Document:

EX-10.1

 Exhibit 10.1 

INDEMNITY AGREEMENT 
 This
Indemnity Agreement, dated as of                  , 2020 is made by and between Graybug Vision, Inc., a Delaware corporation (the “Company”), and
                    , a director, officer or key employee of the Company or one of the Company’s subsidiaries or other service provider who
satisfies the definition of Indemnifiable Person set forth below (“Indemnitee”). 
 RECITALS 

A. The Company is aware that competent and experienced persons are increasingly reluctant to serve as representatives of corporations unless
they are protected by comprehensive liability insurance and indemnification, due to increased exposure to litigation costs and risks resulting from their service to such corporations, and due to the fact that the exposure frequently bears no
relationship to the compensation of such representatives; 
 B. The members of the Board of Directors of the Company (the
“Board”) have concluded that to retain and attract talented and experienced individuals to serve as representatives of the Company and its Subsidiaries and Affiliates and to encourage such individuals to take the business
risks necessary for the success of the Company and its Subsidiaries and Affiliates, it is necessary for the Company to contractually indemnify certain of its representatives and the representatives of its Subsidiaries and Affiliates, and to assume
for itself maximum liability for Expenses and Other Liabilities in connection with claims against such representatives in connection with their service to the Company and its Subsidiaries and Affiliates; 

C. Section 145 of the Delaware General Corporation Law (“Section 145”), empowers the
Company to indemnify by agreement its officers, directors, employees and agents, and persons who serve, at the request of the Company, as directors, officers, employees or agents of other corporations, partnerships, joint ventures, trusts or other
enterprises, and expressly provides that the indemnification provided thereby is not exclusive; and 
 D. The Company desires and has
requested Indemnitee to serve or continue to serve as a representative of the Company and/or the Subsidiaries or Affiliates of the Company free from undue concern about inappropriate claims for damages arising out of or related to such services to
the Company and/or the Subsidiaries or Affiliates of the Company. 
 AGREEMENT 

NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby agree as follows: 

1. Definitions. 
 (a)
Affiliate. For purposes of this Agreement, “Affiliate” of the Company means any corporation, partnership, limited liability company, joint venture, trust or other enterprise in respect of which Indemnitee is or was or
will be serving as a director, officer, trustee, manager, member, partner, employee, agent, attorney, consultant, member of the entity’s governing body (whether constituted as a board of directors, board of managers, general partner or
otherwise), fiduciary, or in any other similar capacity at the request, election or direction of the Company, and including, but not limited to, any employee benefit plan of the Company or a Subsidiary or Affiliate of the Company. 

(b) Change in Control. For purposes of this Agreement, “Change in Control” means (i) any
“person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended), other than a Subsidiary or a trustee or other fiduciary holding securities under an employee benefit plan of the Company or
Subsidiary, is or becomes the “Beneficial Owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing 50% or more of the total voting
power represented by the Company’s then 

 
outstanding capital stock or (ii) during any period of two consecutive years, individuals who at the beginning of such period constitute the Board and any new director whose election by the
Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the
beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof, or (iii) the stockholders of the Company approve a merger or consolidation of the Company
with any other corporation, other than a merger or consolidation that would result in the outstanding capital stock of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted
into capital stock of the surviving entity) at least 80% of the total voting power represented by the capital stock of the Company or such surviving entity outstanding immediately after such merger or consolidation, or the stockholders of the
Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company (in one transaction or a series of transactions) of all or substantially all of the Company’s assets. 

(c) Expenses. For purposes of this Agreement, “Expenses” means all direct and indirect costs of any type or
nature whatsoever (including, without limitation, all attorneys’ fees and related disbursements, and other out-of-pocket costs), paid or incurred by
Indemnitee in connection with either the investigation, defense or appeal of, or being a witness in, a Proceeding (as defined below), or establishing or enforcing a right to indemnification under this Agreement, Section 145 or otherwise;
provided, however, that Expenses shall not include any judgments, fines, ERISA excise taxes or penalties or amounts paid in settlement of a Proceeding. 

(d) Indemnifiable Event. For purposes of this Agreement, “Indemnifiable Event” means any event or occurrence
related to Indemnitee’s service for the Company or any Subsidiary or Affiliate as an Indemnifiable Person (as defined below), or by reason of anything done or not done, or any act or omission, by Indemnitee in any such capacity. 

(e) Indemnifiable Person. For the purposes of this Agreement, “Indemnifiable Person” means any person who is or
was a director, officer, trustee, manager, member, partner, employee, attorney, consultant, member of an entity’s governing body (whether constituted as a board of directors, board of managers, general partner or otherwise) or other agent or
fiduciary of the Company or a Subsidiary or Affiliate of the Company. 
 (f) Independent Counsel. For purposes of this Agreement,
“Independent Counsel” means legal counsel that has not performed services for the Company or Indemnitee in the five years preceding the time in question and that would not, under applicable standards of professional conduct,
have a conflict of interest in representing either the Company or Indemnitee. 
 (g) Independent Director. For purposes of this
Agreement, “Independent Director” means a member of the Board who is not a party to the Proceeding for which a claim is made under this Agreement. 

(h) Other Liabilities. For purposes of this Agreement, “Other Liabilities” means any and all liabilities of any
type whatsoever (including, but not limited to, judgments, fines, penalties, ERISA (or other benefit plan related) excise taxes or penalties, and amounts paid in settlement and all interest, taxes, assessments and other charges paid or payable in
connection with or in respect of any such judgments, fines, ERISA (or other benefit plan related) excise taxes or penalties, or amounts paid in settlement). 

(i) Proceeding. For the purposes of this Agreement, “Proceeding” means any threatened, pending, or completed
action, suit or other proceeding, whether civil, criminal, administrative, investigative, legislative or any other type whatsoever, preliminary, informal or formal, including any arbitration or other alternative dispute resolution and including any
appeal of any of the foregoing. 
 (j) Subsidiary. For purposes of this Agreement, “Subsidiary” means any
entity of which more than 50% of the outstanding voting securities is owned directly or indirectly by the Company. 
 2. Agreement to
Serve. The Indemnitee agrees to serve and/or continue to serve as an Indemnifiable Person in the capacity or capacities in which Indemnitee currently serves the Company as an Indemnifiable Person, and any additional capacity in which Indemnitee
may agree to serve, until such time as Indemnitee’s service in a particular capacity shall end according to the terms of an agreement, the Company’s Certificate of Incorporation or Bylaws, governing law, or otherwise. Nothing contained in
this Agreement is intended to create any right to continued employment or other form of service for the Company or a Subsidiary or Affiliate of the Company by Indemnitee. 

  
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 3. Mandatory Indemnification. 

(a) Agreement to Indemnify. In the event Indemnitee is a person who was or is a party to or witness in or is threatened to be made a
party to or witness in any Proceeding by reason of an Indemnifiable Event, the Company shall indemnify Indemnitee from and against any and all Expenses and Other Liabilities incurred by Indemnitee in connection with (including in preparation for)
such Proceeding to the fullest extent not prohibited by the provisions of the Company’s Bylaws and the Delaware General Corporation Law (“DGCL”), as the same may be amended from time to time (but only to the extent that
such amendment permits the Company to provide broader indemnification rights than the Bylaws or the DGCL permitted prior to the adoption of such amendment). 

(b) Exception for Amounts Covered by Insurance and Other Sources. Notwithstanding the foregoing, the Company shall not be obligated to
indemnify Indemnitee for Expenses or Other Liabilities of any type whatsoever (including, but not limited to judgments, fines, penalties, ERISA excise taxes or penalties and amounts paid in settlement) to the extent such have been paid directly to
Indemnitee (or paid directly to a third party on Indemnitee’s behalf) by any directors and officers, or other type, of insurance maintained by the Company; provided, however, that payment made to Indemnitee pursuant to
an insurance policy purchased and maintained by Indemnitee at his or her own expense of any amounts otherwise indemnifiable or obligated to be made pursuant to this Agreement shall not reduce the Company’s obligations to Indemnitee pursuant to
this Agreement. 
 (c) Company Obligations Primary. The Company hereby acknowledges that Indemnitee may have rights to
indemnification for Expenses and Other Liabilities provided by a venture capital firm or other sponsoring organization (“Other Indemnitor”). The Company agrees with Indemnitee that the Company is the indemnitor of first
resort of Indemnitee with respect to matters for which indemnification is provided under this Agreement and that the Company will be obligated to make all payments due to or for the benefit of Indemnitee under this Agreement without regard to any
rights that Indemnitee may have against the Other Indemnitor. The Company hereby waives any equitable rights to contribution or indemnification from the Other Indemnitor in respect of any amounts paid to indemnitee hereunder. The Company further
agrees that no reimbursement of Other Liabilities or payment of Expenses by the Other Indemnitor to or for the benefit of Indemnitee shall affect the obligations of the Company hereunder, and that the Company shall be obligated to repay the Other
Indemnitor for all amounts so paid or reimbursed to the extent that the Company has an obligation to indemnify Indemnitee for such Expenses or Other Liabilities hereunder. 

4. Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some
or a portion of any Expenses or Other Liabilities but not entitled, however, to indemnification for the total amount of such Expenses or Other Liabilities, the Company shall nevertheless indemnify Indemnitee for such total amount except as to the
portion thereof for which indemnification is prohibited by the provisions of the Company’s Bylaws or the DGCL. In any review or Proceeding to determine the extent of indemnification, the Company shall bear the burden to establish, by clear and
convincing evidence, the lack of a successful resolution of a particular claim, issue or matter and which amounts sought in indemnity are allocable to claims, issues or matters which were not successfully resolved. 

5. Liability Insurance. So long as Indemnitee shall continue to serve the Company or a Subsidiary or Affiliate of the Company as an
Indemnifiable Person and thereafter so long as Indemnitee shall be subject to any possible claim or threatened, pending or completed Proceeding as a result of an Indemnifiable Event, the Company shall use reasonable efforts to maintain in full force
and effect for the benefit of Indemnitee as an insured (i) liability insurance issued by one or more reputable insurers and having the policy amount and deductible deemed appropriate by the Board and providing in all respects coverage at least
comparable to and in the same amount as that provided to the Chairperson of the Board or the Chief Executive Officer of the Company and (ii) any replacement or substitute policies issued by one or more reputable insurers providing in all
respects coverage at least comparable to and in the same amount as that being provided to the Chairperson of the Board or the Chief Executive Officer of the Company. The purchase, establishment and maintenance of any such insurance or other
arrangements shall not in any way limit or affect the rights and obligations of the Company or of Indemnitee under this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the Company and Indemnitee
shall not in any way limit or affect the rights and obligations of the Company or the other party or parties thereto under any such insurance or other arrangement. In the event of a Change in Control subsequent to the date of this Agreement, or the
Company’s becoming insolvent, including being placed into receivership or entering the federal 

  
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bankruptcy process, the Company shall maintain in force any and all insurance policies then maintained by the Company in providing insurance—directors’ and officers’ liability,
fiduciary, employment practices or otherwise—in respect of the individual directors and officers of the Company, for a fixed period of six years thereafter. Such coverage shall
be non-cancelable and shall be placed and serviced by the Company’s incumbent insurance broker or a broker selected by a majority of the Independent Directors. 

6. Mandatory Advancement of Expenses. If requested by Indemnitee, the Company shall advance prior to the final disposition of the
Proceeding all Expenses reasonably incurred by Indemnitee in connection with (including in preparation for) a Proceeding related to an Indemnifiable Event within (30) days after the receipt by the Company of a statement or statements from
Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee. The right to advances under
this section shall in all events continue until final disposition of any Proceeding, including any appeal therein. Indemnitee hereby undertakes to repay such amounts advanced if, and only if and to the extent that, it shall ultimately be determined
that Indemnitee is not entitled to be indemnified by the Company under the provisions of this Agreement, the Company’s Bylaws or the DGCL, and no additional form of undertaking with respect to such obligation to repay shall be required.
Indemnitee’s undertaking to repay any Expenses advanced to Indemnitee hereunder shall be unsecured and shall not be subject to the accrual or payment of any interest thereon. In the event that Indemnitee’s request for the advancement of
expenses shall be accompanied by an affidavit of counsel to Indemnitee to the effect that such counsel has reviewed such Expenses and that such Expenses are reasonable in such counsel’s view, then such expenses shall be deemed reasonable in the
absence of clear and convincing evidence to the contrary. 
 7. Notice and Other Indemnification Procedures. 

(a) Notification. Promptly after receipt by Indemnitee of notice of the commencement of or the threat of commencement of any
Proceeding, unless the Company is a named co-defendant with Indemnitee, Indemnitee shall, if Indemnitee believes that indemnification or advancement of Expenses with respect thereto may be sought
from the Company under this Agreement, notify the Company of the commencement or threat of commencement thereof. However, a failure so to notify the Company promptly following Indemnitee’s receipt of such notice shall not relieve the Company
from any liability that it may have to Indemnitee except to the extent that the Company is materially prejudiced in its defense of such Proceeding as a result of such failure. 

(b) Insurance and Other Matters. If, at the time of the receipt of a notice of the commencement of a Proceeding pursuant to
Section 7(a) above, the Company has director and officer liability insurance in effect, the Company shall give prompt notice of the commencement of such Proceeding to the issuers in accordance with the procedures set forth in the respective
policies. The Company shall thereafter take all reasonable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such insurance policies. In addition, the
Company will instruct the insurers and the Company’s insurance broker that they may communicate directly with Indemnitee regarding such claim. 

