Document:

EX-10.9

 Exhibit 10.9 

September 2, 2020 
 Bubba Breuil 

Dear Bubba: 
 Graybug Vision, Inc. (the
“Company”) is pleased to offer you employment on the following terms: 
 1.    Position.
Your title will be Chief Financial Officer and you will report to the Company’s Chief Executive Officer (the “CEO”). This is a full-time position. This position will require such travel as is necessary to fulfill your duties
under this letter agreement. 
 2.    Start Date. Subject to fulfillment of any conditions imposed by this
letter agreement, you will commence employment on September 4, 2020 (the “Start Date”). 

3.    Background Check/Proof of Right to Work. This offer is contingent upon successful background and
reference checks. In addition, for purposes of federal immigration law, you will be required to provide to the Company satisfactory documentary proof of your identity and eligibility for employment in the United States, and this offer is contingent
upon such satisfactory proof. Such documentation must be provided to the Company within three business days of your Start Date. 

4.    Cash Compensation. The Company will pay you a starting salary at the rate of $400,000 per year,
subject to applicable withholdings, payable in accordance with the Company’s standard payroll schedule which is currently semi-monthly payments. This salary will be subject to adjustment pursuant to the Company’s employee compensation
policies in effect from time to time. As an exempt salaried employee, you will be expected to work hours as required by the nature of your work assignments, including hours beyond the Company’s normal business hours, and you will not be
eligible for nor entitled to receive overtime compensation. 
 5.    Bonus. In addition, you will be
eligible to be considered for a discretionary incentive and retention bonus for each fiscal year of the Company. Whether you are awarded any bonus for a given fiscal year, and the amount of the bonus (if any), will be determined by the Company in
its sole discretion based on your or the Company’s achievement of objective or subjective criteria established and approved by the Company’s Board of Directors (the “Board”). Your target bonus will be equal to up to 40% of
your annual base salary. Any bonus for the fiscal year in which your employment begins will be prorated, based on the number of days you are employed by the Company during that fiscal year. Any bonus for a fiscal year will be paid within 21⁄2 months after the close of that fiscal year, and you must remain actively employed by the Company at the time of payment in order to earn a bonus for that fiscal
year. The determinations of the Board with respect to your bonus will be final and binding. 

 6.    Severance Benefits Not in Connection with a Change in
Control. 
 (a)    General. Except as set forth in Section 6, if the Company terminates your employment
for any reason other than for Cause or other than as a result of death or Permanent Disability, and a Separation occurs, then you will be entitled to the benefits described in this Section 6. However, this Section 6 will not apply unless
you (i) have returned all Company property in your possession, (ii) have resigned as a member of the Board of the Company and all of its subsidiaries, to the extent applicable, and (iii) have executed a general release of all claims
that you may have against the Company or persons affiliated with the Company. The release must be in the form prescribed by the Company, without alterations. You must execute and return the release on or before the date specified by the Company in
the prescribed form (the “Release Deadline”). The Release Deadline will in no event be later than 60 days after your Separation. If you fail to return the release on or before the Release Deadline, or if you revoke the release, then
you will not be entitled to the benefits described in this Section 6. 
 (b)    Salary Continuation. If the
Company terminates your employment for any reason other than for Cause or other than as a result of death or Permanent Disability and a Separation occurs, then the Company will continue to pay your base salary until the earlier of: (i) a period
of nine months after your Separation, and (ii) the date upon which you commence new employment or substantial self-employment. Your base salary will be paid at the rate in effect at the time of your Separation and in accordance with the
Company’s standard payroll procedures. The salary continuation payments will commence within 15 days after the Release Deadline, with the first payment including a catch-up payment, if applicable,
covering the amount that would have otherwise been paid during the period between the Separation Date and the first payment date. 

(c)    COBRA. If the Company terminates your employment for any reason other than for Cause or other than as a
result of death or Permanent Disability, a Separation occurs, and you elect to continue your health insurance coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) following your Separation, then the Company
will pay the same portion of your monthly premium under COBRA as it pays for active employees until the earliest of (i) the close of the nine-month period following your Separation, (ii) the expiration of your continuation coverage under
COBRA or (iii) the date when you commence new employment or substantial self-employment and become covered under another group health plan. Notwithstanding the foregoing, if the Company determines, in its sole discretion, that it cannot pay the
COBRA premiums without a substantial risk of violating applicable law, the Company instead shall pay to Executive, on the first day of each calendar month, a fully taxable cash payment equal to the applicable COBRA premiums for that month, subject
to applicable tax withholdings, for the remainder of the COBRA premium period. Executive may, but is not obligated to, use such payments toward the cost of COBRA premiums. 

(d)    Extended Exercise Period of Option. If the Company terminates your employment for any reason other than for
Cause or other than as a result of death or Permanent Disability and a Separation occurs, you will have the opportunity to exercise the vested portion of your Option until the first anniversary of your termination. 

7.    Severance Benefits in Connection with a Change in Control. In the event you are subject to a Qualified
Termination (as defined in the Policy (as defined below)) in the twelve-month 

  
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period following the consummation of a Change in Control (as defined in the Policy), then upon such termination you will be entitled to the benefits set forth in the Company’s recently
restated Change in Control Severance Policy that will become effective on the effective date the Company’s initial public offering (the “Public Offering”), as amended from time to time (the “Policy”), subject
to the terms and conditions set forth therein. For the avoidance of doubt, the severance payments and benefits payable pursuant to Section 6 above and this Section 7 are not cumulative. You hereby acknowledge that the severance benefits
pursuant to this Section 7 are intended to be the sole and exclusive severance benefits provided to you in connection with a Change in Control and you hereby waive any and all rights you may have with respect to any severance benefits in
connection with a Change in Control other than such benefits provided pursuant to the Policy. 

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

9.    Equity Awards. 

(a)    Stock Options. In connection with the commencement of your employment and subject to the approval of the
Board (or an authorized committee thereof), you will be granted an option to purchase 1,550,000 shares of the Company’s Common Stock (the “Option”). The number shares of Company Common Stock subject to the Option will be
adjusted for any stock split that the Company may effect in connection with the Company’s Public Offering. You will vest in 25% of the shares underlying the Option after the first 12 months of continuous service following the Start Date, and
will vest in the balance of the shares underlying the Option in equal monthly installments over the next three years of continuous service. The exercise price per share of the shares underlying the Option will be equal to the fair market value as
determined by the Board (or an authorized committee thereof) on the date of grant. The Option will be subject to the terms and conditions applicable to options granted under the Company’s 2015 Stock Incentive Plan (the “Plan”),
as described in the Plan and the applicable Stock Option Agreement thereunder, including vesting provisions consistent with this Section 9(a) and Section 7. 

