company’s Board of Directors. 

(b) “Cause” means the occurrence of any of the following: (i) Executive’s conviction of, or plea of nolo
contendere to, a felony or any crime involving fraud, embezzlement or any other act of moral turpitude, (ii) an act in connection with Executive’s employment which constitutes willful misconduct which is materially injurious to any
Company Group member, (iii) Executive’s unauthorized use or disclosure of any proprietary information or trade secrets of any Company Group member or any other party to whom Executive owes an obligation of nondisclosure as a result of
Executive’s relationship with any Company Group member, (iv) Executive’s willful breach of any obligations under any written agreement or covenant with any Company Group member, or (v) Executive’s continued failure to
perform Executive’s employment duties after Executive has received a written demand of performance from any member of the Company Group which specifically sets forth the factual basis for the Company Group’s belief that Executive has not
substantially performed Executive’s duties and has failed to cure such non-performance to the Company Group’s satisfaction within thirty (30) after receiving such notice. 

(c) “Change in Control” means the occurrence of any of the following events: 

(i) A change in the ownership of the Company which occurs on the date that any one person, or more than one person acting as a group
(“Person”), acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than 50% of the total voting power of the stock of the Company; provided, however, that for purposes of this
subsection, (A) the acquisition of additional stock by any one Person, who is considered to own more than 50% of the total voting power of the stock of the Company will not be considered a Change in Control, and (B) if the stockholders of
the Company immediately before such change in ownership continue to retain immediately after the change in ownership, in substantially the same proportions as their ownership of 

  
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 shares of the Company’s voting stock immediately prior to the change in ownership, the direct or
indirect beneficial ownership of 50% or more of the total voting power of the stock of the Company or of the ultimate parent entity of the Company, such event will not be considered a Change in Control under this subsection (i). For this purpose,
indirect beneficial ownership will include, without limitation, an interest resulting from ownership of the voting securities of one or more corporations or other business entities which own the Company, as the case may be, either directly or
through one or more subsidiary corporations or other business entities; or 
 (ii) A change in the effective control of the Company which
occurs on the date that a majority of members of the Board is replaced during any twelve (12) month period by members of the Board whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the
appointment or election. For purposes of this subsection (ii), if any Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered a Change in Control;
or 
 (iii) A change in the ownership of a substantial portion of the Company’s assets which occurs on the date that any Person
acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than 50% of the total
gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions; provided, however, that for purposes of this subsection (iii), the following will not constitute a change in the ownership of a
substantial portion of the Company’s assets: (A) a transfer to an entity that is controlled by the Company’s stockholders immediately after the transfer, or (B) a transfer of assets by the Company to: (1) a stockholder of
the Company (immediately before the asset transfer) in exchange for or with respect to the Company’s stock, (2) an entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Company, (3) a
Person, that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of the Company, or (4) an entity, at least 50% of the total value or voting power of which is owned, directly or indirectly,
by a Person described in this subsection (iii)(B)(3). For purposes of this subsection (iii), gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any
liabilities associated with such assets. 
 For purposes of this definition, persons will be considered to be acting as a group if they are
owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company. 

Notwithstanding the foregoing, a transaction will not be deemed a Change in Control unless the transaction qualifies as a change in control
event within the meaning of Section 409A. 
 Further and for the avoidance of doubt, a transaction will not constitute a Change in
Control if: (i) its sole purpose is to change the state of the Company’s incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the
Company’s securities immediately before such transaction. 
 (d) “Change in Control Period” means the period beginning
three (3) months prior to a Change in Control and ending twelve (12) months following a Change in Control. 

  
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 (e) “COBRA” means the Consolidated Omnibus Budget Reconciliation Act
of 1985, as amended. 
 (f) “Code” means the Internal Revenue Code of 1986, as amended. 

(g) “Company Group” means the Company and its subsidiaries. 