(c) Assumption of Defense. In the event the Company shall be obligated to advance the Expenses for any Proceeding against Indemnitee,
the Company, if deemed appropriate by the Company, shall be entitled to assume the defense of such Proceeding as provided herein. Such defense by the Company may include the representation of two or more parties by one attorney or law firm as
permitted under the ethical rules and legal requirements related to joint representations. Following delivery of written notice to Indemnitee of the Company’s election to assume the defense of such Proceeding, the approval by Indemnitee (which
approval shall not be unreasonably withheld) of counsel designated by the Company and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees and expenses of counsel subsequently
incurred by Indemnitee with respect to the same Proceeding. If (A) the employment of counsel by Indemnitee has been previously authorized by the Company, (B) Indemnitee shall have notified the Board in writing that Indemnitee has
reasonably concluded that there may be a conflict of interest between the Company and Indemnitee in the conduct of any such defense, (C) the Company fails to employ counsel to assume the defense of such Proceeding, or (D) after a Change in
Control, the employment of counsel by Indemnitee has been approved by the Independent Counsel, the Expenses related to work conducted by Indemnitee’s counsel shall be subject to indemnification and/or advancement pursuant to the terms of this
Agreement. Nothing herein shall prevent Indemnitee from employing counsel for any such Proceeding at Indemnitee’s expense. Indemnitee agrees that any such separate counsel retained by Indemnitee will be a member of any approved list of panel
counsel under the Company’s applicable directors’ and officers’ insurance policy, should the applicable policy provide for a panel of approved counsel. 

  
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 (d) Settlement. The Company shall not be liable to indemnify Indemnitee under this
Agreement or otherwise for any amounts paid in settlement of any Proceeding effected without the Company’s written consent; provided, however, that if a Change in Control has occurred subsequent to the date of this Agreement, the Company shall
be liable for indemnification of Indemnitee for amounts paid in settlement if the Independent Counsel has approved the settlement. Neither the Company nor any Subsidiary or Affiliate shall enter into a settlement of any Proceeding that might result
in the imposition of any Expense, Other Liability, penalty, limitation or detriment on Indemnitee, whether indemnifiable under this Agreement or otherwise, without Indemnitee’s written consent. Neither the Company nor Indemnitee shall
unreasonably withhold consent from any settlement of any Proceeding. The Company shall promptly notify Indemnitee upon the Company’s receipt of an offer to settle, or if the Company makes an offer to settle, any Proceeding, and provide
Indemnitee with a reasonable amount of time to consider such settlement, in the case of any such settlement for which the consent of Indemnitee would be required hereunder. The Company shall not, on its own behalf, settle any part of any Proceeding
to which Indemnitee is a party with respect to other parties (including the Company) without the written consent of Indemnitee if any portion of the settlement is to be funded from insurance proceeds unless approved by a majority of the Independent
Directors, provided that this sentence shall cease to be of any force and effect if it has been determined in accordance with this Agreement that Indemnitee is not entitled to indemnification hereunder with respect to such Proceeding or if the
Company’s obligations hereunder to Indemnitee with respect to such Proceeding have been fully discharged. 
 8. Determination of
Right to Indemnification. 
 (a) Success on the Merits or Otherwise. To the extent that Indemnitee has been successful on the
merits or otherwise in defense of any Proceeding referred to in Section 3(a) above or in the defense of any claim, issue or matter described therein, the Company shall indemnify Indemnitee against Expenses actually and reasonably incurred in
connection therewith. 
 (b) Indemnification in Other Situations. In the event that Section 8(a) is inapplicable, the Company
shall also indemnify Indemnitee if Indemnitee has not failed to meet the applicable standard of conduct for indemnification. 
 (c)
Forum. Indemnitee shall be entitled to select the forum in which determination of whether or not Indemnitee has met the applicable standard of conduct shall be decided, and such election will be made from among the following: 

a. Those members of the Board who are Independent Directors even though less than a quorum; 

b. A committee of Independent Directors designated by a majority vote of Independent Directors, even though less than a quorum; or 

c. Independent Counsel selected by Indemnitee and approved by the Board, which approval may not be unreasonably withheld, which counsel shall
make such determination in a written opinion. 
 If Indemnitee is an officer or a director of the Company at the time that Indemnitee is
selecting the forum, then Indemnitee shall not select Independent Counsel as such forum unless there are no Independent Directors or unless the Independent Directors agree to the selection of Independent Counsel as the forum. 

The selected forum shall be referred to herein as the “Reviewing Party”. Notwithstanding the foregoing, following any Change in
Control subsequent to the date of this Agreement, the Reviewing Party shall be Independent Counsel selected in the manner provided in c. above. 

(d) Decision Timing and Expenses. As soon as practicable, and in no event later than thirty (30) days after receipt by the Company
of written notice of Indemnitee’s choice of forum pursuant to Section 8(c) above, the Company and Indemnitee shall each submit to the Reviewing Party such information as they believe is appropriate for the Reviewing Party to consider. The
Reviewing Party shall arrive at its decision within a reasonable period of time following the receipt of all such information from the Company and Indemnitee, but in no event later than thirty (30) days following the receipt of all such
information, provided that the time by which the Reviewing Party 

  
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must reach a decision may be extended by mutual agreement of the Company and Indemnitee. All Expenses associated with the process set forth in this Section 8(d), including but not limited to
the Expenses of the Reviewing Party, shall be paid by the Company. 
 (e) Delaware Court of Chancery. Notwithstanding a final
determination by any Reviewing Party that Indemnitee is not entitled to indemnification with respect to a specific Proceeding, Indemnitee shall have the right to apply to the Court of Chancery, for the purpose of enforcing Indemnitee’s right to
indemnification pursuant to this Agreement. 
 (f) Expenses. The Company shall indemnify Indemnitee against all Expenses incurred by
Indemnitee in connection with any hearing or Proceeding under this Section 8 involving Indemnitee and against all Expenses and Other Liabilities incurred by Indemnitee in connection with any other Proceeding between the Company and Indemnitee
involving the interpretation or enforcement of the rights of Indemnitee under this Agreement unless a court of competent jurisdiction finds that each of the material claims of Indemnitee in any such Proceeding was frivolous or made in bad faith.

 (g) Determination of “Good Faith”. For purposes of any determination of whether Indemnitee acted in “good
faith” or acted in “bad faith,” Indemnitee shall be deemed to have acted in good faith or not acted in bad faith if in taking or failing to take the action in question Indemnitee relied on the records or books of account of the
Company or a Subsidiary or Affiliate, including financial statements, or on information, opinions, reports or statements provided to Indemnitee by the officers or other employees of the Company or a Subsidiary or Affiliate in the course of their
duties, or on the advice of legal counsel for the Company or a Subsidiary or Affiliate, or on information or records given or reports made to the Company or a Subsidiary or Affiliate by an independent certified public accountant or by an appraiser
or other expert selected by the Company or a Subsidiary or Affiliate, or by any other person (including legal counsel, accountants and financial advisors) as to matters Indemnitee reasonably believes are within such other person’s professional
or expert competence and who has been selected with reasonable care by or on behalf of the Company or a Subsidiary or Affiliate. In connection with any determination as to whether Indemnitee is entitled to be indemnified hereunder, or to advancement
of Expenses, the Reviewing Party or court shall presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification or advancement of Expenses, as the case may be, and the burden of proof shall be on the
Company to establish, by clear and convincing evidence, that Indemnitee is not so entitled. The provisions of this Section 8(g) shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed
to have met the applicable standard of conduct set forth in this Agreement. In addition, the knowledge and/or actions, or failures to act, of any other person serving the Company or a Subsidiary or Affiliate as an Indemnifiable Person shall not be
imputed to Indemnitee for purposes of determining the right to indemnification hereunder. 
 9. Exceptions. Any other provision
herein to the contrary notwithstanding, 
 (a) Claims Initiated by Indemnitee. The Company shall not be obligated pursuant to the
terms of this Agreement to indemnify or advance Expenses to Indemnitee with respect to Proceedings or claims initiated or brought voluntarily by Indemnitee and not by way of defense, except (1) with respect to Proceedings brought to establish
or enforce a right to indemnification under this Agreement, any other statute or law, as permitted under Section 145, or otherwise, (2) where the Board has consented to the initiation of such Proceeding, or (3) with respect to
Proceedings brought to discharge Indemnitee’s fiduciary responsibilities, whether under ERISA or otherwise, but such indemnification or advancement of Expenses may be provided by the Company in specific cases if the Board finds it to be
appropriate; or 
 (b) Actions Based on Federal Statutes Regarding Profit Recovery and Return of Bonus Payments. The Company shall
not be obligated pursuant to the terms of this Agreement to indemnify Indemnitee on account of (i) any suit in which judgment is rendered against Indemnitee for an accounting of profits made from the purchase or sale by Indemnitee of securities
of the Company pursuant to the provisions of Section 16(b) of the Securities Exchange Act of l934 and amendments thereto or similar provisions of any federal, state or local statutory law, or (ii) any reimbursement of the Company by the
Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by the Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements
that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits arising from the purchase and sale
by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act); or 

  
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 (c) Unlawful Indemnification. The Company shall not be obligated pursuant to the
terms of this Agreement to indemnify Indemnitee for Other Liabilities if such indemnification is prohibited by law as determined by a court of competent jurisdiction in a final adjudication not subject to further appeal. 

10. Non-exclusivity. The provisions for indemnification and advancement of Expenses set forth
in this Agreement shall not be deemed exclusive of any other rights which Indemnitee may have under any provision of law, the Company’s Certificate of Incorporation or Bylaws, the vote of the Company’s stockholders or disinterested
directors, other agreements, or otherwise, both as to acts or omissions in his or her official capacity and to acts or omissions in another capacity while serving the Company or a Subsidiary or Affiliate as an Indemnifiable Person and
Indemnitee’s rights hereunder shall continue after Indemnitee has ceased serving the Company or a Subsidiary or Affiliate as an Indemnifiable Person and shall inure to the benefit of the heirs, executors and administrators of Indemnitee. 

11. Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason
whatsoever, (i) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, all portions of any paragraphs of this Agreement containing any such provision held to be invalid, illegal
or unenforceable, that are not themselves invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby, and (ii) to the fullest extent possible, the provisions of this Agreement (including, without limitation, all
portions of any paragraphs of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by
the provision held invalid, illegal or unenforceable. 
 12. Supersession, Modification and Waiver. This Agreement supersedes any
prior indemnification agreement between the Indemnitee and the Company, its Subsidiaries or its Affiliates. If the Company and Indemnitee have previously entered into an indemnification agreement providing for the indemnification of Indemnitee by
the Company, parties entry into this Agreement shall be deemed to amend and restate such prior agreement to read in its entirety as, and be superseded by, this Agreement. No supplement, modification or amendment of this Agreement shall be binding
unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof (whether or not similar) and except as expressly provided
herein, no such waiver shall constitute a continuing waiver. 
 13. Successors and Assigns. The terms of this Agreement shall bind,
and shall inure to the benefit of, and be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business
and/or assets of the Company), assigns, spouses, heirs and personal and legal representatives. In addition, the Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all,
substantially all, or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement and indemnify Indemnitee to the
fullest extent permitted by law. 
 14. Notice. All notices, requests, demands and other communications under this Agreement
shall be in writing and shall be deemed duly given (i) if delivered by hand and a receipt is provided by the party to whom such communication is delivered, (ii) if mailed by certified or registered mail with postage prepaid, return receipt
requested, on the signing by the recipient of an acknowledgement of receipt form accompanying delivery through the U.S. mail, (iii) by personal service by a process server, or (iv) by delivery to the recipient’s address by overnight
delivery (e.g., FedEx, UPS or DHL) or other commercial delivery service. Addresses for notice to either party are as shown on the signature page of this Agreement, or as subsequently modified by written notice complying with the provisions of this
Section 14. Delivery of communications to the Company with respect to this Agreement shall be sent to the attention of the Company’s Chief Financial Officer. 

15. No Presumptions. For purposes of this Agreement, the termination of any Proceeding, by judgment, order, settlement (whether with or
without court approval) or conviction, or upon a plea of nolo contendere or its 

  
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equivalent, shall not, of itself, create a presumption that Indemnitee did not meet any particular standard of conduct or have any particular belief or that a court has determined that
indemnification is not permitted by applicable law or otherwise. In addition, neither the failure of the Company or a Reviewing Party to have made a determination as to whether Indemnitee has met any particular standard of conduct or had any
particular belief, nor an actual determination by the Company or a Reviewing Party that Indemnitee has not met such standard of conduct or did not have such belief, prior to the commencement of Proceedings by Indemnitee to secure a judicial
determination by exercising Indemnitee’s rights under Section 8(e) of this Agreement shall be a defense to Indemnitee’s claim or create a presumption that Indemnitee has failed to meet any particular standard of conduct or did not
have any particular belief or is not entitled to indemnification under applicable law or otherwise. 
 16. Survival of Rights. The
rights conferred on Indemnitee by this Agreement shall continue after Indemnitee has ceased to serve the Company or a Subsidiary or Affiliate of the Company as an Indemnifiable Person and shall inure to the benefit of Indemnitee’s heirs,
executors and administrators. 
 17. Subrogation and Contribution. 

(a) Except as otherwise expressly provided in this Agreement, in the event of payment under this Agreement, the Company
shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all documents required and shall do all acts that may be necessary to secure such rights and to enable the Company effectively to
bring suit to enforce such rights. 
 (b) To the fullest extent permissible under applicable law, if the indemnification provided for in
this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by or on behalf of Indemnitee, whether for judgments, fines, penalties, excise taxes,
amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an Indemnifiable Event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such
Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and its
directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s). 
 18. Specific
Performance, Etc. The parties recognize that if any provision of this Agreement is violated by the Company, Indemnitee may be without an adequate remedy at law. Accordingly, in the event of any such violation, Indemnitee shall be entitled,
if Indemnitee so elects, to institute Proceedings, either in law or at equity, to obtain damages, to enforce specific performance, to enjoin such violation, or to obtain any relief or any combination of the foregoing as Indemnitee may elect to
pursue. 
 19. Counterparts. This Agreement may be executed in counterparts, each of which shall for all purposes be deemed to be an
original but all of which together shall constitute one and the same agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement. 

20. Headings. The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed
to constitute part of this Agreement or to affect the construction or interpretation thereof. 
 21. Governing Law. This Agreement
shall be governed exclusively by and construed according to the laws of the State of Delaware, as applied to contracts between Delaware residents entered into and to be performed entirely with Delaware. 

