(CALC)

Role: Chief Business Officer, Director, 10%+ Owner
Signature: By John Dunn, Attorney-in-Fact
Stock symbol: CALC
Transactions as of: Mar 20, 2023
Transactions value $: $0
Form type: 4
Date filed: 3/22/2023, 08:50 PM
Next filing: May 10, 2023

Transactions Table

Type	Sym	Class	Transaction	Shares	Shares After	Date	Ownership	Footnotes
transaction	CALC	Common Stock	Award	+357K	357K	Mar 20, 2023	By Valence Investments SPV IV, LLC	F1, F2
transaction	CALC	Common Stock	Award	+66.2K	66.2K	Mar 20, 2023	By Valence Investments SPV V, LLC	F2, F3
transaction	CALC	Common Stock	Award	+316K	316K	Mar 20, 2023	By Valence Investments SPV VI, LLC	F2, F4
transaction	CALC	Common Stock	Award	+10.7K	10.7K	Mar 20, 2023	By IRA Financial Trust Company CFBO Eric W. Roberts	F5

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

Type	Sym	Class	Transaction	Shares	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	CALC	Employee Stock Option (right to buy)	Award	+22.9K	22.9K	Mar 20, 2023	Common Stock	22.9K	$6.60	Direct	F6, F7, F8
transaction	CALC	Employee Stock Option (right to buy)	Award	+36K	36K	Mar 20, 2023	Common Stock	36K	$6.60	Direct	F9, F10, F11
transaction	CALC	Employee Stock Option (right to buy)	Award	+6.98K	6.98K	Mar 20, 2023	Common Stock	6.98K	$7.99	Direct	F10, F12, F13
transaction	CALC	Employee Stock Option (right to buy)	Award	+11.7K	11.7K	Mar 20, 2023	Common Stock	11.7K	$7.99	Direct	F10, F14, F15
transaction	CALC	Employee Stock Option (right to buy)	Award	+6.98K	6.98K	Mar 20, 2023	Common Stock	6.98K	$7.99	Direct	F10, F12, F13
transaction	CALC	Employee Stock Option (right to buy)	Award	+11.8K	11.8K	Mar 20, 2023	Common Stock	11.8K	$7.99	Direct	F12, F16
transaction	CALC	Employee Stock Option (right to buy)	Award	+2.94K	2.94K	Mar 20, 2023	Common Stock	2.94K	$10.42	Direct	F10, F14, F17
transaction	CALC	Employee Stock Option (right to buy)	Award	+1.68K	1.68K	Mar 20, 2023	Common Stock	1.68K	$10.42	Direct	F10, F14, F18
transaction	CALC	Employee Stock Option (right to buy)	Award	+1.26K	1.26K	Mar 20, 2023	Common Stock	1.26K	$10.42	Direct	F10, F14, F19
transaction	CALC	Employee Stock Option (right to buy)	Award	+5.28K	5.28K	Mar 20, 2023	Common Stock	5.28K	$17.34	Direct	F10, F20, F21
transaction	CALC	Employee Stock Option (right to buy)	Award	+20.1K	20.1K	Mar 20, 2023	Common Stock	20.1K	$17.34	Direct	F10, F20, F22
transaction	CALC	Employee Stock Option (right to buy)	Award	+1.8K	1.8K	Mar 20, 2023	Common Stock	1.8K	$17.34	Direct	F10, F20, F23
transaction	CALC	Warrant	Award	+2.79K	2.79K	Mar 20, 2023	Common Stock	2.79K	$10.42	Direct	F24, F25
transaction	CALC	Warrant	Award	+9.94K	9.94K	Mar 20, 2023	Common Stock	9.94K	$27.94	By Valence Investments SPV V, LLC	F2, F14, F26
transaction	CALC	Warrant	Award	+9.94K	9.94K	Mar 20, 2023	Common Stock	9.94K	$27.94	By Valence Investments SPV V, LLC	F2, F14, F26

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

Explanation of Responses:

