GRI · GRI Bio, Inc.

Options to purchase 17,621 shares vested in full upon the date of grant and options to purchase 5,984 shares will vest in four substantially equal quarterly installments such that the stock option is fully vested on the first anniversary of the date of grant.

Options to purchase 76,469 shares vested in full upon the date of grant and options to purchase 26,598 shares will vest in 12 substantially equal quarterly installments such that the stock option is fully vested on the third anniversary of the date of grant.

Options to purchase 29,923 shares vested in full upon the date of grant and options to purchase 13,299 shares will vest in 12 substantially equal quarterly installments such that the stock option is fully vested on the third anniversary of the date of grant.

Options to purchase 29,293 shares vested in full upon the date of grant and options to purchase 9,974 shares will vest in four substantially equal quarterly installments such that the stock option is fully vested on the first anniversary of the date of grant.

Options to purchase 17,621 shares vested in full upon the date of grant and options to purchase 5,984 shares will vest in four substantially equal quarterly installments such that the stock option is fully vested on the first anniversary of the date of grant.

Options to purchase 17,621 shares vested in full upon the date of grant and options to purchase 5,984 shares will vest in four substantially equal quarterly installments such that the stock option is fully vested on the first anniversary of the date of grant.

Options to purchase 29,923 shares vested in full upon the date of grant and options to purchase 13,299 shares will vest in 12 substantially equal quarterly installments such that the stock option is fully vested on the third anniversary of the date of grant.

Options to purchase 7,424 shares vested in full upon the date of grant and options to purchase 4,430 shares will vest in 12 substantially equal quarterly installments such that the stock option is fully vested on the third anniversary of the date of grant.

Options to purchase 4,044 shares vested in full upon the date of grant and options to purchase 1,950 shares will vest in four substantially equal quarterly installments such that the stock option is fully vested on the first anniversary of the date of grant.

Options to purchase 7,424 shares vested in full upon the date of grant and options to purchase 4,430 shares will vest in 12 substantially equal quarterly installments such that the stock option is fully vested on the third anniversary of the date of grant.

Options to purchase 6,933 shares vested in full upon the date of grant and options to purchase 3,343 shares will vest in four substantially equal quarterly installments such that the stock option is fully vested on the first anniversary of the date of grant.

Options to purchase 17,828 shares vested in full upon the date of grant and options to purchase 8,860 shares will vest in 12 substantially equal quarterly installments such that the stock option is fully vested on the third anniversary of the date of grant.

Options to purchase 4,044 shares vested in full upon the date of grant and options to purchase 1,950 shares will vest in four substantially equal quarterly installments such that the stock option is fully vested on the first anniversary of the date of grant.

Options to purchase 4,044 shares vested in full upon the date of grant and options to purchase 1,950 shares will vest in four substantially equal quarterly installments such that the stock option is fully vested on the first anniversary of the date of grant.

The stock option vests in 4 equal quarterly installments such that the stock option is fully vested on the first anniversary of the date of grant.

The stock option vests in 4 equal quarterly installments such that the stock option is fully vested on the first anniversary of the date of grant.

The stock option vests in 4 equal quarterly installments such that the stock option is fully vested on the first anniversary of the date of grant.

The stock option vests in 4 equal quarterly installments such that the stock option is fully vested on the first anniversary of the date of grant.

Vests as to 25% of the underlying shares of common stock on the first annual anniversary of the date of grant, then in 36 equal monthly installments such that the stock option is fully vested on the fourth annual anniversary of the date of grant.

Vests as to 1/12th of the underlying shares of common stock on the date of grant, then in 11 equal quarterly installments such that the stock option is fully vested on the third annual anniversary of the date of grant.

Vests as to 1/12th of the underlying shares of common stock on the date of grant, then in 11 equal quarterly installments such that the stock option is fully vested on the third annual anniversary of the date of grant.

Vests as to 1/12th of the underlying shares of common stock on the date of grant, then in 11 equal quarterly installments such that the stock option is fully vested on the third annual anniversary of the date of grant.

Vests as to 1/12th of the underlying shares of common stock on the date of grant, then in 11 equal quarterly installments such that the stock option is fully vested on the third annual anniversary of the date of grant.

Received in exchange for 4,600,000 shares of common stock of GRI Bio, Inc. ("GRI"), pursuant to the Agreement and Plan of Merger, dated December 13, 2022, by and among Vallon Pharmaceuticals, Inc. (the "Company"), Vallon Merger Sub, Inc. and GRI Bio, Inc. (the "Merger"). Per the terms of the Merger, each share of GRI common stock was converted into the right to receive 0.0374 shares of the Company's common stock. In connection with the Merger, the Company effected a reverse stock split of the Company's common stock at a ratio of 1-for-30 (the "Reverse Split"). Unless noted otherwise, all references to share amounts in this Form 4 reflect the Reverse Split.

Received in exchange for 10,307,793 shares of common stock of GRI Bio, Inc. ("GRI"), pursuant to the Agreement and Plan of Merger, dated December 13, 2022, by and among Vallon Pharmaceuticals, Inc. (the "Company"), Vallon Merger Sub, Inc. and GRI Bio, Inc. (the "Merger"). Per the terms of the Merger, each share of GRI common stock was converted into the right to receive 0.0374 shares of the Company's common stock. In connection with the Merger, the Company effected a reverse stock split of the Company's common stock at a ratio of 1-for-30 (the "Reverse Split"). Unless noted otherwise, all references to share amounts in this Form 4 reflect the Reverse Split.

Received in exchange for 4,600,000 shares of common stock of GRI Bio, Inc. ("GRI"), pursuant to the Agreement and Plan of Merger, dated December 13, 2022, by and among Vallon Pharmaceuticals, Inc. (the "Company"), Vallon Merger Sub, Inc. and GRI Bio, Inc. (the "Merger"). Per the terms of the Merger, each share of GRI common stock was converted into the right to receive 0.0374 shares of the Company's common stock. In connection with the Merger, the Company effected a reverse stock split of the Company's common stock at a ratio of 1-for-30 (the "Reverse Split"). Unless noted otherwise, all references to share amounts in this Form 4 reflect the Reverse Split.

Cancellation of unvested restricted stock units granted on July 1, 2022.

Represents the grant of restricted stock units (RSUs). The RSUs vest in four (4) equal quarterly installments such that the RSU will be fully vested on the first (1st) anniversary of the date of grant, subject to continued service with the Issuer. Each RSU represents the right to receive one share of common stock of Vallon Pharmaceuticals, Inc.

The stock option vests in four equal quarterly installments such that the stock option is fully vested on the first anniversary of the date of grant.

The stock option vests in four equal quarterly installments such that the stock option is fully vested on the first anniversary of the date of grant.

The stock option vests in four equal quarterly installments such that the stock option is fully vested on the first anniversary of the date of grant.

Reported late due to administrative error.

This stock options vests in 24 equal monthly installments such that the stock options shall be fully vested as of the second annual anniversary of the date of grant.

Reported late due to administrative error.

Vests as to 25% of the underlying shares of common stock on the first annual anniversary of the date of grant, then in 12 equal quarterly installments such that the stock option is fully vested on the fourth annual anniversary of the date of grant.

Reported late due to administrative error.

Vests as to 25% of the underlying shares of common stock on the first annual anniversary of the date of grant, then in 12 equal quarterly installments such that the stock option is fully vested on the fourth annual anniversary of the date of grant.