22. Consent to Jurisdiction. The Company and Indemnitee each hereby irrevocably consent to the jurisdiction of the courts of the State
of Delaware for all purposes in connection with any Proceeding which arises out of or relates to this Agreement. 
 [Signature Page
Follows] 

  
 8 

 The parties hereto have entered into this Indemnity Agreement effective as of the date first
above written. 
  

			
	GRAYBUG VISION, INC.:
		
	By:	 	  

		
	Name:	 	  

		
	Its:	 	  

 
			
	
	INDEMNITEE:

 
			
		
	By:	 	  

		
	Name:	 	  

		
	Address:	 	  

		
		 	  

  
 SIGNATURE PAGE TO
INDEMNITY AGREEMENTEX-10.2

 Exhibit 10.2 

GRAYBUG VISION, INC. 

2015 STOCK INCENTIVE PLAN 

As Adopted on February 19, 2015, and as Amended through February 1, 2019 

1. Establishment, Purpose and Types of Awards 

Graybug Vision, Inc., a Delaware corporation (the “Company”), hereby establishes the Graybug Vision, Inc. 2015 Stock
Incentive Plan (the “Plan”). The purpose of the Plan is to promote the long-term growth and profitability of the Company by (i) providing key people with incentives to improve shareholder value and to contribute to the growth
and financial success of the Company through their future services, and (ii) enabling the Company to attract, retain and reward the best available persons. 

The Plan permits the granting of stock options (including incentive stock options qualifying under Code section 422 and nonstatutory stock
options), stock appreciation rights, restricted or unrestricted stock awards, phantom stock, performance awards, other stock-based awards or any combination of the foregoing. 

2. Definitions 
 Under this Plan, except
where the context otherwise indicates, the following definitions apply: 
 (a) “Administrator” means the
Board or the committee(s) or officer(s) appointed by the Board that have authority to administer the Plan as provided in Section 3 hereof. 

(b) “Affiliate” means any entity, whether now or hereafter existing, that controls, is controlled by or is
under common control with the Company (including, without limitation, joint ventures, limited liability companies and partnerships). For this purpose, “control” shall mean ownership of fifty percent (50%) or more of the total
combined voting power or value of all classes of stock or interests of the entity, or the power to direct the management and policies of the entity, by contract or otherwise. 

(c) “Award” means any stock option, stock appreciation right, stock award, phantom stock award,
performance award or other stock-based award. 
 (d) “Board” means the Board of Directors of the Company.

 (e) “Cause” has the meaning ascribed to such term or words of similar import in the Award holder’s
written employment or service contract with the Company or Grant Agreement as in effect at the time at issue and, in the absence of such agreement or definition, means the Award holder’s (i) conviction of, or plea of nolo contendere to, a
felony or crime involving moral turpitude; (ii) fraud on or misappropriation of any funds or property of the Company, any affiliate, customer or vendor; (iii) personal dishonesty, incompetence, willful misconduct, willful violation of any
law, rule or regulation (other than minor traffic violations or similar offenses) or breach of fiduciary duty which involves personal profit; (iv) willful misconduct in connection with the Award holder’s duties or willful failure to
perform the Award holder’s responsibilities in the best interests of the Company; (v) illegal use or distribution of drugs; (vi) violation of any Company rule, regulation, procedure or policy; or (vii) breach of any provision of
any employment, non-disclosure, non-competition, non-solicitation or other similar agreement executed by the Award holder for the
benefit of the Company, all as determined by the Administrator, which determination will be conclusive. 

 (f) “Change in Control” means: (a) the sale of
all or substantially all of the assets of the Company, (b) the sale of more than fifty percent (50%) of the outstanding shares of any class of stock of the Company in a non-public sale, (c) the
dissolution or liquidation of the Company, or (d) any merger or consolidation of the Company if, immediately after any such transaction, either (i) persons who were directors of the Company immediately prior to such transaction do not
constitute at least a majority of the directors (or similar officials) of the surviving or purchasing entity, or (ii) Persons who hold a majority of the voting securities of the surviving or purchasing entity are not Persons who held a majority
of the stock of the Company immediately prior to such transaction; provided, however, that for purposes of any Award or subplan that constitutes a “nonqualified deferred compensation plan,” within the meaning of Code section
409A, the Administrator, in its discretion, may specify a different definition of Change in Control in order to comply with the provisions of Code section 409A. For purposes of this Section 2(e), a “Person” means any
individual, entity or group within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended, other than employee benefit plans sponsored or maintained by the Company and by entities controlled by the
Company or an underwriter of the Common Stock in a registered public offering. 
 (g) “Code” means
the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder. 
 (h) “Common
Stock” means shares of Common Stock of the Company, par value $0.0001 per share. 
 (i) “Fair Market
Value” means, with respect to a share of the Company’s Common Stock for any purpose on a particular date, the value of such Common Stock determined by the Administrator in good faith. However, if the Common Stock is registered
under Section 12(b) or 12(g) of the Securities Exchange Act of 1934, as amended, and listed for trading on a national exchange or market, “Fair Market Value” means, as applicable, (i) either the closing price or the
average of the high and low sale price on the relevant date, as determined in the Administrator’s discretion, quoted on the New York Stock Exchange, the American Stock Exchange, the Nasdaq Global Select Market or the Nasdaq Global Market;
(ii) the last sale price on the relevant date quoted on the Nasdaq Capital Market; (iii) the average of the high bid and low asked prices on the relevant date quoted on the Nasdaq OTC Bulletin Board Service or by the National Quotation
Bureau, Inc. or a comparable service as determined in the Administrator’s discretion; or (iv) if the Common Stock is not quoted by any of the above, the average of the closing bid and asked prices on the relevant date furnished by a
professional market maker for the Common Stock, or by such other source, selected by the Administrator. If no public trading of the Common Stock occurs on the relevant date but the shares are so listed, then Fair Market Value shall be determined as
of the last date before the relevant date on which trading of the Common Stock did occur. For all purposes under this Plan, the term “relevant date” as used in this Section 2(h) means either the date as of which Fair
Market Value is to be determined or the next preceding date on which public trading of the Common Stock occurs, as determined in the Administrator’s discretion. 

(j) “Good Reason” has the meaning ascribed to such term or words of similar import in the Award holder’s
written employment or service contract with the Company as in effect at the time at issue. In the absence of such agreement or definition, Good Reason means (i) the material diminution in the Award holder’s authority, duties, or
responsibilities compared to that in effect immediately prior to the occurrence of a Change in Control; or (ii) any requirement that the Award holder relocate, by more than 25 miles, the principal location from which the Award holder perform
services for the Company as compared to such location immediately prior to the occurrence of a Change in Control. The Award holder must provide notice to the Company of the existence of one of the “Good Reason” conditions within 90 days
after the initial existence of the “Good Reason” condition, upon the notice of which the Company shall have 30 days to remedy the condition to avoid any obligation under the Plan or Grant Agreement relating to the existence of “Good
Reason.” 

  
 2 

 (k) “Grant Agreement” means a written document, including
an electronic writing acceptable to the Administrator, memorializing the terms and conditions of an Award granted pursuant to the Plan and which shall incorporate the terms of the Plan. 

3. Administration 
 (a)
Administration of the Plan. The Plan shall be administered by the Board or by such committee or committees as may be appointed by the Board from time to time. To the extent allowed by applicable state law, the Board by resolution may
authorize an officer or officers to grant Awards (other than stock Awards) to other officers and employees of the Company and its Affiliates, and, to the extent of such authorization, such officer or officers shall be the Administrator. 

(b) Powers of the Administrator. The Administrator shall have all the powers vested in it by the terms of the Plan, such
powers to include authority, in its sole and absolute discretion, to grant Awards under the Plan, prescribe Grant Agreements evidencing such Awards and establish programs for granting Awards. 

The Administrator shall have full power and authority to take all other actions necessary to carry out the purpose and intent
of the Plan, including, without limitation, the authority to (i) determine the eligible persons to whom, and the time or times at which, the Awards shall be granted; (ii) determine the types of Awards to be granted; (iii) determine
the number of shares to be covered by or used for reference purposes for each Award; (iv) impose such terms, limitations, restrictions and conditions upon any such Award as the Administrator shall deem appropriate; (v) modify, amend,
extend or renew outstanding Awards, or accept the surrender of outstanding Awards and substitute new Awards (provided, however, that, except as provided in Section 6 or 7(d) of the Plan, any modification that would
materially adversely affect any outstanding Award shall not be made without the consent of the holder); (vi) accelerate or otherwise change the time in which an Award may be exercised or becomes payable and to waive or accelerate the lapse, in whole
or in part, of any restriction or condition with respect to such Award, including, without limitation, any restriction or condition with respect to the vesting or exercisability of an Award following termination of any grantee’s employment or
other relationship with the Company; 
 (vii) establish objectives and conditions, if any, for earning Awards and determining
whether Awards will be paid with respect to a performance period; and (viii) for any purpose, including, without limitation, qualifying for preferred tax treatment under foreign tax laws or otherwise complying with the regulatory requirements
of local or foreign jurisdictions; to establish, amend, modify, administer or terminate sub-plans; and prescribe, amend and rescind rules and regulations relating to such
sub-plans. 
 The Administrator shall have full power and authority, in its sole and
absolute discretion, to administer, construe and interpret the Plan, Grant Agreements, and all other documents relevant to the Plan and Awards issued thereunder; to establish, amend, rescind and interpret such rules, regulations, agreements,
guidelines and instruments for the administration of the Plan and for the conduct of its business as the Administrator deems necessary or advisable; and to correct any defect, supply any omission or reconcile any inconsistency in the Plan or in any
Award in the manner and to the extent the Administrator shall deem it desirable to carry it into effect. 

  
 3 

 (c) Non-Uniform
Determinations. The Administrator’s determinations under the Plan (including without limitation, determinations of the persons to receive Awards, the form, amount and timing of such Awards, the terms and provisions of such Awards and the
Grant Agreements evidencing such Awards) need not be uniform and may be made by the Administrator selectively among persons who receive, or are eligible to receive, Awards under the Plan, whether or not such persons are similarly situated. 

(d) Limited Liability. To the maximum extent permitted by law, no member of the Administrator shall be liable for any
action taken or decision made in good faith relating to the Plan or any Award thereunder. 
 (e) Indemnification. To
the maximum extent permitted by law and by the Company’s charter and bylaws, the members of the Administrator shall be indemnified by the Company in respect of all their activities under the Plan. 

(f) Effect of Administrator’s Decision. All actions taken and decisions and determinations made by the
Administrator on all matters relating to the Plan pursuant to the powers vested in it hereunder shall be in the Administrator’s sole and absolute discretion and shall be conclusive and binding on all parties concerned, including the Company,
its shareholders, any participants in the Plan and any other employee, consultant or director of the Company, and their respective successors in interest. 

4. Shares Available for the Plan; Maximum Awards 

Subject to adjustments as provided in Section 7(d) of the Plan, the shares of Common Stock that may be issued with respect
to Awards granted under the Plan shall not exceed an aggregate of seventeen million six hundred twenty-seven thousand eight hundred fifty (17,627,850) shares of Common Stock. The Company shall reserve such number of shares for Awards under the Plan,
subject to adjustments as provided in Section 7(d) of the Plan. If any Award, or portion of an Award, under the Plan expires or terminates unexercised; becomes unexercisable; is settled in cash without delivery of shares of Common
Stock; or is forfeited or otherwise terminated, surrendered or canceled as to any shares, or if any shares of Common Stock are repurchased by or surrendered to the Company in connection with any Award (whether or not such surrendered shares were
acquired pursuant to any Award), or if any shares are withheld by the Company, the shares subject to such Award and the repurchased, surrendered and withheld shares shall thereafter be available for further Awards under the Plan; provided,
however, that any such shares that are surrendered to or repurchased or withheld by the Company in connection with any Award or that are otherwise forfeited after issuance shall not be available for purchase pursuant to incentive stock
options intended to qualify under Code section 422. 
 5. Participation 

Participation in the Plan shall be open to all employees, officers and directors of, and other individuals providing bona fide services to or
for, the Company, or of any Affiliate of the Company, as may be selected by the Administrator from time to time. The Administrator may also grant Awards to individuals in connection with hiring, recruiting or otherwise, prior to the date the
individual first performs services for the Company or an Affiliate; provided that such Awards shall not become vested or exercisable, and no shares shall be issued to such individual, prior to the date the individual first commences
performance of such services. 

  
 4 

 6. Awards 

The Administrator, in its sole discretion, establishes the terms of all Awards granted under the Plan. Awards may be granted individually or in
tandem with other types of Awards, concurrently with or with respect to outstanding Awards. All Awards are subject to the terms and conditions provided in the Grant Agreement. 

(a) Stock Options. The Administrator may from time to time grant to eligible participants Awards of incentive stock
options as that term is defined in Code section 422 or nonstatutory stock options; provided, however, that Awards of incentive stock options shall be limited to employees of the Company or of any current or hereafter existing
“parent corporation” or “subsidiary corporation,” as defined in Code sections 424(e) and (f), respectively, of the Company and any other individuals who are eligible to receive incentive stock options under the
provisions of Code section 422. No stock option shall have a term longer than ten (10) years’ duration. Options intended to qualify as incentive stock options under Code section 422 must have an exercise price at least equal to Fair Market
Value as of the date of grant, but nonstatutory stock options may be granted with an exercise price less than Fair Market Value. No stock option shall be an incentive stock option unless so designated by the Administrator at the time of grant or in
the Grant Agreement evidencing such stock option. 
 (b) Stock Appreciation Rights. The Administrator may from time to
time grant to eligible participants Awards of Stock Appreciation Rights (“SAR”). A SAR entitles the grantee to receive, subject to the provisions of the Plan and the Grant Agreement, a payment having an aggregate value equal to the
product of (i) the excess of (A) the Fair Market Value on the exercise date of one share of Common Stock over (B) the base price per share specified in the Grant Agreement, times (ii) the number of shares specified by the SAR, or
portion thereof, which is exercised. The base price per share specified in the Grant Agreement shall not be less than the lower of the Fair Market Value on the grant date or the exercise price of any tandem stock option Award to which the SAR is
related. No SAR shall have a term longer than ten (10) years’ duration. Payment by the Company of the amount receivable upon any exercise of a SAR may be made by the delivery of Common Stock or cash, or any combination of Common Stock and
cash, as determined in the sole discretion of the Administrator. If upon settlement of the exercise of a SAR a grantee is to receive a portion of such payment in shares of Common Stock, the number of shares shall be determined by dividing such
portion by the Fair Market Value of a share of Common Stock on the exercise date. No fractional shares shall be used for such payment, and the Administrator shall determine whether cash shall be given in lieu of such fractional shares or whether
such fractional shares shall be eliminated.  
 (c) Stock Awards. The Administrator may from time to time grant
restricted or unrestricted stock Awards to eligible participants in such amounts, on such terms and conditions, and for such consideration, including no consideration or such minimum consideration as may be required by law, as it shall determine. A
stock Award may be paid in Common Stock, in cash, or in a combination of Common Stock and cash, as determined in the sole discretion of the Administrator. 

