EX-10.2



 Exhibit 10.2 

EXECUTION VERSION 
 SECURITY
AGREEMENT 
 THIS SECURITY AGREEMENT dated as of November 17, 2017 (as amended, modified, restated or supplemented from time to time,
this “Security Agreement”) is by and among the parties identified as “Grantors” on the signature pages hereto and such other parties as may become Grantors hereunder after the date hereof (individually a
“Grantor”, and collectively the “Grantors”) and Athyrium Opportunities III Acquisition LP, as administrative agent (in such capacity, the “Administrative Agent”) for the Secured Parties. 

W I T N E S S E T H 
 WHEREAS, a
credit facility has been established in favor of Recro Pharma, Inc., a Pennsylvania corporation (the “Borrower”), pursuant to the terms of that certain Credit Agreement dated as of the date hereof (as amended, modified, restated,
supplemented or extended from time to time, the “Credit Agreement”) among the Borrower, the Guarantors party thereto, the Lenders from time to time party thereto and the Administrative Agent; 

WHEREAS, it is required under the terms of the Credit Agreement that the Grantors shall have granted the security interests and undertaken the
obligations contemplated by this Security Agreement; and 
 WHEREAS, this Security Agreement is required under the terms of the Credit
Agreement. 
 NOW, THEREFORE, in consideration of these premises and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows: 
 1. Definitions. 

(a) Capitalized terms used and not otherwise defined herein shall have the meanings provided in the Credit Agreement. 

(b) The following terms shall have the meanings assigned thereto in the UCC (defined below): Accession, Account, As-Extracted Collateral, Chattel Paper, Commercial Tort Claim, Deposit Account, Document, Electronic Chattel Paper, Equipment, Farm Products, Fixtures, General Intangible, Goods, Instrument, Inventory, Investment
Property, Letter-of-Credit Right, Manufactured Home, Money, Payment Intangibles, Proceeds, Securities Account, Securities Entitlement, Securities Intermediary, Software,
Supporting Obligation and Tangible Chattel Paper. 
 (c) As used herein, the following terms shall have the meanings set
forth below: 
 “Administrative Agent” has the meaning provided in the introductory paragraph hereof. 

“Borrower” has the meaning provided in the recitals hereof. 

“Collateral” has the meaning provided in Section 2. 

“Credit Agreement” has the meaning provided in the recitals hereof. 

“Security Agreement” has the meaning provided in the introductory paragraph hereof. 

  
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 “UCC” means the Uniform Commercial Code as in effect from time
to time in the State of New York except as such term may be used in connection with the perfection of the Collateral and then the applicable jurisdiction with respect to such affected Collateral shall apply. 

2. Grant of Security Interest in the Collateral. To secure the prompt payment and performance in full when due, whether by lapse of
time, acceleration, mandatory prepayment or otherwise, of the Obligations, each Grantor hereby grants to the Administrative Agent, for the benefit of the Secured Parties, a continuing security interest in any and all right, title and interest of
such Grantor in and to all of the following, whether now owned or existing or owned, acquired, or arising hereafter (collectively, the “Collateral”): 

(a) all Accounts; 

(b) all Chattel Paper; 

(c) all Commercial Tort Claims, including those identified on Schedule 2(c); 

(d) all confidential information; 

(e) all Deposit Accounts; 

(f) all Documents; 

(g) all Equipment; 

(h) all Fixtures; 

(i) all General Intangibles; 

(j) all Goods; 

(k) all Instruments; 

(l) all Inventory; 

(m) all Investment Property; 

(n) all Intellectual Property; 

(o) all Letter-of-Credit Rights; 

(p) all license agreements (inbound or outbound) of any Intellectual Property; 

(q) all Money; 

(r) all Payment Intangibles; 

(s) all Software; 

(t) all Supporting Obligations; and 

(u) all Accessions and all Proceeds of any and all of the foregoing. 

  
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 Notwithstanding anything to the contrary contained herein, (x) the security interests
granted under this Security Agreement shall not extend to, and in no event shall the “Collateral” include, any Excluded Property and (y) the representations and covenants set forth herein regarding the assets of the Grantors shall not
apply to any such Excluded Property. 
 The Grantors and the Administrative Agent, on behalf of the Secured Parties, hereby acknowledge and
agree that the security interest created hereby in the Collateral (i) constitutes continuing collateral security for all of the Obligations, whether now existing or hereafter arising and (ii) is not and shall not be construed as an
assignment of any Intellectual Property. 
 3. Provisions Relating to Accounts. 

