Document:

EX-4.2

 Exhibit 4.2 

GRAYBUG VISION, INC. 

AMENDED AND RESTATED 

INVESTORS’ RIGHTS AGREEMENT 
  

 AMENDED AND RESTATED 

INVESTORS’ RIGHTS AGREEMENT 

THIS AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (this “Agreement”), is made as of July 31, 2019, by and among
Graybug Vision, Inc., a Delaware corporation (the “Company”), and each of the investors listed on Schedule A hereto, each of which is referred to in this Agreement as an “Investor” and any Additional
Purchaser (as defined in the Purchase Agreement) that becomes a party to this Agreement in accordance with Subsection 6.9 hereof. 

RECITALS 

WHEREAS, certain of the Investors (the “Existing Investors”) hold shares of the Company’s Series A Preferred
Stock, Series A-2 Preferred Stock, Series B Preferred Stock and/or shares of Common Stock issued upon conversion thereof and possess information rights, rights of first offer, and other rights pursuant to an
Amended and Restated Investors’ Rights Agreement dated as of April 29, 2016 between the Company and such Investors (the “Prior Agreement”); and 

WHEREAS, the Existing Investors represent the Requisite Majority (as defined in the Prior Agreement), and desire to amend and restate
and terminate the Prior Agreement in its entirety and to accept the rights created pursuant to this Agreement in lieu of the rights granted to them under the Prior Agreement; and 

WHEREAS, certain of the Investors are parties to that certain Series C Preferred Stock Purchase Agreement of even date herewith between
the Company and certain of the Investors (as may be amended from time to time, the “Purchase Agreement”), under which certain of the Company’s and such Investors’ obligations are conditioned upon the execution and delivery
of this Agreement by such Investors, Existing Investors representing the Requisite Majority (as defined in the Prior Agreement), and the Company; 

NOW, THEREFORE, the Existing Investors hereby agree that the Prior Agreement shall be amended and restated, superseded and replaced in
its entirety by this Agreement, and the parties to this Agreement further agree as follows: 
 1. Definitions. 

For purposes of this Agreement: 

1.1 “Affiliate” means, with respect to any specified Person, any other Person who, directly or indirectly,
controls, is controlled by, or is under common control with such Person, including without limitation any general partner, limited partner, managing member, officer or director of such Person or any venture capital, private equity or other
investment fund now or hereafter existing that is controlled by one or more general partners or managing members of, or shares the same management company with, such Person. Notwithstanding anything to the contrary, for purpose of this Agreement, C-Bridge IV Investment Six Limited shall be deemed an Affiliate of AffaMed Project Limited (“AffaMed”), and vice versa. 

  
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 1.2 “Common Stock” means shares of the Company’s
common stock, par value $0.0001 per share. 
 1.3 “Competitor” means a Person engaged, directly or
indirectly (including through any partnership, limited liability company, corporation, joint venture or similar arrangement (whether now existing or formed hereafter)), in a business competitive with the Company, but shall not include any
financial investment firm or collective investment vehicle that, together with its Affiliates, holds less than five percent (5%) of the outstanding equity of any Competitor and does not, nor do any of its Affiliates, have a right to designate any
members of the Board of Directors of any Competitor. 
 1.4 “Damages” means any loss, damage, claim or
liability (joint or several) to which a party hereto may become subject under the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, claim or liability (or any action in respect thereof) arises out of or
is based upon: (i) any untrue statement or alleged untrue statement of a material fact contained in any registration statement of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments or
supplements thereto; (ii) an omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation by the
indemnifying party (or any of its agents or Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state securities law.

 1.5 “Derivative Securities” means any securities or rights convertible into, or exercisable or
exchangeable for (in each case, directly or indirectly), Common Stock, including options and warrants. 
 1.6
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 

1.7 “Excluded Registration” means (i) a registration relating to the sale of securities to employees of
the Company or a subsidiary pursuant to a stock option, stock purchase, or similar plan; (ii) a registration relating to an SEC Rule 145 transaction; (iii) a registration on any form that does not include substantially the same information
as would be required to be included in a registration statement covering the sale of the Registrable Securities; or (iv) a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities
that are also being registered. 
 1.8 “Form S-1” means such
form under the Securities Act as in effect on the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC. 

  
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 1.9 “Form
S-3” means such form under the Securities Act as in effect on the date hereof or any registration form under the Securities Act subsequently adopted by the SEC that permits incorporation of
substantial information by reference to other documents filed by the Company with the SEC. 
 1.10 “GAAP”
means generally accepted accounting principles in the United States. 
 1.11 “Holder” means any holder of
Registrable Securities who is a party to this Agreement. 
 1.12 “Immediate Family Member” means a child,
stepchild, grandchild, parent, stepparent, grandparent, spouse, domestic partner, sibling, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law, or
sister-in-law, including, adoptive relationships, of a natural person referred to herein. 

1.13 “Initiating Holders” means, collectively, Holders who properly initiate a registration request under this
Agreement. 
 1.14 “IPO” means the Company’s first underwritten public offering of its Common Stock
under the Securities Act. 
 1.15 “Major Investor” means any Investor that, individually or together with
such Investor’s Affiliates, holds at least 2,500,000 shares of Registrable Securities (as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification effected after the date hereof). 

1.16 “Maryland Venture Fund” means Maryland Venture Fund InvestMaryland II, LLC, Maryland Venture Fund
Enterprise Investment Fund, LLC, Maryland Innovation Opportunity Fund 1, LLC, each a wholly-owned subsidiary of the Maryland Technology Development Corporation (“TEDCO”), and Maryland Venture Partners, L.P., a limited partnership
managed by a wholly-owned subsidiary of TEDCO. 
 1.17 “New Securities” means, collectively, equity
securities of the Company, whether or not currently authorized, as well as rights, options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may become, convertible or exchangeable into or exercisable
for such equity securities. 
 1.18 “Person” means any individual, corporation, partnership, trust, limited
liability company, association or other entity. 
 1.19 “Preferred Director” shall have the meaning set
forth in the Restated Certificate. 
 1.20 “Preferred Stock” means, collectively, shares of the
Company’s Series A Preferred Stock, Series A-2 Preferred Stock, Series B Preferred Stock and Series C Preferred Stock. 

  
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 1.21 “Registrable Securities” means, subject to the last
sentence of this Subsection 1.21, (i) the Common Stock issuable or issued upon conversion of the Preferred Stock; (ii) any Common Stock, or any Common Stock issued or issuable (directly or indirectly) upon conversion
and/or exercise of any other securities of the Company acquired by the Investors after the date hereof and (iii) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or other
security that is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the shares referenced in clauses (i) and (ii) above; excluding in all cases, however, any Registrable Securities sold by a
Person in a transaction in which the applicable rights under this Agreement are not assigned pursuant to Subsection 6.1, and excluding for purposes of Section 2 any shares for which registration rights have terminated
pursuant to Subsection 2.13 of this Agreement. 
 1.22 “Registrable Securities then
outstanding” means the number of shares determined by adding the number of shares of outstanding Common Stock that are Registrable Securities and the number of shares of Common Stock issuable (directly or indirectly) pursuant to then
exercisable and/or convertible securities that are Registrable Securities. 
 1.23 “Requisite Majority”
means the Investors holding (x) a majority of the Common Stock issued or issuable upon conversion of the Preferred Stock, (y) a majority of the Common Stock issued or issuable upon conversion of the Series B Preferred Stock, and (z) a
majority of the Common Stock issued or issuable upon conversion of the Series C Preferred Stock. 
 1.24 Restated
Certificate” means the Company’s Amended and Restated Certificate of Incorporation, as may be amended from time to time. 

1.25 “Restricted Securities” means the securities of the Company required to be notated with the legend set
forth in Subsection 2.12(b) hereof. 
 1.26 “SEC” means the Securities and Exchange
Commission. 
 1.27 “SEC Rule 144” means Rule 144 promulgated by the SEC under the Securities Act. 

1.28 “SEC Rule 145” means Rule 145 promulgated by the SEC under the Securities Act. 

1.29 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 1.30 “Selling Expenses” means all underwriting discounts, selling commissions, and stock
transfer taxes applicable to the sale of Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel borne and paid by the Company as provided in Subsection
2.6. 

  
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 1.31 “Series A Preferred Stock” means shares
of the Company’s Series A Preferred Stock, par value $0.0001 per share. 
 1.32 “Series A-2 Preferred Stock” means shares of the Company’s Series A-2 Preferred Stock, par value $0.0001 per share. 

1.33 “Series B Preferred Stock” means shares of the Company’s Series B Preferred Stock, par value $0.0001
per share. 
 1.34 “Series C Preferred Stock” means shares of the Company’s Series C Preferred Stock,
par value $0.0001 per share. 
 2. Registration Rights. 

The Company covenants and agrees as follows: 

2.1 Demand Registration. 

(a) Form S-1 Demand. If at any time after the earlier of (i) five (5) years after the date
of this Agreement or (ii) one hundred eighty (180) days after the effective date of the registration statement for the IPO, the Company receives a request from Holders of a majority of the Registrable Securities then outstanding that the
Company file a Form S-1 registration statement with respect to at least twenty five percent (25%) of the Registrable Securities then outstanding (or a lesser percent if the anticipated aggregate
offering price, net of Selling Expenses, would exceed $20.0 million), then the Company shall (x) within ten (10) days after the date such request is given, give notice thereof (the “Demand Notice”) to all Holders other
than the Initiating Holders; and (y) as soon as practicable, and in any event within sixty (60) days after the date such request is given by the Initiating Holders, file a Form S-1 registration
statement under the Securities Act covering all Registrable Securities that the Initiating Holders requested to be registered and any additional Registrable Securities requested to be included in such registration by any other Holders, as
specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Subsections 2.1(c) and 2.3. 

(b) Form S-3 Demand. If at any time when it is eligible to use a Form S-3 registration statement, the Company receives a request from Holders of at least fifteen percent (15%) of the Registrable Securities then outstanding that the Company file a Form
S-3 registration statement with respect to outstanding Registrable Securities of such Holders having an anticipated aggregate offering price, net of Selling Expenses, of at least $5.0 million, then the
Company shall (i) within ten (10) days after the date such request is given, give a Demand Notice to all Holders other than the Initiating Holders; and (ii) as soon as practicable, and in any event within forty-five (45) days
after the date such request is given by the Initiating Holders, file a Form S-3 registration statement under the Securities Act covering all Registrable Securities requested to be included in such registration
by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Subsections 2.1(c) and 2.3. 

  
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 (c) Notwithstanding the foregoing obligations, if the Company furnishes to Holders
requesting a registration pursuant to this Subsection 2.1 a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the Company’s Board of Directors it would be materially detrimental
to the Company and its stockholders for such registration statement to either become effective or remain effective for as long as such registration statement otherwise would be required to remain effective, because such action would
(i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business
purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such filing, and any
time periods with respect to filing or effectiveness thereof shall be tolled correspondingly, for a period of not more than ninety (90) days after the request of the Initiating Holders is given; provided, however, that the Company
may not invoke this right more than once in any twelve (12) month period; and provided further that the Company shall not register any securities for its own account or that of any other stockholder during such ninety
(90) day period other than an Excluded Registration. 
 (d) The Company shall not be obligated to effect, or to take any action to
effect, any registration pursuant to Subsection 2.1(a)(i) during the period that is sixty (60) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is one hundred
eighty (180) days after the effective date of, a Company-initiated registration, provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective;
(ii) after the Company has effected two registrations pursuant to Subsection 2.1(a); or (iii) if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form S-3 pursuant to a request made pursuant to Subsection 2.1(b). The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection 2.1(b) (i)
during the period that is thirty (30) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is ninety (90) days after the effective date of, a Company-initiated registration, provided that
the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; or (ii) if the Company has effected two registrations pursuant to Subsection 2.1(b) within the
twelve (12) month period immediately preceding the date of such request. A registration shall not be counted as “effected” for purposes of this Subsection 2.1(d) until such time as the applicable registration
statement has been declared effective by the SEC, unless the Initiating Holders withdraw their request for such registration, elect not to pay the registration expenses therefor, and forfeit their right to one demand registration statement pursuant
to Subsection 2.6, in which case such withdrawn registration statement shall be counted as “effected” for purposes of this Subsection 2.1(d). 