(d) Phantom Stock. The Administrator may from time to time grant Awards to eligible participants denominated in
stock-equivalent units or restricted stock units (“phantom stock”) in such amounts and on such terms and conditions as it shall determine. Phantom stock units granted to a participant shall be credited to a bookkeeping reserve
account solely for accounting purposes and shall not require a segregation of any of the Company’s assets. An Award of phantom stock may be settled in Common Stock, in cash, or in a combination of Common Stock and cash, as

  
 5 

 
determined in the sole discretion of the Administrator. Except as otherwise provided in the applicable Grant Agreement, the grantee shall not have the rights of a shareholder with respect to any
shares of Common Stock represented by a phantom stock unit solely as a result of the grant of a phantom stock unit to the grantee. 

(e) Performance Awards. The Administrator may, in its discretion, grant performance awards which become payable on
account of attainment of one or more performance goals established by the Administrator. Performance awards may be paid by the delivery of Common Stock or cash, or any combination of Common Stock and cash, as determined in the sole discretion of the
Administrator. Performance goals established by the Administrator may be based on the Company’s or an Affiliate’s operating income or one or more other business criteria selected by the Administrator that apply to an individual or group of
individuals, a business unit, or the Company or an Affiliate as a whole, over such performance period as the Administrator may designate.  

(f) Other Stock-Based Awards. The Administrator may from time to time grant other stock-based awards to eligible
participants in such amounts, on such terms and conditions, and for such consideration, including no consideration or such minimum consideration as may be required by law, as it shall determine. Other stock-based awards may be denominated in cash,
in Common Stock or other securities, in stock-equivalent units, in stock appreciation units, in securities or debentures convertible into Common Stock, or in any combination of the foregoing and may be paid in Common Stock or other securities, in
cash, or in a combination of Common Stock or other securities and cash, all as determined in the sole discretion of the Administrator. 
 7.
Miscellaneous 
 (a) Withholding of Taxes. Grantees and holders of Awards shall pay to the Company or its
Affiliate, or make provision satisfactory to the Administrator for payment of, any taxes required to be withheld in respect of Awards under the Plan no later than the date of the event creating the tax liability. The Company or its Affiliate may, to
the extent permitted by law, deduct any such tax obligations from any payment of any kind otherwise due to the grantee or holder of an Award. In the event that payment to the Company or its Affiliate of such tax obligations is made in shares of
Common Stock, such shares shall be valued at Fair Market Value on the applicable date for such purposes and shall not exceed in amount the minimum statutory tax withholding obligation. 

(b) Loans. To the extent otherwise permitted by law, the Company or its Affiliate may make or guarantee loans to
grantees to assist grantees in exercising Awards and satisfying any withholding tax obligations. 
 (c)
Transferability. Except as set forth in any stock restriction agreement, shareholders’ agreement or as otherwise determined by the Administrator, and in any event in the case of an incentive stock option or a SAR granted with respect to
an incentive stock option, no Award granted under the Plan shall be transferable by a grantee otherwise than by will or the laws of descent and distribution. Subject to the qualifications in this Section 7(c), an Award may be exercised
during the lifetime of the grantee, only by the grantee or, during the period the grantee is under a legal disability, by the grantee’s guardian or legal representative. 

  
 6 

 (d) Adjustments for Corporate Transactions and Other Events. 

 

	 	(i)	 Stock Dividend, Stock Split and Reverse Stock Split. In the event of a stock dividend of, or stock split
or reverse stock split affecting, the Common Stock, (A) the maximum number of shares of such Common Stock as to which Awards may be granted under this Plan, as provided in Section 4 of the Plan, and (B) the number of shares
covered by and the exercise price and other terms of outstanding Awards, shall, without further action of the Board, be adjusted to reflect such event. The Administrator may make adjustments, in its discretion, to address the treatment of fractional
shares and fractional cents that arise with respect to outstanding Awards as a result of the stock dividend, stock split or reverse stock split. 

  

	 	(ii)	 Non-Change in Control Transactions. Except with respect to the
transactions set forth in Section 7(d)(i), in the event of any change affecting the Common Stock, the Company or its capitalization, by reason of a spin-off,
split-up, dividend, recapitalization, merger, consolidation or share exchange, other than any such change that is part of a transaction resulting in a Change in Control of the Company, the Administrator, in
its discretion and without the consent of the holders of the Awards, may make (A) appropriate adjustments to the maximum number and kind of shares reserved for issuance or with respect to which Awards may be granted under the Plan, as provided
in Section 4 of the Plan, and (B) any adjustments in outstanding Awards, including, without limitation, modifying the number, kind and price of securities subject to Awards, as the Administrator determines to be appropriate and
equitable. 

  

	 	(iii)	 Change in Control Transactions. In the event of any transaction resulting in a Change in Control of the
Company, outstanding stock options and other Awards that are payable in or convertible into Common Stock under this Plan will terminate upon the effective time of such Change in Control unless provision is made in connection with the transaction for
the continuation or assumption of such Awards by, or for the substitution of equivalent awards, as determined in the sole discretion of the Administrator, of, the surviving or successor entity or a parent thereof. In the event of such termination,
the Administrator may, in its sole discretion, permit the holders of stock options and other Awards under the Plan, immediately before the Change in Control, to exercise or convert all portions of such stock options or other Awards under the Plan
that are then exercisable or convertible or which become exercisable or convertible upon or prior to the effective time of the Change in Control. 

  

	 	 	 The Administrator may, in its sole discretion and without the consent of any Award holder, determine that, upon
the occurrence of a Change in Control, each or any Award outstanding immediately prior to the Change in Control and not previously exercised or settled shall be canceled in exchange for a payment with respect to each vested share subject to such
canceled Award in (I) cash, (II) stock of the Company or of a corporation or other business entity a party to the Change in Control, or (III) other property which, in any such case, shall be in an amount having a Fair Market Value equal to
the Fair Market Value of the consideration to be 

  
 7 

	 	
paid per share in the Change in Control, reduced (but not below zero) by the exercise or purchase price per share, if any, under such Award. In the event such determination is made by the
Administrator, an Award having an exercise or purchase price per share equal to or greater than the Fair Market Value of the consideration to be paid per share in the Change in Control may be canceled without payment of consideration to the holder
thereof. 

 If stock option Awards are not continued, assumed, or substituted by the surviving or successor entity or a parent
thereof in connection with a Change in Control, all stock options will become fully vested immediately before and contingent upon the occurrence of the Change in Control. If stock option Awards are continued, assumed, or substituted by the surviving
or successor entity or a parent thereof in connection with a Change in Control and the Award holder’s continuous service with the Company is terminated coincident with or within one year following a Change in Control, either by the Company or
its successor without Cause or by the Award holder for Good Reason, the stock options that had not yet become exercisable as of the date of termination will immediately become 100% exercisable. 

If, immediately before the Change in Control, no stock of the Company is readily tradable on an established securities market or otherwise,
and the vesting of an Award or Awards pursuant to this Section 7(d)(iii) would be treated as a “parachute payment” (as defined in Section 280G of the Code), then such Award or Awards shall not vest unless the requirements
of the shareholder approval exemption of Section 280G(b)(5) of the Code have been satisfied with respect to such Award or Awards. 
  

	 	(iv)	 Unusual or Nonrecurring Events. The Administrator is authorized to make, in its discretion and without
the consent of holders of Awards, adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring events affecting the Company, or the financial statements of the Company or any Affiliate,
or of changes in applicable laws, regulations or accounting principles, whenever the Administrator determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made
available under the Plan. 

 (e) Substitution of Awards in Mergers and Acquisitions. Awards may be
granted under the Plan from time to time in substitution for awards held by employees, officers, consultants or directors of entities who become or are about to become employees, officers, consultants or directors of the Company or an Affiliate as
the result of a merger or consolidation of the employing entity with the Company or an Affiliate, or the acquisition by the Company or an Affiliate of the assets or stock of the employing entity. The terms and conditions of any substitute Awards so
granted may vary from the terms and conditions set forth herein to the extent that the Administrator deems appropriate at the time of grant to conform the substitute Awards to the provisions of the awards for which they are substituted. 

  
 8 

 (f) Other Agreements. As a condition precedent to the grant of any
Award under the Plan, the exercise pursuant to such an Award or to the delivery of certificates for shares issued pursuant to any Award, the Administrator may require the grantee or the grantee’s successor or permitted transferee, as the case
may be, to become a party to a stock restriction agreement, shareholders’ agreement, voting trust agreement or other agreements regarding the Common Stock of the Company in such form(s) as the Administrator may determine from time to time. 

(g) Termination, Amendment and Modification of the Plan. The Board may terminate, amend or modify the Plan or any
portion thereof at any time. Except as otherwise determined by the Board, termination of the Plan shall not affect the Administrator’s ability to exercise the powers granted to it hereunder with respect to Awards granted under the Plan prior to
the date of such termination. 
 (h) Non-Guarantee of Employment or Service.
Nothing in the Plan or in any Grant Agreement thereunder shall confer any right on an individual to continue in the service of the Company or shall interfere in any way with the right of the Company to terminate such service at any time with or
without cause or notice and whether or not such termination results in (i) the failure of any Award to vest; (ii) the forfeiture of any unvested or vested portion of any Award; and/or (iii) any other adverse effect on the
individual’s interests under the Plan. 
 (i) Compliance with Securities Laws; Listing and Registration. If at
any time the Administrator determines that the delivery of Common Stock under the Plan is or may be unlawful under the laws of any applicable jurisdiction, or Federal, state or foreign securities laws, the right to exercise an Award or receive
shares of Common Stock pursuant to an Award shall be suspended until the Administrator determines that such delivery is lawful. The Company shall have no obligation to effect any registration or qualification of the Common Stock under Federal, state
or foreign laws. 
 The Company may require that a grantee, as a condition to exercise of an Award, and as a condition to the
delivery of any share certificate, make such written representations (including representations to the effect that such person will not dispose of the Common Stock so acquired in violation of Federal, state or foreign securities laws) and furnish
such information as may, in the opinion of counsel for the Company, be appropriate to permit the Company to issue the Common Stock in compliance with applicable Federal, state or foreign securities laws. The stock certificates for any shares of
Common Stock issued pursuant to this Plan may bear a legend restricting transferability of the shares of Common Stock unless such shares are registered or an exemption from registration is available under the Securities Act of 1933, as amended, and
applicable state or foreign securities laws. 
 (j) No Trust or Fund Created. Neither the Plan nor any Award shall
create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company and a grantee or any other person. To the extent that any grantee or other person acquires a right to receive payments from the
Company pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company. 

(k) Governing Law. The validity, construction and effect of the Plan, of Grant Agreements entered into pursuant to the
Plan, and of any rules, regulations, determinations or decisions made by the Administrator relating to the Plan or such Grant Agreements, and the rights of any and all persons having or claiming to have any interest therein or thereunder, shall be
determined exclusively in accordance with applicable federal laws and the laws of the State of Delaware, without regard to its conflict of laws principles. 

  
 9 

 (l) 409A Savings Clause. The Plan and all Awards granted hereunder
are intended to comply with, or otherwise be exempt from, Code section 409A. The Plan and all Awards granted under the Plan shall be administered, interpreted and construed in a manner consistent with Code section 409A to the extent necessary to
avoid the imposition of additional taxes under Code section 409A(a)(1)(B). Should any provision of the Plan, any Grant Agreement, or any other agreement or arrangement contemplated by the Plan be found not to comply with, or otherwise be exempt
from, the provisions of Code section 409A, such provision shall be modified and given effect (retroactively if necessary), in the sole discretion of the Administrator, and without the consent of the holder of the Award, in such manner as the
Administrator determines to be necessary or appropriate to comply with, or to effectuate an exemption from, Code section 409A. Notwithstanding anything in the Plan to the contrary, in no event shall the Administrator exercise its discretion to
accelerate the payment or settlement of an Award where such payment or settlement constitutes deferred compensation within the meaning of Code section 409A unless, and solely to the extent, that such accelerated payment or settlement is permissible
under Treasury Regulation section 1.409A-3(j)(4) or any successor provision. 
 (m)
Effective Date; Termination Date. The Plan is effective as of the date on which the Plan is adopted by the Board, subject to approval of the shareholders within twelve (12) months before or after such date. No Award shall be granted
under the Plan after the close of business on the day immediately preceding the tenth (10th) anniversary of the effective date of the Plan, or if earlier, the tenth (10th) anniversary of the date this Plan is approved by the shareholders. Subject to
other applicable provisions of the Plan, all Awards made under the Plan prior to such termination of the Plan shall remain in effect until such Awards have been satisfied or terminated in accordance with the Plan and the terms of such Awards. 

PLAN APPROVAL 
 Date Approved by the
Board: February 19, 2015 
 Date Approved by the Shareholders: February 19, 2015 

Date Last Amended by the Board and Shareholders: February 1, 2019 

  
 10 

 GRAYBUG VISION, INC. 