Id	Content
F1	Received in exchange for an aggregate of 12,395,423 shares of common stock of CalciMedica, Inc. ("CalciMedica") pursuant to an Agreement and Plan of Merger and Reorganization (the "Merger Agreement") by and among CalciMedica, the Issuer and Camaro Merger Sub, Inc., a wholly-owned subsidiary of the Issuer ("Merger Sub"). Under the terms of the Merger Agreement, on March 20, 2023, Merger Sub merged with and into CalciMedica (the "Merger"), with CalciMedica surviving the Merger as a wholly-owned subsidiary of the Issuer. Upon the closing of the Merger, each share of CalciMedica common stock was converted into the right to receive 0.0288 of a share of the Issuer's common stock. Subsequent to the Merger, the name of the Issuer was changed from Graybug Vision, Inc. to CalciMedica, Inc.
F2	The Reporting Person, a co-founder and managing director of Valence Investments SPV IV, LLC ("Valence IV"), Valence Investments SPV V, LLC ("Valence V") and Valence Investments SPV VI, LLC (Valence VI), may be deemed to beneficially own the securities held by Valence IV, Valence V and Valence VI (the "Valence Securities"). The Reporting Person disclaims beneficial ownership of the Valence Securities except to the extent of his pecuniary interest therein.
F3	Received in exchange for 2,299,564 shares of the common stock of CalciMedica pursuant to the Merger Agreement.
F4	Received in exchange for 10,975,977 shares of the common stock of CalciMedica pursuant to the Merger Agreement.
F5	Received in exchange for 370,140 shares of the common stock of CalciMedica pursuant to the Merger Agreement.
F6	25% of the shares subject to the option vested on April 30, 2020 and the balance of the shares vest in a series of thirty-six (36) successive equal monthly installments thereafter.
F7	25% of the shares subject to the option vested on May 20, 2021 and the balance of the shares vest in a series of thirty-six (36) successive equal monthly installments thereafter.
F8	Received in exchange for a stock option to acquire 793,470 shares of common stock of CalciMedica pursuant to the Merger Agreement.
F9	25% of the shares subject to the option vested on May 20, 2020 and the balance of the shares vest in a series of thirty-six (36) successive equal monthly installments thereafter.
F10	Upon the closing of the Merger, each outstanding option to purchase shares of CalciMedica common stock was assumed by the Issuer and converted into an option to purchase the Issuer's common stock.
F11	Received in exchange for a stock option to acquire 1,251,440 shares of common stock of CalciMedica pursuant to the Merger Agreement.
F12	Beginning on February 22, 2021, the shares subject to the option vest in a series of forty-eight (48) successive equal monthly installments.
F13	Received in exchange for a stock option to acquire 242,431 shares of common stock of CalciMedica pursuant to the Merger Agreement.
F14	Immediately exercisable.
F15	Received in exchange for a stock option to acquire 408,982 shares of common stock of CalciMedica pursuant to the Merger Agreement.
F16	Received in exchange for a stock option to acquire 408,982 shares of common stock of CalciMedica pursuant to the Merger Agreement.
F17	Received in exchange for a stock option to acquire 101,911 shares of common stock of CalciMedica pursuant to the Merger Agreement.
F18	Received in exchange for a stock option to acquire 58,235 shares of common stock of CalciMedica pursuant to the Merger Agreement.
F19	Received in exchange for a stock option to acquire 43,873 shares of common stock of CalciMedica pursuant to the Merger Agreement.
F20	Beginning on November 22, 2022, the shares subject to the option vest in a series of forty-eight (48) successive equal monthly installments.
F21	Received in exchange for a stock option to acquire 183,501 shares of common stock of CalciMedica pursuant to the Merger Agreement.
F22	Received in exchange for a stock option to acquire 696,547 shares of common stock of CalciMedica pursuant to the Merger Agreement.
F23	Received in exchange for a stock option to acquire 62,659 shares of common stock of CalciMedica pursuant to the Merger Agreement.
F24	Beginning on February 22, 2021, the shares subject to the warrant shall be exercisable in a series of forty-eight (48) successive equal monthly installments.
F25	Received in exchange for a warrant to purchase 96,970 shares of common stock of CalciMedica pursuant to the Merger Agreement.
F26	Received in exchange for a stock option to acquire 344,934 shares of common stock of CalciMedica pursuant to the Merger Agreement.