Document:

EX-10.4

 Exhibit 10.4 

OYSTER POINT PHARMA, INC. 

2019 EMPLOYEE STOCK PURCHASE PLAN 

1. Purpose. The purpose of the Plan is to provide employees of the Company and its Designated Companies with an opportunity to purchase
Common Stock through accumulated Contributions. The Company intends for the Plan to have two components: a component that is intended to qualify as an “employee stock purchase plan” under Section 423 of the Code (the
“423 Component”) and a component that is not intended to qualify as an “employee stock purchase plan” under Section 423 of the Code (the “Non-423 Component”). The
provisions of the 423 Component, accordingly, will be construed so as to extend and limit Plan participation in a uniform and nondiscriminatory basis consistent with the requirements of Section 423 of the Code. An option to purchase shares
of Common Stock under the Non-423 Component will be granted pursuant to rules, procedures, or sub-plans adopted by the Administrator designed to achieve tax, securities
laws, or other objectives for Eligible Employees and the Company. Except as otherwise provided herein, the Non-423 Component will operate and be administered in the same manner as the 423 Component. 

2. Definitions. 
 (a)
“Administrator” means the Board or any Committee designated by the Board to administer the Plan pursuant to Section 14. 

(b) “Affiliate” means any entity, other than a Subsidiary, in which the Company has an equity or other ownership interest.

 (c) “Applicable Laws” means the requirements relating to the administration of equity-based awards under U.S. state
corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the applicable laws of any foreign country or jurisdiction where options are, or will be,
granted under the Plan. 
 (d) “Board” means the Board of Directors of the Company. 

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

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

 
Company’s voting stock immediately prior to the change in ownership, direct or indirect beneficial ownership of fifty percent (50%) or more of the total voting power of the stock of the
Company or of the ultimate parent entity of the Company, such event shall not be considered a Change in Control under this subsection (i). For this purpose, indirect beneficial ownership shall include, without limitation, an interest resulting from
ownership of the voting securities of one or more corporations or other business entities which own the Company, as the case may be, either directly or through one or more subsidiary corporations or other business entities; or 

(ii) A change in the effective control of the Company which occurs on the date that a majority of members of the Board is replaced during any
twelve (12)-month period by Directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election. For purposes of this subsection (ii), if any Person is considered to be
in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered a Change in Control; or 

(iii) A change in the ownership of a substantial portion of the Company’s assets which occurs on the date that any Person acquires (or
has acquired during the twelve (12)-month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or
more than fifty percent (50%) of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions; provided, however, that for purposes of this subsection, the following will not constitute
a change in the ownership of a substantial portion of the Company’s assets: (A) a transfer to an entity that is controlled by the Company’s stockholders immediately after the transfer, or (B) a transfer of assets by the Company
to: (1) a stockholder of the Company (immediately before the asset transfer) in exchange for or with respect to the Company’s stock, (2) an entity, fifty percent (50%) or more of the total value or voting power of which is owned,
directly or indirectly, by the Company, (3) a Person, that owns, directly or indirectly, fifty percent (50%) or more of the total value or voting power of all the outstanding stock of the Company, or (4) an entity, at least fifty percent
(50%) of the total value or voting power of which is owned, directly or indirectly, by a Person described in this subsection (iii)(B)(3). For purposes of this subsection, gross fair market value means the value of the assets of the Company, or the
value of the assets being disposed of, determined without regard to any liabilities associated with such assets. 
 For purposes of this
definition, persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase, or acquisition of stock, or similar business transaction with the Company. 

Notwithstanding the foregoing, a transaction will not be deemed a Change in Control unless the transaction qualifies as a change in control
event within the meaning of Code Section 409A, as it has been and may be amended from time to time, and any proposed or final U.S. Treasury Regulations and Internal Revenue Service guidance that has been promulgated or may be promulgated
thereunder from time to time. 
 Further and for the avoidance of doubt, a transaction will not constitute a Change in Control if:
(i) its sole purpose is to change the state of the Company’s incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s
securities immediately before such transaction. 

  
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 (f) “Code” means the U.S. Internal Revenue Code of 1986, as amended.
Reference to a specific section of the Code will include such section, any valid regulation or other official applicable guidance promulgated under such section, and any comparable provision of any future legislation or regulation amending,
supplementing or superseding such section or regulation. 
 (g) “Committee” means a committee of the Board appointed in
accordance with Section 14 hereof. 
 (h) “Common Stock” means the Class A common stock of the Company. 

(i) “Company” means Oyster Point Pharma, Inc., a Delaware corporation, or any successor thereto.  

(j) “Compensation” includes an Eligible Employee’s base straight time gross earnings but excludes payments for incentive
compensation, bonuses, payments for overtime and shift premium, equity compensation income and other similar compensation. The Administrator, in its discretion, may, on a uniform and nondiscriminatory basis, establish a different definition of
Compensation for a subsequent Offering Period. 
 (k) “Contributions” means the payroll deductions and other additional
payments that the Company may permit to be made by a Participant to fund the exercise of options granted pursuant to the Plan. 
 (l)
“Designated Company” means any Subsidiary or Affiliate of the Company that has been designated by the Administrator from time to time in its sole discretion as eligible to participate in the Plan. For purposes of the 423 Component,
only the Company and its Subsidiaries may be Designated Companies, provided, however that at any given time, a Subsidiary that is a Designated Company under the 423 Component will not be a Designated Company under the
Non-423 Component. 
 (m) “Director” means a member of the Board. 

(n) “Eligible Employee” means any individual who is a common law employee providing services to the Company or a Designated
Company and is customarily employed for at least twenty (20) hours per week and more than five (5) months in any calendar year by the Employer, or any lesser number of hours per week and/or number of months in any calendar year established
by the Administrator (if required under applicable local law) for purposes of any separate Offering or the Non-423 Component. For purposes of the Plan, the employment relationship will be treated as continuing
intact while the individual is on sick leave or other leave of absence that the Employer approves or is legally protected under Applicable Laws. Where the period of leave exceeds three (3) months and the individual’s right to reemployment
is not guaranteed either by statute or by contract, the employment relationship will be deemed to have terminated three (3) months and one (1) day following the commencement of such leave. The Administrator, in its discretion, from time to
time may, prior to an Enrollment Date for all options to be granted on such Enrollment Date in an Offering, 

  
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determine (on a uniform and nondiscriminatory basis or as otherwise permitted by Treasury Regulation Section 1.423-2) that the definition of Eligible
Employee will or will not include an individual if he or she: (i) has not completed at least two (2) years of service since his or her last hire date (or such lesser period of time as may be determined by the Administrator in its
discretion), (ii) customarily works not more than twenty (20) hours per week (or such lesser period of time as may be determined by the Administrator in its discretion), (iii) customarily works not more than five (5) months per
calendar year (or such lesser period of time as may be determined by the Administrator in its discretion), (iv) is a highly compensated employee within the meaning of Section 414(q) of the Code, or (v) is a highly compensated employee
within the meaning of Section 414(q) of the Code with compensation above a certain level or is an officer or subject to the disclosure requirements of Section 16(a) of the Exchange Act, provided the exclusion is applied with respect to
each Offering in an identical manner to all highly compensated individuals of the Employer whose Eligible Employees are participating in that Offering. Each exclusion will be applied with respect to an Offering in a manner complying with U.S.
Treasury Regulation Section 1.423-2(e)(2)(ii). 
 (o) “Employer” means the
employer of the applicable Eligible Employee(s). 
 (p) “Enrollment Date” means the first Trading Day of an Offering Period.

 (q) “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, including the rules and regulations
promulgated thereunder. 
 (r) “Exercise Date” means a date on which each outstanding option granted under the Plan will be
exercised (except if the Plan has been terminated), as may be determined by the Administrator, in its discretion and on a uniform and nondiscriminatory basis from time to time prior to an Enrollment Date for all options to be granted on such
Enrollment Date. For purposes of clarification, there may be multiple Exercise Dates during an Offering Period. 
 (s) “Fair Market
Value” means, as of any date, the value of a share of Common Stock determined as follows: 
 (i) the Fair Market Value will be the
closing sales price for Common Stock as quoted on any established stock exchange or national market system (including without limitation the New York Stock Exchange, NASDAQ Global Select Market, the NASDAQ Global Market or the NASDAQ Capital Market
of The NASDAQ Stock Market) on which the Common Stock is listed on the date of determination (or the closing bid, if no sales were reported), as reported in The Wall Street Journal or such other source as the Administrator deems reliable. If
the determination date for the Fair Market Value occurs on a non-trading day (i.e., a weekend or holiday), the Fair Market Value will be such price on the immediately preceding trading day, unless otherwise
determined by the Administrator. In the absence of an established market for the Common Stock, the Fair Market Value thereof will be determined in good faith by the Administrator. 

The determination of fair market value for purposes of tax withholding may be made in the Administrator’s discretion subject to Applicable Laws and is
not required to be consistent with the determination of Fair Market Value for other purposes. 

  
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 (ii) In the absence of an established market for the Common Stock, the Fair Market Value
thereof will be determined in good faith by the Administrator. 
 (t) “Fiscal Year” means a fiscal year of the Company. 

(u) “New Exercise Date” means a new Exercise Date if the Administrator shortens any Offering Period then in progress. 

(v) “Offering” means an offer under the Plan of an option that may be exercised during an Offering Period as further described
in Section 4. For purposes of the Plan, the Administrator may designate separate Offerings under the Plan (the terms of which need not be identical) in which Eligible Employees of one or more Employers will participate, even if the dates of the
applicable Offering Periods of each such Offering are identical and the provisions of the Plan will separately apply to each Offering. To the extent permitted by U.S. Treasury Regulation
Section 1.423-2(a)(1), the terms of each Offering need not be identical provided that the terms of the Plan and an Offering together satisfy U.S. Treasury Regulation
Section 1.423-2(a)(2) and (a)(3). 
 (w) “Offering Period” means a period
beginning on such date as may be determined by the Administrator in its discretion and ending on such Exercise Date as may be determined by the Administrator in its discretion, in each case on a uniform and nondiscriminatory basis. The duration and
timing of Offering Periods may be changed pursuant to Sections 4, 20, and 30. 
 (x) “Parent” means a “parent
corporation,” whether now or hereafter existing, as defined in Section 424(e) of the Code. 
 (y) “Participant”
means an Eligible Employee that participates in the Plan. 
 (z) “Plan” means this Oyster Point Pharma, Inc. 2019 Employee
Stock Purchase Plan. 
 (aa) “Purchase Period” means the period, as determined by the Administrator in its discretion on a
uniform and nondiscriminatory basis, during an Offering Period that commences on the Offering Period’s Enrollment Date and ends on the next Exercise Date, except that if the Administrator determines that more than one Purchase Period should
occur within an Offering Period, subsequent Purchase Periods within such Offering Period commence after one Exercise Date and end with the next Exercise Date at such time or times as the Administrator determines prior to the commencement of the
Offering Period. 
 (bb) “Purchase Price” means the price per Share of the Shares purchased under any option granted under
the Plan as determined by the Administrator from time to time, in its discretion and on a uniform and nondiscriminatory basis for all options to be granted on an Enrollment Date. However, in no event will the Purchase Price be less than eighty-five
percent (85%) of the lower of the Fair Market Value of a share of Common Stock on the Enrollment Date or the Fair Market Value of a share of Common Stock on the Exercise Date and at all times in compliance with Section 423 of the Code (or any
successor rule or provision or any other Applicable Law, regulation or stock exchange rule). 