INCENTIVE STOCK OPTION NOTICE 

This Incentive Stock Option Notice (this “Notice”) evidences the award of incentive stock options (each, an
“Option,” and collectively, the “Options”) that have been granted to you, «Optionee» (the “Optionee”), subject to and conditioned upon your agreement to the terms of the attached
Incentive Stock Option Agreement (the “Agreement”). The Options entitle you to purchase shares of Common Stock, par value $0.0001 per share, of Graybug Vision, Inc., a Delaware corporation (the “Company”), under the
Company’s 2015 Stock Incentive Plan (the “Plan”). The number of shares you may purchase and the exercise price at which you may purchase them are specified below. This Notice constitutes part of and is subject to the terms and
provisions of the Agreement and the Plan, which are incorporated by reference herein. 
 Grant Date: «GrantDate» 

Number of Shares: «NoofShares» shares of Common Stock 

Exercise Price: «ExercisePrice» per share (the “Exercise Price”) 

Vesting Commencement Date: «VestingCommenceDate» 

Expiration Date: «ExpDate» 

Exercisability Schedule: Subject to the terms and conditions described in the Agreement, the Options become exercisable in accordance with the
following schedule (the “Exercisability Schedule”): 
 Twenty-five percent (25%) of the Shares (rounded down to the next whole number of
shares) subject to the Option shall vest on the one-year anniversary of the Vesting Commencement Date and one forty-eighth (1/48th) of the Shares subject to the Option shall vest on each monthly anniversary of
the Vesting Commencement Date thereafter, so that the Option shall be fully vested and exercisable on the fourth anniversary of the Vesting Commencement Date, subject to the Optionee’s continued Service to the Company. 

[Signature page follows] 

 
			
	 GRAYBUG VISION, INC.

		
	 By:
	 	
		 	  

	 Name:
	 	
	 Title:
	 	

 I acknowledge that I have carefully read the attached Agreement and the Plan and agree to be bound by all of the
provisions set forth in such documents. 
  

			
	Enclosures:	  	 OPTIONEE

		
	Incentive Stock Option Agreement Graybug Vision, Inc. 2015 Stock Incentive Plan Exercise Form	  	  

		  	 Name: «Optionee»
  

Date:                         
                                         
                      

  
 - 2 - 

 INCENTIVE STOCK OPTION AGREEMENT 

UNDER THE 
 GRAYBUG
VISION, INC. 2015 STOCK INCENTIVE PLAN 
 1. Terminology. Capitalized terms used in this Agreement and not otherwise defined
herein are defined in the correlating Notice and/or the Glossary at the end of the Agreement. 
 2. Exercise of Options. 

(a) Exercisability. The Options will become exercisable in accordance with the Exercisability Schedule set forth in the Notice, so long
as you are in the Service of the Company from the Grant Date through the applicable exercisability dates. None of the Options will become exercisable after your Service with the Company ceases, unless the Notice provides otherwise with respect to
exercisability that arises as a result of your cessation of Service. 
 (b) Right to Exercise. You may exercise the Options, to the
extent exercisable, at any time on or before 5:00 p.m. Pacific Time on the last business day coincident with or prior to the expiration date set forth in the Notice (the “Expiration Date”) or the earlier termination of the Options,
unless otherwise provided under applicable law. Notwithstanding the foregoing, if at any time the Administrator determines that the delivery of Shares under the Plan or this Agreement is or may be unlawful under the laws of any applicable
jurisdiction, or Federal, state or foreign securities laws, the right to exercise the Options or receive Shares pursuant to the Options shall be suspended until the Administrator determines that such delivery is lawful.
Section 3 below describes certain limitations on exercise of the Options that apply in the event of your death, Disability or termination of Service. The Options may be exercised only in multiples of whole Shares. No
fractional Shares will be issued under the Options. 
 (c) Exercise Procedure. In order to exercise the Options, you must provide the
following items to the Secretary of the Company or his or her delegate before the expiration or termination of the Options: 
  

	 	(i)	 notice, in such manner and form as the Administrator may require from time to time, specifying the number of
Shares to be purchased under the Options; 

  

	 	(ii)	 full payment of the Exercise Price for the Shares in accordance with Section 2(d) of
this Agreement; and 

  

	 	(iii)	 an executed copy of any other agreements requested by the Administrator pursuant to
Section 2(e) of this Agreement. 

 An exercise will not be effective until the Secretary of the Company or his
or her delegate receives all of the foregoing items, and such exercise otherwise is permitted under and complies with all applicable Federal, state and foreign securities laws. 

  
 - 1 - 

 (d) Method of Payment. You may pay the Exercise Price by: 

 

	 	(i)	 delivery of cash, certified or cashier’s check, money order or other cash equivalent acceptable to the
Administrator in its discretion; 

  

	 	(ii)	 a broker-assisted cashless exercise in accordance with Regulation T of the Board of Governors of the Federal
Reserve System through a brokerage firm approved by the Administrator; 

  

	 	(iii)	 subject to such limits as the Administrator may impose from time to time, tender (via actual delivery or
attestation) to the Company of other shares of Common Stock of the Company which have a Fair Market Value on the date of tender equal to the Exercise Price; 

  

	 	(iv)	 subject to such limits as the Administrator may impose from time to time, net settlement;

  

	 	(v)	 any other method approved by the Administrator; or 

 

	 	(vi)	 any combination of the foregoing. 

(e) Agreement to Execute Other Agreements. You agree to execute, as a condition precedent to the exercise of the Options and at any time
thereafter as may reasonably be requested by the Administrator, a stockholders’ agreement, voting trust agreement or other agreements regarding the Common Stock of the Company in such form(s) as the Administrator may determine from time to
time, with respect to any shares you acquire pursuant to this Agreement; provided, however, that execution of such agreements will not be required upon any exercise that occurs after the closing of the first public offering of capital
stock of the Company that is effected pursuant to a registration statement filed with, and declared effective by, the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”), or, if
later, the expiration of any market stand-off agreement that applies to other stockholders of the Company respecting such public offering of capital stock. 

(f) Issuance of Shares upon Exercise. The Company shall issue to you the Shares underlying the Options you exercise as soon as
practicable after the exercise date, subject to the Company’s receipt of the aggregate Exercise Price and the requisite withholding taxes, if any. Upon issuance of such Shares, the Company may deliver, subject to the provisions of
Section 7 below, such Shares on your behalf electronically to the Company’s designated stock plan administrator or such other broker-dealer as the Company may choose at its sole discretion, within reason, or may retain
such Shares in uncertificated book-entry form. Any share certificates delivered will, unless the Shares are registered or an exemption from registration is available under applicable Federal and state law, bear a legend restricting transferability
of such Shares. 
 3. Termination of Service. 

(a) Termination of Unexercisable Options. If your Service with the Company ceases for any reason, the Options that are then
unexercisable, after giving effect to any exercise acceleration provisions set forth in the Notice, will terminate immediately upon such cessation. 

  
 - 2 - 

 (b) Exercise Period Following Termination of Service. If your Service with the
Company ceases for any reason other than discharge for Cause, the Options that are then exercisable, after giving effect to any exercise acceleration provisions set forth in the Notice, will terminate upon the earliest of: 

(i) the expiration of thirty (30) days following such cessation, if your Service ceases on account of (1) your
termination by the Company other than a discharge for Cause, or (2) your voluntary termination other than for Disability or death; 

(ii) the expiration of twelve (12) months following such cessation, if your Service ceases on account of your Disability
or death; 
 (iii) the expiration of twelve (12) months following your death, if your death occurs during the periods
described in clauses (i) or (ii) of this Section 3(b), as applicable; or 
 (iv) the
Expiration Date. 
 In the event of your death, the exercisable Options may be exercised by your executor, personal representative, or the person(s) to whom
the Options are transferred by will or the laws of descent and distribution. 
 (c) Misconduct. The Options will terminate in their
entirety, regardless of whether the Options are then exercisable, immediately upon your discharge from Service for Cause, or upon your commission of any of the following acts during the exercise period following your termination of Service:
(i) fraud on or misappropriation of any funds or property of the Company, or (ii) your breach of any provision of any employment, consulting, non-disclosure,
non-competition, non-solicitation, assignment of inventions or other similar agreement executed by you for the benefit of the Company, as determined by the
Administrator, which determination will be conclusive. 
 (d) Changes in Status. If you cease to be a “common law employee”
of the Company but you continue to provide bona fide services to the Company following such cessation in a different capacity, including, without limitation, as a director, consultant or independent contractor, then a termination of Service shall
not be deemed to have occurred for purposes of this Section 3(d) upon such change in capacity. Notwithstanding the foregoing, the Options shall not be treated as incentive stock options within the meaning of Code section
422 with respect to any exercise that occurs more than three months after such cessation of the common law employee relationship (except as otherwise permitted under Code section 421 or 422). In the event that your Service is with a business, trade
or entity that, after the Grant Date, ceases for any reason to be part or an Affiliate of the Company, your Service will be deemed to have terminated for purposes of this Section 3(d) upon such cessation if your Service
does not continue uninterrupted immediately thereafter with the Company or an Affiliate of the Company. 
 4. Market Stand-Off Agreement. You agree that following the effective date of a registration statement of the Company filed under the Securities Act, you, for the duration specified by and to the extent
requested by the Company and an underwriter of Common Stock or other securities of the Company, shall not offer, sell, contract to sell, pledge or otherwise dispose of, directly or indirectly, any equity securities of the Company, or any securities
convertible into or exchangeable or exercisable for such securities, enter into a transaction which would have the 

  
 - 3 - 

 
same effect, or enter into any swap, hedge or other arrangement that transfers, in whole or in part, any of the economic consequences of ownership of such securities, whether any such
aforementioned transaction is to be settled by delivery of such securities or other securities, in cash or otherwise, or publicly disclose the intention to make any such offer, sale, pledge or disposition, or to enter into any such transaction,
swap, hedge or other arrangement, in each case during the seven (7) days prior to and the one hundred eighty (180) days after the effectiveness of any underwritten offering of the Company’s equity securities (or such longer or shorter
period as may be requested in writing by the managing underwriter and agreed to in writing by the Company) (the “Market Stand-Off Period”), except as part of such underwritten registration if
otherwise permitted. In addition, you agree to execute any further letters, agreements and/or other documents requested by the Company or its underwriters that are consistent with the terms of this Section 4. The Company
may impose stop-transfer instructions with respect to securities subject to the foregoing restrictions until the end of such Market Stand-Off Period. 

5. Nontransferability of Options. These Options and, before exercise, the underlying Shares are nontransferable otherwise than by will
or the laws of descent and distribution and, during your lifetime, the Options may be exercised only by you or, during the period you are under a legal disability, by your guardian or legal representative. Except as provided above, the Options and,
before exercise, the underlying Shares may not be assigned, transferred, pledged, hypothecated, subjected to any “put equivalent position,” “call equivalent position” (as each preceding term is defined by Rule 16(a)-1 under the Securities Exchange Act of 1934, as amended), or short position, or disposed of in any way (whether by operation of law or otherwise) and shall not be subject to execution, attachment or similar
process. 
 6. Qualified Nature of the Options. 

(a) General Status. The Options are intended to qualify as incentive stock options within the meaning of Code section 422
(“Incentive Stock Options”), to the fullest extent permitted by Code section 422, and this Agreement shall be so construed. The Company, however, does not warrant any particular tax consequences of the Options. Code
section 422 provides limitations, not set forth in this Agreement, respecting the treatment of the Options as Incentive Stock Options. You should consult with your personal tax advisors in this regard. 

(b) Code Section 422(d) Limitation. Pursuant to Code section 422(d), the aggregate fair market value (determined
as of the Grant Date) of shares of Common Stock with respect to which all Incentive Stock Options first become exercisable by you in any calendar year under the Plan or any other plan of the Company (and its parent and subsidiary corporations,
within the meaning of Code section 424(e) and (f), as may exist from time to time) may not exceed One Hundred Thousand Dollars ($100,000) or such other amount as may be permitted from time to time under Code section 422. To the extent that such
aggregate fair market value exceeds One Hundred Thousand Dollars ($100,000) or other applicable amount in any calendar year, such stock options will be treated as nonstatutory stock options with respect to the amount of aggregate fair market value
thereof that exceeds the Code section 422(d) limit. For this purpose, the Incentive Stock Options will be taken into account in the order in which they were granted. In such case, the Company may designate the shares of Common Stock that are to
be treated as stock acquired pursuant to the exercise of Incentive Stock Options and the shares of Common Stock that are to be treated as stock acquired pursuant to nonstatutory stock options by issuing separate certificates for such shares and
identifying the certificates as such in the stock transfer records of the Company. 

  
 - 4 - 

 (c) Significant Stockholders. Notwithstanding anything in this Agreement or the
Notice to the contrary, if you own, directly or indirectly through attribution, stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or of any of its subsidiaries (within the meaning
of Code section 424(f)) on the Grant Date, then the Exercise Price is the greater of (a) the Exercise Price stated on the Stock Option Notice or (b) one hundred ten percent (110%) of the Fair Market Value of the Common Stock on the Grant
Date, and the Expiration Date is the last business day prior to the fifth (5th) anniversary of the Grant Date. 
 (d) Disqualifying
Dispositions. If you make a disposition (as that term is defined in Code section 424(c)) of any Shares acquired pursuant to the Options within two (2) years of the Grant Date or within one (1) year after the Shares are transferred
to you, you must notify the Company of such disposition in writing within thirty (30) days of the disposition. The Administrator may, in its discretion, take reasonable steps to ensure notification of such dispositions, including, without
limitation, requiring that Shares acquired under the Options be held in an account with a Company-designated broker–dealer until they are sold. 