(h) “Confidentiality Agreement” means the At-Will Employment, Confidential
Information, Invention Assignment, Nonsolicitation, and Arbitration Agreement. 
 (i) “Disability” means a total and
permanent disability as defined in Section 22(e)(3) of the Code. 
 (j) “Good Reason” means the termination of the
Executive’s employment with the Company Group by the Executive in accordance with the next sentence after the occurrence of one or more of the following events without the Executive’s express written consent: (i) following a Change in
Control, a material reduction of the Executive’s duties, authorities, or responsibilities relative to the Executive’s duties, authorities, or responsibilities in effect immediately prior to the reduction; provided, however, that continued
employment following a Change in Control with substantially the same duties, authorities, or responsibilities with respect to the Company Group’s business and operations will not constitute “Good Reason” (for example, “Good
Reason” does not exist if the Executive is employed by the Company Group or a successor with substantially the same duties, authorities, or responsibilities with respect to the Company Group’s business that the Executive had immediately
prior to the Change in Control regardless of whether the Executive’s title is revised to reflect the Executive’s placement within the overall corporate hierarchy or whether the Executive provides services to a subsidiary, affiliate,
business unit or otherwise); (ii) a reduction by a Company Group member in the Executive’s rate of annual base salary by more than 10%; provided, however, that, a reduction of annual base salary that also applies to substantially all other
similarly situated employees of the Company Group members will not constitute “Good Reason”; (iii) a material change in the geographic location of the Executive’s primary work facility or location by more than fifty (50) miles
from the Executive’s then present location; provided, that a relocation to a location that is within fifty (50) miles from the Executive’s then-present primary residence will not be considered a material change in geographic location,
or (iv) failure of a successor corporation to assume the obligations under this Agreement as contemplated by Section 8. In order for the termination of the Executive’s employment with a Company Group member to be for Good Reason, the
Executive must not terminate employment without first providing written notice to the Company of the acts or omissions constituting the grounds for “Good Reason” within ninety (90) days of the initial existence of the grounds for
“Good Reason” and a cure period of thirty (30) days following the date of written notice (the “Cure Period”), the grounds must not have been cured during that time, and the Executive must terminate the
Executive’s employment within thirty (30) days following the Cure Period. 
 (k) “Qualifying Pre-CIC Termination” means a Qualifying CIC Termination that occurs prior to the date of the Change in Control. 

  
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 (l) “Qualifying Termination” means a termination of the Executive’s
employment either (i) by a Company Group member without Cause (excluding by reason of Executive’s death or Disability) or (ii) by the Executive for Good Reason, in either case, during the Change in Control Period (a
“Qualifying CIC Termination”) or outside of the Change in Control Period (a “Qualifying Non-CIC Termination”). 

(m) “Salary” means the Executive’s annual base salary as in effect immediately prior to the Executive’s Qualifying
Termination (or if the termination is due to a resignation for Good Reason based on a material reduction in base salary, then the Executive’s annual base salary in effect immediately prior to the reduction) or, if the Executive’s
Qualifying Termination is a Qualifying CIC Termination and the amount is greater, at the level in effect immediately prior to the Change in Control. 

8. Successors. This Agreement will be binding upon and inure to the benefit of (a) the heirs, executors, and legal representatives
of the Executive upon the Executive’s death, and (b) any successor of the Company. Any such successor of the Company will be deemed substituted for the Company under the terms of this Agreement for all purposes. For this purpose,
“successor” means any person, firm, corporation, or other business entity which at any time, whether by purchase, merger, or otherwise, directly or indirectly acquires all or substantially all of the assets or business of the Company. None
of the rights of the Executive to receive any form of compensation payable pursuant to this Agreement may be assigned or transferred except by will or the laws of descent and distribution. Any other attempted assignment, transfer, conveyance, or
other disposition of the Executive’s right to compensation or other benefits will be null and void. 
 9. Notice. 

(a) General. All notices and other communications required or permitted under this Agreement shall be in writing and will be effectively
given (i) upon actual delivery to the party to be notified, (ii) upon transmission by email, (iii) 24 hours after confirmed facsimile transmission, (iv) 1 business day after deposit with a recognized overnight courier, or (v) 3
business days after deposit with the U.S. Postal Service by first class certified or registered mail, return receipt requested, postage prepaid, addressed (A) if to the Executive, at the address the Executive shall have most recently furnished
to the Company in writing, (B) if to the Company, at the following address: 
 Oyster Point Pharma, Inc. 

[Address] 
 Attention: [Title]

 (b) Notice of Termination. Any termination by a Company Group member for Cause will be communicated by a notice of termination to
the Executive, and any termination by the Executive for Good Reason will be communicated by a notice of termination to the Company, in each case given in accordance with Section 9(a) of this Agreement. The notice will indicate the specific
termination provision in this Agreement relied upon, will set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination under the provision so indicated, and will specify the termination date (which will be
not more than thirty (30) days after the later of (i) the giving of the notice or (ii) the end of any applicable cure period). 

