Recro Pharma, Inc.
Non-Qualified Stock Option Inducement Award Agreement
We are pleased to advise you that Recro Pharma, Inc. (the “Company”) hereby awards to you the right to purchase (an “Option”) the number of shares of Common Stock of the Company (“Shares”), as set forth on the grant schedule attached hereto (the “Grant Schedule”), subject to your signing this Award Agreement (this “Agreement”). The date of award of the Option shall for all purposes be the date set forth on the Grant Schedule (the “Grant Date”). The Option issued hereunder is a “non-qualified stock option” for tax purposes.
The Company maintains the Recro Pharma, Inc. 2018 Amended and Restated Equity Incentive Plan (the “Plan”). This Option is not awarded pursuant to the Plan, but rather is intended to constitute a non-plan based “inducement grant,” as described in Nasdaq Listing Rule 5635(c)(4). Nonetheless, the terms and provisions of the Plan (other than, for avoidance of doubt, Section 6 of the Plan) are hereby incorporated into this Agreement by this reference, as though fully set forth herein, as if this award was granted pursuant to the Plan.
All capitalized terms used but not defined herein will have the meanings ascribed to them in the Plan. In addition to the terms, conditions and restrictions set forth in the Plan, all terms, conditions and restrictions set forth in this Agreement and the Grant Schedule are applicable to the Option evidenced hereby.
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The undersigned hereby acknowledges the award of the Option on behalf of the Company.
RECRO PHARMA, INC.
By: | /s/ J. David Enloe, Jr. |
Name: | J. David Enloe, Jr. |
Title: | Chief Executive Officer |
Date |
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In order to indicate your acceptance of the Option evidenced by this Agreement and the Grant Schedule, subject to the restrictions and upon the terms and conditions set forth herein, please execute and immediately return to the Company the enclosed duplicate original of this Agreement.
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Grant Schedule
Recipient’s Name:
Grant Date:
Option Price:
Total Number of Shares Subject to the Option:
Type of Option: Non-Qualified Stock Option
Schedule of Vesting Dates:
Vesting Date |
Number of Shares Then Vesting |
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