(b)    Restricted Stock Units. In connection with the commencement of your employment and subject to the approval
of the Board (or an authorized committee thereof), on or shortly after the effective date of the Company’s Public Offering, you will be granted restricted stock unit award to acquire 80,000 shares of the Company’s Common Stock (the
“RSU”). The number shares of Company Common Stock subject to the RSU will not be adjusted for any stock split that the Company may effect in connection with the Company’s Public Offering. You will vest in 25% of the RSUs
after the first 12 months of continuous service following a vesting commencement date, and will vest in the balance of the RSUs in equal quarterly installments over the next three years of continuous service. The RSUs will be subject to the terms
and conditions applicable to RSUs granted under the Company’s 2020 Equity Incentive Plan (the “2020 Plan”), as described in the Plan and the applicable Restricted Stock Unit Agreement thereunder, including vesting provisions
consistent with this Section 9(b) and Section 7. 

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

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

13.    Duty of Loyalty; Duty Not to Compete. You agree to the best of your ability and experience that you
will at all times loyally and conscientiously perform all of the duties and obligations required of and from you, and to the reasonable satisfaction of the Company. During the term of your employment, you further agree that you will devote all of
your business time and attention to the business of the Company, the Company will be entitled to all of the benefits and profits arising from or incident to all such work services and advice, you will not render commercial or professional services
of any nature to any person or organization, whether or not for compensation, without the prior written consent of the Company, and you will not directly or indirectly engage or 

  
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participate in any business that is competitive in any manner with the business of the Company or that would create a conflict of interest with the Company. Nothing in this letter agreement will
prevent you from accepting speaking or presentation engagements in exchange for honoraria or from serving on boards of charitable organizations or such private or public companies, so long as these activities do not interfere with the performance of
your duties with the Company, or from owning no more than one percent (1%) of the outstanding equity securities of a corporation whose stock is listed on a national stock exchange. 

14.    Tax Matters. All forms of compensation referred to in this letter agreement are subject to reduction
to reflect applicable withholding and payroll taxes and other deductions required by law. You are encouraged to obtain your own tax advice regarding your compensation from the Company. You agree that the Company does not have a duty to design its
compensation policies in a manner that minimizes your tax liabilities, and you will not make any claim against the Company or its Board related to tax liabilities arising from your compensation. 

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

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

“Separation” means a “separation from service,” as defined in the regulations under Section 409A of the
Internal Revenue Code of 1986, as amended. 
 17.    Governing Law. The terms of this letter agreement and
the resolution of any disputes as to the meaning, effect, performance or validity of this letter agreement or arising out of, related to, or in any way connected with, this letter agreement, your employment with the Company or any other

  
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relationship between you and the Company (the “Disputes”) will be governed by California law, excluding laws relating to conflicts or choice of law. You and the Company submit to
the exclusive personal jurisdiction of the federal and state courts located in California in connection with any Dispute or any claim related to any Dispute. 

**** 

  
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 We hope that you will accept our offer to join the Company. You may indicate your agreement
with these terms and accept this offer by signing and dating both the enclosed duplicate original of this letter agreement and the enclosed Proprietary Information and Inventions Agreement and returning them to me. This offer, if not accepted, will
expire at the close of business on September 4, 2020. 
 If you have any questions, please do not hesitate to contact me. 

 

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

	By:	 	Frédéric Guerard
	Title:	 	Chief Executive Officer

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

			
	 /s/ Bubba Breuil

		 	 Signature of Employee

		
	Dated	 	September 3, 2020

  
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 EXHIBIT A 

CONFIDENTIAL INFORMATION AND INVENTIONS ASSIGNMENT AGREEMENT 

 FOR CALIFORNIA EMPLOYEES 

EMPLOYEE INVENTION ASSIGNMENT AND CONFIDENTIALITY AGREEMENT 

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

3.    Work for Hire; Assigned Inventions. I acknowledge and agree that any copyrightable works
prepared by me within the scope of my employment will be “works made for hire” under the Copyright Act and that the Company will be considered the author and owner of such copyrightable works. I agree that all Inventions that I make,
create, conceive or first reduce to practice during the period of my employment, whether or not in the course of my employment, and whether or not patentable, copyrightable or protectable as trade secrets, and that (i) are developed using
equipment, supplies, facilities or trade secrets of the Company; (ii) result from work performed by me for the Company; or (iii) relate to the Company’s business or actual or demonstrably anticipated research or development (the
“Assigned Inventions”), will be the sole and exclusive property of the Company. 

4.    Excluded Inventions and Other Inventions. Attached hereto as Exhibit A is a list
describing all existing Inventions, if any, that may relate to the Company’s business or actual or demonstrably anticipated research or development and that were made by me or acquired by me prior to the Effective Date (as defined in
Section 25, below), and which are not to be assigned to the Company (“Excluded Inventions”). If no such list is attached, I represent and agree that it is because I have no rights in any existing Inventions that may
relate to the Company’s business or 

  
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actual or demonstrably anticipated research or development. For purposes of this Agreement, “Other Inventions” means Inventions in which I have or may have an interest, as
of the Effective Date or thereafter, other than Assigned Inventions and Excluded Inventions. I acknowledge and agree that if, in the scope of my employment, I use any Excluded Inventions or any Other Inventions, or if I include any Excluded
Inventions or Other Inventions in any product or service of the Company or if my rights in any Excluded Inventions or Other Inventions may block or interfere with, or may otherwise be required for, the exercise by the Company of any rights assigned
to the Company under this Agreement, I will immediately so notify the Company in writing. Unless the Company and I agree otherwise in writing as to particular Excluded Inventions or Other Inventions, I hereby grant to the Company, in such
circumstances (whether or not I give the Company notice as required above), a perpetual, irrevocable, nonexclusive, transferable, world-wide, royalty-free license to use, disclose, make, sell, offer for sale, import, copy, distribute, modify and
create works based on, perform, and display such Excluded Inventions and Other Inventions, and to sublicense third parties in one or more tiers of sublicensees with the same rights. 

5.    Exception to Assignment. I understand that the Assigned Inventions will not include, and the
provisions of this Agreement requiring assignment of inventions to the Company do not apply to, any invention that qualifies fully for exclusion under the provisions of Section 2870 of the California Labor Code, which are attached hereto as
Exhibit B. 
 6.    Assignment of Rights. I agree to assign, and do hereby irrevocably
transfer and assign, to the Company: (i) all of my rights, title and interests in and with respect to any Assigned Inventions; (ii) all patents, patent applications, copyrights, mask works, rights in databases, trade secrets, and other
intellectual property rights, worldwide, in any Assigned Inventions, along with any registrations of or applications to register such rights; and (iii) to the extent assignable, any and all Moral Rights (as defined below) that I may have in or
with respect to any Assigned Inventions. I also hereby forever waive and agree never to assert any Moral Rights I may have in or with respect to any Assigned Inventions and any Excluded Inventions or Other Inventions licensed to the Company under
Section 4, even after termination of my employment with the Company. “Moral Rights” means any rights to claim authorship of a work, to object to or prevent the modification or destruction of a work, to withdraw from
circulation or control the publication or distribution of a work, and any similar right, regardless of whether or not such right is denominated or generally referred to as a “moral right.” 

