Letter Agreement, dated as of September 20, 2021, by and between Aerie Pharmaceuticals, Inc. and Benjamin F. McGraw, III, Pharm.D

On behalf of Aerie Pharmaceuticals, Inc. (the “Company”), this letter Agreement memorializes the terms of your employment with the Company to serve as Interim Executive Chair of the Board of Directors of the Company (the “Board”), effective as of September 17, 2021 (the “Effective Date”).

1.Position. During the Term (as defined below) you will serve as Interim Executive Chair, reporting to the Board and will have those duties and responsibilities as determined from time to time by the Board, including, but not limited to working with members of the Company’s executive team to fulfill the responsibilities of the Office of the Chief Executive Officer. In addition, you will be designated as, and will have the responsibilities of being, the Company’s principal executive officer for purposes of the Company’s reporting obligations with the Securities and Exchange Commission under applicable securities laws and regulations. During the Term, you will no longer serve in your capacity as the Lead Independent Director of the Board, nor as Chair of the Compensation Committee of the Board; however, it is the Board’s intent to have you return to those roles (or other roles as determined by the Board) following the expiration of the Term, subject to the Company’s obligations to remain in compliance with applicable governance standards related to director independence under NASDAQ’s listing requirements.

2.Term. This Agreement will remain in effect for the period beginning on the Effective Date and ending on the earlier of (i) the date that is the six month anniversary of the Effective Date, or such later date as you and the Board may mutually agree in writing; and (ii) the date mutually agreed by you and the Board on or following the effective date of the appointment and commencement of service of a new Chief Executive Officer of the Company, unless the Agreement is terminated earlier by you or the Board, as set forth below (the “Term”). For the avoidance of doubt, your employment is at will, and either you or the Board (by a vote of the majority of the independent directors then in office) may terminate the employment relationship upon written notice to the other at any time and for any reason not prohibited by law.

3.Cash Compensation.

a.Base Salary. Beginning on the Effective Date and during the Term, you will receive cash compensation in an amount equal to $600,000 per annum, payable in accordance with the Company’s normal payroll practices.

b.Fees for Service as a Director. During the Term, you will not continue to receive any cash retainers or committee fees for your service as a member of the Board or any committee of the Board and will not be entitled to receive an annual non-employee director equity compensation grant. All outstanding stock options and restricted stock awards granted to you prior to the Effective Date will continue to vest in the normal course pursuant to the terms and conditions of the award agreements evidencing those awards. For the avoidance of doubt, your transition to the Interim Executive Chair role will not be considered a separation from service for purposes of any of your outstanding equity awards.

c.Expenses and Reimbursements. The Company will pay or reimburse you for all customary expenses incurred by you during the Term in furtherance of the business and affairs of the Company, including reasonable travel and entertainment, upon timely receipt by the Company of appropriate vouchers or other proof of your expenditures and otherwise in accordance with any expense reimbursement policy as may from time to time be adopted by the Company.

4.Equity Awards. The Company will grant to you a special equity award (the “Equity Award”) with a grant value of $1,000,000, 60% of which will be awarded in the form of a stock option grant and 40% of which will be awarded in the form of restricted stock grant. The number of shares underlying the stock option grant will be determined based on the Black-Scholes value on the date of grant, and the exercise price of the stock options will be set as the closing price of a share of the Company’s common stock on the date of grant. The number of shares of restricted stock will be determined based on the closing price of a share of the Company’s common stock on the date of grant. The Equity Award will cliff vest on the earlier of (i) the six month anniversary of the Effective Date or (ii) the date that occurs on or following the effective date of the appointment and commencement of service of a new Chief Executive Officer of the Company on which you and the Board have mutually agreed that your service as Interim Executive Chair will cease, in each case subject to your continued employment (in the role as Interim Executive Chair) until such date. Notwithstanding the forgoing, if during the Term there is termination of your service as Interim Executive Chair as a result of your death or Disability (as defined in the Company’s Amended and Restated Omnibus Incentive Plan), the Equity Award will vest in full, as of the date of such termination event. Each of the stock option portion and restricted stock portion of the Equity Award will documented by execution of a written award agreement, with terms and conditions not inconsistent with the terms of this Paragraph 4 and subject to the terms of the Company’s Amended and Restated Omnibus Incentive Plan.

5.Benefits; Company Policies. You will be entitled to participate in all health, welfare, insurance, and retirement programs of the Company as are in effect from time to time and in which other senior executives of the Company participate, subject to meeting the eligibility requirements of such programs.

6.Termination of Employment Relationship. Upon termination of your employment, for any reason, you will not be eligible for any severance pay or other severance benefits, other than payment of any accrued but unpaid base salary as of the date your employment ceases and any business expenses incurred prior to the date your employment ceases, in accordance with Paragraphs 3(a) and 3(c), respectively.