(a) Anything herein to the contrary notwithstanding, each of the Grantors shall remain liable under each of the Accounts to
observe and perform all the conditions and obligations to be observed and performed by it thereunder, all in accordance with the terms of any agreement giving rise to each such Account. Neither the Administrative Agent nor any Secured Party shall
have any obligation or liability under any Account (or any agreement giving rise thereto) by reason of or arising out of this Security Agreement or the receipt by the Administrative Agent or any Secured Party of any payment relating to such Account
pursuant hereto, nor shall the Administrative Agent or any Secured Party be obligated in any manner to perform any of the obligations of a Grantor under or pursuant to any Account (or any agreement giving rise thereto), to make any payment, to make
any inquiry as to the nature or the sufficiency of any payment received by it or as to the sufficiency of any performance by any party under any Account (or any agreement giving rise thereto), to present or file any claim, to take any action to
enforce any performance or to collect the payment of any amounts that may have been assigned to it or to which it may be entitled at any time or times. 

(b) At any time upon the occurrence of an Event of Default and during the continuation thereof, (i) with prior notice to
the Grantors, the Administrative Agent shall have the right, but not the obligation, to make test verifications of the Accounts in any manner and through any medium that it reasonably considers advisable, and the Grantors shall furnish all such
assistance and information as the Administrative Agent may reasonably require in connection with such test verifications, (ii) upon the Administrative Agent’s request and at the expense of the Grantors, the Grantors shall cause independent
public accountants or others satisfactory to the Administrative Agent to furnish to the Administrative Agent reports showing reconciliations, aging and test verifications of, and trial balances for, the Accounts and (iii) with prior notice to
the Grantors, the Administrative Agent in its own name or in the name of others may communicate with account debtors on the Accounts to verify with them to the Administrative Agent’s reasonable satisfaction the existence, amount and terms of
any Accounts. 
 4. Representations and Warranties. Each Grantor hereby represents and warrants to the Administrative Agent, for the
benefit of the Secured Parties, that: 
 (a) Ownership. Such Grantor is the legal and beneficial owner of, or has
rights to use, its Collateral (other than Collateral that is immaterial) and, except as permitted by Section 8.09 of the Credit Agreement, has the right to pledge, sell, assign or transfer the same. 

  
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 (b) Security Interest/Priority. This Security Agreement creates a valid
security interest in favor of the Administrative Agent, for the benefit of the Secured Parties, in the Collateral of such Grantor and, when properly perfected by filing of a UCC financing statement, shall constitute a valid, perfected, first
priority security interest in such Collateral, to the extent such security interest can be perfected by filing a financing statement under the UCC, free and clear of all Liens except for Permitted Liens. The taking of possession by the
Administrative Agent of any Instrument, negotiable Document or Tangible Chattel Paper of such Grantor will perfect and establish the first priority of the Administrative Agent’s security interest in all such Instruments, negotiable Documents or
Tangible Chattel Paper. With respect to any Collateral of such Grantor consisting of a Deposit Account, Securities Entitlement or held in a Securities Account, upon execution and delivery by such Grantor, the applicable depository bank or Securities
Intermediary and the Administrative Agent of an agreement granting control to the Administrative Agent over such Collateral, the Administrative Agent shall have a valid and perfected, first priority security interest in such Collateral, subject to
Permitted Liens. 
 (c) Types of Collateral. As of the Closing Date, none of the Collateral of such Grantor consists
of, or is the Accessions or the Proceeds of, As-Extracted Collateral, Consumer Goods, Farm Products, Manufactured Homes, or standing timber. 

(d)Accounts. With respect to the Accounts of the Grantors reflected as accounts receivable on the consolidated balance
sheet of the Borrower most recently delivered to the Administrative Agent pursuant to the Credit Agreement, (i) each Account of such Grantor and the material papers and documents relating thereto are genuine and in all material respects what
they purport to be, (ii) each Account with an aggregate payment obligation in excess of $500,000 arises out of (A) a bona fide sale of goods sold and delivered by such Grantor (or is in the process of being delivered) or (B) services
theretofore actually rendered by such Grantor to, the account debtor named therein, and (iii) no such Account with a value in excess of $500,000 is evidenced by any Instrument or Chattel Paper unless such Instrument or Chattel Paper, to the
extent requested by the Administrative Agent, has been endorsed over and delivered to, or submitted to the control of, the Administrative Agent. 