7.    Assistance. I will assist the Company in every proper way to obtain and enforce for the Company
all patents, copyrights, mask work rights, trade secret rights and other legal protections for the Assigned Inventions, worldwide. I will execute and deliver any documents that the Company may reasonably request from me in connection with providing
such assistance. My obligations under this section will continue beyond the termination of my employment with the Company; provided that the Company agrees to compensate me at a reasonable rate after such termination for time and expenses
actually spent by me at the Company’s request in providing such assistance. I hereby appoint the Secretary of the Company as my attorney-in-fact to execute
documents on my behalf for this purpose. I agree that this appointment is coupled with an interest and will not be revocable. 

8.    Proprietary Information. I understand that my employment by the Company creates a relationship
of confidence and trust with respect to any information or materials of a 

  
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confidential or secret nature that may be made, created or discovered by me or that may be disclosed to me by the Company or a third party in relation to the business of the Company or to the
business of any parent, subsidiary, affiliate, customer or supplier of the Company, or any other party with whom the Company agrees to hold such information or materials in confidence (the “Proprietary Information”). Without
limitation as to the forms that Proprietary Information may take, I acknowledge that Proprietary Information may be contained in tangible material such as writings, drawings, samples, electronic media, or computer programs, or may be in the nature
of unwritten knowledge or know-how. Proprietary Information includes, but is not limited to, Assigned Inventions, marketing plans, product plans, designs, data, prototypes, specimens, test protocols,
laboratory notebooks, business strategies, financial information, forecasts, personnel information, contract information, customer and supplier lists, and the non-public names and addresses of the
Company’s customers and suppliers, their buying and selling habits and special needs. 

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

10.    Physical Property. All documents, supplies, equipment and other physical property furnished to
me by the Company or produced by me or others in connection with my employment will be and remain the sole property of the Company. I will return to the Company all such items when requested by the Company, excepting only my personal copies of
records relating to my employment or compensation and any personal property I bring with me to the Company and designate as such. Even if the Company does not so request, I will upon termination of my employment return to the Company all Company
property, and I will not take with me or retain any such items. 
 11.    No Breach of Prior
Agreements. I represent that my performance of all the terms of this Agreement and my duties as an employee of the Company will not breach any invention assignment, proprietary information, confidentiality,
non-competition, or other agreement with any former employer or other party. I represent that I will not bring with me to the Company or use in the performance of my duties for the Company any documents or
materials or intangibles of my own or of a former employer or third party that are not generally available for use by the public or have not been legally transferred to the Company. 

12.     “At Will” Employment. I understand that this Agreement does not constitute a
contract of employment or obligate the Company to employ me for any stated period of time. I understand that I am an “at will” employee of the Company and that my employment can be terminated at any time, with or without notice and with or
without cause, for any reason or for no 

  
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reason, by either the Company or by me. I acknowledge that any statements or representations to the contrary are ineffective, unless put into a writing signed by the Company. I further
acknowledge that my participation in any stock option or benefit program is not to be construed as any assurance of continuing employment for any particular period of time. 

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

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

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

17.    Injunctive Relief. I understand that a breach or threatened breach of this Agreement by me may
cause the Company to suffer irreparable harm and that the Company will therefore be entitled to injunctive relief to enforce this Agreement. 

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

  
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 19.    Counterparts. This Agreement may be executed
in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic
signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com or www.echosign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective
for all purposes. 
 20.    Entire Agreement. This Agreement and the documents referred to herein
constitute the entire agreement and understanding of the parties with respect to the subject matter of this Agreement, and supersede all prior understandings and agreements, whether oral or written, between the parties hereto with respect to such
subject matter. 
 21.    Amendment and Waiver. This Agreement may be amended only by a written
agreement executed by each of the parties to this Agreement. No amendment or waiver of, or modification of any obligation under, this Agreement will be enforceable unless specifically set forth in a writing signed by the party against which
enforcement is sought. A waiver by either party of any of the terms and conditions of this Agreement in any instance will not be deemed or construed to be a waiver of such term or condition with respect to any other instance, whether prior,
concurrent or subsequent. 
 22.    Successors and Assigns; Assignment. Except as otherwise
provided in this Agreement, this Agreement, and the rights and obligations of the parties hereunder, will bind and benefit the parties and their respective successors, assigns, heirs, executors, administrators, and legal representatives. The Company
may assign any of its rights and obligations under this Agreement. I understand that I will not be entitled to assign or delegate this Agreement or any of my rights or obligations hereunder, whether voluntarily or by operation of law, except with
the prior written consent of the Company. 
 23.    Further Assurances. The parties will execute
such further documents and instruments and take such further actions as may be reasonably necessary to carry out the purposes and intent of this Agreement. Upon termination of my employment with the Company, I will execute and deliver a document or
documents in a form reasonably requested by the Company confirming my agreement to comply with the post-employment obligations contained in this Agreement. 

24.    Acknowledgement. I certify and acknowledge that I have carefully read all of the provisions of
this Agreement and that I understand and will fully and faithfully comply with this Agreement. 
 [Section 25 and signatures follow on the
next page.] 

  
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 25.    Effective Date of Agreement. This Agreement
is and will be effective on and after the first day of my employment by the Company, which is September 4, 2020 (the “Effective Date”). 
  

							
	Company: GRAYBUG VISION, INC.	 		 	Employee:
				
	By	 	 /s/ Frédéric Guerard
	 	  	 	 /s/ Bubba Breuil

		 		 		 	Signature
				
	Name:	 	 Frédéric Guerard
	 		 	 Names: Bubba Breuil

				
	Title:	 	Chief Executive Officer	 		 	

  
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 Exhibit A 

LIST OF EXCLUDED INVENTIONS UNDER SECTION 4 
  

									
	 	  	 	 	  	Identifying Number	 
	 Title
	  	Date	 	  	or Brief Description	 
		  				  			
		  				  			
		  				  			

 ☒  No inventions, improvements, or original works of authorship 

☐  Additional sheets attached 

  
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 Signature of Employee:  /s/ Bubba
Breuil                     
 Print Name of
Employee:  Bubba Breuil                       

Date:
                                         
                                     

  
 Page 16 

 Exhibit B 

CALIFORNIA LABOR CODE 2870 NOTICE: 

California Labor Code Section 2870 provides as follows: 

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

  
 Page 17 

 Exhibit C 

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

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

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

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

  
 Page 18EX-10.10

 Exhibit 10.10 

 
 

 
  