  
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 (cc) “Subsidiary” means a “subsidiary corporation,” whether now
or hereafter existing, as defined in Section 424(f) of the Code. 
 (dd) “Trading Day” means a day on which the
national stock exchange upon which the Common Stock is listed is open for trading. 
 (ee) “U.S. Treasury Regulations” means
the Treasury regulations of the Code. Reference to a specific Treasury Regulation will include such Treasury Regulation, the section of the Code under which such regulation was promulgated, and any comparable provision of any future legislation or
regulation amending, supplementing, or superseding such Section or regulation. 
 3. Eligibility. 

(a) Offering Periods. Any Eligible Employee on a given Enrollment Date will be eligible to participate in the Plan, subject to the
requirements of Section 5. 
 (b) Non-U.S. Employees. Eligible Employees who are citizens
or residents of a non-U.S. jurisdiction (without regard to whether they also are citizens or residents of the United States or resident aliens (within the meaning of Section 7701(b)(1)(A) of the Code))
may be excluded from participation in the Plan or an Offering if the participation of such Eligible Employees is prohibited under the laws of the applicable jurisdiction or if complying with the laws of the applicable jurisdiction would cause the
Plan or an Offering to violate Section 423 of the Code. In the case of the Non-423 Component, Eligible Employees may be excluded from participation in the Plan or an Offering if the Administrator
determines that participation of such Eligible Employees is not advisable or practicable. 
 (c) Limitations. Any provisions of the
Plan to the contrary notwithstanding, no Eligible Employee will be granted an option under the Plan (i) to the extent that, immediately after the grant, such Eligible Employee (or any other person whose stock would be attributed to such
Eligible Employee pursuant to Section 424(d) of the Code) would own capital stock of the Company or any Parent or Subsidiary of the Company and/or hold outstanding options to purchase such stock possessing five percent (5%) or more of the total
combined voting power or value of all classes of the capital stock of the Company or of any Parent or Subsidiary of the Company, or (ii) to the extent that his or her rights to purchase stock under all employee stock purchase plans (as defined
in Section 423 of the Code) of the Company or any Parent or Subsidiary of the Company accrues at a rate, which exceeds twenty-five thousand dollars ($25,000) worth of stock (determined at the Fair Market Value of the stock at the time such
option is granted) for each calendar year in which such option is outstanding at any time, as determined in accordance with Section 423 of the Code and the regulations thereunder. 

4. Offering Periods. Offering Periods will expire on the earliest to occur of (i) the completion of the purchase of Shares on the
last Exercise Date occurring within twenty-seven (27) months of the applicable Enrollment Date on which the option to purchase Shares was granted, or (ii) such shorter period as may be established by the Administrator from time to time, in
its discretion and on a uniform and nondiscriminatory basis, prior to an Enrollment Date for all options to be granted on such Enrollment Date. 

  
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 5. Participation. An Eligible Employee may participate in the Plan by
(i) submitting to the Company’s stock administration office (or its designee) a properly completed subscription agreement authorizing Contributions in the form provided by the Administrator for such purpose or (ii) following an
electronic or other enrollment procedure determined by the Administrator, in either case on or before a date determined by the Administrator prior to an applicable Enrollment Date. 

6. Contributions. 
 (a) At
the time a Participant enrolls in the Plan pursuant to Section 5, he or she will elect to have Contributions (in the form of payroll deductions or otherwise, to the extent permitted by the Administrator) made on each pay day during the Offering
Period in an amount that the Administrator may establish from time to time, in its discretion and on a uniform and nondiscriminatory basis, for all options to be granted on any Enrollment Date (for illustrative purposes, should a pay day occur on an
Exercise Date, a Participant will have any Contributions made on such day applied to his or her account under the then-current Purchase Period or Offering Period). The Administrator, in its sole discretion, may permit all Participants in a specified
Offering to contribute amounts to the Plan through payment by cash, check or other means set forth in the subscription agreement prior to each Exercise Date of each Purchase Period. A Participant’s subscription agreement will remain in effect
for successive Offering Periods unless terminated as provided in Section 10 hereof. 
 (b) In the event Contributions are made in the
form of payroll deductions, such payroll deductions for a Participant will commence on the first pay day following the Enrollment Date and will end on the last pay day on or prior to the last Exercise Date of such Offering Period to which such
authorization is applicable, unless sooner terminated by the Participant as provided in Section 10 hereof. 
 (c) All Contributions made
for a Participant will be credited to his or her account under the Plan and Contributions will be made in whole percentages of his or her Compensation only. A Participant may not make any additional payments into such account. 

(d) A Participant may discontinue his or her participation in the Plan as provided under Section 10. Except as may be permitted by the
Administrator, as determined in its sole discretion, a Participant may not change the rate of his or her Contributions during an Offering Period. 

(e) Notwithstanding the foregoing, to the extent necessary to comply with Section 423(b)(8) of the Code and Section 3(d), a
Participant’s Contributions may be decreased to zero percent (0%) at any time during a Purchase Period. Subject to Section 423(b)(8) of the Code and Section 3(d) hereof, Contributions will recommence at the rate originally elected by
the Participant effective as of the beginning of the first Purchase Period scheduled to end in the following calendar year, unless terminated by the Participant as provided in Section 10. 

(f) Notwithstanding any provisions to the contrary in the Plan, the Administrator may allow Participants to participate in the Plan via cash
contributions instead of payroll deductions if (i) payroll deductions are not permitted under applicable local law, (ii) the Administrator determines that cash contributions are permissible under Section 423 of the Code; or
(iii) the Participants are participating in the Non-423 Component. 

  
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 (g) At the time the option is exercised, in whole or in part, or at the time some or all of
the Common Stock issued under the Plan is disposed of (or any other time that a taxable event related to the Plan occurs), the Participant must make adequate provision for the Company’s or Employer’s federal, state, local or any other tax
liability payable to any authority including taxes imposed by jurisdictions outside of the U.S., national insurance, social security or other tax withholding obligations, if any, which arise upon the exercise of the option or the disposition of the
Common Stock (or any other time that a taxable event related to the Plan occurs). At any time, the Company or the Employer may, but will not be obligated to, withhold from the Participant’s compensation the amount necessary for the Company or
the Employer to meet applicable withholding obligations, including any withholding required to make available to the Company or the Employer any tax deductions or benefits attributable to sale or early disposition of Common Stock by the Eligible
Employee. In addition, the Company or the Employer may, but will not be obligated to, withhold from the proceeds of the sale of Common Stock or any other method of withholding the Company or the Employer deems appropriate to the extent permitted by
U.S. Treasury Regulation Section 1.423-2(f). 
 7. Grant of Option. On the Enrollment
Date of each Offering Period, each Eligible Employee participating in such Offering Period will be granted an option to purchase on each Exercise Date during such Offering Period (at the applicable Purchase Price) up to a number of shares of Common
Stock determined by dividing such Eligible Employee’s Contributions accumulated prior to such Exercise Date and retained in the Eligible Employee’s account as of the Exercise Date by the applicable Purchase Price; provided that in no event
will an Eligible Employee be permitted to purchase during each Purchase Period more than a fixed number shares of Common Stock (subject to any adjustment pursuant to Section 19) in an amount that the Administrator may establish from time to
time, in its discretion and on a uniform and nondiscriminatory basis, for all options to be granted on any Enrollment Date, and provided further that such purchase will be subject to the limitations set forth in Sections 3(d) and 13. The Eligible
Employee may accept the grant of such option by electing to participate in the Plan in accordance with the requirements of Section 5. The Administrator may, for future Offering Periods, increase or decrease, in its absolute discretion, the
maximum number of shares of Common Stock that an Eligible Employee may purchase during each Purchase Period. Exercise of the option will occur as provided in Section 8, unless the Participant has withdrawn pursuant to Section 10. The
option will expire on the last day of the Offering Period. 
 8. Exercise of Option. 

(a) Unless a Participant withdraws from the Plan as provided in Section 10, his or her option for the purchase of shares of Common Stock
will be exercised automatically on each Exercise Date, and the maximum number of full shares subject to the option will be purchased for such Participant at the applicable Purchase Price with the accumulated Contributions from his or her account. No
fractional shares of Common Stock will be purchased; any Contributions accumulated in a Participant’s account, which are not sufficient to purchase a full share will be retained in the Participant’s account for the subsequent Purchase
Period or Offering Period, subject to earlier withdrawal by the Participant as provided in Section 10. Any other funds left over in a Participant’s account after the Exercise Date will be returned to the Participant. During a
Participant’s lifetime, a Participant’s option to purchase shares hereunder is exercisable only by him or her. 

  
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 (b) If the Administrator determines that, on a given Exercise Date, the number of shares of
Common Stock with respect to which options are to be exercised may exceed (i) the number of shares of Common Stock that were available for sale under the Plan on the Enrollment Date of the applicable Offering Period, or (ii) the number of
shares of Common Stock available for sale under the Plan on such Exercise Date, the Administrator may in its sole discretion (x) provide that the Company will make a pro rata allocation of the shares of Common Stock available for purchase on
such Enrollment Date or Exercise Date, as applicable, in as uniform a manner as will be practicable and as it will determine in its sole discretion to be equitable among all Participants exercising options to purchase Common Stock on such Exercise
Date, and continue all Offering Periods then in effect or (y) provide that the Company will make a pro rata allocation of the shares of Common Stock available for purchase on such Enrollment Date or Exercise Date, as applicable, in as uniform a
manner as will be practicable and as it will determine in its sole discretion to be equitable among all participants exercising options to purchase Common Stock on such Exercise Date, and terminate any or all Offering Periods then in effect pursuant
to Section 20. The Company may make a pro rata allocation of the shares available on the Enrollment Date of any applicable Offering Period pursuant to the preceding sentence, notwithstanding any authorization of additional shares for issuance
under the Plan by the Company’s stockholders subsequent to such Enrollment Date. 
 9. Delivery. As soon as reasonably
practicable after each Exercise Date on which a purchase of shares of Common Stock occurs, the Company will arrange the delivery to each Participant of the shares purchased upon exercise of his or her option in a form determined by the Administrator
(in its sole discretion) and pursuant to rules established by the Administrator. The Company may permit or require that shares be deposited directly with a broker designated by the Company or to a designated agent of the Company, and the Company may
utilize electronic or automated methods of share transfer. The Company may require that shares be retained with such broker or agent for a designated period of time and/or may establish other procedures to permit tracking of disqualifying
dispositions of such shares. No Participant will have any voting, dividend, or other stockholder rights with respect to shares of Common Stock subject to any option granted under the Plan until such shares have been purchased and delivered to the
Participant as provided in this Section 9. 
 10. Withdrawal. 