  
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 10. Resignation. The termination of the Executive’s employment for any reason
will also constitute, without any further required action by the Executive, the Executive’s voluntary resignation from all officer and/or director positions held at any member of the Company Group, and at the Board’s request, the Executive
will execute any documents reasonably necessary to reflect the resignations. 
 11. Miscellaneous Provisions. 

(a) No Duty to Mitigate. The Executive will not be required to mitigate the amount of any payment contemplated by this Agreement, nor
will any payment be reduced by any earnings that the Executive may receive from any other source except as specified in Section 3(e). 

(b) Waiver; Amendment. No provision of this Agreement will be modified, waived or discharged unless the modification, waiver or
discharge is agreed to in writing and signed by an authorized officer of the Company (other than the Executive) and by the Executive. No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by
the other party will be considered a waiver of any other condition or provision or of the same condition or provision at another time. 
 (c)
Headings. All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement. 

(d) Entire Agreement. This Agreement constitutes the entire agreement of the parties and supersedes in their entirety all prior
representations, understandings, undertakings or agreements (whether oral or written and whether expressed or implied) of the parties with respect to the subject matter of this Agreement, including, for the avoidance of doubt, any other employment
letter or agreement, severance policy or program, or equity award agreement. 
 (e) Choice of Law. This Agreement will be governed by
the laws of the State of New Jersey without regard to Jersey’s conflicts of law rules that may result in the application of the laws of any jurisdiction other than New Jersey. To the extent that any lawsuit is permitted under this Agreement,
Employee hereby expressly consents to the personal and exclusive jurisdiction and venue of the state and federal courts located in New Jersey for any lawsuit filed against the Executive by the Company. 

(f) Arbitration. Any and all controversies, claims, or disputes with anyone under this Agreement (including the Company and any
employee, officer, director, stockholder or benefit plan of the Company in their capacity as such or otherwise) arising out of, relating to, or resulting from the Executive’s employment with the Company Group, shall be subject to arbitration in
accordance with the provisions of the Confidentiality Agreement. 
 (g) Severability. The invalidity or unenforceability of any
provision or provisions of this Agreement will not affect the validity or enforceability of any other provision of this Agreement, which will remain in full force and effect. 

(h) Withholding. All payments and benefits under this Agreement will be paid less applicable withholding taxes. The Company is
authorized to withhold from any payments or benefits all federal, state, local, and/or foreign taxes required to be withheld from the payments or benefits and make any other required payroll deductions. No member of the Company Group will pay the
Executive’s taxes arising from or relating to any payments or benefits under this Agreement. 

  
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 (i) Counterparts. This Agreement may be executed in counterparts, each of which will
be deemed an original, but all of which together will constitute one and the same instrument. 
 [Signature page follows.] 

  
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 By its signature below, each of the parties signifies its acceptance of the terms of this
Agreement, in the case of the Company by its duly authorized officer. 
  

							
	COMPANY	 		 	OYSTER POINT PHARMA, INC.
				
		 		 	By:	 	          

				
		 		 	Title:	 	  

				
		 		 	Date:	 	  

			
	EXECUTIVE	 		 	  

				
		 		 	Date:	 	  

  
 - 12 -EX-10.9

 Exhibit 10.9 

OYSTER POINT PHARMA, INC. 

OUTSIDE DIRECTOR COMPENSATION POLICY 

(Adopted on October 3, 2019 and 

effective as of the Company’s initial public offering) 

Oyster Point Pharma, Inc. (the “Company”) believes that the granting of equity and cash compensation to its members of
the Board of Directors (the “Board,” and members of the Board, “Directors”) represents a powerful tool to attract, retain and reward Directors who are not employees of the Company (“Outside
Directors”). This Outside Director Compensation Policy (the “Policy”) is intended to formalize the Company’s policy regarding cash compensation and grants of equity to its Outside Directors. Unless otherwise
defined herein, capitalized terms used in this Policy will have the meaning given such term in the Company’s 2019 Equity Incentive Plan (the “Plan”). Outside Directors will be solely responsible for any tax obligations they
incur as a result of the equity and cash payments received under this Policy. 
 1. CASH
COMPENSATION 
 The following annual cash compensation for Outside Directors is payable quarterly in
arrears on a prorated basis. 
 REGULAR MEETINGS OF THE BOARD 

Annual compensation for the general services of Outside Directors is as follows: 

 

							
	 Outside Director
	  	$	40,000	 	  	Cash Annual Retainer
	 Chairman of the Board
	  	$	55,000	 	  	Cash Annual Retainer

 Directors will receive no additional compensation for attending regular meetings of the Board. 