7. Withholding of Taxes. At the time the Options are exercised, in whole or in part, or at any time thereafter as requested by the
Company, you hereby authorize withholding from payroll or any other payment of any kind due to you and otherwise agree to make adequate provision for foreign, Federal, state and local taxes required by law to be withheld, if any, that arise in
connection with the Options (including upon a disqualifying disposition within the meaning of Code section 421(b)). The Company may require you to make a cash payment to cover any withholding tax obligation as a condition of exercise of the Options
or issuance of share certificates representing Shares. 
 The Administrator may, in its sole discretion, permit you to satisfy, in whole or
in part, any withholding tax obligation which may arise in connection with the Options either by electing to have the Company withhold from the Shares to be issued upon exercise that number of Shares, or by electing to deliver to the Company
already-owned shares, in either case having a Fair Market Value not in excess of the amount necessary to satisfy the statutory minimum withholding amount due. 

8. Adjustments. The Administrator may make various adjustments to your Options, including adjustments to the number and type of
securities subject to the Options and the Exercise Price, in accordance with the terms of the Plan. 
 9. Purchase Right of the
Company. From and after the termination of your employment or service relationship with the Company for any reason, the Company may purchase the Options, in whole or in part, from you. The Administrator shall provide you with written notice of
the Company’s intention to exercise this purchase right, specifying the number of Options to which the purchase right shall be applied. The purchase price per Option shall be the difference between (a) the Exercise Price per Share and
(b) the Fair Market Value per Share, determined as of the date immediately preceding the date settlement occurs. Settlement of the purchase will be made within thirty (30) days after delivery of such written notice. In the discretion of
the Administrator, payment of the purchase price will be made via cash, a promissory note, or a combination of the two. Any such promissory note will provide for five (5) or fewer equal annual payments of principal and shall accrue interest at
the “Prime Rate” published in the Wall Street Journal on the date of settlement. The Options will be automatically terminated, and of no further force and effect, as of the settlement date with respect to the number of Options so
purchased. 

  
 - 5 - 

 10. Non-Guarantee of Employment or Service
Relationship. Nothing in the Plan or this Agreement will alter your at-will or other employment status or other service relationship with the Company, nor be construed as a contract of employment or
service relationship between you and the Company, or as a contractual right for you to continue in the employ of, or in a service relationship with, the Company for any period of time, or as a limitation of the right of the Company to discharge you
at any time with or without Cause or notice and whether or not such discharge results in the failure of any of the Options to become exercisable or any other adverse effect on your interests under the Plan. 

11. No Rights as a Stockholder. You shall not have any of the rights of a stockholder with respect to the Shares until such Shares have
been issued to you upon the due exercise of the Options. No adjustment will be made for dividends or distributions or other rights for which the record date is prior to the date such Shares are issued. 

12. The Company’s Rights. The existence of the Options shall not affect in any way the right or power of the Company or its
stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business, or any merger or consolidation of the Company, or any issue of bonds, debentures,
preferred or other stocks with preference ahead of or convertible into, or otherwise affecting, the Common Stock or the rights thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of the
Company’s assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise. 
 13. Entire
Agreement. This Agreement, together with the Notice and the Plan, contain the entire agreement between you and the Company with respect to the Options. Any oral or written agreements, representations, warranties, written inducements, or other
communications made prior to the execution of this Agreement with respect to the Options shall be void and ineffective for all purposes. 

14. Amendment. This Agreement may be amended from time to time by the Administrator in its discretion; provided, however,
that this Agreement may not be modified in a manner that would have a materially adverse effect on the Options or Shares as determined in the discretion of the Administrator, except as provided in the Plan or in a written document signed by you and
the Company. 
 15. Conformity with Plan. This Agreement is intended to conform in all respects with, and is subject to all
applicable provisions of, the Plan. Any conflict between the terms of this Agreement and the Plan shall be resolved in accordance with the terms of the Plan. In the event of any ambiguity in this Agreement or any matters as to which this Agreement
is silent, the Plan shall govern. A copy of the Plan is provided to you with this Agreement. 
 16. Section 409A. This Agreement and
the Options granted hereunder are intended to comply with, or otherwise be exempt from, Section 409A of the Code. Nothing in the Plan or this Agreement shall be construed as including any feature for the deferral of compensation other than the
deferral of recognition of income until the exercise of the Options. Should any provision of the Plan or this Agreement be found not to comply with, or otherwise be exempt from, the provisions of Section 409A of the Code, it may be modified and
given effect, in the sole discretion of the Administrator and without requiring your consent, in such manner as the Administrator determines to be necessary or appropriate to comply with, or to effectuate an exemption from, Section 409A of the
Code. The foregoing, however, shall not be construed as a guarantee by the Company of any particular tax effect to you. 

  
 - 6 - 

 17. Electronic Delivery of Documents. By your execution of the Notice, you
(i) consent to the electronic delivery of this Agreement, all information with respect to the Plan and the Options, and any reports of the Company provided generally to the Company’s stockholders; (ii) acknowledge that you may receive
from the Company a paper copy of any documents delivered electronically at no cost to you by contacting the Company by telephone or in writing; (iii) further acknowledge that you may revoke your consent to the electronic delivery of documents
at any time by notifying the Company of such revoked consent by telephone, postal service or electronic mail; and (iv) further acknowledge that you understand that you are not required to consent to electronic delivery of documents. 

18. No Future Entitlement. By your execution of the Notice, you acknowledge and agree that: (i) the grant of these Options is a one-time benefit that does not create any contractual or other right to receive future grants of stock options, or compensation in lieu of stock options, even if stock options have been granted repeatedly in the
past; (ii) all determinations with respect to any such future grants, including, without limitation, the times when stock options shall be granted or shall become exercisable, the maximum number of shares subject to each stock option, and the
purchase price, will be at the sole discretion of the Administrator; (iii) the value of these Options is an extraordinary item of compensation that is outside the scope of your employment, consulting or similar contract, if any; (iv) the
value of these Options is not part of normal or expected compensation or salary for any purpose, including, without limitation, calculating any termination, severance, resignation, redundancy, end-of-service payments or similar payments, or bonuses, long-service awards, pension or retirement benefits; (v) the vesting of these Options, after giving effect to any exercise acceleration provisions
set forth in the Notice, ceases upon termination of employment with, or service to, the Company or transfer of employment or service from the Company, or other cessation of eligibility for any reason, except as may otherwise be explicitly provided
in this Agreement; (vi) if the underlying Common Stock does not increase in value, these Options will have no value, nor does the Company guarantee any future value; and (vii) no claim or entitlement to compensation or damages arises if
these Options do not increase in value and you irrevocably release the Company from any such claim that does arise. 
 19. Personal
Data. For the exclusive purpose of implementing, administering and managing these Options, you, by execution of the Notice, consent to the collection, receipt, use, retention and transfer, in electronic or other form, of your personal data by
and among the Company and its third-party vendors. You understand that personal data (including, without limitation, name, home address, telephone number, employee or contractor number, employment or other status, social security number, tax
identification number, date of birth, nationality, job and payroll location, data for tax withholding purposes and shares awarded, canceled, exercised, vested and unvested) may be transferred to third parties assisting in the implementation,
administration and management of these Options and the Plan, and you expressly authorize such transfer and the retention, use and the subsequent transfer of the data by the recipient(s). You understand that these recipients may be located in your
country or elsewhere, and that the recipient’s country may have different data privacy laws and protections than your country. You understand that data will be held only as long as is necessary to implement, administer and manage these Options.
You understand that you may, at any time, request a list with the names and addresses of any potential recipients of the personal data, view data, request additional information about the storage and processing of data, require any necessary
amendments to data, or refuse or withdraw the consents herein, in any case without cost, by contacting in writing the Company’s Secretary. You understand, however, that refusing or withdrawing your consent may affect your ability to accept an
Option. 
 [Glossary begins on next page] 

  
 - 7 - 

 GLOSSARY 

(a) “Administrator” has the meaning given to such term in the Plan. 

(b) “Affiliate” has the meaning given to such term in the Plan. 

(c) “Cause” has the meaning given to such term in your employment agreement with the Company as in effect as of the date
hereof and, in the absence of such agreement or definition, shall include, without limitation, a determination by the Company of the following or any statement by you of your intention to do any of the following (including any act or omission that
gives rise to any of the following): insubordination; dishonesty, bad faith or lack of complete integrity or candor (including, without limitation, any acts of embezzlement or misappropriation of funds); fraud; dereliction of fiduciary obligation;
criminal activity; moral turpitude; conviction of a felony; plea of guilty or nolo contendere to a felony charge or any criminal act involving moral turpitude; unauthorized disclosure of confidential information belonging to the Company, or
entrusted to the Company by a client, customer or other third party; a willful violation of any Company rule, regulation, procedure or policy; any act intentionally adverse to the interests of the Company; being under the influence of drugs or
alcohol (other than prescription medicine or other medically related drugs to the extent that they are taken in accordance with their directions) during the performance of any of the duties, responsibilities, obligations or functions for which you
have been hired (or retained) or assigned to perform; engaging in behavior that would constitute grounds for liability for harassment or discrimination or other egregious conduct violative of laws governing the workplace; misuse or abuse of any
computer software or similar technology or non-compliance with the Company’s information technology policies, including a violation of any manufacturer restrictions on the use of computer software;
material nonperformance, gross negligence, incomplete or insufficient performance or otherwise inadequate performance of any of the duties, responsibilities, obligations or functions for which you have been hired or retained, are assigned or asked
to perform, or are otherwise expected to perform; or a breach of any promise, duty, restriction or obligation under this Agreement or other employment, consulting, non-disclosure, non-competition, non-solicitation, assignment of inventions or other similar agreement executed by you for the benefit of the Company. 

(d) “Change in Control” has the meaning given to such term in the Plan. 

(e) “Code” means the Internal Revenue Code of 1986, as amended. 

(f) “Common Stock” means shares of Common Stock, par value $0.0001 per share, of the Company. 

(g) “Disability” means the inability, due to physical or mental ill health, to perform the essential functions of your
Service, with or without a reasonable accommodation, for a minimum of ninety (90) days during any one employment year irrespective of whether such days are consecutive, in each case, as determined by a physician satisfactory to the Company, in
its sole discretion. 
 (h) “Fair Market Value” has the meaning given to such term in the Plan. 

(i) “Notice” means the written Incentive Stock Option Notice evidencing the award of the Options that correlates with and
makes up a part of this Agreement. 

 (j) “Service” means your employment or other service relationship with the
Company. 
 (k) “Shares” mean the shares of Common Stock underlying the Options. 

(l) “You”; “Your” means the recipient of the award of Options as reflected on the Notice. Whenever the
Agreement refers to “you” under circumstances where the provision should logically be construed, as determined by the Administrator, to apply to your estate, personal representative or beneficiary to whom the Options may be transferred by
will or by the laws of descent and distribution, the word “you” shall be deemed to include such person. 

  
 - 2 - 

 EXERCISE FORM 

Administrator of Graybug Vision, Inc. 2015 Stock Incentive Plan 

275 Shoreline Dr., #450 
 Redwood City, CA 94065 

Ladies and Gentlemen: 
 Capitalized terms used in
this Exercise Form and not otherwise defined herein are defined in the Incentive Stock Option Agreement (the “Agreement”) under the Graybug Vision, Inc. 2015 Stock Incentive Plan between me and Graybug Vision, Inc., a Delaware
corporation (the “Company”). I hereby exercise the Options granted to me on «GrantDate», by the Company, subject to all the terms and provisions of the Agreement and of the Plan, and notify you of my desire to purchase
________ shares of Common Stock at a price of «ExercisePrice» per share pursuant to the exercise of said Options. 
 This will
confirm my understanding with respect to the shares to be issued to me by reason of this exercise of the Options (the shares to be issued pursuant hereto are collectively referred to hereinafter as the “Shares”), as follows: 

(a) I am purchasing the Shares for my own account for investment only, and not with a view to, or for sale in connection with, any distribution
of the Shares in violation of the Securities Act of 1933, as amended (the “Securities Act”), or any rule or regulation under the Securities Act. 

(b) I understand that the Shares are being issued without registration under the Securities Act, in reliance upon one or more exemptions
contained in the Securities Act, and such reliance is based in part on the above representation. I also understand that the Company is not obligated to comply with the registration requirements of the Securities Act or with the requirements for an
exemption under Regulation A under the Securities Act for my benefit. 
 (c) I have had such opportunity as I deemed adequate to obtain
from representatives of the Company such information as is necessary to permit me to evaluate the merits and risks of my investment in the Company. 

(d) I have sufficient experience in business, financial and investment matters to be able to evaluate the risks involved in the purchase of the
Shares and to make an informed investment decision with respect to such purchase. 
 (e) I can afford a complete loss of the value of the
Shares and am able to bear the economic risk of holding such Shares for an indefinite period. 
 (f) I understand that (i) the Shares
have not been registered under the Securities Act and are “restricted securities” within the meaning of Rule 144 under the Securities Act; (ii) the Shares cannot be sold, transferred or otherwise disposed of unless they
are subsequently registered under the Securities Act or an exemption from registration is then available and, therefore, they may need to be held indefinitely; and (iii) there is now no registration statement on file with the Securities and
Exchange Commission with respect to any stock of the Company and the Company has no obligation or current intention to register the Shares under the Securities Act. As a condition to any transfer of the Shares, I understand that the Company may
require an opinion of counsel satisfactory to the Company to the effect that such transfer does not require registration under the Securities Act or any state securities law. 