(a) A Participant may withdraw all but not less than all the Contributions credited to his or her account and not yet used to exercise his or
her option under the Plan at any time by (i) submitting to the Company’s stock administration office (or its designee) a written notice of withdrawal in the form determined by the Administrator for such purpose (which may be similar to the
form attached hereto as Exhibit B), or (ii) following an electronic or other withdrawal procedure determined by the Administrator. All of the Participant’s Contributions credited to his or her account will be paid to such
Participant promptly after receipt of notice of withdrawal and such Participant’s option for the Offering Period will be automatically terminated, and no further Contributions for the purchase of shares will be made for such Offering Period. If
a Participant withdraws from an Offering Period, Contributions will not resume at the beginning of the succeeding Offering Period, unless the Participant re-enrolls in the Plan in accordance with the
provisions of Section 5. 

  
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 (b) A Participant’s withdrawal from an Offering Period will not have any effect on his
or her eligibility to participate in any similar plan that may hereafter be adopted by the Company or in succeeding Offering Periods that commence after the termination of the Offering Period from which the Participant withdraws. 

11. Termination of Employment. Upon a Participant’s ceasing to be an Eligible Employee, for any reason, he or she will be deemed
to have elected to withdraw from the Plan and the Contributions credited to such Participant’s account during the Offering Period but not yet used to purchase shares of Common Stock under the Plan will be returned to such Participant or, in the
case of his or her death, to the person or persons entitled thereto under Section 15, and such Participant’s option will be automatically terminated. Unless otherwise provided by the Administrator, a Participant whose employment transfers
between entities through a termination with an immediate rehire (with no break in service) by the Company or a Designated Company will not be treated as terminated under the Plan; however, if a Participant transfers from an Offering under the 423
Component to the Non-423 Component, the exercise of the option will be qualified under the 423 Component only to the extent it complies with Section 423 of the Code, unless otherwise provided by the
Administrator. 
 12. Interest. No interest will accrue on the Contributions of a participant in the Plan, except as may be required
by Applicable Law, as determined by the Company, and if so required by the laws of a particular jurisdiction, will apply to all Participants in the relevant Offering under the 423 Component, except to the extent otherwise permitted by U.S. Treasury
Regulation Section 1.423-2(f). 
 13. Stock. 

(a) Subject to adjustment upon changes in capitalization of the Company as provided in Section 19 hereof, the maximum number of shares of
Common Stock that will be made available for sale under the Plan will be 270,000 shares of Common Stock. The number of shares of Common Stock available for issuance under the Plan will be increased on the first day of each Fiscal Year beginning for
the Fiscal Year following the Fiscal Year in which the first Enrollment Date (if any) occurs equal to the least of (i) 1,000,000 shares of Common Stock, (ii) one percent (1%) of the outstanding shares of Common Stock on the last day of the
immediately preceding Fiscal Year, or (iii) an amount determined by the Administrator. 
 (b) Until the shares of Common Stock are
issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), a Participant will have only the rights of an unsecured creditor with respect to such shares, and no right to vote or
receive dividends or any other rights as a stockholder will exist with respect to such shares. 
 (c) Shares of Common Stock to be delivered
to a Participant under the Plan will be registered in the name of the Participant or in the name of the Participant and his or her spouse. 

  
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 14. Administration. The Plan will be administered by the Board or a Committee
appointed by the Board, which Committee will be constituted to comply with Applicable Laws. The Administrator will have full and exclusive discretionary authority to construe, interpret and apply the terms of the Plan, to delegate ministerial duties
to any of the Company’s employees, to designate separate Offerings under the Plan, to designate Subsidiaries and Affiliates of the Company as participating in the 423 Component or Non-423 Component, to
determine eligibility, to adjudicate all disputed claims filed under the Plan and to establish such procedures that it deems necessary for the administration of the Plan (including, without limitation, to adopt such procedures and sub-plans as are necessary or appropriate to permit the participation in the Plan by employees who are foreign nationals or employed outside the U.S., the terms of which
sub-plans may take precedence over other provisions of this Plan, with the exception of Section 13(a) hereof, but unless otherwise superseded by the terms of such
sub-plan, the provisions of this Plan will govern the operation of such sub-plan). Unless otherwise determined by the Administrator, the Eligible Employees eligible to
participate in each sub-plan will participate in a separate Offering or in the Non-423 Component. Without limiting the generality of the foregoing, the Administrator is
specifically authorized to adopt rules and procedures regarding eligibility to participate, the definition of Compensation, handling of Contributions, making of Contributions to the Plan (including, without limitation, in forms other than payroll
deductions), establishment of bank or trust accounts to hold Contributions, payment of interest, conversion of local currency, obligations to pay payroll tax, determination of beneficiary designation requirements, withholding procedures and handling
of stock certificates that vary with applicable local requirements. The Administrator also is authorized to determine that, to the extent permitted by U.S. Treasury Regulation Section 1.423-2(f), the
terms of an option granted under the Plan or an Offering to citizens or residents of a non-U.S. jurisdiction will be less favorable than the terms of options granted under the Plan or the same Offering to
employees resident solely in the U.S. Every finding, decision, and determination made by the Administrator will, to the full extent permitted by law, be final and binding upon all parties. 

15. Designation of Beneficiary. 

(a) If permitted by the Administrator, a Participant may file a designation of a beneficiary who is to receive any shares of Common Stock and
cash, if any, from the Participant’s account under the Plan in the event of such Participant’s death subsequent to an Exercise Date on which the option is exercised but prior to delivery to such Participant of such shares and cash. In
addition, if permitted by the Administrator, a Participant may file a designation of a beneficiary who is to receive any cash from the Participant’s account under the Plan in the event of such Participant’s death prior to exercise of the
option. If a Participant is married and the designated beneficiary is not the spouse, spousal consent will be required for such designation to be effective. 

(b) Such designation of beneficiary may be changed by the Participant at any time by notice in a form determined by the Administrator. In the
event of the death of a Participant and in the absence of a beneficiary validly designated under the Plan who is living at the time of such Participant’s death, the Company will deliver such shares and/or cash to the executor or administrator
of the estate of the Participant, or if no such executor or administrator has been appointed (to the knowledge of the Company), the Company, in its discretion, may deliver such shares and/or cash to the spouse or to any one or more dependents or
relatives of the Participant, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate. 

  
 - 11 - 

 (c) All beneficiary designations will be in such form and manner as the Administrator may
designate from time to time. Notwithstanding Sections 15(a) and (b) above, the Company and/or the Administrator may decide not to permit such designations by Participants in non-U.S. jurisdictions to the
extent permitted by U.S. Treasury Regulation Section 1.423-2(f). 
 16. Transferability.
Neither Contributions credited to a Participant’s account nor any rights with regard to the exercise of an option or to receive shares of Common Stock under the Plan may be assigned, transferred, pledged or otherwise disposed of in any way
(other than by will, the laws of descent and distribution or as provided in Section 15 hereof) by the Participant. Any such attempt at assignment, transfer, pledge or other disposition will be without effect, except that the Company may treat
such act as an election to withdraw funds from an Offering Period in accordance with Section 10 hereof. 
 17. Use of Funds. The
Company may use all Contributions received or held by it under the Plan for any corporate purpose, and the Company will not be obligated to segregate such Contributions except under Offerings or for Participants in the
Non-423 Component for which Applicable Laws require that Contributions to the Plan by Participants be segregated from the Company’s general corporate funds and/or deposited with an independent third
party. Until shares of Common Stock are issued, Participants will have only the rights of an unsecured creditor with respect to such shares. 

18. Reports. Individual accounts will be maintained for each Participant in the Plan. Statements of account will be given to
participating Eligible Employees at least annually, which statements will set forth the amounts of Contributions, the Purchase Price, the number of shares of Common Stock purchased and the remaining cash balance, if any. 

19. Adjustments, Dissolution, Liquidation, Merger, or Change in Control. 

(a) Adjustments. In the event that any dividend or other distribution (whether in the form of cash, Common Stock, other securities, or
other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of
Common Stock or other securities of the Company, or other change in the corporate structure of the Company affecting the Common Stock occurs, the Administrator, in order to prevent dilution or enlargement of the benefits or potential benefits
intended to be made available under the Plan, will, in such manner as it may deem equitable, adjust the number and class of Common Stock that may be delivered under the Plan, the Purchase Price per share and the number of shares of Common Stock
covered by each option under the Plan that has not yet been exercised, and the numerical limits of Sections 7 and 13. 
 (b) Dissolution
or Liquidation. In the event of the proposed dissolution or liquidation of the Company, any Offering Period then in progress will be shortened by setting a New Exercise Date, and will terminate immediately prior to the consummation of such
proposed dissolution or liquidation, unless provided otherwise by the Administrator. The New Exercise Date will be before the date of the Company’s proposed dissolution or liquidation. The Administrator will notify each Participant in writing
or electronically, 

  
 - 12 - 

 
prior to the New Exercise Date, that the Exercise Date for the Participant’s option has been changed to the New Exercise Date and that the Participant’s option will be exercised
automatically on the New Exercise Date, unless prior to such date the Participant has withdrawn from the Offering Period as provided in Section 10 hereof. 

(c) Merger or Change in Control. In the event of a merger or Change in Control, each outstanding option will be assumed or an equivalent
option substituted by the successor corporation or a Parent or Subsidiary of the successor corporation. In the event that the successor corporation refuses to assume or substitute for the option, the Offering Period with respect to which such option
relates will be shortened by setting a New Exercise Date on which such Offering Period will end. The New Exercise Date will occur before the date of the Company’s proposed merger or Change in Control. The Administrator will notify each
Participant in writing or electronically prior to the New Exercise Date, that the Exercise Date for the Participant’s option has been changed to the New Exercise Date and that the Participant’s option will be exercised automatically on the
New Exercise Date, unless prior to such date the Participant has withdrawn from the Offering Period as provided in Section 10 hereof. 

20. Amendment or Termination. 

(a) The Administrator, in its sole discretion, may amend, suspend, or terminate the Plan, or any part thereof, at any time and for any reason.
If the Plan is terminated, the Administrator, in its discretion, may elect to terminate all outstanding Offering Periods either immediately or upon completion of the purchase of shares of Common Stock on the next Exercise Date (which may be sooner
than originally scheduled, if determined by the Administrator in its discretion), or may elect to permit Offering Periods to expire in accordance with their terms (and subject to any adjustment pursuant to Section 19). If the Offering Periods
are terminated prior to expiration, all amounts then credited to Participants’ accounts that have not been used to purchase shares of Common Stock will be returned to the Participants (without interest thereon, except as otherwise required
under Applicable Laws, as further set forth in Section 12 hereof) as soon as administratively practicable. 
 (b) Without stockholder
consent and without limiting Section 20(a), the Administrator will be entitled to change the Offering Periods or Purchase Periods, designate separate Offerings, limit the frequency and/or number of changes in the amount withheld during an
Offering Period, establish the exchange ratio applicable to amounts withheld in a currency other than U.S. dollars, permit Contributions in excess of the amount designated by a Participant in order to adjust for delays or mistakes in the
Company’s processing of properly completed Contribution elections, establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Common Stock for each
Participant properly correspond with Contribution amounts, and establish such other limitations or procedures as the Administrator determines in its sole discretion advisable that are consistent with the Plan. 

