X0305 4 2012-05-14 0001272597 Graymark Healthcare, Inc. GRMH 0001297708 Nelson Stanton 204 NORTH ROBINSON SUITE 400 OKLAHOMA CITY OK 73102 1 1 0 0 Chief Executive Officer Stock Option (right to buy) 0.50 2012-05-14 4 A 0 330000 0 A 2012-05-14 2022-03-30 Common Stock 330000 330000 D The option grant was approved by the Board of Directors of Graymark Healthcare, Inc. on March 30, 2012, subject to shareholder approval of the stock option plan under which the option was granted. Graymark Healthcare Inc.'s shareholders approved the plan on May 14, 2012. The option vests in 6 equal installments as follows: (i) 12 months from the date of grant or upon Graymark Healthcare, Inc. achieving a positive EBITDA quarter, whichever occurs first, (ii) 24 months from the date of grant or upon Graymark Healthcare, Inc. achieving two consecutive positive EBITDA quarters, whichever occurs first, (iii) 36 months from the date of grant or upon achieving a certain EBITDA target for a trailing twelve month period, whichever occurs first, (iv) 48 months from the date of grant or upon achieving a certain EBITDA target for a trailing twelve month period, whichever occurs first, and (v) for the remaining two installments, upon achieving a certain EBITDA target for a trailing twelve month period. /s/ Robert E. Puopolo, by power of attorney 2012-05-16