X0306 4 2020-09-24 0 0001534133 GRAYBUG VISION, INC. GRAY 0001197350 BJERKHOLT ERIC C/O GRAYBUG VISION, INC. 275 SHORELINE DRIVE, SUITE 450 REDWOOD CITY CA 94065 1 0 0 0 Director Stock Option (Right to Buy) 16.00 2020-09-24 4 A 0 25000 0.00 A 2030-09-23 Common Stock 25000 25000 D The option shall vest as to 1/36th of the total shares on October 24, 2020 and on each monthly anniversary thereafter such that the option shall be fully vested on September 24, 2023, subject to the continued service of the Reporting Person to the Issuer through each vesting date. /s/ Frederic Guerard, as Attorney-in-Fact for Eric Bjerkholt 2020-09-28