(e) Equipment and Inventory. With respect to any Equipment and/or Inventory of such Grantor, as of the Closing Date such
Grantor has exclusive possession and control of such Equipment and Inventory of such Grantor except for (i) Equipment leased by such Grantor as a lessee, (ii) Equipment or Inventory in transit with common carriers or in the possession of
employees, customers or vendors in the ordinary course of business, (c) Collateral which is out for repair or processing, (iii) Equipment or Inventory sold, licensed or otherwise disposed of in the ordinary course of business to the extent
permitted by the Credit Agreement, (iv) Equipment that is mobile in nature, including vehicles and portable computing equipment, (v) Equipment and Inventory with a book value of less than $500,000 individually or in the aggregate, or
(vi) Equipment or Inventory in the possession of any bailee, warehouseman, agent or processor whose name and address is listed on Schedule 4(e). As of the Closing Date, no Inventory of such Grantor is held by a Person other than a
Grantor pursuant to consignment, sale or return, sale on approval or similar arrangement. 
 (f) No Other Instruments,
Etc. As of the Closing Date, no Grantor holds any Instruments, Documents or Tangible Chattel Paper required to be pledged and delivered to the Administrative Agent pursuant to Section 5(b) other than as set forth on
Schedule 4(f). All such Instruments, Documents and Tangible Chattel Paper have been delivered to the Administrative Agent. 

  
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 (g) Contracts; Agreements; Licenses. As of the Closing Date, such Grantor
has no Material Contracts or inbound licenses of Material Intellectual Property which are non-assignable by their terms, or as a matter of law, or which prevent the granting of a security interest therein,
except for those Material Contracts noted in Schedule 6.24 to the Disclosure Letter as being non-assignable, or in relation to Material Contracts that are included as Collateral solely as a result of the
operation of 9-406 or 9-408 of the UCC. 

(h) Consents; Etc. Except for (i) the filing or recording of UCC financing statements, (ii) the filing of
appropriate notices with the United States Patent and Trademark Office and the United States Copyright Office, (iii) obtaining control to perfect the Liens created by this Security Agreement (to the extent required under
Section 5(b) or Section 5(d)), (iv) such actions as may be required by applicable laws affecting the offering and sale of securities, (v) such actions as may be required by foreign
applicable laws affecting the pledge of the pledged equity of Foreign Subsidiaries and (vi) consents, authorizations, filings or other actions which have been obtained or made, no consent or authorization of, filing with, or other act by or in
respect of, any arbitrator or Governmental Authority and no consent of any other Person (including any stockholder, member or creditor of such Grantor), is required for (A) the grant by such Grantor of the security interest in the Collateral
granted hereby or for the execution, delivery or performance of this Security Agreement by such Grantor, (B) the perfection of such security interest (to the extent such security interest can be perfected by filing under the UCC, the granting
of control (to the extent required under Section 5(b) or Section 5(d)) or by filing an appropriate notice with the United States Patent and Trademark Office or the United States Copyright Office)
or (C) except as permitted by Section 8.09 of the Credit Agreement, the exercise by the Administrative Agent or the Secured Parties of the rights and remedies provided for in this Security Agreement. 

(i) Commercial Tort Claims. As of the Closing Date, such Grantor has no Commercial Tort Claims other than those listed
on Schedule 2(c). 
 5. Covenants. Each Grantor covenants that, so long as any Lender shall have any Commitment under the
Credit Agreement, and so long as any Loan or other Obligation under the Credit Agreement shall remain unpaid or unsatisfied (other than contingent indemnification obligations for which no claim has been asserted), such Grantor shall: 

(a) Other Liens. Defend the Collateral against Liens other than Permitted Liens. 