  
 - 13 - 

 (c) In the event the Administrator determines that the ongoing operation of the Plan may
result in unfavorable financial accounting consequences, the Administrator may, in its discretion and, to the extent necessary or desirable, modify, amend or terminate the Plan to reduce or eliminate such accounting consequence including, but not
limited to: 
 (i) amending the Plan to conform with the safe harbor definition under the Financial Accounting Standards Board Accounting
Standards Codification Topic 718 (or any successor thereto), including with respect to an Offering Period underway at the time; 
 (ii)
altering the Purchase Price for any Offering Period or Purchase Period including an Offering Period or Purchase Period underway at the time of the change in Purchase Price; 

(iii) shortening any Offering Period or Purchase Period by setting a New Exercise Date, including an Offering Period or Purchase Period
underway at the time of the Administrator action; 
 (iv) reducing the maximum percentage of Compensation a Participant may elect to set
aside as Contributions; and 
 (v) reducing the maximum number of shares of Common Stock a Participant may purchase during any Offering
Period or Purchase Period. 
 Such modifications or amendments will not require stockholder approval or the consent of any Participants. 

21. Notices. All notices or other communications by a Participant to the Company under or in connection with the Plan will be deemed to
have been duly given when received in the form and manner specified by the Company at the location, or by the person, designated by the Company for the receipt thereof. 

22. Conditions Upon Issuance of Shares. Shares of Common Stock will not be issued with respect to an option unless the exercise of such
option and the issuance and delivery of such shares pursuant thereto will comply with all applicable provisions of law, domestic or foreign, including, without limitation, the U.S. Securities Act of 1933, as amended, the Exchange Act, the rules and
regulations promulgated thereunder, and the requirements of any stock exchange upon which the shares may then be listed, and will be further subject to the approval of counsel for the Company with respect to such compliance. 

As a condition to the exercise of an option, the Company may require the person exercising such option to represent and warrant at the time of
any such exercise that the shares are being purchased only for investment and without any present intention to sell or distribute such shares if, in the opinion of counsel for the Company, such a representation is required by any of the
aforementioned applicable provisions of law. 
 23. Code Section 409A. The 423 Component of the Plan is exempt
from the application of Code Section 409A and any ambiguities herein will be interpreted to so be exempt from Code Section 409A. In furtherance of the foregoing and notwithstanding any provision in the Plan to the contrary, if the
Administrator determines that an option granted under the Plan may be subject to Code Section 409A or that any provision in the Plan would cause an option under the Plan to be subject to Code Section 409A, the Administrator may amend the
terms of the Plan and/or of an outstanding option granted under the Plan, or take such other action the Administrator determines is necessary or appropriate, in each case, without the 

  
 - 14 - 

 
Participant’s consent, to exempt any outstanding option or future option that may be granted under the Plan from or to allow any such options to comply with Code Section 409A, but only
to the extent any such amendments or action by the Administrator would not violate Code Section 409A. Notwithstanding the foregoing, the Company will have no liability to a Participant or any other party if the option to purchase Common Stock
under the Plan that is intended to be exempt from or compliant with Code Section 409A is not so exempt or compliant or for any action taken by the Administrator with respect thereto. The Company makes no representation that the option to
purchase Common Stock under the Plan is compliant with Code Section 409A. 
 24. Term of Plan. The Plan will become effective
upon the later to occur of (i) its adoption by the Board or (ii) the business day immediately prior to the Registration Date. It will continue in effect for a term of twenty (20) years, unless sooner terminated under Section 20.

 25. Stockholder Approval. The Plan will be subject to approval by the stockholders of the Company within twelve (12) months
after the date the Plan is adopted by the Board. Such stockholder approval will be obtained in the manner and to the degree required under Applicable Laws. 

26. Governing Law. The Plan will be governed by, and construed in accordance with, the laws of the State of New Jersey (except its choice-of-law provisions). 
 27. No Right to Employment.
Participation in the Plan by a Participant will not be construed as giving a Participant the right to be retained as an employee of the Company or a Subsidiary or Affiliate of the Company, as applicable. Further, the Company or a Subsidiary or
Affiliate of the Company may dismiss a Participant from employment at any time, free from any liability or any claim under the Plan. 
 28.
Severability. If any provision of the Plan is or becomes or is deemed to be invalid, illegal, or unenforceable for any reason in any jurisdiction or as to any Participant, such invalidity, illegality or unenforceability will not affect the
remaining parts of the Plan, and the Plan will be construed and enforced as to such jurisdiction or Participant as if the invalid, illegal or unenforceable provision had not been included. 

29. Compliance with Applicable Laws. The terms of this Plan are intended to comply with all Applicable Laws and will be construed
accordingly. 
 30. Automatic Transfer to Low Price Offering Period. To the extent permitted by Applicable Laws, if the Fair Market
Value on any Exercise Date in an Offering Period is lower than the Fair Market Value on the Enrollment Date of such Offering Period, then all Participants in such Offering Period automatically will be withdrawn from such Offering Period immediately
after the exercise of their option on such Exercise Date and automatically re-enrolled in the immediately following Offering Period as of the first day thereof. 

  
 - 15 - 

 EXHIBIT A 

OYSTER POINT PHARMA, INC. 

2019 EMPLOYEE STOCK PURCHASE PLAN 

SUBSCRIPTION AGREEMENT 
  

			
	_____ Original Application	  	Offering Date:
                                         
   

 _____ Change in Payroll Deduction Rate 

1. ____________________ (“Employee”) hereby elects to participate in the Oyster Point Pharma, Inc. 2019 Employee Stock Purchase Plan
(the “Plan”) and subscribes to purchase shares of the Company’s Common Stock in accordance with this Subscription Agreement and the Plan. Unless otherwise defined herein, the terms defined in the 2019 Employee Stock Purchase Plan (the
“Plan”) shall have the same defined meanings in this Subscription Agreement. 
 2. Employee hereby authorizes payroll deductions
from each paycheck in the amount of ____% (from 1% to 20%) of his or her Compensation on each payday during the Offering Period in accordance with the Plan. (Please note that no fractional percentages are permitted.) 

3. Employee understands that said payroll deductions will be accumulated for the purchase of shares of Common Stock at the applicable Purchase
Price determined in accordance with the Plan. Employee understands that if he or she does not withdraw from an Offering Period, any accumulated payroll deductions will be used to automatically exercise his or her option and purchase Common Stock
under the Plan. 
 4. Employee has received a copy of the complete Plan and its accompanying prospectus. Employee understands that his or
her participation in the Plan is in all respects subject to the terms of the Plan. 
 5. Shares of Common Stock purchased by Employee under
the Plan should be issued in the name(s) of _____________ (Employee or Employee and Spouse only). 
 6. Employee understands that if he or
she disposes of any shares that he or she purchased under the Plan within two (2) years after the Enrollment Date (the first day of the Offering Period during which he or she purchased such shares) or one (1) year after the applicable
Exercise Date, he or she will be treated for federal income tax purposes as having received ordinary income at the time of such disposition in an amount equal to the excess of the fair market value of the shares at the time such shares were
purchased over the price paid for the shares. Employee hereby agrees to notify the Company in writing within thirty (30) days after the date of any disposition of such shares and to make adequate provision for federal, state or
other tax withholding obligations, if any, that arise upon the disposition of such shares. The Company may, but will not be obligated to, withhold from Employee’s compensation the amount necessary to meet any applicable withholding
obligation including any withholding necessary to make available to the Company any tax 

  
 - 16 - 

 
deductions or benefits attributable to Employee’s sale or early disposition of such shares. Employee understands that if he or she disposes of such shares at any time after the expiration of
the two (2)-year and one-(1) year holding periods, he or she will be treated for federal income tax purposes as having received income only at the time of such disposition, and that such income will
be taxed as ordinary income only to the extent of an amount equal to the lesser of (i) the excess of the fair market value of the shares at the time of such disposition over the purchase price paid for the shares, or (ii) fifteen percent
(15%) of the fair market value of the shares on the first day of the Offering Period. The remainder of the gain, if any, recognized on such disposition will be taxed as capital gain. 

7. Employee hereby agrees to be bound by the terms of the Plan. The effectiveness of this Subscription Agreement is dependent upon
Employee’s eligibility to participate in the Plan. 
  

					
	 Participant’s ID Number:
	 	  
	 	
                   
     

			
	 Employee’s Address:
	 	  
	 	
			
		 	  
	 	
			
		 	  
	 	

 EMPLOYEE UNDERSTANDS THAT THIS SUBSCRIPTION AGREEMENT WILL REMAIN IN EFFECT THROUGHOUT SUCCESSIVE OFFERING PERIODS UNLESS
TERMINATED BY EMPLOYEE. 
  

					
	Dated:
                                         
                                         
          	 		 	  

		 		 	Signature of Employee

  
 - 17 - 

 EXHIBIT B 

OYSTER POINT PHARMA, INC. 

2019 EMPLOYEE STOCK PURCHASE PLAN 

NOTICE OF WITHDRAWAL 
 Unless otherwise
defined herein, the terms defined in the 2019 Employee Stock Purchase Plan (the “Plan”) shall have the same defined meanings in this Notice of Withdrawal. 

The undersigned Participant in the Offering Period of the Oyster Point Pharma, Inc. 2019 Employee Stock Purchase Plan that began on ____________, ______
(the “Offering Date”) hereby notifies the Company that he or she hereby withdraws from the Offering Period. He or she hereby directs the Company to pay to the undersigned as promptly as practicable all the payroll deductions credited to
his or her account with respect to such Offering Period. The undersigned understands and agrees that his or her option for such Offering Period will be terminated automatically. The undersigned understands further that no further payroll deductions
will be made for the purchase of shares in the current Offering Period and the undersigned will be eligible to participate in succeeding Offering Periods only by delivering to the Company a new Subscription Agreement. 

 

	
	Name and Address of Participant:
	
	  

	
	  

	
	  

	
	Signature:
	
	  

	
	Date:
                                         
                                         
      

  
 - 18 -EX-10.11

 Exhibit 10.11 

CERTAIN IDENTIFIED INFORMATION HAS BEEN OMITTED
FROM THIS DOCUMENT BECAUSE IT IS BOTH NOT 

MATERIAL AND WOULD BE COMPETITIVELY HARMFUL
IF PUBLICLY DISCLOSED, AND HAS BEEN MARKED WITH 

“[***]” TO INDICATE WHERE OMISSIONS HAVE
BEEN MADE. 
 NON-EXCLUSIVE PATENT LICENSE AGREEMENT

 This Non-Exclusive Patent License Agreement (the “Agreement”) is made as of 18th October 2019 (the “Effective Date”) by and between Pfizer Inc. a corporation organized under the laws of Delaware, having its principal place of business at 235 East 42nd Street, New York, NY 10017, USA (hereinafter “Pfizer”) on behalf of itself and its Affiliates, and Oyster Point Pharma, Inc. a corporation organized and existing under the laws of
Delaware and having offices located at 202 Carnegie Center, Suite 109, Princeton, NJ 08540 (“Oyster”). Each of Oyster and Pfizer may be referred to individually herein as a “Party” or collectively as the
“Parties”. 
 WHEREAS, Pfizer has the right to grant licenses under the Licensed Patents; 

WHEREAS, Oyster wishes to obtain a non-exclusive license under the Licensed Patents, to
develop, make, have made, use, import and sell Licensed Product; and 
 WHEREAS, Pfizer is willing to grant such a license to Oyster
on the terms and conditions of this Agreement. 
 NOW, THEREFORE, in consideration of the mutual promises, covenants and agreements
contained in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 
  

	 	1.	 DEFINITIONS. The following terms shall have the meanings indicated in this Agreement:

  

	 	1.1.	 “Affiliate” means any Person controlled by, controlling, or under common control with either
Oyster or Pfizer. For this purpose, “control” means direct or indirect beneficial ownership of at least fifty percent (50%) interest in the voting stock (or the equivalent) of such Person or having the right to direct, appoint or remove a
majority or more of the members of its board of directors (or their equivalent), or having the power to control the general management of such Person, by contract, law or otherwise. Notwithstanding the foregoing, the term “Affiliate” shall
not include Persons in which a Party or its Affiliates owns a majority of the ordinary voting to elect a majority of the board of directors or other governing body but is restricted from electing such majority by contract or otherwise, until such
time as such restrictions are no longer in effect. 