AUDIT COMMITTEE 
 Annual compensation for
Audit Committee members is as follows: 
  

							
	 Chairman of Committee:
	  	$	15,000	 	  	Cash Annual Retainer
	 Committee Members
	  	$	7,500	 	  	Cash Annual Retainer

 There are no per meeting attendance fees for attending Audit Committee meetings. 

COMPENSATION COMMITTEE 
 Annual
compensation for the Compensation Committee is as follows: 
  

							
	 Chairman of Committee:
	  	$	10,000	 	  	Cash Annual Retainer
	 Committee Members
	  	$	5,000	 	  	Cash Annual Retainer

 There are no per meeting attendance fees for attending Compensation Committee meetings. 

NOMINATING AND CORPORATE GOVERNANCE COMMITTEE 

Compensation for the Nominating and Corporate Governance Committee is as follows: 

 

							
	 Chairman of Committee:
	  	$	8,000	 	  	Cash Annual Retainer
	 Committee Members:
	  	$	4,000	 	  	Cash Annual Retainer

 There are no per meeting attendance fees for attending Nominating and Corporate Governance Committee meetings.

 For clarity, each Outside Director who serves as the chair of a committee will receive only the annual fee as the chair of the committee
and not the additional annual fee as a member of the committee, provided that the Outside Director who serves as the Chairman of the Board will receive the annual fee as the Chairman of the Board and the annual fee as an Outside Director. 

2. EQUITY COMPENSATION 

Outside Directors will be entitled to receive all types of Awards (except Incentive Stock Options) under the Plan, including discretionary
Awards not covered under this Policy. All grants of Awards to Outside Directors pursuant to Sections (b) and (c) of this Policy will be automatic and nondiscretionary, except as otherwise provided herein, and will be made in accordance with the
following provisions: 
 (a) No Discretion. No person will have any discretion to select which Outside Directors will be granted
Annual Awards (as defined below) under this Policy or to determine the number of Shares to be covered by such Awards (except as provided in subsection (e) below). 

(b) Initial Awards. Upon first joining the Board (such date, the “Start Date”), each Outside Director will be
automatically granted the following awards: 
 (1) an award of Restricted Stock Units with a Value of $370,000, provided that, as of the
applicable date of grant, the number of Shares subject to such award may not be greater than 0.3% of the sum of (i) the number of Shares outstanding, plus (ii) the number of Shares subject to other Company equity awards, plus
(iii) the number of Shares reserved but unissued under the Plan (the “Initial Award”). The Initial Award will vest annually over three years (on the same day of the month as the Start Date), subject to continued service on
Board through each vesting date, plus 

  
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 (2) an award of Restricted Stock Units equal to the product of (A) the number of
Restricted Stock Units subject to the Annual Award provided to Outside Directors at the last annual meeting of stockholders (the “Annual Meeting”) multiplied by (B) a fraction (i) the numerator of which is (x) 12
minus (y) the number of fully completed months between the date of the last Annual Meeting and the Start Date and (ii) the denominator of which is 12, rounded to the nearest unit (the “Additional Initial Award”). The
Additional Initial Award will vest monthly on the same day of the month as other outstanding Annual Awards as to the same number of Restricted Stock Units subject to such other outstanding Annual Awards, but will vest fully on the date of the next
Annual Meeting held after the date of grant if not fully vested on such date, in each case, subject to continued service on the Board through each vesting date. 