2.2 Company Registration. 

If the Company proposes to register (including, for this purpose, a registration effected by the Company for stockholders other than the
Holders) any of its Common Stock under the Securities Act in connection with the public offering of such securities solely for cash (other than in an Excluded Registration), the Company shall, at such time, promptly give each Holder notice of such
registration. Upon the request of each Holder given within twenty (20) days after 

  
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such notice is given by the Company, the Company shall, subject to the provisions of Subsection 2.3, cause to be registered all of the Registrable Securities that each such Holder has
requested to be included in such registration. The Company shall have the right to terminate or withdraw any registration initiated by it under this Subsection 2.2 before the effective date of such registration, whether or not any Holder has
elected to include Registrable Securities in such registration. The expenses (other than Selling Expenses) of such withdrawn registration shall be borne by the Company in accordance with Subsection 2.6. 

2.3 Underwriting Requirements. 

(a) If, pursuant to Subsection 2.1, the Initiating Holders intend to distribute the Registrable Securities covered by their
request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Subsection 2.1, and the Company shall include such information in the Demand Notice. The underwriter(s) will be selected by the
Company and shall be reasonably acceptable to a majority in interest of the Initiating Holders. In such event, the right of any Holder to include such Holder’s Registrable Securities in such registration shall be conditioned upon such
Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall
(together with the Company as provided in Subsection 2.4(e)) enter into an underwriting agreement in customary form with the underwriter(s) selected for such underwriting. Notwithstanding any other provision of this Subsection 2.3, if
the managing underwriter(s) advise(s) the Initiating Holders in writing that marketing factors require a limitation on the number of shares to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities that
otherwise would be underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be allocated among such Holders of Registrable Securities, including the Initiating Holders, in proportion (as
nearly as practicable) to the number of Registrable Securities owned by each Holder or in such other proportion as shall mutually be agreed to by all such selling Holders; provided, however, that the number of Registrable Securities
held by the Holders to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded from the underwriting. To facilitate the allocation of shares in accordance with the above provisions, the Company
or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares. 
 (b) In
connection with any offering involving an underwriting of shares of the Company’s capital stock pursuant to Subsection 2.2, the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting
unless the Holders accept the terms of the underwriting as agreed upon between the Company and its underwriters, and then only in such quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by
the Company. If the total number of securities, including Registrable Securities, requested by stockholders to be included in such offering exceeds the number of securities to be sold (other than by the Company) that the underwriters in their
reasonable discretion determine is compatible with the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, which the underwriters and the
Company in their sole discretion determine will not jeopardize the success of the offering. If the underwriters determine that less than all of the 

  
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Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering shall be allocated among the selling Holders
in proportion (as nearly as practicable to) the number of Registrable Securities owned by each selling Holder or in such other proportions as shall mutually be agreed to by all such selling Holders. To facilitate the allocation of shares in
accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares. Notwithstanding the foregoing, in no event shall (i) the number of
Registrable Securities included in the offering be reduced unless all other securities (other than securities to be sold by the Company) are first entirely excluded from the offering, or (ii) the number of Registrable Securities included in the
offering be reduced below thirty percent (30%) of the total number of securities included in such offering, unless such offering is the IPO, in which case the selling Holders may be excluded further if the underwriters make the determination
described above and no other stockholder’s securities are included in such offering. For purposes of the provision in this Subsection 2.3(b) concerning apportionment, for any selling Holder that is a partnership, limited liability
company, or corporation, the partners, members, retired partners, retired members, stockholders, and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners, retired partners, members, and retired members and any
trusts for the benefit of any of the foregoing Persons, shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be based upon the aggregate number of Registrable
Securities owned by all Persons included in such “selling Holder,” as defined in this sentence. 
 (c) For purposes of
Subsection 2.1, a registration shall not be counted as “effected” if, as a result of an exercise of the underwriter’s cutback provisions in Subsection 2.3(a), fewer than fifty percent (50%) of the total number of
Registrable Securities that Holders have requested to be included in such registration statement are actually included. 

2.4 Obligations of the Company. 

Whenever required under this Section 2 to effect the registration of any Registrable Securities, the Company shall,
as expeditiously as reasonably possible: 
 (a) prepare and file with the SEC a registration statement with respect to such Registrable
Securities and use its commercially reasonable efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement
effective for a period of up to one hundred twenty (120) days or, if earlier, until the distribution contemplated in the registration statement has been completed; provided, however, that (i) such one hundred twenty
(120) day period shall be extended for a period of time equal to the period the Holder refrains, at the request of an underwriter of Common Stock (or other securities) of the Company, from selling any securities included in such registration ,
and (ii) in the case of any registration of Registrable Securities on Form S-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, such one
hundred twenty (120) day period shall be extended for up to one hundred eighty (180) days, if necessary, to keep the registration statement effective until all such Registrable Securities are sold; 

  
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 (b) prepare and file with the SEC such amendments and supplements to such registration
statement, and the prospectus used in connection with such registration statement, as may be necessary to comply with the Securities Act in order to enable the disposition of all securities covered by such registration statement; 

(c) furnish to the selling Holders such numbers of copies of a prospectus, including a preliminary prospectus, as required by the Securities
Act, and such other documents as the Holders may reasonably request in order to facilitate their disposition of their Registrable Securities; 

(d) use its commercially reasonable efforts to register and qualify the securities covered by such registration statement under such other
securities or blue-sky laws of such jurisdictions as shall be reasonably requested by the selling Holders; provided that the Company shall not be required to qualify to do business or to file a general
consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act; 

(e) in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and
customary form, with the underwriter(s) of such offering; 
 (f) use its commercially reasonable efforts to cause all such Registrable
Securities covered by such registration statement to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities issued by the Company are then listed; 

(g) provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and provide a CUSIP number for
all such Registrable Securities, in each case not later than the effective date of such registration; 
 (h) promptly make available for
inspection by the selling Holders, any managing underwriter(s) participating in any disposition pursuant to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling
Holders, all financial and other records, pertinent corporate documents, and properties of the Company, and cause the Company’s officers, directors, employees, and independent accountants to supply all information reasonably requested by any
such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith; 

(i) notify each selling Holder, promptly after the Company receives notice thereof, of the time when such registration statement has been
declared effective or a supplement to any prospectus forming a part of such registration statement has been filed; and 
 (j) after such
registration statement becomes effective, notify each selling Holder of any request by the SEC that the Company amend or supplement such registration statement or prospectus. 

  
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 In addition, the Company shall ensure that, at all times after any registration statement
covering a public offering of securities of the Company under the Securities Act shall have become effective, its insider trading policy shall provide that the Company’s directors may implement a trading program under Rule 10b5-1 of the Exchange Act. 
 2.5 Furnish Information. 

It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 2
with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as is
reasonably required to effect the registration of such Holder’s Registrable Securities. 
 2.6 Expenses of
Registration. 
 All expenses (other than Selling Expenses) incurred in connection with registrations, filings, or qualifications
pursuant to Section 2, including all registration, filing, and qualification fees; printers’ and accounting fees; fees and disbursements of counsel for the Company; and the reasonable fees and disbursements, not to
exceed $100,000, of one counsel for the selling Holders (“Selling Holder Counsel”), shall be borne and paid by the Company; provided, however, that the Company shall not be required to pay for any expenses of any
registration proceeding begun pursuant to Subsection 2.1 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all selling Holders shall
bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless the Holders of a majority of the Registrable Securities agree to forfeit their right to one registration
pursuant to Subsections 2.1(a) or 2.1(b), as the case may be; provided further that if, at the time of such withdrawal, the Holders shall have learned of a material adverse change in the condition, business, or
prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness after learning of such information then the Holders shall not be required to pay any of such expenses and
shall not forfeit their right to one registration pursuant to Subsections 2.1(a) or 2.1(b). All Selling Expenses relating to Registrable Securities registered pursuant to this Section 2 shall be borne and paid
by the Holders pro rata on the basis of the number of Registrable Securities registered on their behalf. 
 2.7 Delay of
Registration. 
 No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any registration
pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 

  
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 2.8 Indemnification. 

If any Registrable Securities are included in a registration statement under this Section 2: 

(a) To the extent permitted by law, the Company will indemnify and hold harmless each selling Holder, and the partners, members, officers,
directors, and stockholders of each such Holder; legal counsel and accountants for each such Holder; any underwriter (as defined in the Securities Act) for each such Holder; and each Person, if any, who controls such Holder or underwriter within the
meaning of the Securities Act or the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter, controlling Person, or other aforementioned Person any legal or other expenses reasonably incurred thereby in
connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Subsection 2.8(a) shall
not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, nor shall the Company be liable for any Damages to the
extent that they arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of any such Holder, underwriter, controlling Person, or other aforementioned Person
expressly for use in connection with such registration. 
 (b) To the extent permitted by law, each selling Holder, severally and not
jointly, will indemnify and hold harmless the Company, and each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Company within the meaning of the Securities Act, legal counsel
and accountants for the Company, any underwriter (as defined in the Securities Act), any other Holder selling securities in such registration statement, and any controlling Person of any such underwriter or other Holder, against any Damages, in each
case only to the extent that such Damages arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of such selling Holder expressly for use in connection with such
registration; and each such selling Holder will pay to the Company and each other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages
may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Subsection 2.8(b) shall not apply to amounts paid in settlement of any such claim or proceeding if such
settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; and provided further that in no event shall the aggregate amounts payable by any Holder by way of indemnity or contribution
under Subsections 2.8(b) and 2.8(d) exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder. 

(c) Promptly after receipt by an indemnified party under this Subsection 2.8 of notice of the commencement of any action
(including any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Subsection 2.8, give the
indemnifying party notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so desires, participate jointly with any other indemnifying party to which
notice has been given, and to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties that may be represented without
conflict by one counsel) shall have the right to retain one separate counsel, with the fees and 

  
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expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential
differing interests between such indemnified party and any other party represented by such counsel in such action. The failure to give notice to the indemnifying party within a reasonable time of the commencement of any such action shall relieve
such indemnifying party of any liability to the indemnified party under this Subsection 2.8, solely to the extent that such failure materially prejudices the indemnifying party’s ability to defend such action. The failure to give notice
to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Subsection 2.8. 

(d) To provide for just and equitable contribution to joint liability under the Securities Act in any case in which either: (i) any party
otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Subsection 2.8 but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the
expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this Subsection 2.8 provides for indemnification in such case, or
(ii) contribution under the Securities Act may be required on the part of any party hereto for which indemnification is provided under this Subsection 2.8, then, and in each such case, such parties will contribute to the aggregate
losses, claims, damages, liabilities, or expenses to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each of the indemnifying party and the indemnified party in
connection with the statements, omissions, or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations. The relative fault of the indemnifying party and of the
indemnified party shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a material fact, relates to information supplied by the
indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission; provided, however, that, in any such case
(x) no Holder will be required to contribute any amount in excess of the public offering price of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement, and (y) no Person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation; and provided further that in no
event shall a Holder’s liability pursuant to this Subsection 2.8(d), when combined with the amounts paid or payable by such Holder pursuant to Subsection 2.8(b), exceed the proceeds from the offering received by such
Holder (net of any Selling Expenses paid by such Holder), except in the case of willful misconduct or fraud by such Holder. 
 (e) Unless
otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the obligations of the Company and Holders under this Subsection 2.8 shall survive the completion of any offering of
Registrable Securities in a registration under this Section 2, and otherwise shall survive the termination of this Agreement. 
  