  

	 	1.2.	 “Applicable Law” means any applicable law, statute, rule, regulation, order, judgment or
ordinance of any governmental authority. 

  

	 	1.3.	 “Bankruptcy Event” means, with respect to a specified Person, (a) the filing by such
Person in any court or agency, pursuant to any statute or regulation of any state or country, a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of such Person or of its assets, (b) the
filing against such Person of an involuntary petition for any bankruptcy or insolvency proceeding which petition is not dismissed within sixty (60) calendar days after filing, (c) the making by such Person of an assignment for the benefit
of its creditors, (d) the taking of possession of any material part of the assets of such Person by a lien holder or other encumbrancer, or (e) the levy or enforcement of any distress, execution or other process upon or against any of the
material assets of such Person. 

 CERTAIN IDENTIFIED INFORMATION
HAS BEEN OMITTED FROM THIS DOCUMENT BECAUSE IT IS BOTH NOT 

MATERIAL AND WOULD BE COMPETITIVELY HARMFUL
IF PUBLICLY DISCLOSED, AND HAS BEEN MARKED WITH 

“[***]” TO INDICATE WHERE OMISSIONS HAVE
BEEN MADE. 
  

	 	1.4.	 “Business Day” means any day other than a Saturday, a Sunday or a day on which commercial
banks located in New York, New York are authorized or required by Applicable Law to remain closed. 

  

	 	1.5.	 “Calendar Quarter” means any quarter ending at the end of March, June, September and December,
respectively. 

  

	 	1.6.	 “Calendar Year” means each calendar year. 

 

	 	1.7.	 “Compound” means 7,8,9,10-tetrahydro-6,10-methano-6H-pyrazino[2,3-h][3]benzazepine, also known as varenicline and any salt form
thereof, including the tartrate salt thereof. 

  

	 	1.8.	 “Confidential Information” means, (i) the terms of this Agreement including all Schedules
and (ii) with respect to any Party (“Disclosing Party”), any information relating to the Licensed Product that is disclosed in writing or by email to the other Party (“Receiving
Party”) during the Term of this Agreement, but shall not include information that: 

  

	 	(a)	 the Receiving Party or any of its Affiliates owned or controlled prior to receipt from the Disclosing Party, or

  

	 	(b)	 is or becomes public through no breach of this Agreement by the Receiving Party or any of its Affiliates, or

  

	 	(c)	 is hereafter developed by the Receiving Party or any of its Affiliates independent of any disclosure from the
Disclosing Party as evidenced by competent written proof, or 

  

	 	(d)	 the Receiving Party or any of its Affiliates obtains from a Third Party Person not under confidentiality
obligation to the Disclosing Party. 

  

	 	1.9.	 “Field” means the treatment, control, prophylaxis or prevention of any ophthalmic disease or
condition in humans by nasal administration of a Licensed Product. 

  

	 	1.10.	 “Indemnitee” is defined in Section 5.1. 

 

	 	1.11.	 “Infringer” is defined in Section 4.2. 

 

	 	1.12.	 “Licensed Patents” means the United States (a) patents and patent applications listed on
Schedule 1.12, (b) divisional, continuation, substitution, applications therefrom and renewals thereof, and (c) patents-of-addition,
re-examinations, reissues and extensions or restorations by existing or future extension or restoration mechanisms, including patent term adjustments, patent term extensions, supplementary protection
certificates and the equivalent thereof. 

 CERTAIN IDENTIFIED INFORMATION
HAS BEEN OMITTED FROM THIS DOCUMENT BECAUSE IT IS BOTH NOT 

MATERIAL AND WOULD BE COMPETITIVELY HARMFUL
IF PUBLICLY DISCLOSED, AND HAS BEEN MARKED WITH 

“[***]” TO INDICATE WHERE OMISSIONS HAVE
BEEN MADE. 
  

	 	1.13.	 “Licensed Product” means Oyster’s product known as
OC-01, a nasal spray containing the Compound as [***] pharmaceutical ingredient, and described in United States Investigational New Drug Application #138645, the development, manufacture, use, sale or
importation of which would, absent the license granted by Pfizer to Oyster herein, infringe or contribute to the infringement of or induce a Third Party to infringe any Valid Claim in any Licensed Patent covering the Compound. 

 

	 	1.14.	 “Net Sales” means, with respect to all Licensed Product distributed or sold in the Territory
to Third Parties by Oyster, its Affiliates or any of its or their Sublicensees, gross receipts from sales of such Licensed Product in the Territory, less in each case [***]. For sake of clarity, in order to avoid double payment of royalty on Net
Sales of specific units of Licensed Product, gross receipts from sales by Oyster to a Sublicensee (or by a Oyster’s Affiliate to a Sublicensee) under the terms of a supply, license or other agreement will not be included in Net Sales, provided
that such gross receipts from sales, as well as permitted deductions from gross sales allowed under this definition, by such Sublicensee are included in and reported to Pfizer as Net Sales. For further clarity and avoidance of doubt, sales of
Licensed Product by Oyster, its Affiliates or any Sublicensee to a distributor or other reseller, including (without limitation) as defined in Section 2.1.1(b), shall be considered a sale to a Third Party, and gross receipts of such sales shall
be included in calculating Net Sales. Net Sales shall be determined from the books and records of Oyster or the applicable Oyster’s Affiliates or Sublicensees maintained in accordance with the United States Generally Accepted Accounting
Principles consistently applied. 

  

	 	1.15.	 “Party” means Pfizer or Oyster and their respective successors and permitted assigns.

  

	 	1.16.	 “Person” means any natural person or legal entity. 

 

	 	1.17.	 “Royalty Payments” is defined in Section 3.3. 

 

	 	1.18.	 “Royalty Term” means, with respect to the Licensed Product, the period commencing on the date
of first commercial sale within the Territory and expiring upon the later of (a) the expiration of all regulatory or data exclusivity pertaining to the Compound in the Territory, that is granted to, owned or controlled by Pfizer; and
(b) the expiration or abandonment of the last Valid Claims of the Licensed Patents, including any patent term extensions or supplemental certificates. 

  

	 	1.19.	 “Sublicensee” means a Third Party that has entered or enters into, whether prior to or after
the Effective Date of this Agreement, a bona fide agreement with Oyster, including (without limitation) a sublicense agreement under Section 2.2, to develop, make, use, sell, promote or import Licensed Product. 

 

	 	1.20.	 “Term” is defined in Section 6.1. 

 

	 	1.21.	 “Third Party” means any Person or entity other than Oyster, Pfizer or any of their respective
Affiliates. 

 CERTAIN IDENTIFIED INFORMATION
HAS BEEN OMITTED FROM THIS DOCUMENT BECAUSE IT IS BOTH NOT 

MATERIAL AND WOULD BE COMPETITIVELY HARMFUL
IF PUBLICLY DISCLOSED, AND HAS BEEN MARKED WITH 

“[***]” TO INDICATE WHERE OMISSIONS HAVE
BEEN MADE. 
  

	 	1.22.	 “Territory” means the United States of America, its territories and possessions.

  

	 	1.23.	 “Valid Claim” means any claim of any issued and unexpired Licensed Patent that has not been
held permanently revoked, deemed unenforceable or invalid by a decision of a court or other government agency of competent jurisdiction, which decision is unappealable or unappealed within the time allowed for appeal. 

 

	2.	 GRANT OF RIGHTS. 

 

	 	2.1.	 License. Pfizer hereby grants to Oyster for the Term of this Agreement a
non-exclusive, royalty-bearing license under the Licensed Patents, with the limited right to grant sublicenses only as set forth in Section 2.2, to develop, have developed, make, have made, use, offer to
sell, sell, have sold Licensed Product in the Territory for use in the Field. 

  

	 	2.2.	 Sublicensing. Notwithstanding anything herein to the contrary, Oyster shall have the right to grant
sublicenses only to (a) Oyster’s Affiliates and (b) any Sublicensee; provided, however, that (i) Oyster shall always be responsible for the actions and obligations relevant to this Agreement of every such Affiliate or
Sublicensee as if such actions and obligations were carried out by Oyster itself, including (without limitation) the payment of any royalties or other payments provided for hereunder, (ii) all sublicenses granted hereunder to each Affiliate or
Sublicensee shall be in writing, consistent with and subject to the terms and conditions of this Agreement [***], and (iii) Oyster shall, within [***] of signing of any such sublicense agreement, (x) notify Pfizer in writing about any
sublicense to any Affiliate or Sublicensee, and (y) provide Pfizer with a copy within [***] of the signing of any such sublicense agreement. [***] 

  

	 	2.3.	 Retained Rights. Other than the licenses and rights expressly set forth in Section 2.1, this
Agreement provides Oyster with no right, title or interest, either express or implied, by estoppel or otherwise, in or to any intellectual property rights owned or controlled by Pfizer or any of Pfizer’s Affiliates, including, without
limitation, any patent right, trademark, copyright, trade secret or know-how. Further, no rights, licenses or waivers are granted to Oyster or its Affiliates or Sublicensees under any patent rights or other
intellectual property rights owned or controlled by Pfizer or any of its Affiliates as of the Effective Date or that become owned or controlled by Pfizer or any of its Affiliates at any time during the term of this Agreement, except and only to the
extent as expressly provided in this Agreement. Oyster acknowledges and agrees that the licenses granted to it in Section 2.1 above only provide Oyster with the rights set forth therein with respect to the Licensed
Product in the Territory. 

  

	 	2.4.	 Notification Letter. No later than [***], Pfizer shall deliver to Oyster an executed copy of the form of
FDA notification letter set forth on Schedule 2.4 confirming the grant to Oyster of the licenses under the Licensed Patents set forth in this Article 2. 

 CERTAIN IDENTIFIED INFORMATION
HAS BEEN OMITTED FROM THIS DOCUMENT BECAUSE IT IS BOTH NOT 

MATERIAL AND WOULD BE COMPETITIVELY HARMFUL
IF PUBLICLY DISCLOSED, AND HAS BEEN MARKED WITH 

“[***]” TO INDICATE WHERE OMISSIONS HAVE
BEEN MADE. 
  

	3.	 PAYMENTS. Oyster shall make the following payments to Pfizer as consideration for the rights granted by
Pfizer hereunder: 

  

	 	3.1.	 Licensing Fee. On the Effective Date, Oyster shall pay Pfizer a
non-refundable, non-creditable licensing fee of Five Million U.S. Dollars (U.S. $5,000,000) in immediately available funds to Pfizer’s bank account:

 [***] 
  

	 	3.2.	 Commercial Milestones. If aggregate Net Sales of the Licensed Product exceed [***] in any [***], then
Oyster shall pay Pfizer a non-refundable, non-creditable one-time commercial milestone of [***]. 