 MASTER CONSULTING AGREEMENT 

THIS MASTER CONSULTING AGREEMENT (the “Agreement”) is made and entered into as of March 20, 2020 place of business at 275
Shoreline Drive, Suite 450, Redwood City, CA 94065 USA (“Company”), and Charles Semba, MD, having an address at *** (“Consultant”). Each of Company and Consultant are sometimes hereafter referred to as a
“Party” or collectively as the “Parties.” 
 WHEREAS, the Consultant has professional expertise related to the field(s) in which
Company is researching and developing products and technologies; 
 WHEREAS, Company desires to retain the Consultant to perform and do certain work
for the Company in furtherance of the development of the business of the Company, on the terms and conditions of this Agreement; and 
 WHEREAS, the
Consultant is desirous of performing such work for the Company, on the terms and conditions contained herein. 
 NOW THEREFORE, in full consideration
of the mutual promises, covenants and obligations contained in this Agreement, the sufficiency of which is hereby acknowledged, the Parties agree as follows: 

1. Services; Compensation; Disclosures. 
  

	 	(a)	 Services. Consultant shall furnish in a professional and workmanlike manner, as an independent
contractor using Consultant’s own means and methods, personal services as agreed to by the Parties and specified in a Request for Services document, a sample of which is attached hereto as Exhibit A (the “Request for
Services” or “Services”). The nature of the Services to be performed by Consultant, as well as the timing, cost and payment schedule with respect to such Services shall be set forth in the Request for Services. Company
agrees to pay the Consultant the fees specified in the Request for Services. There is no minimum number of hours for Service related projects and/or fees to be paid to Consultant required under this Agreement. Consultant shall be paid for actual
Services completed in accordance with this Agreement. The payment thereof shall constitute full payment for Services to Company during the Term of this Agreement, Consultant will receive no other remuneration resulting from or based upon the
Services or any products, and Consultant shall not receive any additional benefits or compensation for the Services; provided, however, that if Company requests a modification of the Services, the Parties shall agree in writing to adjust the
Services and, if applicable, the fee accordingly. 

  

	 	(b)	 Compensation. Company will reimburse Consultant for reasonable and customary travel and out-of-pocket expenses incurred by Consultant in connection with the Services provided under each Request for Services, provided that Consultant provides appropriate
supporting documentation of actual costs incurred (including receipts) in accordance with the Company’s Expense and Reimbursement Guidelines provided in Exhibit B and completes and submits the Travel Reimbursement Form attached hereto as
Exhibit C. Company or its authorized agents shall have the right to audit such financial documentation to verify amounts billed at any time upon request by Company. 

2. Term. 
  

	 	(a)	 The term of this Agreement shall commence on the Effective Date and shall continue in full force and effect
until December 31, 2020 (the “Term”), unless sooner terminated as provided herein. The Term may only be extended by mutual written agreement of the Parties. 

  
 CONFIDENTIAL 

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	 	(b)	 This Agreement and/or any Services to be performed by Consultant under this Agreement may be terminated by
Company (i) immediately upon notice to Consultant for any violation by Consultant of any provision of this Agreement or for any other cause, or (ii) at any time without cause upon fifteen (15) days written notice to Consultant. Upon
the delivery of such notice by Company, Consultant shall immediately cease work and deliver to Company all work in progress and return all Company Confidential Information (as defined in Section 8 below) and any
Company-owned materials and/or equipment. Company’s sole obligation shall be to pay Consultant undisputed monies owed Consultant up to the time of termination for Services actually performed and reasonable expenses actually incurred. Any
unearned or unexpended portion of monies previously paid by Company to Consultant shall be refunded to Company. 

  

	 	(c)	 This Agreement and/or any Services to be performed by Consultant under this Agreement may be terminated by
Consultant for cause upon written notice to Company if Company does not cure a breach of this Agreement within thirty (30) days after receiving written notice of such breach from Consultant. For purposes of this Agreement, “cause”
shall mean failure of Company to comply with its obligations under this Agreement. 

  

	 	(d)	 Consultant’s obligations under Sections 2(b), 2(d), 2(e), 6, 8, 9, 10, 11, 12, 13, 15, 16, 19, 22 and 25
of this Agreement shall survive the expiration or termination of this Agreement. 

  

	 	(e)	 The election of a party to terminate this Agreement shall not be deemed an election of remedies, and all other
remedies provided by this Agreement or available at law or in equity shall survive any termination. Neither expiration nor termination shall relieve Consultant from any liability arising from any breach of this Agreement. 

3. Conflicts of Interest.  
  

	 	(a)	 In General. Consultant warrants and represents that s/he is authorized to enter into this Agreement and
that Consultant is not a party to any other agreement or under any obligation to any third party which would prevent Consultant from entering into this Agreement or from performing Consultant’s obligations hereunder, or require Consultant to
obtain any consent or permission with respect thereto. Consultant warrants and represents that there is no conflict of interest in Consultant’s other contracts for services or other employment, if any, with the Services to be provided pursuant
to this Agreement and that Consultant will ensure that no such conflict arises during the Term of this Agreement. 

  

	 	(b)	 Special Provision regarding Government Employee Status. In the event that Consultant is employed by a
federal, state, local, or foreign government (or an agency thereof)) or is an elected or appointed public official (collectively for purposes of this Agreement, a “government employee”), Consultant shall check the box below the signature
line of this Agreement to certify that execution of this Agreement, performance of the Services, and receipt of compensation and/or reimbursement hereunder: (i) do not conflict with any contractual obligation or terms of employment or
Consultant’s official duties, and (ii) do not violate any law, policy or ethics rules relating to Consultant’s employment and Consultant’s performance of Services as an independent consultant to Company. Consultant shall further
certify that Consultant has and will take any actions required by the entity or agency by which s/he is employed or to which s/he has been elected/appointed related to the Services and compensation/reimbursement hereunder, which may include, by way
of example, disclosure of outside financial relationships, approval of outside consulting arrangements, and recusal from participation in certain decision-making activities. Failure to comply fully with this Section shall constitute a material
breach of this Agreement, and Company reserves the right to require Consultant to refund any compensation, expenses, or costs hereunder, in addition to any other legal rights Company may have. 

  
 CONFIDENTIAL 

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 4. No Debarment or Exclusion; Consultant Responsibility.  

 

	 	(a)	 Consultant certifies, represents and warrants that Consultant has not been: (i) debarred under subsections
(a) or (b) of Section 306 of the Federal Food, Drug and Cosmetic Act, as amended, 21 U.S.C. Section 335a(a) and (b) (the “FD&C Act”), (ii) excluded, debarred, suspended or otherwise ineligible to participate in
federal health care programs or in federal procurement or non-procurement programs (as that term is defined in 42 U.S.C. 1320a-7b(f)) or convicted of a criminal offense
related to the provision of health care items or services, but has not yet been debarred. Moreover, if Consultant is subsequently so debarred or excluded, Consultant agrees to immediately notify Company of such debarment or exclusion as provided in
Section 19 herein, and this Agreement shall terminate with respect to Consultant as of the date of such debarment or exclusion. 