  
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 2.9 Reports Under Exchange Act. 

With a view to making available to the Holders the benefits of SEC Rule 144 and any other rule or regulation of the SEC that may at any time
permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the Company shall: 

(a) make and keep available adequate current public information, as those terms are understood and defined in SEC Rule 144, at all times after
the effective date of the registration statement filed by the Company for the IPO; 
 (b) use commercially reasonable efforts to file with
the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements); and 

(c) furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) to the extent accurate, a
written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after ninety (90) days after the effective date of the registration statement filed by the Company for the IPO), the Securities
Act, and the Exchange Act (at any time after the Company has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any
time after the Company so qualifies); and (ii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC that permits the selling of any such securities without registration (at any time
after the Company has become subject to the reporting requirements under the Exchange Act) or pursuant to Form S-3 (at any time after the Company so qualifies to use such form). 

2.10 Limitations on Subsequent Registration Rights. 

From and after the date of this Agreement, the Company shall not, without the prior written consent of the Holders of a majority of the
Registrable Securities then outstanding, enter into any agreement with any holder or prospective holder of any securities of the Company that (i) would allow such holder or prospective holder to include such securities in any registration
unless, under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that the inclusion of such securities will not reduce the number of the Registrable Securities of
the Holders that are included; or (ii) allow such holder or prospective holder to initiate a demand for registration of any securities held by such holder or prospective holder; provided that this limitation shall not apply to any
additional Investor who becomes a party to this Agreement in accordance with Subsection 6.9 and; provided, further, that this limitation shall not apply to an agreement providing “piggy-back” registration rights under
Subsection 2.2 in connection with the issuance of a warrant or other convertible security issued to a bank, equipment lessor or other financial institution pursuant to a debt financing or equipment leasing arrangement approved by the Board of
Directors, including a majority of the Preferred Directors unless the Restated Charter requires the consent of the holders of Preferred Stock to approve such transaction. 

  
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 2.11 “Market Stand-off” Agreement. 

Each Holder hereby agrees that it will not, without the prior written consent of the managing underwriter, during the period commencing on the
date of the final prospectus relating to the registration by the Company of shares of its Common Stock or any other equity securities under the Securities Act for its IPO and ending on the date specified by the Company and the managing underwriter
(such period not to exceed one hundred eighty (180) days), or such longer period as may be required to accommodate applicable regulatory restrictions on (1) the publication or other distribution of research reports, and (2) analyst
recommendations and opinions, including, but not limited to, the restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto), (i) lend; offer; pledge; sell; contract to sell; sell any
option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or
exercisable or exchangeable (directly or indirectly) for Common Stock held immediately before the effective date of the registration statement for such offering or (ii) enter into any swap or other arrangement that transfers to another,
in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in cash, or otherwise.
The foregoing provisions of this Subsection 2.11 shall apply only to the IPO, shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, or the transfer of any shares to any trust for the
direct or indirect benefit of the Holder or the immediate family of the Holder, provided that the trustee of the trust agrees to be bound in writing by the restrictions set forth herein, and provided further that any such
transfer shall not involve a disposition for value, and shall be applicable to the Holders only if all officers and directors are subject to the same restrictions and the Company obtains a similar agreement from all stockholders individually owning
more than one percent (1.0%) of the Company’s outstanding Common Stock (after giving effect to conversion into Common Stock of all outstanding Preferred Stock). The underwriters in connection with such registration are intended third-party beneficiaries of this Subsection 2.11 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. Each Holder further agrees to execute
such agreements as may be reasonably requested by the underwriters in connection with such registration that are consistent with this Subsection 2.11 or that are necessary to give further effect thereto. Any discretionary waiver or
termination of the restrictions of any or all of such agreements by the Company or the underwriters shall apply pro rata to all Holders subject to such agreements based on the number of shares subject to such agreements. 

2.12 Restrictions on Transfer. 

(a) The Preferred Stock and the Registrable Securities shall not be sold, pledged, or otherwise transferred, and the Company shall not
recognize and shall issue stop-transfer instructions to its transfer agent with respect to any such sale, pledge, or transfer, except upon the conditions specified in this Agreement, which conditions are intended to ensure compliance with the
provisions of the Securities Act. A transferring Holder will cause any proposed purchaser, pledgee, or transferee of the Preferred Stock and the Registrable Securities held by such Holder to agree to take and hold such securities subject to the
provisions and upon the conditions specified in this Agreement. 

  
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 (b) Each certificate, instrument, or book entry representing (i) the Preferred Stock,
(ii) the Registrable Securities, and (iii) any other securities issued in respect of the securities referenced in clauses (i) and (ii), upon any stock split, stock dividend, recapitalization, merger, consolidation, or similar event,
shall (unless otherwise permitted by the provisions of Subsection 2.12(c)) be notated with a legend substantially in the following form: 

THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. SUCH SHARES
MAY NOT BE SOLD, PLEDGED, OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT. 

THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER,
A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 
 The Holders consent to the Company making a notation in its records and
giving instructions to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer set forth in this Subsection 2.12. 

(c) The holder of such Restricted Securities, by acceptance of ownership thereof, agrees to comply in all respects with the provisions of this
Section 2. Before any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect a registration statement under the Securities Act covering the proposed transaction, the Holder thereof shall
give notice to the Company of such Holder’s intention to effect such sale, pledge, or transfer. Each such notice shall describe the manner and circumstances of the proposed sale, pledge, or transfer in sufficient detail and, if reasonably
requested by the Company, shall be accompanied at such Holder’s expense by either (i) a written opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory to the Company, addressed to the Company, to the
effect that the proposed transaction may be effected without registration under the Securities Act; (ii) a “no action” letter from the SEC to the effect that the proposed sale, pledge, or transfer of such Restricted Securities without
registration will not result in a recommendation by the staff of the SEC that action be taken with respect thereto; or (iii) any other evidence reasonably satisfactory to counsel to the Company to the effect that the proposed sale, pledge, or
transfer of the Restricted Securities may be effected without registration under the Securities Act, whereupon the Holder of such Restricted Securities shall be entitled to sell, pledge, or transfer such Restricted Securities in accordance with the
terms of the notice given by the Holder to the Company. The Company will not require such a legal opinion or “no action” letter (x) in any transaction in compliance with SEC Rule 144; or (y) in any transaction in which such
Holder distributes Restricted Securities to an Affiliate of such Holder for no consideration; provided that each transferee agrees in writing to be subject to the terms of this Subsection 2.12. Each certificate, instrument, or book
entry representing the Restricted Securities transferred as above provided shall be notated with, except if such transfer is made pursuant to SEC Rule 144, the appropriate restrictive legend set forth in Subsection 2.12(b), except that such
certificate instrument, or book entry shall not be notated with such restrictive legend if, in the opinion of counsel for such Holder and the Company, such legend is not required in order to establish compliance with any provisions of the Securities
Act. 

  
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 2.13 Termination of Registration Rights. 

The right of any Holder to request registration or inclusion of Registrable Securities in any registration pursuant to Subsections 2.1
or 2.2 shall terminate upon the earliest to occur of: 
 (a) the closing of a Deemed Liquidation Event, as such term is defined in
the Restated Certificate; 
 (b) such time after consummation of the IPO as Rule 144 or another similar exemption under the
Securities Act is available for the sale of all of such Holder’s shares without limitation during a three-month period without registration; and 

(c) the third anniversary of the IPO. 

3. Information and Observer Rights. 

3.1 Delivery of Financial Statements. 

The Company shall deliver to each Major Investor, provided that the Board of Directors has not reasonably determined that such Investor
is a Competitor of the Company: 
 (a) as soon as practicable, but in any event no later than June 30th following the end of each fiscal year of the Company (i) a balance sheet as of the end of such year, (ii) statements of income and of cash flows for such year, and a comparison between
(x) the actual amounts as of and for such fiscal year and (y) the comparable amounts for the prior year and as included in the Budget (defined below) for such year, with an explanation of any material differences between such amounts and a
schedule as to the sources and applications of funds for such year, and (iii) a statement of stockholders’ equity as of the end of such year, all such financial statements audited and certified by independent public accountants of
nationally recognized standing selected by the Company and a copy of such accountant’s management letter prepared in connection therewith, if any; provided, however, (x) the obligation to deliver such financial statements audited
and certified may be suspended by the Board of Directors (including a majority of the Preferred Directors) and (y) for the fiscal year ended December 31, 2018, such audited financial statements must be delivered on or prior to
July 31, 2019; 
 (b) as soon as practicable, but in any event within forty-five (45) days after the end of each of the first
three (3) quarters of each fiscal year of the Company, unaudited statements of income and cash flows for such fiscal quarter, and an unaudited balance sheet as of the end of such fiscal quarter including a comparison to projected figures, all
prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal year-end audit adjustments; and (ii) not contain all notes thereto that may be required in
accordance with GAAP); 

  
 16 

 (c) as soon as practicable, but in any event within forty-five (45) days after the end
of each of the first three (3) quarters of each fiscal year of the Company, a statement showing the number of shares of each class and series of capital stock and securities convertible into or exercisable for shares of capital stock
outstanding at the end of the period, the Common Stock issuable upon conversion or exercise of any outstanding securities convertible or exercisable for Common Stock and the exchange ratio or exercise price applicable thereto, and the number of
shares of issued stock options and stock options not yet issued but reserved for issuance, if any, all in sufficient detail as to permit the Major Investors to calculate their respective percentage equity ownership in the Company, and certified by
the chief financial officer or chief executive officer of the Company as being true, complete, and correct; 
 (d) as soon as practicable,
but in any event thirty (30) days before the end of each fiscal year, a budget and business plan for the next fiscal year (collectively, the “Budget”), which Budget shall be approved by the Board of Directors, and shall be
prepared on a monthly basis, including balance sheets, income statements, and statements of cash flow for such months and, promptly after prepared, any other budgets or revised budgets prepared by the Company prior to any approval by the Board of
Directors of any such modification to the Budget or revised budgets; 
 (e) with respect to the financial statements called for in
Subsection 3.1(a) and Subsection 3.1(b), an instrument executed by the chief financial officer and chief executive officer of the Company certifying that such financial statements were prepared in accordance with GAAP consistently
applied with prior practice for earlier periods (except as otherwise set forth in Subsection 3.1(b)) and fairly present the financial condition of the Company and its results of operation for the periods specified therein; and 

(f) such other information relating to the financial condition, business, prospects, or corporate affairs of the Company as any Major Investor
may from time to time reasonably request; provided, however, that the Company shall not be obligated under this Subsection 3.1 to provide information (i) that the Company reasonably determines in good faith to be a trade
secret or confidential information (unless covered by an enforceable confidentiality agreement, in a form reasonably acceptable to the Company); or (ii) the disclosure of which would adversely affect the attorney-client privilege between the
Company and its counsel. 
 If, for any period, the Company has any subsidiary whose accounts are consolidated with those of the Company,
then in respect of such period the financial statements delivered pursuant to the foregoing sections shall be the consolidated and consolidating financial statements of the Company and all such consolidated subsidiaries. 

Notwithstanding anything else in this Subsection 3.1 to the contrary, the Company may cease providing the information set forth in this
Subsection 3.1 during the period starting with the date sixty (60) days before the Company’s good-faith estimate of the date of filing of a registration statement if it reasonably concludes it must do so to comply with the SEC rules
applicable to such registration statement and related offering; provided that the Company’s covenants under this Subsection 3.1 shall be reinstated at such time as the Company is no longer actively employing its commercially
reasonable efforts to cause such registration statement to become effective. 