(c) Annual Awards. 
 (1)
On the day following the Annual Meeting, each Outside Director (other than the Chairman of the Board) will be automatically granted an award of Restricted Stock Units with a Value of $185,000, provided that, as of the applicable date of grant, the
number of Shares subject to such award may not be greater than 0.15% of the sum of (i) the number of Shares outstanding, plus (ii) the number of Shares subject to other Company equity awards, plus (iii) the number of
Shares reserved but unissued under the Plan (the “Annual Award”). The Annual Award will vest monthly as to 1/12th of the total Restricted Stock Units subject to the Annual Award beginning on the first month following the grant date
(on the same day of the month as the grant date), but will vest fully on the date of the next Annual Meeting held after the date of grant if not fully vested on such date, in each case, subject to continued service on the Board through each vesting
date. 
 (2) On the day following the Annual Meeting, the Outside Director who serves as Chairman of the Board will be automatically granted
an award of Restricted Stock Units with a Value of $415,000, provided that, as of the applicable date of grant, the number of Shares subject to such award may not be greater than 0.3% of the sum of (i) the number of Shares outstanding,
plus (ii) the number of Shares subject to other Company equity awards, plus (iii) the number of Shares reserved but unissued under the Plan (the “Chairman Annual Award”). The Chairman Annual Award will
vest monthly as to 1/12th of the total Restricted Stock Units subject to the Chairman Annual Award beginning on the first month following the grant date (on the same day of the month as the grant date), but will vest fully on the date of the next
Annual Meeting held after the date of grant if not fully vested on such date, in each case, subject to continued service on the Board through each vesting date. 

(d) Value. For purposes of this Sections (b) and (c), “Value” means the fair value for financial accounting
purposes on the date of grant, with the number of Shares of our Common Stock determined based on that Value, rounded down. 
 (e)
Revisions. The Compensation Committee in its discretion may change and otherwise revise the terms of Initial Awards, Additional Initial Awards, Annual Awards or Chairman Annual Awards granted under this Policy, including, without limitation,
the number of Shares subject thereto, for Initial Awards, Additional Initial Awards, Annual Awards or Chairman Annual Awards of the same or different type granted on or after the date the Compensation Committee determines to make any such change or
revision. 

  
 3 

 3. CHANGE IN CONTROL

 In the event of a Change in Control, each Outside Director will fully vest in his or her outstanding Company equity awards, including
any Initial Award, Additional Initial Award, Annual Award or Chairman Annual Award, provided that the Outside Director continues to be an Outside Director through such date. 

4. ANNUAL COMPENSATION LIMIT 

No Outside Director may be paid, issued or granted, in any Fiscal Year, cash compensation and Awards with an aggregate value greater than
$750,000 (with the value of each Award based on its Grant Value for purposes of the limitation under this Section 4). Any cash compensation paid or Awards granted to an individual for his or her services as an Employee, or for his or her
services as a Consultant (other than as an Outside Director), will not count for purposes of the limitation under this Section 4. 

5. TRAVEL EXPENSES 

Each Outside Director’s reasonable, customary and documented travel expenses to Board meetings will be reimbursed by the Company. 

6. ADDITIONAL PROVISIONS 

All provisions of the Plan not inconsistent with this Policy will apply to Awards granted to Outside Directors. 

7. ADJUSTMENTS 

In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities or other property),
recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares or other
securities of the Company, or other change in the corporate structure of the Company affecting the Shares occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available
under this Policy, will adjust the number of Shares issuable pursuant to Awards granted under this Policy. 
 8.
SECTION 409A 
 In no event will cash compensation or expense
reimbursement payments under this Policy be paid after the later of (i) the 15th day of the 3rd month following the end of the Company’s fiscal year in which the compensation is earned or expenses are incurred, as applicable, or
(ii) the 15th day of the 3rd month following the end of the calendar year in which the compensation is earned or expenses are incurred, as applicable, in compliance with the “short-term deferral” exception under Section 409A of
the Internal Revenue Code of 1986, as amended, and the final regulations and guidance thereunder, as may be amended from time to time (together, “Section 409A”). It is the intent of this Policy that this Policy
and all payments 

  
 4 

 
hereunder be exempt from or otherwise comply with the requirements of Section 409A so that none of the compensation to be provided hereunder will be subject to the additional tax imposed
under Section 409A, and any ambiguities or ambiguous terms herein will be interpreted to be so exempt or comply. In no event will the Company reimburse an Outside Director for any taxes imposed or other costs incurred as a result of
Section 409A. 
 9. REVISIONS 

The Board may amend, alter, suspend or terminate this Policy at any time and for any reason. No amendment, alteration, suspension or
termination of this Policy will materially impair the rights of an Outside Director with respect to compensation that already has been paid or awarded, unless otherwise mutually agreed between the Outside Director and the Company. Termination of
this Policy will not affect the Board’s or the Compensation Committee’s ability to exercise the powers granted to it under the Plan with respect to Awards granted under the Plan pursuant to this Policy prior to the date of such
termination. 

  
 5

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