  

	 	(b)	 Consultant certifies, represents and warrants that Consultant did not and will not use in any capacity the
Services of any person debarred under the FD&C Act in connection with its performance of this Agreement. Consultant shall select and shall have full and complete control of and responsibility for all actions of its agents, affiliates, officers,
directors, employees and permitted subcontractors, if any, of Consultant (collectively, “Consultant’s Agents”) and none of Consultant’s Agents shall be, or shall be deemed to be, the agents, affiliates, officers,
directors, employees or subcontractors of Company for any purpose whatsoever by virtue of this Agreement. Company shall have no duty, liability or responsibility of any kind, to or for the acts or omissions of Consultant or any of Consultant’s
Agents. Consultant hereby acknowledges and agrees that Consultant shall cause each of Consultant’s Agents who participate in rendering the Services provided hereunder to comply with the terms of this Agreement. 

5. Independent Contractor Relationship.  

This Agreement establishes an independent contractor relationship between the Parties, and all of the terms and conditions of this Agreement
shall be interpreted in light of that relationship. The relationship of Company and Consultant for purposes of this Agreement is completely independent and unrelated to any other relationship that exists or may exist in the future between the
Parties. This Agreement does not create any employer-employee, agency or partnership relationship. As an independent contractor, Consultant’s fees and expenses shall be limited to those expressly stated in this Agreement. Consultant shall not
participate in Company’s fringe benefit plans or any other compensation or benefit plans that Company maintains for its own employees. 
 6.
Consultant Responsible for Taxes.  
  

	 	(a)	 In General. In conformity with Consultant’s independent contractor status and without limiting any
of the foregoing, Consultant agrees to accept liability for the payment of all taxes or contributions for unemployment insurance or pensions or annuities or social security payments which are measured by the wages, salaries or other remuneration
paid to Consultant or Consultant’s Agents, if any, and to reimburse and indemnify Company for any such taxes or contributions or penalties which Company may be compelled to pay. Consultant also agrees to take all action and comply with all
applicable administrative regulations necessary for the payment by Consultant of such taxes and contributions. 

  

	 	(b)	 U.S. Consultants. Consultant agrees to prepare and provide to Company documentation, information and
certifications as required by the U.S. Internal Revenue Code, State, or Local Tax Regulatory authorities or agencies, as reasonably requested by Company to determine income tax withholdings, if any. For the purpose of this section, documentation,
information and certifications shall mean, by example, Form W-9, or others as may be reasonably requested. Consultant understands that Company will rely on, and use such, documentation, information and
certifications solely for Company’s tax reporting obligations, if any. 

  
 CONFIDENTIAL 

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	 	(c)	 Foreign Consultants. In general, foreign persons are subject to U.S. tax on certain types of income
received from U.S. sources. The Company will withhold income taxes as required by U.S. Internal Revenue Code Section 1441 from payments made to foreign Consultants including those who fail to provide Form
W-8 or Form 8233 as appropriate to substantiate exemption from or reduced rate of withholding. Such forms may be found at www.irs.gov. Consultant understands that Company will rely on properly completed forms
provided Consultant to meet Company’s tax reporting obligations, if any. Consultant will provide such forms in the manner required by the U.S. Internal Revenue Code. 

 

	 	(d)	 VAT Taxes. In addition, exclusive of any taxes imposed upon Consultant’s net income, Consultant
shall pay and Company shall reimburse Consultant for any and all taxes, duties, or excises imposed upon any payments made to Consultant hereunder by any governmental authority, including without limitation any sales, use, service, similar taxes, not
including value added taxes (“VAT”). Consultant shall pass through VAT only to the extent that it is non-recoverable by Consultant. In such instances, Consultant shall submit to Company
original documentation delineating VAT paid, the country in which it was incurred, and all required original documentation substantiating VAT or similar taxes. 

7. Consultant Responsible for Insurance. Consultant shall maintain all appropriate insurance coverage required by applicable federal and
state laws and shall produce a certificate of such insurance at Company’s request. 
 8. Confidentiality.  

 

	 	(a)	 Consultant agrees to use Company Confidential Information (as defined herein) solely to perform
Consultant’s obligations under this Agreement and agrees to retain in confidence and to refrain from disclosing and/or using Company Confidential Information for Consultant’s personal benefit or the benefit of any third party. The term
“Company Confidential Information” shall include without limitation (i) any and all information, formulae, methods, techniques, processes, know-how and data, technical or non-technical, whether written, graphic, computer-generated or orally furnished to Consultant by Company or indirectly learned by Consultant as a result of Consultant’s Services under this Agreement or obtained
by Consultant while visiting Company’s facilities, (ii) information which has been received by or disclosed to Consultant or Consultant’s Agents, either in oral or written or other tangible form including, without limitation,
Company’s business plans and/or compound or product information, and any physical substances or equipment provided to Consultant by Company, (iii) Intellectual Property (defined herein) and (iv) copies and derivations of and
improvements on any of the foregoing. Company Confidential Information is and shall be solely owned by Company. Consultant also agrees to safeguard and keep confidential, the confidential and proprietary information of Company’s actual or
potential investors, licensees, customers, vendors, suppliers, consultants and others with whom Company does or may do business, to the same extent as if it were Company Confidential Information. 

 

	 	(b)	 This restriction shall not apply to Company Confidential Information: (i) which is or becomes public
knowledge through no fault of Consultant or Consultant’s Agents; or (ii) which is lawfully made available to Consultant by an independent third party, and such lawful availability can be properly demonstrated by Consultant; or
(iii) which is already in Consultant’s possession at the time of initial receipt from Company and such prior possession can be properly demonstrated by Consultant; or (iv) which is independently developed by Consultant or
Consultant’s Agents and such independent development can be properly demonstrated by Consultant. 

  

	 	(c)	 Consultant may disclose that portion of Company Confidential Information which is required by law, regulation,
rule, act or order of any governmental authority or agency with competent jurisdiction to be disclosed by Consultant, provided, however, that Consultant gives Company sufficient advance written notice to permit it to seek a protective order
or other similar order or confidential treatment with respect to such Company Confidential Information and thereafter Consultant discloses only the minimum Company Confidential Information required to be disclosed in order to comply, whether or not
confidential treatment, a protective order or other similar order is obtained by Company. 

  
 CONFIDENTIAL 

4 

 

 
  

	 	(d)	 Except as permitted in subsection (b), above, Consultant agrees that Consultant will not, without the prior
written permission of Company, use Company Confidential Information for any purpose other than in carrying out the obligations of this Agreement and performing the Services. Consultant shall not use any Company Confidential Information to apply for,
secure or perfect any intellectual property rights. Consultant shall hold Company Confidential Information in a manner consistent with Consultant’s treatment of its own similar confidential information, but in no event shall Consultant maintain
the confidentiality of such information with less than reasonable care and diligence. Consultant shall provide the Company Confidential Information received hereunder only to Consultant’s Agents who are directly concerned with the Services
provided by Consultant under this Agreement and who are subject to and bound by written obligations of confidentiality, non-disclosure and non-use that are no less
restrictive than those provided for herein. Further, Consultant agrees to (i) advise Consultant’s Agents of the proprietary nature of the Company Confidential Information and the terms and conditions of this Agreement; and (ii) use
all reasonable safeguards to prevent the unauthorized use or disclosure of Company Confidential Information by such Agents. Consultant shall be responsible for any breach of this Agreement by Consultant’s Agents. Consultant also agrees not to
submit for publication any paper containing Company Confidential Information without the prior written permission of Company. 