  
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 3.2 Inspection. 

The Company shall permit each Major Investor (provided that the Board of Directors has not reasonably determined that such Major
Investor is a Competitor of the Company), at such Major Investor’s expense, to visit and inspect the Company’s properties; examine its books of account and records; and discuss the Company’s affairs, finances, and accounts with its
officers, during normal business hours of the Company as may be reasonably requested by the Major Investor; provided, however, that the Company shall not be obligated pursuant to this Subsection 3.2 to provide access to any
information that it reasonably and in good faith considers to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in form reasonably acceptable to the Company) or the disclosure of which would
adversely affect the attorney-client privilege between the Company and its counsel; provided further that the Investor shall bear any costs or expenses of such investigations or inquiries. 

3.3 Observation Rights. 

(i) Each of (a) Hatteras Venture Partners IV SBIC, L.P. or its Affiliates (“Hatteras”) and (b) the Maryland
Venture Fund or its Affiliates ( “MVF”), for so long as such Investor owns at least 435,035 shares of Series A-2 Preferred Stock (in the case of Hatteras) or 139,211 shares of Series A-2 Preferred Stock (in the case of MVF) (in each case, as adjusted for any stock splits, stock dividends, combination or other reclassification), shall have the right to appoint one nonvoting observer that is not
affiliated with a Competitor to receive notice of all meetings of the Board of Directors, to attend any such meeting (or designate one representative to attend such meeting on its behalf) (for purposes of this
Subsection 3.3(i), the term “meeting” shall include any “executive sessions” or any other similar meeting of all or part of the Board of Directors). Each observer so appointed as provided above shall
sign a confidentiality agreement reasonably acceptable to the Board of Directors prior to his or her first attendance to his or her first meeting of the Board of Directors. The Board of Directors, or the members of any committee thereof, as
applicable, shall have the right to prevent access by any or all observers to any meeting of the Board of Directors, or committee thereof, respectively, or any portion thereof, if a majority of the directors present at such meeting reasonably
conclude based on advice of counsel, that it is necessary to protect the attorney-client privilege of such information. 
 (ii) Each of
Deerfield Healthcare Innovations Fund, L.P. or its Affiliates (“Deerfield”), Clarus Lifesciences III, L.P. or its Affiliates and OrbiMed Private Investments VI, LP or its Affiliates, for so long as such Investor owns at least
170,000 shares of Series B Preferred Stock (in each case, as adjusted for any stock splits, stock dividends, combination or other reclassification), shall have the right to appoint one nonvoting observer that is not affiliated with a Competitor to
receive notice of all meetings of the Board of Directors, to attend any such meeting (or designate one representative to attend such meeting on its behalf) (for purposes of this Subsection 3.3(ii), the term “meeting” shall
include any “executive sessions” or any other similar meeting of all or part of the Board of Directors). Each observer so appointed as 

  
 18 

 
provided above shall sign a confidentiality agreement reasonably acceptable to the Board of Directors prior to his or her first attendance to his or her first meeting of the Board of Directors.
The Board of Directors, or the members of any committee thereof, as applicable, shall have the right to prevent access by any or all observers to any meeting of the Board of Directors, or committee thereof, respectively, or any portion thereof, if a
majority of the directors present at such meeting reasonably conclude based on advice of counsel, that it is necessary to protect the attorney-client privilege of such information. 

(iii) Each of AffaMed and CVF 2018, LLC or its Affiliates, for so long as such Investor owns at least 5,100,000 shares of Series C Preferred
Stock (in each case, as adjusted for any stock splits, stock dividends, combination or other reclassification), shall have the right to appoint one nonvoting observer that is not affiliated with a Competitor to receive notice of all meetings of the
Board of Directors, to attend any such meeting (or designate one representative to attend such meeting on its behalf) (for purposes of this Subsection 3.3(iii), the term “meeting” shall include any “executive sessions” or
any other similar meeting of all or part of the Board of Directors). Each observer so appointed as provided above shall sign a confidentiality agreement reasonably acceptable to the Board of Directors prior to his or her first attendance to his or
her first meeting of the Board of Directors. The Board of Directors, or the members of any committee thereof, as applicable, shall have the right to prevent access by any or all observers to any meeting of the Board of Directors, or committee
thereof, respectively, or any portion thereof, if a majority of the directors present at such meeting reasonably conclude based on advice of counsel, that it is necessary to protect the attorney-client privilege of such information. 

(iv) For so long as Justin Hanes, Ph. D. and his Affiliates owns at least 3,047,212 (as adjusted for any stock splits, stock dividends,
combination or other reclassification) shares of Common Stock, he shall have the right to appoint one nonvoting observer that is not affiliated with a Competitor to receive notice of all meetings of the Board of Directors, to attend any such meeting
(or designate one representative to attend such meeting on its behalf) (for purposes of this Subsection 3.3(iii), the term “meeting” shall include any “executive sessions” or any other similar meeting of all or part of the
Board of Directors). The observer so appointed as provided above shall sign a confidentiality agreement reasonably acceptable to the Board of Directors prior to his or her first attendance to his or her first meeting of the Board of Directors. The
Board of Directors, or the members of any committee thereof, as applicable, shall have the right to prevent access by any or all observers to any meeting of the Board of Directors, or committee thereof, respectively, or any portion thereof, if a
majority of the directors present at such meeting reasonably conclude based on advice of counsel, that it is necessary to protect the attorney-client privilege of such information. 

3.4 Termination of Rights. 

The covenants set forth in Subsection 3.1 through Subsection 3.3 shall terminate and be of no further force or effect
(i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, or (iii) upon a Deemed Liquidation Event, as
such term is defined in the Restated Certificate, whichever event occurs first. 

  
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 3.5 Confidentiality. 

Each Investor agrees that such Investor will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor
its investment in the Company) any confidential information obtained from the Company pursuant to the terms of this Agreement (including notice of the Company’s intention to file a registration statement), unless such confidential information
(a) is known or becomes known to the public in general (other than as a result of a breach of this Subsection 3.5 by such Investor), (b) is or has been independently developed or conceived by the Investor without use of the
Company’s confidential information, or (c) is or has been made known or disclosed to the Investor by a third party without a breach of any obligation of confidentiality such third party may have to the Company; provided,
however, that an Investor may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the
Company; (ii) to any prospective purchaser of any Registrable Securities from such Investor, if such prospective purchaser agrees to be bound by the provisions of this Subsection 3.5; (iii) to any existing or prospective
Affiliate, partner, member, stockholder, or wholly owned subsidiary of such Investor in the ordinary course of business, provided that such Investor informs such Person that such information is confidential and directs such Person to maintain
the confidentiality of such information; or (iv) as may otherwise be required by law, provided that the Investor promptly notifies the Company of such disclosure and takes reasonable steps to minimize the extent of any such required
disclosure. The Company understands and acknowledges that in the regular course of each Major Investor and any of their respective representatives currently may be invested in, may invest in or may consider investments companies that have issued
securities that are publicly traded (each, a “Public Company”). Accordingly, the Company covenants and agrees that before providing material non-public information about a Public Company
(“Public Company Information”) to each Major Investor, as applicable, the Company will use commercially reasonable efforts to provide prior written notice to the compliance personnel at each such Major Investor, as applicable,
describing such information in reasonable detail. The Company shall not disclose Public Company Information to a Major Investor without written authorization from the applicable compliance personnel, provided, however, that, the Company will be
permitted to disclose agreements entered into with Public Companies in the ordinary course of business, such as routine customer, supplier, advertising and publishing agreements without such written authorization. 

4. Rights to Future Stock Issuances. 

4.1 Right of First Offer. 

Subject to the terms and conditions of this Subsection 4.1 and applicable securities laws, if the Company proposes to offer or sell any
New Securities, the Company shall first offer such New Securities to each Investor. Each Investor shall be entitled to apportion the right of first offer hereby granted to it, in such proportions as it deems appropriate, among itself and its
Affiliates. 
 (a) The Company shall give notice (the “Offer Notice”) to each Investor, stating (i) its bona fide
intention to offer such New Securities, (ii) the number of such New Securities to be offered, and (iii) the price and terms, if any, upon which it proposes to offer such New Securities. 

  
 20 

 (b) By notification to the Company within twenty (20) days after the Offer Notice is
given, each Investor may elect to purchase or otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities which equals the proportion that the Common Stock then held by such Investor
(including all shares of Common Stock then issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held by such Investor) bears to the total Common Stock of
the Company then outstanding (assuming full conversion and/or exercise, as applicable, of all Preferred Stock and other Derivative Securities). At the expiration of such twenty (20) day period, the Company shall promptly notify each Investor
that elects to purchase or acquire all the shares available to it (each, a “Fully Exercising Investor”) of any other Investor’s failure to do likewise. During the ten (10) day period commencing after the Company has given
such notice, each Fully Exercising Investor may, by giving notice to the Company, elect to purchase or acquire, in addition to the number of shares specified above, up to that portion of the New Securities for which Investors were entitled to
subscribe but that were not subscribed for by the Investors which is equal to the proportion that the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of Preferred Stock and any other
Derivative Securities then held, by such Fully Exercising Investor bears to the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative
Securities then held, by all Fully Exercising Investors who wish to purchase such unsubscribed shares. The closing of any sale pursuant to this Subsection 4.1(b) shall occur within the later of one hundred and twenty
(120) days of the date that the Offer Notice is given and the date of initial sale of New Securities pursuant to Subsection 4.1(c). 

(c) If all New Securities referred to in the Offer Notice are not elected to be purchased or acquired as provided in
Subsection 4.1(b), the Company may, during the one hundred twenty (120) day period following the expiration of the periods provided in Subsection 4.1(b), offer and sell the remaining unsubscribed portion of such New
Securities to any Person or Persons at a price not less than, and upon terms no more favorable to the offeree than, those specified in the Offer Notice. If the Company does not enter into an agreement for the sale of the New Securities within such
period, or if such agreement is not consummated within thirty (30) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless first reoffered to the Investors in
accordance with this Subsection 4.1. 
 (d) The right of first offer in this Subsection 4.1 shall not be applicable
to (i) Exempted Securities (as defined in the Restated Certificate); (ii) shares of Common Stock issued in the IPO; (iii) the issuance of shares of Series C Preferred Stock pursuant to the Purchase Agreement and (iv) securities that
the Requisite Majority determines shall not constitute New Securities. 

  
 21 

 (e) Notwithstanding any provision hereof to the contrary, in lieu of complying with the
provisions of this Subsection 4.1, the Company may elect to give notice to the Investors within thirty (30) days after the issuance of New Securities. Such notice shall describe the type, price, and terms of the New Securities. Each
Investor shall have twenty (20) days from the date notice is given to elect to purchase up to the number of New Securities that would, if purchased by such Investor, maintain such Investor’s percentage-ownership position, calculated as set
forth in Subsection 4.1(b) before giving effect to the issuance of such New Securities. The closing of such sale shall occur within sixty (60) days of the date notice is given to the Investors. 

4.2 Termination. 

The covenants set forth in Subsection 4.1 shall terminate and be of no further force or effect (i) immediately before the
consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, or (iii) upon a Deemed Liquidation Event, as such term is defined in the
Restated Certificate, whichever event occurs first. 
 5. Additional Covenants. 

