Frederic Guerard - 03 Mar 2023 Form 4 Insider Report for GRAYBUG VISION, INC. (CALC)

Role: Chief Executive Officer, Director
Signature: /s/ Frederic Guerard
Issuer symbol: CALC
Transactions as of: 03 Mar 2023
Net transactions value: -$50,926
Form type: 4
Filing time: 06 Mar 2023, 18:02:23 UTC
Previous filing: 01 Dec 2022
Next filing: 27 Mar 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CALC	Common Stock	Options Exercise		+315,496	+200%		473,026	03 Mar 2023	Direct	F1
transaction	CALC	Common Stock	Tax liability	$50,926	-89,344	-19%	$0.5700^*	383,682	03 Mar 2023	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	CALC	Restricted Stock Units	Options Exercise	$0	-28,125	-10%	$0.000000	253,125	03 Mar 2023	Common Stock	28,125		Direct	F1, F2, F3
transaction	CALC	Restricted Stock Unit	Options Exercise	$0	-221,746	-100%	$0.000000^*	0	03 Mar 2023	Common Stock	221,746		Direct	F1, F3, F4
transaction	CALC	Restricted Stock Unit	Options Exercise	$0	-65,625	-6.7%	$0.000000	918,750	03 Mar 2023	Common Stock	65,625		Direct	F1, F3, F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock.
F2	The RSUs vested as to 1/4 of the total shares on May 19, 2022, and 1/16 of the remaining shares shall vest quarterly thereafter such that the RSUs shall be fully vested on May 19, 2025, subject to the continued service of the Reporting Person to the Issuer through each vesting date.
F3	The RSUs do not expire; they either vest or are canceled prior to vest date.
F4	The RSUs shall vested as to 100% of the total RSUs on February 28, 2023 and settled on March 3, 2023, subject to the Reporting Person's provision of service to the Issuer on each vesting date.
F5	The RSUs shall vested as to 6.25% of the total shares on November 16, 2022, and 6.25% of the remaining shares shall vest quarterly thereafter such that the RSUs shall be fully vested on August 16, 2026, subject to the continued service of the Reporting Person to the Issuer through each vesting date.