 9.
Property/Ownership.  
  

	 	(a)	 All materials, documents, reports, information, descriptions, and suggestions of every kind supplied to
Consultant by Company in connection with and/or pursuant to this Agreement or the relationship established between Consultant and Company (including, without limitation, any such materials, documents, reports, information, descriptions and
suggestions supplied to Consultant by Company prior to the execution of this Agreement) shall be the sole and exclusive property of Company and shall be deemed and treated as Company Confidential Information. Company shall have the right to use as
it sees fit any information, materials, reports, documents, ideas, descriptions, advice, recommendations and suggestions provided by Consultant relating to the subject matter of this Agreement without payment of any consideration in addition to that
specified in this Agreement. Upon termination of this Agreement, Consultant shall return such items, including all copies thereof, to Company or dispose of such items as directed by Company. 

 

	 	(b)	 All information of whatever type developed or provided in connection with this Agreement, including those items
described in Section 9(a), shall upon its creation be the exclusive property of Company and shall be deemed and treated as Company Confidential Information. All machines, instruments and products purchased, manufactured or assembled by
Consultant or any of Consultant’s Agents, in connection with and/or pursuant to this Agreement or the relationship established between Consultant and Company and paid for by Company shall be the exclusive property of Company. Upon termination
of this Agreement, Consultant shall return such items, including all copies thereof, to Company or dispose of such items as directed by Company. 

  

	 	(c)	 If Company provides any materials (including without limitation, compounds, formulations, devices, samples or
the like) to Consultant, unless expressly provided for in the description of Services in Exhibit A, Consultant shall not use, copy, distribute, reverse engineer (by way of example but not limitation, by performing tests such as HPLC, gas
chromatography or x-ray crystallography), sell, lease, license or otherwise transfer, modify, adapt or create derivatives of such materials. 

10. Assignment of Intellectual Property.  
  

	 	(a)	 During the Term hereof, and without additional compensation to Consultant, Consultant hereby sells and assigns
to Company and Company shall be the exclusive owner of the entire right, title and interest, including all renewals for the entire world, in and to all work performed, deliverables, materials, writings, ideas, concepts, discoveries, developments, know-how, trade secrets, techniques, methodologies, modifications, innovations, improvements, data, documents, formulas, designs, 

  
 CONFIDENTIAL 

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models, drawings, photographs, reports, information, advice, recommendations and suggestions, tangible research materials, design inventions and other inventions made, whether patentable or not,
conceived, delivered, discovered, invented, developed, created, made or reduced to practice or authored by Consultant or any of Consultant’s Agents, either solely or jointly with others, in connection with this Agreement or with information,
materials or facilities of Company received or used by Consultant during the Term of the Agreement and all related intellectual property rights including enforcement rights (all hereinafter at times referred to as “Intellectual Property”),
and Consultant shall cause Consultant’s Agents to do the same, including if based upon information provided to Consultant by or at the direction of Company or its corporate affiliates or otherwise developed by Consultant in carrying out
Consultant’s duties under this Agreement. Consultant shall promptly disclose (and shall cause Consultant’s Agents to promptly disclose) all Intellectual Property in writing to Company. 

 

	 	(b)	 The Parties expressly agree that all works created pursuant to this Agreement are “Works Made for
Hire”, as defined in the U.S. Copyright Act, 17 U.S.C. 101, and shall vest in Company as author. All other work product, whether copyrightable or not, including without limitation, any works which may be deemed by a competent authority not to
be Works Made For Hire created pursuant to this Agreement, are, without additional consideration, hereby assigned to Company by Consultant, including without limitation, all right, title and interest in and to the copyright thereof throughout the
world, including all renewals and extensions thereof and including the right to make and distribute copies in any media, to translate, and/or make derivative works therefrom. Consultant agrees to execute and to secure the execution from any
applicable authors retained by Consultant all registrations, assignments, transfer documents and other instruments necessary or desirable in the reasonable opinion of Company to record any assignment or registration of copyright or other transfer of
ownership in any work transferred to Company pursuant to this Agreement. 

  

	 	(c)	 Consultant shall sign, execute and acknowledge or cause to be signed, executed and acknowledged any and all
further assignments, documents, assurances, applications and other instruments and to perform such acts as may be necessary, useful or convenient for the purpose of securing to Company and/or its nominees patent, trademark or copyright protection
throughout the world with respect to all Intellectual Property and other work product to be assigned to Company pursuant to Sections 10(a) and (b). 

  

	 	(d)	 Consultant shall specifically describe and identify in Exhibit D to this Agreement, and shall update
from time to time in writing during the Term hereof as necessary, any and all information, materials and technology (i) which Consultant intends to use in performing Services under this Agreement, (ii) which is either owned by Consultant
or licensed to Consultant with a right to sublicense, and (iii) which is in existence in the form of a writing or working prototype prior to the Effective Date of this Agreement (“Background Technology”). Without additional
consideration, Consultant hereby grants to the Company, and the Company hereby accepts, a fully paid-up, royalty-free, worldwide, non-exclusive, sublicensable,
perpetual, irrevocable, license under Background Technology to the extent necessary for the Company to use, reproduce, modify, distribute and otherwise exploit any Intellectual Property in order to develop, make, have made, use, sell, offer for sale
and import products. Other than that, which is set forth in Exhibit D, Consultant shall not use any information, materials or technology in the performance of the Services that is owned or controlled by Consultant or any third party.

  

	 	(e)	 No rights or licenses, including without limitation to trademarks, inventions, copyrights, patents or other
intellectual properties, are implied or granted to Consultant, whether by implication, estoppel or otherwise, under this Agreement. 

11. Publications. Consultant may not publish in any way without the prior written consent of Company, which consent may be
withheld by Company in its sole discretion, any material or manuscript relating to Consultant’s work hereunder and/or any information or materials that Consultant received in connection with or pursuant to this Agreement or Consultant’s
relationship established with Company. 