5.1 Employee Stock. 

Unless otherwise approved by the Board of Directors, including a majority of the Preferred Directors, all future employees and consultants of
the Company who purchase, receive options to purchase, or receive awards of shares of the Company’s capital stock after the date hereof shall be required to execute restricted stock or option agreements, as applicable, providing for
(i) vesting of shares over a four (4) year period, with the first twenty-five percent (25%) of such shares vesting following twelve (12) months of continued employment or service, and the remaining shares vesting in equal monthly
installments over the following thirty-six (36) months, (ii) a purchase price or exercise price, as applicable, at least equal to the then current fair market value of the Common Stock, as determined by
the Board, and (iii) a market stand-off provision substantially similar to that in Subsection 2.11. In addition, unless otherwise approved by the Board of Directors, including a majority of
the Preferred Directors, the Company shall implement and retain a “right of first refusal” on employee transfers until the Company’s IPO covering shares of capital stock acquired after the date hereof and shall have the right
to repurchase unvested shares at cost upon termination of employment of a holder of restricted stock at no greater than cost upon termination of employment of a holder of restricted stock. 

5.2 Employee Agreements. 

The Company will cause each person now or hereafter employed by it or by any subsidiary (or engaged by the Company or any subsidiary as a
consultant/independent contractor) with access to confidential information and/or trade secrets to enter into a nondisclosure and proprietary rights assignment agreement. In addition, the Company shall not amend, modify, terminate, waive, or
otherwise alter, in whole or in part, any of the above-referenced agreements or any restricted stock agreement between the Company and any employee, without the consent of the Board of Directors. 

 

  
 22 

 5.3 Maintenance of Insurance. 

(i) The Company shall maintain and cause each subsidiary, if any, to maintain insurance with financially sound and reputable insurance
companies or associations in such amounts and covering such risks as is customarily carried by companies engaged in similar businesses and owning similar properties in the same general areas in which the Company or such subsidiary operates. 

(ii) The Company shall maintain key-person life insurance with financially sound and reputable
insurance companies or associations and with proceeds payable to the Company on terms and conditions reasonably satisfactory to the Board of Directors, including a majority of the Preferred Directors, with respect to the Company’s chief
executive officer, chief operating officer, chief scientific officer and chief financial officer. 
 (iii) The Company shall maintain,
directors’ and officer’s liability insurance coverage with financially sound and reputable insurance companies or associations and on terms and conditions reasonably satisfactory to the Board of Directors, including a majority of the
Preferred Directors. 
 5.4 Board of Directors. 

(i) . The Company shall call and hold meetings of the Board of Directors in accordance with the Certificate of Incorporation and Bylaws of the
Company, each as may be amended from time to time, but in any event not less than once a quarter (until at least a majority of the Preferred Directors vote to schedule meetings less frequently). Members of the Board of Directors shall be elected in
accordance with the Certificate of Incorporation, as the same may be amended from time to time, and the Amended and Restated Voting Agreement by and among the Company, the Investors and certain other parties dated of even date herewith. The
reasonable out of pocket expenses of members of the Board of Directors associated with attending meetings or business related to the Company will be borne by the Company, and all directors will be treated identically with regard to compensation and
expense reimbursement related to their service as members of the Board of Directors. The Company shall enter into a customary indemnification agreement with each member of its board. 

5.5 Negative Covenants. 

(a) So long as any shares of Preferred Stock are outstanding, the Company hereby covenants and agrees with each Investor that it shall not (by
amendment, merger, consolidation or otherwise), and cause its subsidiaries not to, without first obtaining the approval (by vote or written consent, as provided by law) of its Board of Directors, including the majority of the Preferred Directors:

 (i) make any loan or advance to, or own any stock or other securities of, any subsidiary or other corporation, partnership, or other
entity unless it is wholly owned (directly or indirectly) by the Company; 
 (ii) make any loan or advance to any Person; 

  
 23 

 (iii) take any action that results in any obligation or commitment exceeding $500,000 in
the aggregate, unless included in the annual budget approved by the Board of Directors; 
 (iv) authorize any borrowing or incurrence of
indebtedness for money borrowed by the Company in excess of $250,000 or create any material lien or security interest on its properties or assets; 

(v) take any action that creates any lien or other encumbrance on the assets of the Company, other than liens created in the ordinary course
of business; 
 (vi) guarantee, directly or indirectly, or permit any subsidiary to guarantee, directly or indirectly, any indebtedness
except for trade accounts of the Company or any subsidiary arising in the ordinary course of business; 
 (vii) hire, terminate or increase
the salary, bonus or other cash and equity compensation for any officers of the Company or grant any equity compensation to any officers of the Company (other than as provided in the annual budget approved by the Board of Directors); 

(viii) implement a “management bonus” or similar plan providing payments to employees in connection with a Deemed Liquidation Event,
as such term is defined in the Company’s Certificate of Incorporation; 
 (ix) change the principal business of the Company; 

(x) sell, assign, license, pledge, or encumber material technology or intellectual property, other than licenses granted in the ordinary
course of business; or 
 (xi) enter into any corporate strategic relationship involving the payment, contribution, or assignment by the
Company or to the Company of money or assets greater than $500,000. 
 (b) So long as any shares of Series B Preferred Stock or Series C
Preferred Stock are outstanding, the Company hereby covenants and agrees with each Investor holding Series B Preferred Stock or Series C Preferred Stock that it shall not amend any term of (i) any of those certain related Subscription
Agreements to purchase Class A Preferred Units of Membership Interests of Graybug LLC, (ii) the Series A-2 Preferred Stock Purchase Agreement dated February 19, 2015, as amended from time to
time, (iii) the Series B Preferred Stock Purchase Agreement dated April 29, 2016 (the “Series B Purchase Agreement”), as amended from time to time, or (iv) the MVF Documents (as defined in the Series B Purchase
Agreement), without the consent of the holders of a majority of the Series B Preferred Stock and the holders of a majority of the Series C Preferred Stock. 

  
 24 

 (c) Without first obtaining the affirmative vote or written consent of the Requisite
Majority, the Company shall not (i) enter into any transaction or transactions with any director, officer or stockholder of the Company, or any affiliate or Immediate Family Member of the foregoing, other than normal payments of wages, benefits
and travel expenses or advances and other transactions approved by the Board of Directors, except upon terms that are at least as favorable as would result in a comparable arm’s length transaction with a person or entity not a director,
officer, stockholder or affiliate of the Company or any affiliate or related party of the foregoing (as determined by the majority of the disinterested directors then in office), or (ii) advance any monies to any such persons or entities,
except for travel advances in the ordinary course of business. 
 5.6 Successor Indemnification. 

If the Company or any of its successors or assignees consolidates with or merges into any other Person and is not the continuing or surviving
corporation or entity of such consolidation or merger, then to the extent necessary, proper provision shall be made so that the successors and assignees of the Company assume the obligations of the Company with respect to indemnification of members
of the Board of Directors as in effect immediately before such transaction, whether such obligations are contained in the Company’s Bylaws, its Restated Certificate, or elsewhere, as the case may be. 

5.7 Right to Conduct Activities. 

The Company hereby agrees and acknowledges that certain of the Major Investors, including AffaMed (together with such Investors’
affiliates) (collectively, the “Fund Investors”) are professional investment funds, and as such invest in numerous portfolio companies, some of which may be deemed competitive with the Company’s business (as currently conducted
or as currently propose to be conducted). The Company hereby agrees that, to the extent permitted under applicable law, a Fund Investor shall not be liable to the Company for any claim arising out of, or based upon, (i) the investment by a
Fund Investor in any entity competitive with the Company, or (ii) actions taken by any partner, officer or other representative of a Fund Investor to assist any such competitive company, whether or not such action was taken as a member of the
board of directors of such competitive company or otherwise, and whether or not such action has a detrimental effect on the Company; provided, however, that the foregoing shall not relieve (x) any of the Fund Investors from liability associated
with the unauthorized disclosure of the Company’s confidential information obtained pursuant to this Agreement, or (y) any director or officer of the Company from any liability associated with his or her fiduciary duties to the Company.
Subject to compliance with clause (y) of the preceding sentence, nothing in this Agreement shall create an obligation or duty that in any way restricts Fund Investors from evaluating or purchasing securities, including publicly traded
securities, of a particular enterprise, or investing in a particular enterprise, whether or not such enterprise has products or services which compete with those of the Company. 

  
 25 

 5.8 FCPA. 

The Company represents that it shall not (and shall not permit any of its subsidiaries or affiliates or any of its or their respective
directors, officers, managers, employees, independent contractors, representatives or agents to) promise, authorize or make any payment to, or otherwise contribute any item of value, directly or indirectly, to any third party, including any Non-U.S. Official (as such term is defined in the U.S. Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”)), in each case, in violation of the FCPA, the U.K. Bribery Act, or any other
applicable anti-bribery or anti-corruption law. The Company further represents that it shall (and shall cause each of its subsidiaries and affiliates to) cease all of its or their respective activities, as well as remediate any actions taken by the
Company, its subsidiaries or affiliates, or any of their respective directors, officers, managers, employees, independent contractors, representatives or agents in violation of the FCPA, the U.K. Bribery Act, or any other applicable anti-bribery or
anti-corruption law. The Company further represents that it shall (and shall cause each of its subsidiaries and affiliates to) maintain systems of internal controls (including, but not limited to, accounting systems, purchasing systems and
billing systems) to ensure compliance with the FCPA, the U.K. Bribery Act, or any other applicable anti-bribery or anti-corruption law. Upon request, the Company agrees to provide responsive information and/or certifications concerning its
compliance with applicable anti-corruption laws. The Company shall promptly notify each Investor if the Company becomes aware of any Enforcement Action (as defined in the Purchase Agreement). The Company shall, and shall cause any direct
or indirect subsidiary or entity controlled by it, whether now in existence or formed in the future, to comply with the FCPA. The Company shall use its best efforts to cause any direct or indirect subsidiary, whether now in existence or formed
in the future, to comply in all material respects with all applicable laws. 
 5.9 Termination of Covenants. 

The covenants set forth in this Section 5, except for Subsection 5.6, shall terminate and be of no further
force or effect (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, or (iii) upon a Deemed
Liquidation Event, as such term is defined in the Restated Certificate, whichever event occurs first. 
 6. Miscellaneous.

 6.1 Successors and Assigns. 

The rights under this Agreement may be assigned (but only with all related obligations) by a Holder to a transferee of Registrable
Securities that (i) is an Affiliate of a Holder; (ii) is a Holder’s Immediate Family Member or trust for the benefit of an individual Holder or one or more of such Holder’s Immediate Family Members; or (iii) after such
transfer, holds at least 1,000,000 shares of Registrable Securities (subject to appropriate adjustment for stock splits, stock dividends, combinations, and other recapitalizations); provided, however, that (x) the Company is,
within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee and the Registrable Securities with respect to which such rights are being transferred; and (y) such transferee agrees in a
written instrument delivered to the Company to be bound by and subject to the terms and conditions of this Agreement, including the provisions of Subsection 2.11. For the purposes of determining the number of shares of Registrable
Securities held by a transferee, the holdings of a transferee (1) that is an Affiliate or stockholder of a Holder; (2) who is a Holder’s Immediate Family Member; or (3) that is a trust for the benefit of an individual Holder or
such Holder’s Immediate Family Member shall be aggregated together and 

  
 26 

 
with those of the transferring Holder; provided further that all transferees who would not qualify individually for assignment of rights shall have a single attorney-in-fact for the purpose of exercising any rights, receiving notices, or taking any action under this Agreement. The terms and conditions of this Agreement inure to
the benefit of and are binding upon the respective successors and permitted assignees of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors
and permitted assignees any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein. 

6.2 Governing Law. 

This Agreement shall be governed by the internal law of the State of Delaware. 

6.3 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 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.  

6.4 Titles and Subtitles. 

The titles and subtitles used in this Agreement are for convenience only and are not to be considered in construing or interpreting this
Agreement. 
 6.5 Notices. 