 (g) I understand that the certificates for the Shares to be issued to me will bear a legend
substantially as follows: 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER, AN OPTION TO PURCHASE
AND A MARKET STAND-OFF AGREEMENT SET FORTH IN A CERTAIN INCENTIVE STOCK OPTION AGREEMENT BETWEEN THE CORPORATION AND THE REGISTERED OWNER OF THIS CERTIFICATE (OR HIS OR HER PREDECESSOR IN INTEREST), AND NO
TRANSFER OF SUCH SHARES MAY BE MADE WITHOUT COMPLIANCE WITH THAT AGREEMENT. A COPY OF THAT AGREEMENT IS AVAILABLE FOR INSPECTION AT THE OFFICE OF THE CORPORATION UPON APPROPRIATE REQUEST AND WITHOUT CHARGE. 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) OR
APPLICABLE STATE SECURITIES LAWS (THE “STATE ACTS”), AND SHALL NOT BE SOLD, PLEDGED, HYPOTHECATED, DONATED OR OTHERWISE TRANSFERRED (WHETHER OR NOT FOR CONSIDERATION) BY THE HOLDER EXCEPT UPON THE ISSUANCE TO THE CORPORATION OF A
FAVORABLE OPINION OF ITS COUNSEL AND/OR SUBMISSION TO THE CORPORATION OF SUCH OTHER EVIDENCE AS MAY BE SATISFACTORY TO COUNSEL FOR THE CORPORATION, TO THE EFFECT THAT ANY SUCH TRANSFER SHALL NOT BE IN VIOLATION OF THE ACT AND THE STATE ACTS. 

The Company will issue appropriate stop-transfer instructions to its transfer agent. 

(h) I am a party to the Agreement, pursuant to which I have agreed to certain restrictions on the transferability of the Shares and other
matters relating thereto. 
 Total Amount Enclosed: $_______ 
  

					
	Date:________________________	 	        	  	_______________________________
		 		  	
		 		  	(Optionee)
			
		 		  	Received by Graybug Vision, Inc. on
			
		 		  	___________________________, ____
			
		 		  	By: ________________________________
		 		  	Name:
		 		  	Title:

  
 - 2 - 

 GRAYBUG VISION, INC. 

NONSTATUTORY STOCK OPTION NOTICE 

This Nonstatutory Stock Option Notice (this “Notice”) evidences the award of nonstatutory stock options (each, an
“Option,” and collectively, the “Options”) that have been granted to you, «Optionee» (the “Optionee”), subject to and conditioned upon your agreement to the terms of the attached
Nonstatutory Stock Option Agreement (the “Agreement”). The Options entitle you to purchase shares of Common Stock, par value $0.0001 per share, of Graybug Vision, Inc., a Delaware corporation (the “Company”), under
the Company’s 2015 Stock Incentive Plan (the “Plan”). The number of shares you may purchase and the exercise price at which you may purchase them are specified below. This Notice constitutes part of and is subject to the terms
and provisions of the Agreement and the Plan, which are incorporated by reference herein. 
 Grant Date: «GrantDate» 

Number of Shares: «NoofShares» shares of Common Stock 

Exercise Price: «ExercisePrice» per share (the “Exercise Price”) 

Vesting Commencement Date: «VestingCommenceDate» 

Expiration Date: «ExpDate» 

Exercisability Schedule: Subject to the terms and conditions described in the Agreement, the Options become exercisable in accordance with the
following schedule (the “Exercisability Schedule”): 
 Twenty-five percent (25%) of the Shares (rounded down to the next whole number of
shares) subject to the Option shall vest on the one-year anniversary of the Vesting Commencement Date and one forty-eighth (1/48th) of the Shares subject to the Option shall vest on each monthly anniversary of
the Vesting Commencement Date thereafter, so that the Option shall be fully vested and exercisable on the fourth anniversary of the Vesting Commencement Date, subject to the Optionee’s continued Service to the Company. 

[Signature page follows] 

 
			
	 GRAYBUG VISION, INC.

		
	 By:
	 	
		 	  

	 Name:
	 	
	 Title:
	 	

 I acknowledge that I have carefully read the attached Agreement and the Plan and agree to be bound by all of the
provisions set forth in such documents. 
  

			
	Enclosures:	  	OPTIONEE
		
	Nonstatutory Stock Option Agreement Graybug Vision, Inc. 2015 Stock Incentive Plan Exercise Form	  	  

		  	 Name: «Optionee»
  

Date:                         
                                         
                      

 NONSTATUTORY STOCK OPTION AGREEMENT 

UNDER THE 
 GRAYBUG
VISION, INC. 2015 STOCK INCENTIVE PLAN 
 1. Terminology. Capitalized terms used in this Agreement and not otherwise defined
herein are defined in the correlating Notice and/or the Glossary at the end of the Agreement. 
 2. Exercise of Options. 

(a) Exercisability. The Options will become exercisable in accordance with the Exercisability Schedule set forth in the Notice, so long
as you are in the Service of the Company from the Grant Date through the applicable exercisability dates. None of the Options will become exercisable after your Service with the Company ceases, unless the Notice provides otherwise with respect to
exercisability that arises as a result of your cessation of Service. 
 (b) Right to Exercise. You may exercise the Options, to the
extent exercisable, at any time on or before 5:00 p.m. Pacific Time on the last business day coincident with or prior to the expiration date set forth in the Notice (the “Expiration Date”) or the earlier termination of the Options,
unless otherwise provided under applicable law. Notwithstanding the foregoing, if at any time the Administrator determines that the delivery of Shares under the Plan or this Agreement is or may be unlawful under the laws of any applicable
jurisdiction, or Federal, state or foreign securities laws, the right to exercise the Options or receive Shares pursuant to the Options shall be suspended until the Administrator determines that such delivery is lawful.
Section 3 below describes certain limitations on exercise of the Options that apply in the event of your death, Disability or termination of Service. The Options may be exercised only in multiples of whole Shares. No
fractional Shares will be issued under the Options. 
 (c) Exercise Procedure. In order to exercise the Options, you must provide the
following items to the Secretary of the Company or his or her delegate before the expiration or termination of the Options: 
  

	 	(i)	 notice, in such manner and form as the Administrator may require from time to time, specifying the number of
Shares to be purchased under the Options; 

  

	 	(ii)	 full payment of the Exercise Price for the Shares in accordance with Section 2(d) of
this Agreement; and 

  

	 	(iii)	 an executed copy of any other agreements requested by the Administrator pursuant to
Section 2(e) of this Agreement. 

 An exercise will not be effective until the Secretary of the Company or his
or her delegate receives all of the foregoing items, and such exercise otherwise is permitted under and complies with all applicable Federal, state and foreign securities laws. 

  
 - 1 - 

 (d) Method of Payment. You may pay the Exercise Price by: 

 

	 	(i)	 delivery of cash, certified or cashier’s check, money order or other cash equivalent acceptable to the
Administrator in its discretion; 

  

	 	(ii)	 a broker-assisted cashless exercise in accordance with Regulation T of the Board of Governors of the Federal
Reserve System through a brokerage firm approved by the Administrator; 

  

	 	(iii)	 subject to such limits as the Administrator may impose from time to time, tender (via actual delivery or
attestation) to the Company of other shares of Common Stock of the Company which have a Fair Market Value on the date of tender equal to the Exercise Price; 

  

	 	(iv)	 subject to such limits as the Administrator may impose from time to time, net settlement;

  

	 	(v)	 any other method approved by the Administrator; or 

 

	 	(vi)	 any combination of the foregoing. 

(e) Agreement to Execute Other Agreements. You agree to execute, as a condition precedent to the exercise of the Options and at any time
thereafter as may reasonably be requested by the Administrator, a stockholders’ agreement, voting trust agreement or other agreements regarding the Common Stock of the Company in such form(s) as the Administrator may determine from time to
time, with respect to any shares you acquire pursuant to this Agreement; provided, however, that execution of such agreements will not be required upon any exercise that occurs after the closing of the first public offering of capital
stock of the Company that is effected pursuant to a registration statement filed with, and declared effective by, the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”), or, if
later, the expiration of any market stand-off agreement that applies to other stockholders of the Company respecting such public offering of capital stock. 

(f) Issuance of Shares upon Exercise. The Company shall issue to you the Shares underlying the Options you exercise as soon as
practicable after the exercise date, subject to the Company’s receipt of the aggregate Exercise Price and the requisite withholding taxes, if any. Upon issuance of such Shares, the Company may deliver, subject to the provisions of
Section 7 below, such Shares on your behalf electronically to the Company’s designated stock plan administrator or such other broker-dealer as the Company may choose at its sole discretion, within reason, or may retain
such Shares in uncertificated book-entry form. Any share certificates delivered will, unless the Shares are registered or an exemption from registration is available under applicable Federal and state law, bear a legend restricting transferability
of such Shares. 
 3. Termination of Service. 

(a) Termination of Unexercisable Options. If your Service with the Company ceases for any reason, the Options that are then
unexercisable, after giving effect to any exercise acceleration provisions set forth in the Notice, will terminate immediately upon such cessation. 

  
 - 2 - 

 (b) Exercise Period Following Termination of Service. If your Service with the
Company ceases for any reason other than discharge for Cause, the Options that are then exercisable, after giving effect to any exercise acceleration provisions set forth in the Notice, will terminate upon the earliest of: 

(i) the expiration of thirty (30) days following such cessation, if your Service ceases on account of (1) your
termination by the Company other than a discharge for Cause, or (2) your voluntary termination other than for Disability or death; 

(ii) the expiration of twelve (12) months following such cessation, if your Service ceases on account of your Disability
or death; 
 (iii) the expiration of twelve (12) months following your death, if your death occurs during the periods
described in clauses (i) or (ii) of this Section 3(b), as applicable; or 
 (iv) the
Expiration Date. 
 In the event of your death, the exercisable Options may be exercised by your executor, personal representative, or the person(s) to whom
the Options are transferred by will or the laws of descent and distribution. 
 (c) Misconduct. The Options will terminate in their
entirety, regardless of whether the Options are then exercisable, immediately upon your discharge from Service for Cause, or upon your commission of any of the following acts during the exercise period following your termination of Service:
(i) fraud on or misappropriation of any funds or property of the Company, or (ii) your breach of any provision of any employment, consulting, non-disclosure,
non-competition, non-solicitation, assignment of inventions or other similar agreement executed by you for the benefit of the Company, as determined by the
Administrator, which determination will be conclusive. 
 (d) Change in Status. In the event that your Service is with a business,
trade or entity that, after the Grant Date, ceases for any reason to be part or an Affiliate of the Company, your Service will be deemed to have terminated for purposes of this Section 3(d) upon such cessation if your
Service does not continue uninterrupted immediately thereafter with the Company or an Affiliate of the Company. 
 4. Market Stand-Off Agreement. You agree that following the effective date of a registration statement of the Company filed under the Securities Act, you, for the duration specified by and to the extent
requested by the Company and an underwriter of Common Stock or other securities of the Company, shall not offer, sell, contract to sell, pledge or otherwise dispose of, directly or indirectly, any equity securities of the Company, or any securities
convertible into or exchangeable or exercisable for such securities, enter into a transaction which would have the same effect, or enter into any swap, hedge or other arrangement that transfers, in whole or in part, any of the economic consequences
of ownership of such securities, whether any such aforementioned transaction is to be settled by delivery of such securities or other securities, in cash or otherwise, or publicly disclose the intention to make any such offer, sale, pledge or
disposition, or to enter into any such transaction, swap, hedge or other arrangement, in each case during the seven (7) days prior to and the one hundred eighty (180) days after the effectiveness of any underwritten offering of the
Company’s equity securities (or such longer or shorter period as 

  
 - 3 - 

 
may be requested in writing by the managing underwriter and agreed to in writing by the Company) (the “Market Stand-Off Period”), except
as part of such underwritten registration if otherwise permitted. In addition, you agree to execute any further letters, agreements and/or other documents requested by the Company or its underwriters that are consistent with the terms of this
Section 4. The Company may impose stop-transfer instructions with respect to securities subject to the foregoing restrictions until the end of such Market Stand-Off Period. 

5. Nontransferability of Options. These Options and, before exercise, the underlying Shares are nontransferable otherwise than by will
or the laws of descent and distribution and, during your lifetime, the Options may be exercised only by you or, during the period you are under a legal disability, by your guardian or legal representative. Except as provided above, the Options and,
before exercise, the underlying Shares may not be assigned, transferred, pledged, hypothecated, subjected to any “put equivalent position,” “call equivalent position” (as each preceding term is defined by Rule 16(a)-1 under the Securities Exchange Act of 1934, as amended), or short position, or disposed of in any way (whether by operation of law or otherwise) and shall not be subject to execution, attachment or similar
process. 
 6. Nonqualified Nature of the Options. The Options are not intended to qualify as incentive stock options within
the meaning of Code section 422, and this Agreement shall be so construed. You hereby acknowledge that, upon exercise of the Options, you will recognize compensation income in an amount equal to the excess of the then Fair Market Value of the
Shares over the Exercise Price and must comply with the provisions of Section 7 of this Agreement with respect to any tax withholding obligations that arise as a result of such exercise. 

7. Withholding of Taxes. At the time the Options are exercised, in whole or in part, or at any time thereafter as requested by the
Company, you hereby authorize withholding from payroll or any other payment of any kind due to you and otherwise agree to make adequate provision for foreign, Federal, state and local taxes required by law to be withheld, if any, that arise in
connection with the Options. The Company may require you to make a cash payment to cover any withholding tax obligation as a condition of exercise of the Options or issuance of share certificates representing Shares. 

The Administrator may, in its sole discretion, permit you to satisfy, in whole or in part, any withholding tax obligation which may arise in
connection with the Options either by electing to have the Company withhold from the Shares to be issued upon exercise that number of Shares, or by electing to deliver to the Company already-owned shares, in either case having a Fair Market Value
not in excess of the amount necessary to satisfy the statutory minimum withholding amount due. 
 8. Adjustments. The Administrator
may make various adjustments to your Options, including adjustments to the number and type of securities subject to the Options and the Exercise Price, in accordance with the terms of the Plan. 