 

	 	3.3.	 Royalties. Oyster shall pay or cause to be paid to Pfizer royalties on aggregate Net Sales of Licensed
Product by Oyster or any of its Affiliates or Sublicensees (“Royalty Payments”) in the Territory during each Calendar Year after Regulatory Approval, until the expiration of the Royalty Term for such Licensed Product, based on the
following: 

  

			
	 AGGREGATE NET SALES OF LICENSED

PRODUCT DURING A CALENDAR YEAR
	  	 MARGINAL

ROYALTY RATE

	 [***]
	  	[***]

 For avoidance of doubt, no multiple royalties shall be payable if a Licensed Product, its manufacture, use or
sale is or shall be covered by more than one Valid Claim of a patent included in the Licensed Patents or more than one patent under the Licensed Patents. Royalty Payments shall be made in accordance with the provisions set forth in
Section 3.6. 
  

	 	3.4.	 Records. During the Term of this Agreement and for [***] thereafter, Oyster shall (and shall cause its
Affiliates and permitted Sublicensees to) keep complete and accurate records of sales of Licensed Product and such other matters as may affect the determination of any amount payable to Pfizer hereunder in sufficient detail to enable certified
public accountants engaged by Pfizer to determine any amounts payable to Pfizer under this Agreement. Oyster shall (and shall cause its Affiliates and permitted Sublicensees to) permit certified public accountants engaged by Pfizer, at Pfizer’s
expense (except as provided below), to examine not more than once in any [***] period its books, ledgers, and records during regular business hours for the purpose of and to the extent necessary to verify any report required under this Agreement or
the accuracy of any amount payable hereunder for a [***] period after the royalty period to which such records relate. Should any examination conducted by Pfizer or its representatives pursuant to the provisions of this paragraph result in an
increase of more than [***] of any payment due Pfizer hereunder, Oyster, in addition to any amounts that may be due Pfizer, shall be obligated to reimburse any
out-of-pocket expenses incurred by Pfizer with respect to such examination within [***] after receipt of an invoice therefore from Pfizer and the limitation to examine
the books ledger and records only [***] period shall no longer apply. 

  

	 	3.5.	 Royalty Reports. Within [***] after the Calendar Quarter of each year after Regulatory Approval, Oyster
shall deliver to Pfizer a true and accurate report, giving such particulars of all sales of Licensed Product by Oyster, its Affiliates and permitted Sublicensees during 

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the preceding Calendar Quarter under this Agreement as are pertinent to an accounting for any Royalty Payments hereunder. Each such report will contain the following information: (a) the
number and kind of Licensed Product sold, (b) total gross invoice amounts for each such Licensed Product, (c) deductions applicable to determine Net Sales, and (d) the calculation of the total amount due to Pfizer for the preceding
Calendar Quarter. For purposes of determining when a sale of a Licensed Product occurs, the sale shall be deemed to occur on the date of invoice to the purchaser of the Licensed Product. All payments shall be made in United States (U.S.) Dollars.

  

	 	3.6.	 Payments. Within [***] of the end of each Calendar Quarter in which any Net Sales occur, Oyster shall
calculate the Royalty Payments owed to Pfizer and shall remit to Pfizer by wire transfer via immediately available funds in U.S. Dollars the amount owed to Pfizer to credit the bank account set forth below or such other bank account as designated by
Pfizer in writing to Oyster at least [***] before payment is due. Any payment which falls due on a date which is not a Business Day may be made on the next succeeding Business Day. 

[***] 
  

	 	3.7.	 [***] Royalty Reports. At least [***] in a Calendar Year, Oyster shall provide to Pfizer [***], which
shall be reported [***]. On Pfizer’s request and not more than [***]. 

  

	 	3.8.	 Taxes. 

  

	 	3.8.1.	 Withholding Taxes. It is understood and agreed between the Parties that any payments made under this
Agreement are exclusive of any value added or similar tax (“VAT”), which shall be added thereon as applicable. In the event any payments made by Oyster to Pfizer pursuant to this Agreement become subject to withholding taxes under
the laws or regulation of any jurisdiction, Oyster shall deduct and withhold the amount of such taxes for the account of Pfizer to the extent required by Applicable Law and such amounts payable to Pfizer shall be reduced by the amount of taxes
deducted and withheld, which shall be treated as paid to Pfizer in accordance with this Agreement. To the extent that Oyster is required to deduct and withhold taxes on any payments under this Agreement, Oyster shall pay the amounts of such taxes to
the proper governmental authority in a timely manner and promptly transmit to the payee an official tax certificate or other evidence of such withholding sufficient to enable Pfizer to claim such payments of taxes. Pfizer shall provide any tax forms
to Oyster that may be reasonably necessary in order for Oyster not to withhold tax or to withhold tax at a reduced rate under an applicable bilateral income tax treaty. Each Party shall provide the other with reasonable assistance to enable the
recovery, as permitted by Applicable Law, of withholding taxes, VAT, or similar obligations resulting from payments made under this Agreement, such recovery to be for the benefit of the Party bearing such withholding tax or VAT.

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	 	3.8.2.	 Tax Actions. Notwithstanding anything in this Agreement to the contrary, if an action, including but not
limited to any assignment or sublicense of its rights or obligations under this Agreement, or any failure to comply with Applicable Laws or filing or record retention requirements (a “Tax Action”) by a Party leads to the imposition
of withholding tax liability or VAT on the other Party that would not have been imposed in the absence of a Tax Action or in an increase in such liability above the liability that would have been imposed in the absence of such Tax Action, then
(i) the sum payable by the Party that caused the Tax Action (in respect of which such deduction or withholding is required to be made) shall be increased to the extent necessary to ensure that the other Party receives a sum equal to the sum
which it would have received had no Tax Action occurred and (ii) the sum payable by the Party that caused a Tax Action (in respect of which such deduction or withholding is required to be made) shall be made to the other Party after deduction
of the amount required to be so deducted or withheld, which deducted or withheld amount shall be remitted in accordance with Applicable Law. For the avoidance of doubt, a Party shall only be liable for increased payments pursuant to this Section to
the extent such Party engaged in a Tax Action that created or increased a withholding tax or VAT on the other Party. 

  

	 	3.8.3.	 Cooperation. The Parties agree to cooperate and produce on a timely basis any tax forms or reports
reasonably requested by the other Party in connection with any payment made by Oyster to Pfizer under this Agreement. 

  

	 	3.9.	 Overdue Payments. Any amount required to be paid by a Party hereunder which is not paid on the date due
shall bear interest, to the extent permitted by law, at [***] effective for the date such payment was due, as reported in the Wall Street Journal. Such interest shall be computed based on a year of three hundred sixty (360) days
for the actual number of days payment is delinquent. 

  

	 	3.10.	 [***] 

  

	4.	 PROTECTION OF INTELLECTUAL PROPERTY RIGHTS 

 

	 	4.1.	 Patent Prosecution/Patent Costs. Pfizer or its designee shall have the sole right at its sole discretion
and expense, but no obligation, to prosecute, maintain, renew, extend and defend all Licensed Patents. Pfizer shall be entitled to abandon, disclaim or allow to lapse the Licensed Patents or any claims therein at any time and at its sole discretion.

  

	 	4.2.	 Infringement by Third Parties. In the case of any infringement of any Licensed Patent by any Third Party
(an “Infringer”) during the Term of this Agreement, Pfizer or its designee shall have the sole right, but not the obligation, to prosecute such Infringer, including the right to bring an infringement action and defense against
counter-claims of invalidity and unenforceability. Oyster shall assist as reasonably requested in taking any such action against any such Infringer (with any reasonable
out-of-pocket costs to be reimbursed by Pfizer). Any amount recovered by or reimbursed to Pfizer as a result of any action taken by Pfizer under this Section 4.2
(including, without limitation, from any settlement or other voluntary disposition thereof) shall be retained by Pfizer. 

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	 	4.3.	 Notification of Suspected Infringement. If Oyster suspects or becomes aware of an infringement of any of
the Licensed Patents, Oyster will give notice containing such details as are available to it to Pfizer. Without limiting in any way the absolute discretion of Pfizer in deciding whether to prosecute the infringement or suspected infringement given
by Section 4.2 above, the Parties may subsequently agree to discuss such potential infringement. The manner and nature of communications, if any, between Pfizer and the alleged infringer shall be within the sole discretion of Pfizer.

  

	 	4.4.	 Patent Marking. Oyster may use appropriate patent marking on Licensed Product where legally permissible.
Oyster shall register or record this Agreement in the United States only if required by law or regulation. 

  

	 	4.5.	 Trademarks. Oyster shall not use, and shall cause its Affiliates and Sublicensees not to use, in any
way, any of Pfizer’s or Pfizer’s Affiliates’ trademarks, trade names or trade dress or any trademarks, trade names or trade dress which are confusingly similar to any of Pfizer’s or Pfizer’s Affiliates’ trademarks,
trade names or trade dress, in connection with their exploitation of the Licensed Product. For the sake of clarity and without limiting the foregoing, the Licensed Product shall not bear any markings, trademarks, trade names, color schemes or other
trade dress that are identical to or confusingly similar to that used by Pfizer or any of its Affiliates for Pfizer’s Chantix® product. 

 

	5.	 INDEMNIFICATION, INSURANCE, REPRESENTATIONS, & WARRANTIES 

 

	 	5.1.	 Responsibility. As between Pfizer and Oyster, Oyster shall be solely responsible for all product
liability claims filed by any Third Party to the extent that they claim injury from the use of the Licensed Product. 

  

	 	5.2.	 Indemnification by Oyster. Oyster shall indemnify, defend and hold harmless Pfizer, its Affiliates and
their respective officers, directors, stockholders, employees, agents, representatives, successors and assigns, heirs, administrators, executors, suppliers and manufacturers (collectively, the “Pfizer Indemnitees”) from any
claims, losses, liabilities, costs, expenses (including reasonable attorney fees) and damages (collectively, “Liabilities”) arising out of any claim (including, without limitation, any product liability claim) made by a Third Party
to the extent based upon the manufacture, marketing, distribution and/or sale of the Licensed Product. Notwithstanding the foregoing, Oyster shall have no obligation to any Pfizer Indemnitee under this Section 5.2 unless Pfizer gives Oyster
sole control of the defense and all related settlement negotiations with respect to such claim, lawsuit or other action and reasonably cooperates with Oyster and its agents in the defense of such claim, lawsuit or other action. Notwithstanding the
foregoing, Pfizer shall, at its cost, have the right to participate in the defense of any such claim, lawsuit or other action referred to in this section utilizing attorneys of its choice. Oyster shall not enter into any settlement with a Third
Party related to any claim or lawsuit which give rise to Liabilities unless the settlement agreement provides [***]. 

  

	 	5.3.	 Insurance. Oyster shall obtain and maintain at all times during and after the term of this
Agreement commercial general liability insurance, including products liability coverage, with limits of liability of not less than [***]. Oyster shall provide Pfizer with a Certificate

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of Insurance evidencing this coverage on the Effective Date. Such insurance policy shall name Pfizer as an additional insured and Oyster shall use its reasonable efforts to ensure such insurance
policy contains a provision requiring [***] advance notice to Pfizer in the event of its cancellation or termination. Oyster shall secure coverage with insurers having an A.M. Best Rating of A-VII or better.