  
 CONFIDENTIAL 

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 12. Confidential Information of Third Parties. The performance by the Consultant of the
Services does not and will not breach any agreement which obligates Consultant to keep in confidence any confidential or proprietary information of any third party or to refrain from competing, directly or indirectly, with the business of any third
party. Consultant shall not use in the performance of the Services or disclose to Company any such confidential or proprietary information. In addition, Consultant represents and warrants that Consultant’s performance of the Services hereunder
does not and will not infringe upon or misappropriate any intellectual property rights. 
 13.
Non-Solicitation. Consultant agrees that during the Term of this Agreement and for a period of one (1) year thereafter, Consultant shall neither directly nor indirectly solicit for
employment, or otherwise retain, employees of Company whom Consultant has met as a result of Consultant’s performance of Services for Company. 

14. No Assignment, Delegation, or Subcontracting. Consultant may not, in whole or in part, assign, delegate, or subcontract its
interests and/or obligations under this Agreement, to any person, firm, partnership, corporation or other entity (including by operation of law, judicial process, or otherwise) without the prior written consent of Company, which consent may be
withheld in Company’s sole discretion, and any attempt to the contrary shall be void. Company may fully assign and transfer this Agreement in whole or part. 

15. Indemnification. Consultant hereby agrees to indemnify, defend and hold harmless Company, its affiliates, officers, directors,
agents and employees, successors and assigns, from, against and with respect to any and all third-party claims of any kind based on any gross negligence, willful misconduct or violation of law or regulation on the part of Consultant or any of
Consultant’s Agents in connection with Consultant’s performance of the Services or meeting his/her/its obligations hereunder. 
 16.
Governing Law and Jurisdiction. This Agreement is deemed to be consummated in the State of California USA. The terms and provisions of this Agreement shall be construed and interpreted pursuant to the laws of the State of California,
without regard to the conflict of law rules or principles thereof or of any other jurisdiction. The state or federal courts located in the State of Delaware are the agreed-upon forum for the resolution of all disputes arising hereunder, and the
Parties hereto, their officers, and employees hereby consent to (i) the jurisdiction and venue of the aforesaid courts for the purpose of resolving all such disputes and (ii) service of process by registered mail, return receipt requested,
or any other manner consistent with federal or California laws. Consultant hereby acknowledges and agrees that in the event of any breach of this Agreement by Consultant, including, without limitation, the actual or threatened disclosures in
violation of Sections 8, 9, 10, 11, 12 or 22 without the prior express written consent of Company, Company will suffer an irreparable injury, such that no remedy at law will afford it adequate protection against, or appropriate compensation for,
such injury. Accordingly, Consultant hereby agrees that Company shall be entitled to specific performance of Consultant’s obligations under this Agreement, as well as such further relief as may be granted by a court of competent jurisdiction,
without Company having to prove actual damages or post a bond. 
 17. Severability. In the event any portion of this Agreement
shall be held illegal, void or ineffective, the remaining portions hereof shall remain in full force and effect. If any of the terms or provisions of this Agreement are in conflict with any applicable statute or rule of law, then such term(s) or
provision(s) shall be deemed inoperative to the extent that they may conflict therewith and shall be deemed to be modified to conform with such statute or rule of law. 

18. Non-Waiver of Rights. No failure or delay on the part of either Party hereunder in
either exercising or enforcing any right hereunder will operate as a waiver of, or impair, any such right. No single or partial exercise or enforcement of any such right will preclude any other or further exercise or enforcement thereof or the
exercise or enforcement of any other right. No waiver of any such right will have effect unless given in a signed writing. No waiver of any such right will be deemed a waiver of any other right hereunder. 

  
 CONFIDENTIAL 

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 19. Notice. Any report or notice required or permitted to be given hereunder
shall be effective when sent. All notices shall be in writing and given personally or by prepaid certified mail, return receipt requested, or sent by expedited delivery service addressed to the Parties hereunder at their respective addresses as
follows: 
 If to Company: 

Graybug Vision, Inc. 

Attention: Dan Salain 

275 Shoreline Drive, Suite 450 

Redwood City, CA 94065 USA 

                    
     
 with copies to: 

Graybug Vision, Inc. 

Attention: Finance Dept. 

275 Shoreline Drive, Suite 450 

Redwood City, CA 94065 USA 

                    
     
  

	 	(a)	 If to CONSULTANT: 

Charles Semba 

****** 

****** 

Attention: Charles Semba 

Telephone: ****** 

Email: ****** 
 20.
Written Reports. Consultant shall provide to Company any written reports or test results, or other deliverables required under this Agreement with respect to the Services rendered hereunder and in accordance with the schedule
set forth in each Request for Service, or otherwise as may be mutually agreed by the Parties. Such results or written reports shall be in form and substance satisfactory to Company, and Consultant shall not be entitled to receive compensation for
Services performed under this Agreement until such time as such satisfactory results or written reports have been provided to Company with respect to the Services performed for which compensation is sought. 

21. Compliance with Law. Consultant represents and warrants that Consultant and Consultants’ Agents shall comply with any and
all applicable laws and regulations including but not limited to health, safety and security rules and regulations. Notwithstanding the foregoing, Consultant agrees that applicable laws and regulations shall include, but not be limited to, the
United States Federal Health Care Program Anti-Kickback statute and its state counterparts, each as amended; other United States Federal and state anti-fraud laws; United States Federal and state patient privacy and information laws; and United
States Federal Anti-Corruption laws such as the Foreign Corrupt Practice Act of 1977, as amended. Failure to comply with this Section shall be deemed a material breach of a material provision of this Agreement and the Company will have the right to
terminate this Agreement immediately upon written notice to Consultant without any liability to Consultant. 
 22. Additional Consultant
Responsibilities. Consultant understands the regulated nature of the pharmaceutical industry and the need for Company to retain control of the creation, approval and dissemination (including but not limited to any posting or placement
of any social media of any type) of all material created as a result of this Agreement. Consultant represents and warrants that Consultant will not release any material without the express written approval of Company. All material created as a
result of this Agreement shall be reviewed and approved through an applicable Company review process or procedure. 

  
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 23. Entire Agreement. This Agreement represents the entire understanding between
the Parties with respect to the subject matter contained herein and supersedes all prior and contemporaneous understandings and agreements, whether oral or written, between the Parties with respect to the Services to be performed hereunder. This
Agreement may be modified only with a written instrument duly executed by each of the Parties. No person has any authority to make any representation or promise on behalf of any of the Parties not set forth herein and this Agreement has not been
executed in reliance upon any representations or promises except those contained herein. 
 24. Headings. The headings contained in
this Agreement are for convenience of reference only and shall not affect or alter the meaning or effect of any provision hereof. 
 25.
Successors. This Agreement and all the rights, obligations, duties, representations, warranties and covenants of each Party shall inure to the benefit, and be the burden of, and shall be binding upon their
respective successors (including by operation of law) and permitted assigns. 
 26. Counterparts. This Agreement may be executed
simultaneously in one or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument. 

27. Electronic Signatures. The Parties agree that electronic signatures shall be deemed originals. 

28. No Changes. Any changes or revisions to this Agreement by Consultant shall render it null and void. 

29. Language. The language of this Agreement shall be English, and no rule of strict construction shall be applied against either
party. 
 [INTENTIONALLY BLANK] 

  
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 INTENDING TO BE LEGALLY BOUND, the Parties hereto have caused this Agreement to be executed by their
duly authorized representatives. 
  