9. Purchase Right of the Company. From and after the termination of your employment or service relationship with the Company for any
reason, the Company may purchase the Options, in whole or in part, from you. The Administrator shall provide you with written notice of the Company’s intention to exercise this purchase right, specifying the number of Options to which the
purchase right shall be applied. The purchase price per Option shall be the difference between (a) the Exercise Price per Share and (b) the Fair Market Value per Share, determined as of the date immediately preceding the date settlement
occurs. Settlement of the purchase will be made within thirty (30) days after delivery of such written notice. In the 

  
 - 4 - 

 
discretion of the Administrator, payment of the purchase price will be made via cash, a promissory note, or a combination of the two. Any such promissory note will provide for five (5) or
fewer equal annual payments of principal and shall accrue interest at the “Prime Rate” published in the Wall Street Journal on the date of settlement. The Options will be automatically terminated, and of no further force and effect,
as of the settlement date with respect to the number of Options so purchased. 
 10.
Non-Guarantee of Employment or Service Relationship. Nothing in the Plan or this Agreement will alter your at-will or other employment status or other service
relationship with the Company, nor be construed as a contract of employment or service relationship between you and the Company, or as a contractual right for you to continue in the employ of, or in a service relationship with, the Company for any
period of time, or as a limitation of the right of the Company to discharge you at any time with or without Cause or notice and whether or not such discharge results in the failure of any of the Options to become exercisable or any other adverse
effect on your interests under the Plan. 
 11. No Rights as a Stockholder. You shall not have any of the rights of a stockholder
with respect to the Shares until such Shares have been issued to you upon the due exercise of the Options. No adjustment will be made for dividends or distributions or other rights for which the record date is prior to the date such Shares are
issued. 
 12. The Company’s Rights. The existence of the Options shall not affect in any way the right or power of the Company
or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business, or any merger or consolidation of the Company, or any issue of bonds,
debentures, preferred or other stocks with preference ahead of or convertible into, or otherwise affecting the Common Stock or the rights thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of the
Company’s assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise. 
 13. Entire
Agreement. This Agreement, together with the Notice and the Plan, contain the entire agreement between you and the Company with respect to the Options. Any oral or written agreements, representations, warranties, written inducements, or other
communications made prior to the execution of this Agreement with respect to the Options shall be void and ineffective for all purposes. 

14. Amendment. This Agreement may be amended from time to time by the Administrator in its discretion; provided, however,
that this Agreement may not be modified in a manner that would have a materially adverse effect on the Options or Shares as determined in the discretion of the Administrator, except as provided in the Plan or in a written document signed by you and
the Company. 
 15. Conformity with Plan. This Agreement is intended to conform in all respects with, and is subject to all
applicable provisions of, the Plan. Any conflict between the terms of this Agreement and the Plan shall be resolved in accordance with the terms of the Plan. In the event of any ambiguity in this Agreement or any matters as to which this Agreement
is silent, the Plan shall govern. A copy of the Plan is provided to you with this Agreement. 

  
 - 5 - 

 16. Section 409A. This Agreement and the Options granted hereunder are intended to
comply with, or otherwise be exempt from, Section 409A of the Code. Nothing in the Plan or this Agreement shall be construed as including any feature for the deferral of compensation other than the deferral of recognition of income until the
exercise of the Options. Should any provision of the Plan or this Agreement be found not to comply with, or otherwise be exempt from, the provisions of Section 409A of the Code, it may be modified and given effect, in the sole discretion of the
Administrator and without requiring your consent, in such manner as the Administrator determines to be necessary or appropriate to comply with, or to effectuate an exemption from, Section 409A of the Code. The foregoing, however, shall not be
construed as a guarantee by the Company of any particular tax effect to you. 
 17. Electronic Delivery of Documents. By your
execution of the Notice, you (i) consent to the electronic delivery of this Agreement, all information with respect to the Plan and the Options, and any reports of the Company provided generally to the Company’s stockholders;
(ii) acknowledge that you may receive from the Company a paper copy of any documents delivered electronically at no cost to you by contacting the Company by telephone or in writing; (iii) further acknowledge that you may revoke your
consent to the electronic delivery of documents at any time by notifying the Company of such revoked consent by telephone, postal service or electronic mail; and (iv) further acknowledge that you understand that you are not required to consent
to electronic delivery of documents. 
 18. No Future Entitlement. By your execution of the Notice, you acknowledge and agree that:
(i) the grant of these Options is a one-time benefit that does not create any contractual or other right to receive future grants of stock options, or compensation in lieu of stock options, even if stock
options have been granted repeatedly in the past; (ii) all determinations with respect to any such future grants, including, without limitation, the times when stock options shall be granted or shall become exercisable, the maximum number of
shares subject to each stock option, and the purchase price, will be at the sole discretion of the Administrator; (iii) the value of these Options is an extraordinary item of compensation which is outside the scope of your employment,
consulting or similar contract, if any; (iv) the value of these Options is not part of normal or expected compensation or salary for any purpose, including, without limitation, calculating any termination, severance, resignation, redundancy, end-of-service payments or similar payments, or bonuses, long-service awards, pension or retirement benefits; (v) the vesting of these Options, after giving effect to any
exercise acceleration provisions set forth in the Notice, ceases upon termination of employment with, or service to, the Company or transfer of employment or service from the Company, or other cessation of eligibility for any reason, except as may
otherwise be explicitly provided in this Agreement; (vi) if the underlying Common Stock does not increase in value, these Options will have no value, nor does the Company guarantee any future value; and (vii) no claim or entitlement to
compensation or damages arises if these Options do not increase in value and you irrevocably release the Company from any such claim that does arise. 

19. Personal Data. For the exclusive purpose of implementing, administering and managing these Options, you, by execution of the
Notice, consent to the collection, receipt, use, retention and transfer, in electronic or other form, of your personal data by and among the Company and its third-party vendors. You understand that personal data (including, without limitation, name,
home address, telephone number, employee or contractor number, employment or other status, social security number, tax identification number, date of birth, nationality, job and payroll location, data for tax withholding purposes and shares awarded,
canceled, exercised, vested and unvested) may be transferred to third parties assisting in the implementation, administration and management of these Options and the Plan and you expressly authorize such transfer as well as the retention, use and
the subsequent transfer of the data by the recipient(s). You understand that these recipients may be located in your country or elsewhere, and that the recipient’s country may have different data privacy laws and protections than your country.
You understand that data will be held only as long as is necessary to implement, administer and manage these Options. You understand that you may, at any time, request a list with the names 

  
 - 6 - 

 
and addresses of any potential recipients of the personal data, view data, request additional information about the storage and processing of data, require any necessary amendments to data or
refuse or withdraw the consents herein, in any case without cost, by contacting in writing the Company’s Secretary. You understand, however, that refusing or withdrawing your consent may affect your ability to accept an Option. 

[Glossary begins on next page] 

  
 - 7 - 

 GLOSSARY 

(a) “Administrator” has the meaning given to such term in the Plan. 

(b) “Affiliate” has the meaning given to such term in the Plan. 

(c) “Cause” has the meaning given to such term in your employment or consulting agreement with the Company as in effect as of
the date hereof and, in the absence of such agreement or definition, shall include, without limitation, a determination by the Company of the following or any statement by you of your intention to do any of the following (including any act or
omission which gives rise to any of the following): insubordination; dishonesty, bad faith or lack of complete integrity or candor (including, without limitation, any acts of embezzlement or misappropriation of funds); fraud; dereliction of
fiduciary obligation; criminal activity; moral turpitude; conviction of a felony; plea of guilty or nolo contendere to a felony charge or any criminal act involving moral turpitude; unauthorized disclosure of confidential information
belonging to the Company, or entrusted to the Company by a client, customer or other third party; a willful violation of any Company rule, regulation, procedure or policy; any act intentionally adverse to the interests of the Company; being under
the influence of drugs or alcohol (other than prescription medicine or other medically related drugs to the extent that they are taken in accordance with their directions) during the performance of any of the duties, responsibilities, obligations or
functions for which you have been hired (or retained) or assigned to perform; engaging in behavior that would constitute grounds for liability for harassment or discrimination or other egregious conduct violative of laws governing the workplace;
misuse or abuse of any computer software or similar technology or non-compliance with the Company’s information technology policies, including a violation of any manufacturer restrictions on the use of
computer software; material nonperformance, gross negligence, incomplete or insufficient performance or otherwise inadequate performance of any of the duties, responsibilities, obligations or functions for which you have been hired or retained, are
assigned or asked to perform or are otherwise expected to perform; or a breach of any promise, duty, restriction or obligation under this Agreement or other employment, consulting, non-disclosure, non-competition, non-solicitation, assignment of inventions or other similar agreement executed by you for the benefit of the Company. 

(d) “Change in Control” has the meaning given to such term in the Plan. 

(e) “Code” means the Internal Revenue Code of 1986, as amended. 

(f) “Common Stock” means shares of Common Stock, par value $0.0001 per share, of the Company. 

(g) “Disability” means the inability, due to physical or mental ill health, to perform the essential functions of your
Service, with or without a reasonable accommodation, for a minimum of ninety (90) days during any one employment year irrespective of whether such days are consecutive, in each case, as determined by a physician satisfactory to the Company, in
its sole discretion. 
 (h) “Fair Market Value” has the meaning given to such term in the Plan. 

(i) “Notice” means the written Nonstatutory Stock Option Notice evidencing the award of the Options that correlates with and
makes up a part of this Agreement. 

  
 - 8 - 

 (j) “Service” means your employment or other service relationship with the
Company. 
 (k) “Shares” mean the shares of Common Stock underlying the Options. 

(l) “You”; “Your” means the recipient of the award of Options as reflected on the Notice. Whenever the
Agreement refers to “you” under circumstances where the provision should logically be construed, as determined by the Administrator, to apply to your estate, personal representative or beneficiary to whom the Options may be transferred by
will or by the laws of descent and distribution, the word “you” shall be deemed to include such person. 

  
 - 9 - 

 EXERCISE FORM 

Administrator of Graybug Vision, Inc. 2015 Stock Incentive Plan 

275 Shoreline Dr., #450 
 Redwood City, CA 94065 

Ladies and Gentlemen: 
 Capitalized terms used in
this Exercise Form and not otherwise defined herein are defined in the Nonstatutory Stock Option Agreement (the “Agreement”) under the Graybug Vision, Inc. 2015 Stock Incentive Plan between me and Graybug Vision, Inc., a Delaware
corporation (the “Company”). I hereby exercise the Options granted to me on «GrantDate», by the Company, subject to all the terms and provisions of the Agreement and of the Plan, and notify you of my desire to purchase
________ shares of Common Stock at a price of $_____ per share pursuant to the exercise of said Options. 
 This will confirm my
understanding with respect to the shares to be issued to me by reason of this exercise of the Options (the shares to be issued pursuant hereto shall be collectively referred to hereinafter as the “Shares”) as follows: 

(a) I am purchasing the Shares for my own account for investment only, and not with a view to, or for sale in connection with, any distribution
of the Shares in violation of the Securities Act of 1933, as amended (the “Securities Act”), or any rule or regulation under the Securities Act. 

(b) I understand that the Shares are being issued without registration under the Securities Act, in reliance upon one or more exemptions
contained in the Securities Act, and such reliance is based in part on the above representation. I also understand that the Company is not obligated to comply with the registration requirements of the Securities Act or with the requirements for an
exemption under Regulation A under the Securities Act for my benefit. 
 (c) I have had such opportunity as I deemed adequate to obtain
from representatives of the Company such information as is necessary to permit me to evaluate the merits and risks of my investment in the Company. 

(d) I have sufficient experience in business, financial and investment matters to be able to evaluate the risks involved in the purchase of the
Shares and to make an informed investment decision with respect to such purchase. 
 (e) I can afford a complete loss of the value of the
Shares and am able to bear the economic risk of holding such Shares for an indefinite period. 
 (f) I understand that (i) the Shares
have not been registered under the Securities Act and are “restricted securities” within the meaning of Rule 144 under the Securities Act; (ii) the Shares cannot be sold, transferred or otherwise disposed of unless they
are subsequently registered under the Securities Act or an exemption from registration is then available and, therefore, they may need to be held indefinitely; and (iii) there is now no registration statement on file with the Securities and
Exchange Commission with respect to any stock of the Company and the Company has no obligation or current intention to register the Shares under the Securities Act. As a condition to any transfer of the Shares, I understand that the Company may
require an opinion of counsel satisfactory to the Company to the effect that such transfer does not require registration under the Securities Act or any state securities law. 

 (g) I understand that the certificates for the Shares to be issued to me will bear a legend
substantially as follows: 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER, AN OPTION TO PURCHASE
AND A MARKET STAND-OFF AGREEMENT SET FORTH IN A CERTAIN NONSTATUTORY STOCK OPTION AGREEMENT BETWEEN THE CORPORATION AND THE REGISTERED OWNER OF THIS CERTIFICATE (OR HIS OR HER PREDECESSOR IN INTEREST), AND NO
TRANSFER OF SUCH SHARES MAY BE MADE WITHOUT COMPLIANCE WITH THAT AGREEMENT. A COPY OF THAT AGREEMENT IS AVAILABLE FOR INSPECTION AT THE OFFICE OF THE CORPORATION UPON APPROPRIATE REQUEST AND WITHOUT CHARGE. 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) OR
APPLICABLE STATE SECURITIES LAWS (THE “STATE ACTS”), AND SHALL NOT BE SOLD, PLEDGED, HYPOTHECATED, DONATED OR OTHERWISE TRANSFERRED (WHETHER OR NOT FOR CONSIDERATION) BY THE HOLDER EXCEPT UPON THE ISSUANCE TO THE CORPORATION OF A
FAVORABLE OPINION OF ITS COUNSEL AND/OR SUBMISSION TO THE CORPORATION OF SUCH OTHER EVIDENCE AS MAY BE SATISFACTORY TO COUNSEL FOR THE CORPORATION, TO THE EFFECT THAT ANY SUCH TRANSFER SHALL NOT BE IN VIOLATION OF THE ACT AND THE STATE ACTS. 

The Company will issue appropriate stop-transfer instructions to its transfer agent. 

(h) I am a party to the Agreement, pursuant to which I have agreed to certain restrictions on the transferability of the Shares and other
matters relating thereto. 
 Total Amount Enclosed: $_______ 

 

					
	Date:________________________	 	        	  	_______________________________
		 		  	
		 		  	(Optionee)
			
		 		  	Received by Graybug Vision, Inc. on
			
		 		  	___________________________, ____
			
		 		  	By: ________________________________
		 		  	Name:
		 		  	Title:

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