All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given upon
the earlier of actual receipt or (i) personal delivery to the party to be notified; (ii) when sent, if sent by electronic mail or facsimile during the recipient’s normal business hours, and if not sent during normal business hours,
then on the recipient’s next business day; (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (iv) one (1) business day after the business day of deposit with a
nationally recognized overnight courier, freight prepaid, specifying next-day delivery, with written verification of receipt. All communications shall be sent to the respective parties at their addresses as
set forth on Schedule A hereto, or to the principal office of the Company and to the attention of the Chief Executive Officer, in the case of the Company, or to such email address, facsimile number, or address as subsequently modified by
written notice given in accordance with this Subsection 6.5. If notice is given to the Company, a copy shall also be sent to (which shall not constitute notice): Fenwick & West LLP, 555 California Street, 12th Floor, San Francisco,
California 94014, Attn: Effie Toshav and Michael Brown (email:etoshav@fenwick.com and mbrown@fenwick.com). 

  
 27 

 6.6 Amendments and Waivers. 

Any term of this Agreement may be amended or terminated and the observance of any term of this Agreement may be waived (either generally or in
a particular instance, and either retroactively or prospectively) only with the written consent of the Company and the Requisite Majority; provided that (i) the Company may in its sole discretion waive compliance with
Subsection 2.12(c) (and the Company’s failure to object promptly in writing after notification of a proposed assignment allegedly in violation of Subsection 2.12(c) shall be deemed to be a waiver); (ii) that any
provision hereof may be waived by any waiving party on such party’s own behalf, without the consent of any other party; (iii) that following an IPO, the provisions of Section 2 may be amended or waived with the consent of the
Company and the holders of at least a majority of the Registrable Securities for whom registration rights have not terminated pursuant to Subsection 2.13(b); (iv) Subsection 3.3 and this clause (iv) shall not be amended,
waived or terminated with respect to any Investor having board observation rights under Subsection 3.3 without the written consent of such Investor; and (v) Subsection 2.11 and this clause (v) shall not be amended, nor shall any
provision of Subsection 2.11 be waived without the written consent of Deerfield. Notwithstanding the foregoing, this Agreement may not be amended or terminated and the observance of any term hereof may not be waived with respect to any
Investor without the written consent of such Investor, unless such amendment, termination, or waiver applies to all Investors in the same fashion (it being agreed that a waiver of the provisions of Section 4 with respect to
a particular transaction shall be deemed to apply to all Investors in the same fashion if such waiver does so by its terms, notwithstanding the fact that certain Investors may nonetheless, by agreement with the Company, purchase securities in such
transaction). The Company shall give prompt written notice of any amendment or termination hereof or waiver hereunder to any party hereto that did not consent to such amendment, termination, or waiver. Any amendment, termination, or waiver effected
in accordance with this Subsection 6.6 shall be binding on all parties hereto, regardless of whether any such party has consented thereto. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more
instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision. 

6.7 Severability. 

In case any one or more of the provisions contained in this Agreement is for any reason held to be invalid, illegal or unenforceable in any
respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such invalid, illegal, or unenforceable provision shall be reformed and construed so that it will be valid, legal, and enforceable
to the maximum extent permitted by law. 
 6.8 Aggregation of Stock. 

All shares of Registrable Securities held or acquired by Affiliates shall be aggregated together for the purpose of determining the
availability of any rights under this Agreement and such Affiliated persons may apportion such rights as among themselves in any manner they deem appropriate. 

  
 28 

 6.9 Additional Investors. 

Notwithstanding anything to the contrary contained herein, if the Company issues additional shares of the Company’s Series C Preferred
Stock after the date hereof, whether pursuant to the Purchase Agreement or otherwise, any purchaser of such shares of Series C Preferred Stock may become a party to this Agreement by executing and delivering an additional counterpart signature page
to this Agreement, and thereafter shall be deemed an “Investor” for all purposes hereunder. No action or consent by the Investors shall be required for such joinder to this Agreement by such additional Investor, so long as such additional
Investor has agreed in writing to be bound by all of the obligations as an “Investor” hereunder. 
 6.10 Entire
Agreement; Effect on Prior Agreement. 
 This Agreement (including the Exhibits and Schedules hereto) constitutes the full and
entire understanding and agreement between the parties with respect to the subject matter hereof (other than in respect of the Maryland Venture Fund, whereby this Agreement as well as the MVF Documents (as defined in the Series B Purchase Agreement)
constitutes the full and entire understanding and agreement between the parties with respect to the subject matter hereof), and any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly
canceled. Upon the execution and delivery of this Agreement by (x) the Company and (y) the Requisite Majority (as defined in the Prior Agreement), the Prior Agreement automatically shall be amended and restated, terminated and superseded
in its entirety as set forth in this Agreement. 
 6.11 Dispute Resolution. 

The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of Delaware and to the jurisdiction
of the United States District Court for the District of Delaware for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising out of
or based upon this Agreement except in the state courts of Delaware or the United States District Court for the District of Delaware, and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit,
action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient
forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court. 

WAIVER OF JURY TRIAL: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT,
THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND
THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY
EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO 

  
 29 

 
ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS
JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 
 The prevailing party shall be entitled to reasonable attorney’s fees,
costs, and necessary disbursements in addition to any other relief to which such party may be entitled. Each of the parties to this Agreement consents to personal jurisdiction for any equitable action sought in the U.S. District Court for the
District of Delaware or any court of the State of Delaware having subject matter jurisdiction. 
 6.12 Delays or
Omissions. 
 No delay or omission to exercise any right, power, or remedy accruing to any party under this Agreement, upon any breach or
default of any other party under this Agreement, shall impair any such right, power, or remedy of such nonbreaching or nondefaulting party, nor shall it be construed to be a waiver of or acquiescence to any such breach or default, or to any similar
breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. All remedies, whether under this Agreement or by law or otherwise
afforded to any party, shall be cumulative and not alternative. 
 6.13 Acknowledgment. 

The Company acknowledges that the Investors are in the business of venture capital investing and therefore review the business plans and
related proprietary information of many enterprises, including enterprises which may have products or services which compete directly or indirectly with those of the Company. Nothing in this Agreement shall preclude or in any way restrict the
Investors from investing or participating in any particular enterprise whether or not such enterprise has products or services which compete with those of the Company. 

[Remainder of Page Intentionally Left Blank] 

  
 30 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated
Investors’ Rights Agreement as of the date first written above. 
  

			
	GRAYBUG VISION, INC.
		
	By:	 	 /s/Frédéric Guerard

	Name:	 	Frédéric Guerard
	Title:	 	Chief Executive Officer

 SIGNATURE PAGE TO 

AMENDED AND RESTATED INVESTORS’ RIGHTS
AGREEMENT OF 
 GRAYBUG VISION, INC. 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated
Investors’ Rights Agreement as of the date first written above. 
  

			
	INVESTOR:
	
	AFFAMED PROJECT LIMITED
		
	By:	 	 /s/ Hansoo Michael Keyoung

	Name:	 	Hansoo Michael Keyoung
	Title:	 	

 SIGNATURE PAGE TO 

AMENDED AND RESTATED INVESTORS’ RIGHTS
AGREEMENT OF 
 GRAYBUG VISION, INC. 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated
Investors’ Rights Agreement as of the date first written above. 
  

			
	INVESTOR:
	
	CVF 2018, LLC
		
	By:	 	 /s/ Richard H. Robb

	Name:	 	Richard H. Robb
	Title:	 	Manager

 SIGNATURE PAGE TO 

AMENDED AND RESTATED INVESTORS’ RIGHTS
AGREEMENT OF 
 GRAYBUG VISION, INC. 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated
Investors’ Rights Agreement as of the date first written above. 
  

			
	INVESTOR:
	
	HATTERAS VENTURE PARTNERS IV SBIC, L.P.
		
	By:	 	Hatteras Venture Advisors IV SBIC, LLC,
		 	its General Partner
		
	By:	 	 /s/ Doug Reed

	Name:	 	Doug Reed
	Title:	 	Manager

 SIGNATURE PAGE TO 

AMENDED AND RESTATED INVESTORS’ RIGHTS
AGREEMENT OF 
 GRAYBUG VISION, INC. 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated
Investors’ Rights Agreement as of the date first written above. 
  

			
	INVESTOR:
	
	DEERFIELD SPECIAL SITUATIONS FUND, L.P.
		
	By:	 	Deerfield Mgmt, L.P.
		 	General Partner
	By:	 	J.E. Flynn Capital HIF, LLC
		 	General Partner
		
	By:	 	/s/ David J. Clark
	Name:	 	David J. Clark
	Title:	 	Authorized Signatory
	
	DEERFIELD HEALTHCARE INNOVATIONS FUND, L.P.
		
	By:	 	Deerfield Mgmt HIF, L.P.
		 	General Partner
	By:	 	J.E. Flynn Capital HIF, llc
		 	General Partner
		
	By:	 	/s/ David J. Clark
	Name:	 	David J. Clark
	Title:	 	Authorized Signatory
	
	DEERFIELD PRIVATE DESIGN FUND III, L.P.
		
	By:	 	Deerfield Mgmt III, L.P.
		 	General Partner
	By:	 	J.E. Flynn Capital III, LLC
		 	General Partner
		
	By:	 	/s/ David J. Clark
	Name:	 	David J. Clark
	Title:	 	Authorized Signatory

 SIGNATURE PAGE TO 

AMENDED AND RESTATED INVESTORS’ RIGHTS
AGREEMENT OF 
 GRAYBUG VISION, INC. 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated
Investors’ Rights Agreement as of the date first written above. 
  

			
	INVESTOR:
	
	ORBIMED PRIVATE INVESTMENTS VI, LP
		
	By:	 	OrbiMed Capital GP VI LLC,
		 	its General Partner
		
	By:	 	OrbiMed Advisors LLC,
		 	its Managing Member
		
	By:	 	 /s/ Carl Gordon

	Name:	 	Carl Gordon
	Title:	 	Member

 SIGNATURE PAGE TO 

AMENDED AND RESTATED INVESTORS’ RIGHTS
AGREEMENT OF 
 GRAYBUG VISION, INC. 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated
Investors’ Rights Agreement as of the date first written above. 
  

			
	INVESTOR:
	
	CLARUS LIFESCIENCES III, L.P.
		
	By:	 	Clarus Ventures III GP, L.P., its General Partner
	By:	 	Blackstone Clarus III L.L.C., its General Partner
	By:	 	Blackstone Holdings II L.P., its managing member
	By:	 	Blackstone Holdings I/II GP Inc., its general partner
		
	By:	 	 /s/ Emmett Cunningham

			
	Printed Name:	 	Emmett Cunningham

 SIGNATURE PAGE TO 

AMENDED AND RESTATED INVESTORS’ RIGHTS
AGREEMENT OF 
 GRAYBUG VISION, INC. 

 SCHEDULE A 

INVESTORS 
  

	
	 AffaMed Project Limited
 Trinity
Chambers, PO Box 4301, Road Town
 Tortola, British Virgin Islands

	
	 CVF 2018, LLC
 222 North LaSalle Street,
Suite 2000
 Chicago, IL 60601

	
	 Deerfield Healthcare Innovations Fund, L.P.

780 Third Avenue

37th Floor

New York, NY 10017
 Attn: Cam Wheeler

	
	 Deerfield Private Design Fund III, L.P.

780 Third Avenue

37th Floor

New York, NY 10017
 Attn: Cam Wheeler

	
	 Deerfield Special Situations Fund, L.P.