  

	 	5.4.	 Warranty Disclaimer. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, PFIZER MAKES NO EXPRESS OR IMPLIED
WARRANTY INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTY OF MERCHANTABILITY OR ANY IMPLIED WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO ANY OF THE LICENSED PATENTS (INCLUDING THEIR ISSUANCE OR VALIDITY) OR ANY LICENSED PRODUCT OR
OTHERWISE AND HEREBY DISCLAIMS THE SAME. EXCEPT AS PROVIDED BELOW, LICENSOR MAKES NO EXPRESS OR IMPLIED WARRANTY THAT THE MANUFACTURE, USE OR SALE OF ANY LICENSED PRODUCT WILL NOT INFRINGE ANY PATENT OR OTHER RIGHT OF PFIZER OR ANY THIRD PARTY AND
HEREBY DISCLAIMS THE SAME. 

  

	 	5.5.	 Representations and Warranties of Pfizer. Pfizer hereby represents and warrants to Oyster that Pfizer
has the full right and authority to execute and perform this Agreement and the execution and performance of this Agreement by Pfizer will not conflict with, cause a default under or violate any existing contractual obligation that may be owed by
Pfizer to any Third Party. 

  

	 	5.6.	 Representations and Warranties of Oyster. Oyster hereby represents and warrants to Pfizer that Oyster
has the full right and authority to execute and perform this Agreement and the execution and performance of this Agreement by Oyster will not conflict with, cause a default under or violate any existing contractual obligation that may be owed by
Oyster to any Third Party. 

  

	 	5.7.	 Anti-Bribery and Anti-Corruption Laws. With respect to the activities contemplated under this Agreement,
each Party shall comply with the U.S. Foreign Corrupt Practices Act (FCPA) or any other applicable anti-bribery or anti-corruption laws (“Compliance Laws”). With respect to the activities contemplated under this Agreement, each
Party represents and warrants to each other that neither it, nor its respective Affiliates, nor to its knowledge, any directors, officers, employees, nor to its knowledge, any consultant, agent or representative or other person acting on its behalf
has taken or will take any action, directly or indirectly, to pay, offer, promise or authorize the payment, or giving of anything of value to any Government Official, or to any person, and has not accepted and will not accept a payment for any item
of value or benefit, regardless of value, (a) for the purpose of (i) influencing any act or decision of such Government Official(s) or person in their official capacity, including the failure to perform an official function, in order to
assist it or its Affiliates or any beneficiary of it in obtaining or retaining business, or directing business to any Third Party, (ii) securing an improper advantage, (iii) inducing such Government Official(s) or person to use their
influence to affect or influence any act or decision of a government entity, as applicable, or commercial enterprise, as applicable, in 

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order to assist it or any person related to it, its Affiliates or any beneficiary of it in obtaining or retaining business, or directing business to any Third Party, or (iv) providing an
unlawful personal gain or benefit, of financial or other value, to such Government Official(s) or person; (b) to improperly obtain or retain business or to gain an improper advantage; or (c) otherwise for the benefit of it, or any of its
Affiliates in violation of any federal, state, local, municipal, foreign, international, multinational or other administrative law. 

With respect to the activities contemplated by this Agreement, there will be no false or fictitious entries made in the books or records of
either party relating to any payment that applicable anti-corruption, anti-bribery and money laundering-related legal requirements, including Compliance Laws, prohibits, and neither party will establish or maintain a secret or unrecorded fund for
use in making any such payments. 
 As used herein, “Government Official” means: (i) any elected or appointed official
of a Foreign Government (e.g., a member of a ministry of health), (ii) any employee or individual acting for or on behalf of a Foreign Government official, Foreign Government agency, or enterprise performing a function of, or owned or controlled by,
a Foreign Government, (iii) any non-U.S. political party officer, candidate for foreign political office, or employee or individual acting for or on behalf of a foreign political party, or candidate for
foreign political office, (iv) any employee or individual acting for or on behalf of a public international organization, (v) any member of a royal family or member of a Foreign Government military and (vi) any individual otherwise
categorized as an official of a Foreign Government under local legal requirements. For purposes of this definition, “Foreign Government” includes all levels and subdivisions of non-U.S. governments
(i.e., local, regional, or national and administrative, legislative, or executive). Without limiting the generality of the foregoing and for the avoidance of doubt, for purposes of this Agreement, all Foreign Government employees and employees of
enterprises owned or controlled by Foreign Governments (e.g., doctors employed in hospitals owned or controlled by Foreign Governments, researchers employed by universities owned or controlled by Foreign Governments, and Foreign Government
ministers, civil servants, and regulators) are considered Government Officials. 
  

	6.	 TERM AND TERMINATION. 

 

	 	6.1.	 Term. This Agreement will commence on the Effective Date and will remain in effect until all claims in
all Licensed Patents have expired or been irretrievably abandoned (the “Term”). 

  

	 	6.2.	 Termination by Pfizer. Pfizer shall have the right to terminate this Agreement and the license granted
hereunder in its entirety upon the occurrence of any of the following events: 

  

	 	6.2.1.	 Oyster fails to pay or cause to be paid any payment which has become due to Pfizer under this Agreement and has
not cured such non-payment within thirty (30) calendar days after written notice from Pfizer to Oyster specifying such non-payment; 

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	 	6.2.2.	 Oyster is in breach of or default under any material provision of this Agreement other than a payment
obligation referred to in Section 6.2 and has not cured such breach or default within sixty (60) calendar days after written notice from Pfizer to Oyster specifying the nature of such breach or default; or 

 

	 	6.2.3.	 If a Bankruptcy Event occurs with respect to Oyster. 

 

	 	6.3.	 Termination by Oyster. Oyster shall have the right to terminate this Agreement immediately upon one
hundred and twenty (120) calendar days’ written notice to Pfizer. 

  

	 	6.4.	 Effect of Termination. 

 

	 	6.4.1.	 Upon termination of this Agreement for any reason, nothing herein shall be construed to release either Party
from any obligation that matured prior to the effective date of such termination. 

  

	 	6.4.2.	 Pfizer’s right to receive all payments accrued under Sections 3.2 (Commercial Milestones) and 3.3
(Royalties), and the provisions of Sections 3.1 (Licensing Fee), 3.4 (Records, for the time period set forth therein), 3.6 (Payments), 3.8 (Taxes), 3.9 (Overdue Payments), 4.2 (Infringement by Third Parties) (but only with respect to infringement
occurring prior to the effective date of termination), 5.1 (Responsibility) and 5.2 (Indemnification), 5.4 (Warranty Disclaimer), and Articles 7 (Confidentiality, for the time period set forth in Section 7.4) and 8 (General) shall survive
termination of this Agreement for any reason. 

  

	7.	 CONFIDENTIALITY. 

 

	 	7.1.	 Obligations. The Receiving Party will protect all Confidential Information against unauthorized
disclosure to Third Parties with the same degree of care as the Receiving Party uses for its own similar information, but in no event less than a reasonable degree of care. The Receiving Party may disclose the Confidential Information to
(a) its Affiliates, and their respective directors, officers and employees, subcontractors, current and prospective respective licensees and Sublicensees, consultants, attorneys, accountants, banks and investors who have a need to know such
information, and (b) if the Receiving Party is Pfizer, Third Parties considering entering an agreement for the assignment of Pfizer’s rights to receive some or all of the payments due under this Agreement ((a) and (b) collectively,
“Recipients”), provided that the Receiving Party shall hold such Recipients to written obligations of confidentiality with terms and conditions at least as restrictive as those set forth in this Agreement. Both Pfizer and
Oyster are a Receiving Party with respect to this Agreement and its terms. Pfizer and Oyster may disclose, on a confidential basis, the existence of this Agreement and the licenses granted by it to their current and prospective respective licensees
and Sublicensees, as well as (on a confidential basis) any provisions of Article 3 that may directly impact such current and prospective respective licensees and Sublicensees. 

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	 	7.2.	 Exceptions. The restrictions set forth in this Article 6.4.2 shall not apply to any Confidential
Information that the Receiving Party is required to disclose under Applicable Laws (including the securities laws) or a court order or other governmental order, provided that the Receiving Party: (a) provides the Disclosing Party
with prompt notice of such disclosure requirement if legally permitted, (b) affords the Disclosing Party a reasonable opportunity to oppose, limit or secure confidential treatment for such required disclosure if legally permitted and
(c) if the Disclosing Party is unsuccessful in its efforts pursuant to subsection (b), discloses only that portion of the Confidential Information that the Receiving Party is legally required to disclose as advised by the Receiving Party’s
legal counsel. 

  

	 	7.3.	 Notwithstanding Section 7.1, Oyster may disclose the following information to the extent required under
Applicable Laws (including the securities laws) without complying with Sections 7.1(a), (b) or (c), but Oyster will seek to secure confidential treatment of as much of such information as permitted by the governing authority requiring the
disclosure: 

  

	 	(a)	 the name of Pfizer as licensor of the Licensed Patents to Oyster; 

 

	 	(b)	 a general description of the subject matter of this Agreement, other than the financial terms, conforming with
the following description; or 

  

	 	(c)	 the amount of any payments or royalties that have been made or could be made to Pfizer under this Agreement.

 For avoidance of doubt, Section 7.3 does not permit disclosure of the Agreement except as set forth in Sections 7.1
and 7.2. 
  

	 	7.4.	 The obligations of non-use and
non-disclosure set forth in this Article 7 shall expire five (5) years after the expiration or early termination of this Agreement. 

 

	8.	 GENERAL. 

  

	 	8.1.	 Assignment. Neither Party may assign its rights and obligations under this Agreement without the other
Party’s prior written consent, except that: (a) Pfizer may assign to a Third Party its rights to receive some or all of the payments payable hereunder, (b) Pfizer may assign its rights and obligations under this Agreement or any part
hereof to one or more of its Affiliates; (c) Oyster may assign its rights and obligations under this Agreement to any Third Party that acquires Oyster, or to which Oyster transfers all or substantially all of its assets and other rights and
interests of Oyster related to the development, manufacture, marketing, commercialization or importation of the Licensed Product in the Territory, and (d) Pfizer may assign its rights and obligations to a Third Party acquiring all of
Pfizer’s business or any portion of Pfizer’s business that includes the Licensed Patents. In the cases of (c) and (d) of this Section, (1) the assigning Party shall provide the other Party with prompt written notice of any such
assignment, and (2) the permitted assignee must agree in writing with the non-assigning Party to assume all obligations of the assigning Party and be bound by all of the terms and conditions of this
Agreement. No permitted assignment shall relieve the assigning Party of liability for its obligations hereunder. Any attempted assignment in contravention of the foregoing shall be void. 

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	 	8.2.	 Publicity. Neither Party shall issue any news release or other public announcement, whether written or
oral, relating to this Agreement, including any of its terms, or to the performance of either Party hereunder without the prior written consent of the other Party, not to be unreasonably withheld. 