									
	CONSULTANT	 		 	COMPANY
					
	By:	 	 /s/ Charles Semba
	 		 	By:	 	 /s/ Frederic Guerard

	Name:	 	Charles Semba	 		 	Name:	 	Frederic Guerard
	Title:	 	Consultant	 		 	Title:	 	CEO

  

	☐	 Check this box if you are a government employee (see Section 3)

 By checking the box, I certify as follows: 

I certify that: (i) execution of this Agreement and performance of the Services do not conflict with any contractual obligation, the terms of my
employment, or my official duties, and does not violate any state or federal policy relating my employment and my performance of the Services as an independent consultant, and (ii) I have and will take any actions required by the agency by
which I am employed or to which I have been elected/appointed related to the Services and compensation/reimbursement hereunder, which may include, by way of example, disclosure of outside financial relationships, approval of outside consulting
arrangements, and recusal from participation in certain decision-making activities. 

  
 CONFIDENTIAL 

10 

 

 
  

 EXHIBIT A 

REQUEST FOR SERVICES to MASTER 

CONSULTANT AGREEMENT BY AND BETWEEN 

COMPANY and CONSULTANT 

CONSULTING SERVICES 
 This Request for
Services (“RFS”) is made as of the last date on which it is signed by one of the Parties as indicated on the signature page hereof by and between Graybug Vision, Inc., a Delaware corporation having its principal place of business at
275 Shoreline Drive, Suite 450, Redwood City, CA 94065 USA (“Company”), and Charles Semba (“Consultant”). 
 Consultant
and Company are parties to that certain Master Consulting Agreement effective as of March 20, 2020, (the “Agreement”). This RFS is incorporated into the Agreement and expressly made a part thereof. Accordingly,
Consultant’s engagement hereunder is subject to the terms and conditions of the Agreement. 
 Consultant shall perform for Company the services (the
“Services”) described herein. 
 SERVICES 

Provide consultation on the clinical development strategy for Graybug Vision portfolio development in ophthalmology in both retinal disease and glaucoma. Be
available for teleconferences and/or face-to-face meetings at mutually agreed upon time and location. 

COMPENSATION 
 Compensation for Services provided
pursuant to the Agreement shall be $500/hr. Total compensation plus expense reimbursements shall not exceed $100,000 USD. 
 Checks shall be made payable to
Charles Semba (Federal Tax ID No. ******) by electronic bank transfer 
 Name of Bank:
        ****** 
 Account Number:    ****** 

Routing Number:     ****** 

Consultant shall receive no other payment or expense reimbursement for Consultant’s provision of Services as described herein. 

Stock options granted to Charles Semba prior to March 20, 2020 will continue to vest until the earlier of (i) the termination of the Agreement
pursuant to Section 2(a), 2(b) or 2(c) of the Agreement or (ii) December 31, 2020. 
 IN WITNESS WHEREOF, and intending to be legally
bound, the Parties hereto have caused this RFS to be executed by their duly authorized representatives. 
  

									
	CONSULTANT	 		 	COMPANY
					
	By:	 	 /s/ Charles Semba
	 		 	By:	 	 /s/ Frederic Guerard

	Name:	 	Charles Semba	 		 	Name:	 	Frederic Guerard
	Title:	 	Consultant	 		 	Title:	 	CEO
	Date:	 	09 March 2020	 		 	Date:	 	3/12/2020

  
 CONFIDENTIAL 

11 

 

 
  

 EXHIBIT B 

Company’s Expense and Reimbursement Guidelines 
  

	1.	 Travel arrangements must be authorized in writing in advance by the Company or booked directly by the Company.
All travel arrangements should be made in sufficient time to take advantage of time-related discounts whenever possible. Travel expenses will only be reimbursed at reasonable prevailing commercial rates. 

 

	2.	 Reimbursement for airline travel is limited to coach class (or equivalent) for travel within the US and
business class (or equivalent) for international travel. 

  

	3.	 Transportation to/from airport should be accomplished in a reasonably cost effective manner (e.g., taxi).
Automobile rentals should be in the compact or mid-size car class. 

  

	4.	 Hotel reservations should be made at “business class” hotels within a reasonable distance from the
location at which business will be conducted. “Business class” hotels in most cities should not exceed $300.00 per day without the prior written approval of the Company. 

 

	5.	 Reasonable meal expenditures will be reimbursed and approved up to $100.00 per day. This per diem should be
prorated accordingly for individuals working less than one full day. The per diem allowance may not be accumulated from day to day. Vendors/Consultants are expected to exercise good judgment in choosing restaurants in order to keep meal expenditures
within reasonable limits. TV shows, movies, mini-bar, and other sources of personal entertainment will not be reimbursed. 

 

	6.	 Two personal long distance telephone calls per day of a reasonable duration will be reimbursed. All reasonable
business related telephone calls related to the Company also will be reimbursed. 

  

	7.	 Incidental expenses of a personal nature will not be reimbursed except when mandated due to
status (e.g., significant travel delays). Reasonable laundry expenses will be reimbursed when on business travel for the Company for at least five consecutive days. 

 

	Note:	 This list details significant items and is not all inclusive. This list may be updated from time to time
in writing by the Company, including providing Consultant with a copy of the Company’s Travel & Expense policy when available. All expenses must be accompanied with appropriate receipts. Expenses will be reviewed for reasonableness and
compliance with these Guidelines. 

  
 CONFIDENTIAL 

12 

 

 
  

 EXHIBIT C 

Travel Reimbursement Form 
  

															
	
Consultant Name:               
      
	  		  	Approved By:	  	
				
	
Address:                 
        
	  		  	Date:	  	

  

																																	
	 Date

Incurred
	  	Description Of
Expense	 	  	Hotel	 	  	Airfare	 	  	Transportation	 	  	Meals	 	  	Mileage	 	  	Other	 	  	TOTAL	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  				  	$	0.00	 	  	$	0.00	 	  	$	0.00	 	  	$	0.00	 	  	$	0.00	 	  	$	0.00	 	  			
		  				  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  				  				  				  				  				  				  	 
	Sub
Total	 
 	  	$	0.00	 
		  				  				  				  				  				  				  				  	  
	  
	 
	 Notes
	  				  				  				  				  				  				  	 	TOTAL	 	  	$	 	 
		  				  				  				  				  				  				  				  	  
	  
	 
	 	  	 	 	  	 	 	  	            •
	 	  	See IRS Guidelines
for current mileage
reimbursement rate	 	  	 	 	  	 	 	  	 	 

  
 CONFIDENTIAL 

13 

 

 
  

 EXHIBIT D 

BACKGROUND TECHNOLOGY 

  
 CONFIDENTIAL 

14

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