780 Third Avenue

37th Floor

New York, NY 10017
 Attn: Cam Wheeler

	
	 OrbiMed Private Investments VI, LP
 601
Lexington Avenue, 54th Floor
 New York, NY 10022

Attn: Chau Khuong

	
	 Clarus Lifesciences III, L.P.
 101 Main
Street, Suite 1210
 Cambridge, MA 02142
 Attn: Emmett
Cunningham, Jr.

	
	 Maryland Venture Partners, L.P.
 7021
Columbia Gateway Drive, Suite 200
 Columbia, MD 21046

	
	 Maryland Venture Fund InvestMaryland II, LLC

7021 Columbia Gateway Drive, Suite 200
 Columbia, MD
21046

	
	 Maryland Venture Fund Enterprise Investment Fund, LLC

7021 Columbia Gateway Drive, Suite 200
 Columbia, MD
21046

	
	 Maryland Innovation Opportunity Fund I, LLC

7021 Columbia Gateway Drive, Suite 200
 Columbia, MD
21046

	
	 Aerie Pharmaceuticals, Inc.
 4301 Emperor
Blvd., Suite 400
 Durham, NC 27703

	
	Frank Bonsal, Sr.
	
	Gerald Cagle
	
	John Cammack
	
	 Citco Bank and Trust Company (Bahamas) Limited obo Brown Advisory Graybug Investors LLC

Citco Banking Corporation N.V.
 De Ruyterkade 62, P.O. Box 707

Curacao

	
	 Copperhead Investments, LLC
 8255 East
Overlook Drive
 Scottsdale, AZ 85255

	
	Kristin and Daniel Verbic
	
	Hallmarc LP
	
	 Hatteras Venture Partners IV SBIC, L.P.

280 S. Mangum St., Suite 350
 Durham, NC 27701

Attn: Doug Reed

	
	The Alan C. & Agnès B. Mendelson Family Trust
	
	 VP Company Investments 2008, LLC
 c/o
Latham & Watkins LLP
 555 West Fifth Street, Suite 800

Los Angeles, CA 90013-1021
 Attention: Russell S. Player, Partner
Capital and
 Investment Accounting Supervisor

	
	Abell Foundation
	
	Elena Ridloff
	
	Sheri RowenEX-4.3

 Exhibit 4.3 

NEITHER THIS WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR UNDER THE SECURITIES LAWS OF APPLICABLE STATES. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE
APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION UNDER SUCH LAWS OR EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS. HOLDERS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF
TIME. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

 GRAYBUG VISION, INC. 

WARRANT TO PURCHASE COMMON STOCK 

Issued on December 11, 2019 

This certifies that that for good and valuable consideration, receipt of which is hereby acknowledged, SG DAN Equity Holdings, LLC or
his/her/its registered assigns (“Holder”) is entitled, subject to the terms and conditions of this Warrant, to purchase from Graybug Vision, Inc., a Delaware corporation (the “Company”), at a price per
share equal to the Warrant Price (as defined below), at any time prior to the Expiration Date (as defined below), up to that number of Vested Warrant Shares (as defined below), upon surrender of this Warrant at the principal offices of the Company,
together with a duly executed subscription form in the form attached hereto as Exhibit 1 and simultaneous payment of an amount equal to the product obtained by multiplying the Warrant Price by the number of Vested Warrant
Shares so purchased in lawful money of the United States. The Warrant Price and the number and character of shares of Warrant Stock purchasable under this Warrant are subject to adjustment as provided herein. 

This Warrant is issued in connection with that certain Consulting Agreement dated September 3, 2019 between the Company and Holder (the
“Consulting Agreement”) and satisfies all obligations to issue equity to Holder under the Consulting Agreement. 

1. DEFINITIONS. The following definitions shall apply for purposes of this Warrant: 

“Act” means the Securities Act of 1933, as amended. 

“Business Day” means a weekday on which banks are open for general banking business in San Francisco, California. 

“Change of Control” means a Deemed Liquidation Event (as defined in the Company’s Amended and Restated
Certificate of Incorporation, as the same may be amended from time to time (the “Restated Certificate”)). 

 “Company” shall include, in addition to the Company identified in
the opening paragraph of this Warrant, any corporation or other entity that succeeds to the Company’s obligations under this Warrant, whether by permitted assignment, by merger or consolidation or otherwise. 

“Expiration Date” means 5:00 p.m. Pacific Time on December 11, 2029, or such earlier date and time on which this
Warrant ceases to be exercisable as provided in Section 4 hereof. 
 “Initial Public
Offering” means a firm commitment underwritten public offering pursuant to an effective registration statement filed under the Act covering the offer and sale of the Company’s Common Stock for the account of the Company.

 “Person” means an individual, corporation, limited liability company, partnership, association, joint-stock
company, trust, unincorporated organization, joint venture or other entity or any governmental authority. 

“Securities” means collectively this Warrant and the Warrant Stock issuable upon exercise of this Warrant. 

“Total Warrant Shares” means 250,000 shares of Warrant Stock. 

“Vested Warrant Shares” means Warrant Shares that are vested pursuant to Section 2.1 below. 

“Warrant” means this Warrant and any warrant(s) delivered in substitution or exchange therefor, as provided herein.

 “Warrant Price” means $0.43 per share. The Warrant Price is subject to adjustment as provided herein. 

“Warrant Stock” means the Company’s Common Stock, $0.0001 par value per share. The number and character of shares
of Warrant Stock are subject to adjustment as provided herein and the term “Warrant Stock” shall include stock and other securities and property at any time receivable or issuable upon exercise of this Warrant taking into
account all such adjustments. 
 “Warrant Shares” means shares of the Warrant Stock. 

2. EXERCISE. 

2.1 Vesting and Exercisability. This warrant will become vested and exercisable as to portions of the Total Warrant Shares
as follows: (i) this Warrant shall not vest nor be exercisable with respect to any of the Warrant Shares until October 3, 2019 (the “First Vesting Date”); (ii) on the First Vesting Date, this Warrant shall become
vested and exercisable as to 1/12th of the Total Warrant Shares; and (iii) thereafter on the same day of each full succeeding calendar month this Warrant will become vested and exercisable as
to an additional 1/12th of the Total Warrant Shares subject to this Warrant until this Warrant is vested with respect to 100% of the Total Warrant Shares. 

  
 2 

 2.2 Method of Exercise. Subject to the terms and conditions of
this Warrant, Holder may exercise this Warrant in whole or in part, at any time or from time to time, on any Business Day on or before the Expiration Date, for up to that number of Vested Warrant Shares. This Warrant shall be exercised by
surrendering this Warrant at the principal offices of the Company, with the subscription form attached hereto duly executed by Holder, and by payment in a form specified in Section 2.3 hereof of an amount equal to the
product obtained by multiplying (a) the number of Vested Warrant Shares to be purchased by Holder by (b) the Warrant Price as determined in accordance with the terms hereof. 

2.3 Form of Payment. Payment for the Warrant Stock upon exercise may be made by (a) a check payable to the
Company’s order, (b) wire transfer of funds to the Company or (c) any combination of the foregoing. 
 2.4
Partial Exercise. Upon a partial exercise of this Warrant, the number of shares of Warrant Stock issuable upon exercise of this Warrant immediately prior to such exercise shall be reduced by the aggregate number of shares
of Warrant Stock issued upon such exercise of this Warrant.  
 2.5 No Fractional Shares. No fractional
shares may be issued upon any exercise of this Warrant. If upon exercise of this Warrant in whole or in part, a fraction of a share would otherwise result, then in lieu of such fractional share, the Company shall pay to Holder an amount in cash
equal to such fraction of a share multiplied by the applicable Warrant Price. 
 2.6 Restrictions on Exercise.
This Warrant may not be exercised if the issuance of the Warrant Stock upon such exercise would constitute a violation of any applicable federal or state securities laws or other laws or regulations. As a condition to the exercise of this Warrant,
Holder shall execute the subscription form attached hereto as Exhibit 1, confirming and acknowledging that the representations and warranties set forth in Section 6 hereof as they apply to Holder
are true and complete as of the date of exercise. 
 3. ISSUANCE OF STOCK. Except as set forth in
Section 4 hereof, this Warrant shall be deemed to have been exercised immediately prior to the close of business on the date of its surrender for exercise as provided above, and the Person entitled to receive the shares of
Warrant Stock issuable upon such exercise shall be treated for all purposes as the holder of record of such shares as of the close of business on such date. As soon as practicable on or after such date, the Company shall issue and deliver to the
Person or Persons entitled to receive the same a certificate or certificates for the number of whole shares of Warrant Stock issuable upon such exercise, together with payment of any fractional shares pursuant to
Section 2.5 hereof. 
 4. [RESERVED] 

5. ADJUSTMENT PROVISIONS. The number and character of shares of Warrant Stock issuable upon exercise of this
Warrant and the Warrant Price therefor, are subject to adjustment upon each event specified in Sections 5.1 through 5.4 hereof occurring between the date this Warrant is issued and the earlier of the time that it is exercised in full
or the Expiration Date: 
 5.1 Adjustment for Stock Splits and Stock Dividends. The Warrant Price and the number
of shares of Warrant Stock for which this Warrant remains exercisable shall each be proportionally adjusted to reflect any stock dividend, stock split, reverse stock split or other similar event affecting the number of outstanding shares of Warrant
Stock. 

  
 3 

 5.2 Adjustment for Other Dividends and Distributions. In case
the Company shall make or issue, or shall fix a record date for the determination of eligible holders entitled to receive a dividend or other distribution payable with respect to the Warrant Stock that is payable in (a) securities of the
Company (other than issuances with respect to which adjustment is made under Section 5.1 or Section 5.3 hereof) or (b) assets (other than cash) which dividend or distribution is actually made
(each a “Dividend Event”), then, and in each such case, Holder, upon exercise of this Warrant at any time after such Dividend Event, shall receive, in addition to the shares of Warrant Stock, the securities or such other
assets of the Company that would have been payable to Holder if Holder had completed such exercise of this Warrant, immediately prior to such Dividend Event. 

5.3 Adjustment for Reorganization, Consolidation, Merger. (a) In case of any recapitalization or
reorganization of the Company or (b) in case the Company shall consolidate with or merge into one or more other corporations or entities which results in a change of the Warrant Stock, in each case other than a Change of Control (each, a
“Reorganization Event”), then, and in each such case, Holder, upon the exercise of this Warrant after such Reorganization Event, shall be entitled to receive, in lieu of the stock or other securities and property that Holder
would have been entitled to receive upon such exercise prior to such Reorganization Event, the stock or other securities or property which Holder would have been entitled to receive upon such Reorganization Event if, immediately prior to such
Reorganization Event, Holder had completed such exercise of this Warrant, all subject to further adjustment as provided in this Warrant. If after such Reorganization Event, this Warrant is exercisable for securities of a corporation or entity other
than the Company, then such corporation or entity shall duly execute and deliver to Holder a supplement hereto acknowledging such corporation’s or other entity’s obligations under this Warrant; and in each such case, the terms of this
Warrant shall be applicable to the shares of stock or other securities or property receivable upon the exercise of this Warrant after the consummation of such Reorganization Event. 

5.4 Conversion of Stock. In case all (a) the authorized Warrant Stock is converted, pursuant to the Restated
Certificate, into other securities or property of the Company, or (b) the Warrant Stock otherwise ceases to exist or to be authorized by the Restated Certificate (each, a “Stock Event”), then Holder, upon exercise of
this Warrant at any time after such Stock Event, shall receive, in lieu of the number of shares of Warrant Stock that would have been issuable upon exercise of this Warrant immediately prior to such Stock Event, the stock and other securities and
property that Holder would have been entitled to receive upon the Stock Event, if, immediately prior to such Stock Event, Holder had completed such exercise of this Warrant. 