 

	 	8.3.	 Use of Name. Neither Party shall use the name of the other in connection with this Agreement, the
Licensed Patents, the Licensed Product or any related matter in any press releases, public announcements, public website, or other publicity or advertising materials unless required to do so by law or to comply with regulatory requirements.

  

	 	8.4.	 Entire Agreement/Amendments. This Agreement constitutes the entire and only agreement between the
Parties relating to Licensed Patents, and all prior negotiations, representations, agreements and understandings are superseded hereby. No agreements amending, altering or supplementing the terms hereof may be made except by means of a written
document signed by a duly authorized representative of each Party. 

  

	 	8.5.	 Notices. All notices, consents, waivers, and other communications under this Agreement must be in
writing and will be deemed to have been duly given: (a) upon delivery, when delivered personally (with written confirmation of receipt), or (b) two (2) clear Business Days after the date of posting, when sent by an internationally
recognized overnight delivery service, in each case to the appropriate addresses set forth below (or to such other addresses as a Party may designate by written notice): 

If to PFIZER:         Pfizer Inc. 

	 	 	 235 East 42nd Street 

	 	 	 New York, NY 10017 

	 	 	 USA 

	 	 	 [***] 

with a copy to: 
 Pfizer Inc.

 235 East 42nd Street 

New York, NY 10017 
 USA 

[***] 
 If to
Oyster:             202 Carnegie Center, 
 Suite 109, 

Princeton, NJ 08540 
 USA 

[***] 

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	 	8.6.	 Dispute Resolution/Arbitration. 

 

	 	8.6.1.	 General. Except for disputes regarding whether a product is a “Licensed Product”, any
disputes, controversies or other claims arising out of this Agreement, its interpretation, validity, performance, enforceability, breach or termination (“Disputes”) that are not settled amicably shall be referred by sending written
notice of the Dispute to the other Party for [***]. 

  

	 	8.6.2.	 Number of Arbitrators. The arbitration shall be settled by a panel of three (3) arbitrators who are
neutral to the Parties, and the Parties shall endeavor to jointly appoint the panel of arbitrators. If the Parties fail to jointly appoint the panel within [***] of the arbitration being initiated, the appointment shall be made by the [***].

  

	 	8.6.3.	 Powers of the Arbitrator. 

 

	 	(a)	 The arbitrator is authorized to award to the prevailing Party, if a prevailing party is determined by the
arbitrator, [***]. 

  

	 	(b)	 The arbitrator may not award punitive, exemplary, or consequential damages, nor may the arbitrator apply any
multiplier to any award of actual damages, except as may be required by statute. 

  

	 	(c)	 The arbitrator shall have the discretion to hear and determine at any stage of the arbitration any issue
asserted by any Party to be dispositive of any claim or counterclaim, in whole or part, in accordance with such procedure as the arbitrator may deem appropriate, and the arbitrator may render an award on such issue. 

 

	 	(d)	 In addition to the authority conferred on the arbitrator by the rules designated in this Agreement, and without
prejudice to any provisional measures that may be available from a court of competent jurisdiction, the arbitrator shall have the power to grant any provisional measures that the arbitrator deems appropriate, including but not limited to provisional
injunctive relieve, and any provisional measures ordered by the arbitrator may, to the extent permitted by Applicable Law, be deemed to be a final award on the subject matter of the measures and shall be enforceable as such. 

 

	 	8.7.	 Governing Law and Jurisdiction. This Agreement shall be governed by and construed under the laws in
effect in the State of New York, United States without giving effect to any conflicts of laws provision thereof or of any other jurisdiction that would produce a contrary result. Section 8.6 does not intend to deprive any New York court of
competent jurisdiction with respect to its power to issue a pre-arbitral injunction, pre-arbitral attachment or other order in aid of arbitration proceedings or the
enforcement of any judgment or award. In any such action and for disputes regarding whether a product is a “Licensed Product”, the state or federal courts of New York shall have exclusive jurisdiction over any action brought to enforce
this Agreement, and each of the Parties hereto irrevocably: (a) submits to such exclusive jurisdiction for such purpose; (b) waives any objection which it may have at any time to the laying of venue of any proceedings brought in such
courts; (c) waives any claim that such proceedings have been brought in an inconvenient forum, (d) further waives the right to object with respect to such proceedings that any such court does not have jurisdiction over such Party, and
(e) consents to service of process in the manner provided by Section 8.4. 

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	 	8.8.	 Limitation of Liability. EXCEPT FOR A LIABILITY AGAINST A PFIZER INDEMNITEE PURSUANT TO SECTION 5.2, IN
NO EVENT SHALL EITHER PARTY BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES (INCLUDING, WITHOUT LIMITATION, DAMAGES FOR LOSS OF PROFITS OR EXPECTED SAVINGS OR OTHER ECONOMIC LOSSES, OR FOR INJURY TO PERSONS OR
PROPERTY) ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ITS SUBJECT MATTER, REGARDLESS WHETHER SUCH PARTY KNOWS OR SHOULD KNOW OF THE POSSIBILITY OF SUCH DAMAGES. [***] AGGREGATE LIABILITY FOR ALL DAMAGES OF ANY KIND RELATING TO THIS
AGREEMENT OR ITS SUBJECT MATTER SHALL NOT EXCEED THE AMOUNT PAID BY OYSTER TO PFIZER UNDER THIS AGREEMENT [***] THE ACTION OR EVENT FROM WHICH THE LIABILITY AROSE. The foregoing exclusions and limitations shall apply to all claims and actions of any
kind, whether based on contract, tort (including but not limited to negligence), or any other grounds. 

  

	 	8.9.	 Headings. Headings included herein are for convenience only and shall not be used to construe this
Agreement. 

  

	 	8.10.	 Independent Contractors. For the purposes of this Agreement and all services to be provided hereunder,
each Party shall be, and shall be deemed to be, an independent contractor and not an agent, partner, joint venturer or employee of the other Party. Neither Party shall have authority to make any statements, representations or commitments of any
kind, or to take any action which shall be binding on the other Party, except as may be explicitly provided for herein or authorized in writing. 

  

	 	8.11.	 Severability. If any provision of this Agreement shall be found by a court of competent jurisdiction to
be void, invalid or unenforceable, the same shall either be reformed to comply with applicable law or stricken if not so conformable, so as not to affect the validity or enforceability of this Agreement. 

 

	 	8.12.	 Force Majeure. Neither Party shall be responsible or liable to the other Party for nonperformance or
delay in performance of any terms or conditions of this Agreement due to acts or occurrences beyond the control of the nonperforming or delayed Party, including, but not limited to, acts of God, acts of government, wars, riots, strikes or other
labor disputes, shortages of labor or material, fires, and floods, provided the nonperforming or delayed Party provides to the other Party written notice of the existence of and the reason for such nonperformance or delay. 

 

	 	8.13.	 No Waiver. Failure of either Party to enforce a right under this Agreement shall not act as a waiver of
that right or the ability to later assert that right relative to the particular situation involved or to terminate this Agreement arising out of any subsequent default or breach. 

 CERTAIN IDENTIFIED INFORMATION
HAS BEEN OMITTED FROM THIS DOCUMENT BECAUSE IT IS BOTH NOT 

MATERIAL AND WOULD BE COMPETITIVELY HARMFUL
IF PUBLICLY DISCLOSED, AND HAS BEEN MARKED WITH 

“[***]” TO INDICATE WHERE OMISSIONS HAVE
BEEN MADE. 
  

	 	8.14.	 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall
constitute an original document, but all of which shall constitute the same Agreement. 

  

	 	8.15.	 Interpretation. Except where the context expressly requires otherwise, (a) the use of any gender
herein shall be deemed to encompass references to either or both genders, and the use of the singular shall be deemed to include the plural (and vice versa), (b) the words “include”, “includes” and “including” shall be
deemed to be followed by the phrase “without limitation”, (c) the word “will” shall be construed to have the same meaning and effect as the word “shall”, (d) any definition of or reference to any agreement, instrument
or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications
set forth herein), (e) any reference herein to any Person shall be construed to include the Person’s successors and assigns, (f) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall
be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (g) all references herein to Sections, Exhibits or Schedules shall be construed to refer to Sections, Exhibits or Schedules of this Agreement,
and references to this Agreement include all Exhibits and Schedules hereto, (h) the word “notice” means notice in writing (whether or not specifically stated) and shall include notices, consents, approvals and other written
communications contemplated under this Agreement, (i) provisions that require that a Party or the Parties “agree,” “consent” or ““approve” or the like shall require that such agreement, consent or approval be
specific and in writing, whether by written agreement, letter, approved minutes or otherwise (but excluding e-mail and instant messaging), (j) references to any specific law, rule or regulation, or article,
section or other division thereof, shall be deemed to include the then-current amendments thereto or any replacement or successor law, rule or regulation thereof, and (k) the term “or” shall be interpreted in the inclusive sense
commonly associated with the term “and/or.” 

 [signature page follows] 

 CERTAIN IDENTIFIED INFORMATION
HAS BEEN OMITTED FROM THIS DOCUMENT BECAUSE IT IS BOTH NOT 

MATERIAL AND WOULD BE COMPETITIVELY HARMFUL
IF PUBLICLY DISCLOSED, AND HAS BEEN MARKED WITH 

“[***]” TO INDICATE WHERE OMISSIONS HAVE
BEEN MADE. 
  

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their duly authorized
representatives as of the date first set forth above. 
  

									
	OYSTER POINT PHARMA, INC.	  	PFIZER INC.
					
	By:	 	 /s/ Jeffrey Nau
	 		  	By:	 	 /s/ Deborah Baron

					
	Name:	 	 Jeffrey Nau
	 		  	Name:	 	 Deborah Baron

					
	Title:	 	 Chief Executive Officer
	 		  	Title:	 	 VP Worldwide Business Development

 CERTAIN IDENTIFIED INFORMATION
HAS BEEN OMITTED FROM THIS DOCUMENT BECAUSE IT IS BOTH NOT 

MATERIAL AND WOULD BE COMPETITIVELY HARMFUL
IF PUBLICLY DISCLOSED, AND HAS BEEN MARKED WITH 

“[***]” TO INDICATE WHERE OMISSIONS HAVE
BEEN MADE. 
  

 Schedule 1.12 

Licensed Patents 
  

													
	 Pfizer

Docket

No.      
	  	Appl’n No.	  	Patent No.	  	Grant Date	  	Normal
Expiry
   Date   	  	PTE
Extension	  	PED
Extension
	 010030E
	  	10/127267	  	6951938	  	10/04/2005	  	10/13/2019	  	NA	  	NA
	 011872A
	  	10/139730	  	6890927*	  	05/10/2005	  	05/06/2022	  	NA	  	11/06/2022
	 011872B
	  	11/069724	  	7265119*	  	09/04/2007	  	08/03/2022
 (PTA)
	  	NA	  	02/03/2023

 CERTAIN IDENTIFIED INFORMATION
HAS BEEN OMITTED FROM THIS DOCUMENT BECAUSE IT IS BOTH NOT 

MATERIAL AND WOULD BE COMPETITIVELY HARMFUL
IF PUBLICLY DISCLOSED, AND HAS BEEN MARKED WITH 

“[***]” TO INDICATE WHERE OMISSIONS HAVE
BEEN MADE. 
  

 Schedule 2.4 

Form of Notification Letter 
 [***]

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