7.Covenants. You recognize and acknowledge that in the course of your duties you have and will continue to receive confidential or proprietary information owned by the Company and its affiliates or third parties with whom the Company or its affiliates has an obligation of confidentiality. Accordingly you agree to be bound by and comply fully with the covenants set forth in Exhibit A, attached hereto.

8.Tax Matters.

a.Withholding. All sums payable to you under this Agreement will be reduced by all federal, state, local and other withholding and similar taxes and payments as required by applicable law.

b.Section 409A of the Code. To the extent any expense reimbursement or the provision of any in-kind benefit under this Agreement (or otherwise referenced herein) is determined to be subject to and not exempt from Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), (i) the amount of any such expenses eligible for reimbursement, or the provision of any in-kind benefit, in one calendar year shall not affect the expense eligible for reimbursement or in kind benefits to be provided in any other calendar year, (ii) in no event shall any expenses be reimbursed after the last day of the calendar year following the calendar year in which you incurred such expenses and (iii) in no event shall any right to reimbursement or the provision of any in-kind benefit be subject to liquidation or exchange for another benefit.

c.Section 280G of the Code. If any of the payments or benefits provided or to be provided to you by the Company pursuant to the terms of this Agreement or otherwise constitute parachute payments (“Parachute Payments”) within the meaning of Section 280G (as may be amended or replaced) of the Code then such Parachute Payments to be made to you hereunder shall be payable either (1) in full or (2) as to such lesser amount which would result in no portion of such Parachute Payments being subject to the excise tax imposed under Section 4999 of the Code (or any successor provision thereto) or any interest or penalties with respect to such excise tax (collectively, the “Excise Tax”), whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the Excise Tax, results in your receipt on an after-tax basis, of the greatest amount of economic benefits under this Agreement or otherwise, notwithstanding that all or some portion of such benefits may be subject to the Excise Tax. If a reduction in Parachute Payments is necessary so that no portion of the Parachute Payments is subject to the Excise Tax, reduction shall occur in the manner that results in the greatest economic benefit to you. If more than one method of reduction will result in the same economic benefit, the items so reduced will be reduced pro rata. The independent registered public accounting firm engaged by the Company for general purposes as of the day prior to the date of the event triggering the Parachute Payment, or such other firm as reasonably engaged by the Company for analysis of parachute payment issues generally in connection with the triggering event, (i) will make all determinations and calculations required to be made under this Paragraph 8(c), in consultation with appropriate Company counsel and (ii) will provide you and the Company with reasonable information and documentation to confirm the determinations and

calculations made in connection with this Paragraph 8(c). The Company will bear all expenses with respect to such determinations and calculations.

9.Indemnification. You will continue to be named as an insured on the director and officer liability insurance policy currently maintained by the Company, or as may be maintained by the Company from time to time, and will continue to be entitled to indemnification and advancement of expense as provided in the Company’s bylaws and the existing Indemnification Agreement between you and the Company (the “Indemnification Agreement”).

10.Miscellaneous.

a.Governing Law. This Agreement will be governed by, and construed and interpreted in accordance with, the laws of the State of Delaware, without giving effect to its principles of conflicts of laws. Venue shall take place in the exclusive jurisdiction of the federal and state courts in the State of North Carolina.

b.Amendment. This Agreement cannot be amended orally, or by course of conduct or dealing, but only by written agreement signed by the parties.

c.Waiver. The failure of either party to insist upon the strict performance of any of the terms, conditions and provisions of this Agreement shall not be construed as a waiver or relinquishment of future compliance therewith, and such terms, conditions and provisions shall remain in full force and effect. No waiver of any term or condition of this Agreement on the part of either party shall be effective for any purpose whatsoever unless such waiver is in writing and signed by such party.

d.Notices. All notices, requests, consents and other communications, required or permitted to be given hereunder, will be in writing and will be delivered personally or by an overnight courier service or by e-mail, to you, at the address you have most recently provided to the Company in writing and to the Chair of the Compensation Committee, on behalf of the Company, with a copy to the Company’s General Counsel, at the Company’s headquarters or the relevant e-mail address used for Company director communications. Notices will be deemed given when so delivered personally or by overnight courier, or, if e-mailed, when it can be verified that the e-mail was received.

e.Entire Agreement. This Agreement (including Exhibit A) and the Indemnification Agreement, set forth the entire agreement between you and the Company relating to your service as Interim Executive Chair, and supersedes all prior discussions, agreements, arrangements and understandings, written or oral, relating to the subject matter hereof. No representation, promise or inducement has been made by either party that is not embodied in this Agreement, and neither party shall be bound by or liable for any alleged representation, promise or inducement not set forth in this Agreement. While the point should be obvious, you will continue to be bound by all fiduciary obligations and other obligations imposed by law on the Company’s directors and officers.