5.5 Notice of Adjustments. The Company shall promptly give written notice of each adjustment under this
Section 5 of the Warrant Price or the number of shares of Warrant Stock or other securities that remain issuable upon exercise of this Warrant. The notice shall describe the adjustment and show in reasonable detail the
facts on which the adjustment or readjustment is based. 
 5.6 No Change Necessary. The form of this Warrant need
not be changed because of any adjustment in the Warrant Price or in the number of shares of Warrant Stock issuable upon its exercise. 

  
 4 

 5.7 Reservation of Stock. If the number of shares of Warrant
Stock or other securities issuable upon exercise of this Warrant that are authorized and unissued under the Restated Certificate shall not be sufficient to effect the exercise of this Warrant in full, the Company will promptly take such corporate
action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Warrant Stock or other securities issuable upon exercise of this Warrant as shall be sufficient for such purpose. 

6. REPRESENTATIONS; WARRANTIES AND CERTAIN AGREEMENTS OF HOLDER. Holder hereby represents and warrants to, and
agrees with, the Company, that:  
 6.1 Purchase for Own Account. The Securities will be acquired for
investment for Holder’s own account, not as a nominee or agent, and not with a view to the public resale or distribution thereof within the meaning of the Act, and Holder has no present intention of selling, granting any participation in, or
otherwise distributing the same. 
 6.2 Disclosure of Information. Holder has received or has had full access to
all the information it considers necessary or appropriate to make an informed investment decision with respect to the Securities. Holder further has had an opportunity to ask questions and receive answers from the Company regarding the terms and
conditions of the offering of the Securities and to obtain additional information (to the extent the Company possessed such information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to
Holder or to which Holder had access. 
 6.3 Investment Experience. Holder understands that the purchase of the
Securities involves substantial risk. Holder (a) has experience as an investor in securities of companies in the development stage and acknowledges that Holder is able to fend for itself, can bear the economic risk of Holder’s investment
in the Securities and has such knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of this investment in the Securities and protecting its own interests in connection with this
investment and/or (b) has a preexisting personal or business relationship with the Company and certain of its officers, directors or controlling Persons of a nature and duration that enables such Holder to be aware of the character, business
acumen and financial circumstances of such Persons. 
 6.4 Accredited Investor Status. Holder is familiar with the
definition of, and qualifies as, an “accredited investor” within the meaning of Regulation D promulgated under the Act. 

6.5 Restricted Securities. Holder understands that the Securities are characterized as “restricted
securities” under the Act and Rule 144 promulgated thereunder inasmuch as they are being acquired from the Company in a transaction not involving a public offering, and that under the Act and applicable regulations thereunder such
securities may be resold without registration under the Act only in certain limited circumstances. In this connection, Holder is familiar with Rule 144, as presently in effect, and understands the resale limitations imposed thereby and by the
Act. Holder understands that the Company is under no obligation to register any of the securities sold hereunder. Holder understands that no public market now exists for any of the Securities and that it is uncertain whether a public market will
ever exist for the Securities. 

  
 5 

 6.6 No Solicitation. At no time was Holder presented with or
solicited by any publicly issued or circulated newspaper, mail, radio, television or other form of general advertising or solicitation in connection with the offer, sale and purchase of the Securities. 

6.7 Further Limitations on Disposition. Without in any way limiting the representations and warranties of Holder
set forth above, Holder agrees not to make any disposition of all or any portion of the Securities unless and until: (a) there is then in effect a registration statement under the Act covering such proposed disposition and such disposition is
made in accordance with such registration statement; or (b) Holder shall have notified the Company of the proposed disposition, and shall have furnished the Company with a statement of the circumstances surrounding the proposed disposition,
and, upon request of the Company, with an opinion of counsel, at the expense of Holder or its transferee, reasonably satisfactory to the Company, that such disposition will not require registration of such securities under the Act. 

6.8 Legends. Holder understands and agrees that the certificates evidencing the Securities will bear legends
substantially similar to those set forth below in addition to any other legend that may be required by applicable law, by the Restated Certificate or the Company’s Bylaws, or by any agreement between the Company and Holder: 

(a) THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER
THE SECURITIES LAWS OF APPLICABLE STATES. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO
REGISTRATION OR EXEMPTION THEREFROM. HOLDER SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND
SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT. 
 (b) THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A 180 DAY MARKET STAND-OFF RESTRICTION AS SET FORTH IN A CERTAIN AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE
SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. AS A RESULT OF SUCH AGREEMENT, THESE SHARES MAY NOT BE TRADED PRIOR TO 180 DAYS AFTER THE EFFECTIVE DATE OF THE PUBLIC OFFERING OF THE COMMON
STOCK OF THE ISSUER HEREOF. SUCH RESTRICTION IS BINDING ON TRANSFEREES OF THESE SHARES.  
 (c) Any legend required by the laws of the
State of California, including any legend required by the California Department of Corporations and Sections 417 and 418 of the California Corporations Code or any other state securities laws. 

The legend set forth in (a) above shall be removed by the Company from any certificate evidencing the Securities upon delivery to the
Company of an opinion of counsel, reasonably satisfactory to the Company, that a registration statement under the Act is at that time in effect with respect to the legended security or that such security can be freely transferred in a public sale
(other than pursuant to Rule 144 or Rule 145 under the Act) without such a registration statement being in effect and that such transfer will not jeopardize the exemption or exemptions from registration pursuant to which the Company issued
the Securities. No opinion shall be required for routine transactions under Rule 144. 

  
 6 

 6.9 “Market
Stand-Off” Agreement. Holder hereby agrees that it shall not, to the extent requested by the Company or an underwriter of securities of the Company, sell or
otherwise transfer or dispose of any Securities or other shares of stock of the Company then owned by Holder (other than to donees or partners of Holder who agree to be similarly bound) for up to one hundred eighty (180) days following the
effective date of a registration statement of the Company filed under the Act. For purposes of this Section 6.9, the term “Company” shall include any wholly-owned subsidiary of the Company into which
the Company merges or consolidates. In order to enforce the foregoing covenant, the Company shall have the right to impose stop transfer instructions with respect to the Securities and such other Company securities of Holder (and the shares or
securities of every other Person subject to the foregoing restriction) until the end of such period. Holder further agrees to enter into any agreement reasonably required by the underwriters to implement the foregoing within any reasonable timeframe
so requested. 
 7. NO RIGHTS OR LIABILITIES AS STOCKHOLDER. This Warrant does not by itself entitle Holder to
any voting rights or other rights as a stockholder of the Company. In the absence of affirmative action by Holder to purchase Warrant Stock by exercise of this Warrant, no provisions of this Warrant, and no enumeration herein of the rights or
privileges of Holder, shall cause Holder to be a stockholder of the Company for any purpose. 
 8. GENERAL PROVISIONS. 

8.1 Attorneys’ Fees. In the event any party is required to engage the services of any attorneys for the
purpose of enforcing this Warrant, or any provision thereof, the prevailing party shall be entitled to recover its reasonable expenses and costs in enforcing this Warrant, including attorneys’ fees. 

8.2 Transfer. Except as expressly provided hereunder, neither this Warrant nor any rights hereunder may be
assigned, conveyed or transferred by Holder, in whole or in part, without the Company’s prior written consent, which the Company may withhold in its sole discretion. The rights and obligations of the Company and the Holder under this Warrant
shall be binding upon and benefit their respective permitted successors, assigns, heirs, administrators and transferees. 
 8.3
Governing Law. This Warrant shall be governed by and construed under the internal laws of the State of California as applied to agreements among California residents entered into and to be performed entirely within California,
without reference to principles of conflict of laws or choice of laws. 
 8.4 Headings. The headings and captions
used in this Warrant are used only for convenience and are not to be considered in construing or interpreting this Warrant. All references in this Warrant to Sections and Exhibits shall, unless otherwise provided, refer to sections hereof and
exhibits attached hereto, all of which exhibits are incorporated herein by this reference. 

  
 7 

 8.5 Notices. Unless otherwise provided herein, any notice
required or permitted under this Warrant shall be given in writing and shall be deemed effectively given (a) at the time of personal delivery, if delivery is in person; (b) one (1) Business Day after deposit with an express overnight
courier for United States deliveries, or three (3) Business Days after deposit with an international express overnight air courier for deliveries outside of the United States, in each case with proof of delivery from the courier requested; or
(c) four (4) Business Days after deposit in the United States mail by certified mail (return receipt requested) for United States deliveries, when addressed to the party to be notified at the address indicated for such party on the
signature page hereto or, in the case of the Company, at principal offices of the Company located at 275 Shoreline Dr., Suite 450, Redwood City, CA 94065, or at such other address as any party hereto may designate by giving ten (10) days’
advance written notice to all other parties in accordance with the provisions of this Section 8.5. 
 8.6
Amendment; Waiver. Any term of this Warrant may be amended, and the observance of any term of this Warrant may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the
written consent of the Company and Holder. Any amendment or waiver effected in accordance with this Section 8.6 shall be binding upon Holder. 

8.7 Severability. If one or more provisions of this Warrant are held to be unenforceable under applicable law, then
such provision(s) shall be excluded from this Warrant to the extent they are unenforceable and the remainder of this Warrant shall be interpreted as if such provision(s) were so excluded and shall be enforceable in accordance with its terms. 

8.8 Entire Agreement. This Warrant and the documents referred to herein, together with all the exhibits and
schedules hereto and thereto, constitute the entire agreement and understanding of the parties with respect to the subject matter hereof and supersedes any and all prior negotiations, correspondence, warrants, agreements, understandings duties or
obligations between the parties with respect to the subject matter hereof. 
 [SIGNATURE PAGE
FOLLOWS] 

  
 8 

 IN WITNESS WHEREOF, the parties hereto have executed this Warrant to Purchase Common
Stock as of the date first written above. 
  

			
	 THE COMPANY:
  

GRAYBUG VISION, INC.

		
	By:	 	 /s/ Frederic Guerard

	Name:	 	Frederic Guerard
	Title:	 	Chief Executive Officer

 AGREED AND ACKNOWLEDGED: 

HOLDER: 
 SG DAN EQUITY HOLDINGS, LLC 

 

			
	By:	 	 /s/ Daniel E. Geffken

	Name:	 	Daniel E. Geffken
	Title:	 	

 [SIGNATURE PAGE TO WARRANT TO
PURCHASE COMMON STOCK OF GRAYBUG VISION, INC.] 

 EXHIBIT 1 

FORM OF SUBSCRIPTION 

(To be completed and signed only upon exercise of Warrant) 

To: Graybug Vision, Inc. (the “Company”) 

We refer to that certain Warrant to Purchase Common Stock of the Company issued on December 11, 2019 (the
“Warrant”). 
 ☐ Cash Exercise. On the terms and conditions
set forth in the Warrant, the undersigned Holder hereby elects to purchase                      shares of Common Stock of Graybug
Vision, Inc. (the “Warrant Stock”), pursuant to the terms of the attached Warrant, and tenders herewith payment of the purchase price for such shares in full. 

In exercising the Warrant, the undersigned Holder hereby confirms and acknowledges that the representations and warranties set forth in
Section 6 of the Warrant as they apply to the undersigned Holder are true and complete as of this date. Please issue a certificate or certificates representing such shares of Warrant Stock in Holder’s name and deliver
such certificate(s) to Holder at the address set forth below: 
  

	
	  
 (Address)

	
	  
 (City, State, Zip
Code)

	
	  
 (Federal Tax Identification
Number)

 WHEREFORE, the undersigned Holder has executed and delivered the Warrant and this
Subscription Form as of the date set forth below. 
 HOLDER: 

SG DAN EQUITY HOLDINGS, LLC 
  

			
	By:	 	  

	Name:	 	  

	Title:	 	  

	Date:

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