(b) Instruments/Tangible Chattel Paper/Documents. (i) If any amount payable in excess of $500,000 under or in
connection with any of the Collateral shall be or become evidenced by any Instrument or Tangible Chattel Paper, or if any property constituting Collateral with a value in excess of $500,000 shall be stored or shipped subject to a Document, in either
case, ensure that such Instrument, Tangible Chattel Paper or Document is either in the possession of such Grantor or an agent of such Grantor at all times or, if requested by the Administrative Agent to perfect its security interest in such
Collateral, is delivered to the Administrative Agent, duly endorsed in a manner satisfactory to the Administrative Agent, and (ii) if requested by the Administrative Agent, ensure that any Collateral consisting of Tangible Chattel Paper is
marked with a legend acceptable to the Administrative Agent indicating the Administrative Agent’s security interest in such Tangible Chattel Paper. 

(c) Perfection of Security Interest. Execute and deliver to the Administrative Agent such agreements, assignments or
instruments (including affidavits, notices, reaffirmations and amendments and restatements of existing documents, as the Administrative Agent may reasonably request) and do all such other things as the Administrative Agent may reasonably deem
necessary, appropriate or convenient (i) to assure to the Administrative Agent the effectiveness, perfection and priority of its security interests in the Collateral hereunder, including (A) such instruments as the


  
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Administrative Agent may from time to time reasonably request in order to perfect and maintain the security interests granted hereunder in accordance with the UCC, (B) with regard to
Copyrights, a Notice of Grant of Security Interest in Copyrights for filing with the United States Copyright Office in the form of Exhibit 5(c)(i)(B), (C) with regard to Patents, a Notice of Grant of Security Interest in Patents for filing
with the United States Patent and Trademark Office in the form of Exhibit 5(c)(i)(C) and (D) with regard to Trademarks registered with the United States Patent and Trademark Office and all applications for Trademarks filed with the
United States Patent and Trademark Office, a Notice of Grant of Security Interest in Trademarks for filing with the United States Patent and Trademark Office in the form of Exhibit 5(c)(i)(D), (ii) to consummate the transactions contemplated
hereby and (iii) to otherwise protect and assure the Administrative Agent of its rights and interests hereunder, and, in furtherance of the foregoing, such Grantor hereby (1) authorizes the Administrative Agent to file one or more
financing statements (with collateral descriptions broader, including “all assets” and/or “all personal property” collateral descriptions) disclosing the Administrative Agent’s security interest in any or all of the
Collateral of such Grantor without such Grantor’s signature thereon, (2) irrevocably makes, constitutes and appoints the Administrative Agent, its nominee or any other Person whom the Administrative Agent may designate, as such
Grantor’s attorney-in-fact with full power and for the limited purpose to sign in the name of such Grantor any such financing statements (including renewal
statements), amendments and supplements, notices or any similar documents that in the Administrative Agent’s reasonable discretion would be necessary, appropriate or convenient in order to perfect and maintain perfection of the security
interests granted hereunder, such power, being coupled with an interest, being and remaining irrevocable so long as any Lender shall have any Commitment under the Credit Agreement, and so long as any Loan or other Obligation under the Credit
Agreement shall remain unpaid or unsatisfied (other than contingent indemnification obligations for which no claim has been asserted), and (3) agrees that a carbon, photographic or other reproduction of this Security Agreement or any such
financing statement is sufficient for filing as a financing statement by the Administrative Agent without notice thereof to such Grantor wherever the Administrative Agent may in its sole discretion desire to file the same. In the event for any
reason the law of any jurisdiction other than New York becomes or is applicable to the Collateral of any Grantor or any part thereof, or to any of the Obligations, such Grantor agrees to execute and deliver all such instruments and to do all such
other things as the Administrative Agent in its sole discretion reasonably deems necessary, appropriate or convenient to preserve, protect and enforce the security interests of the Administrative Agent under the law of such other jurisdiction (and,
if a Grantor shall fail to do so promptly upon the request of the Administrative Agent, then the Administrative Agent may execute any and all such requested documents on behalf of such Grantor pursuant to the power of attorney granted hereinabove).
If any Collateral is in the possession or control of a Grantor’s agents and the Administrative Agent so requests, such Grantor agrees to notify such agents in writing of the Administrative Agent’s security interest therein and, upon the
Administrative Agent’s reasonable request, instruct them to hold all such Collateral for the account of the Secured Parties, subject to the Administrative Agent’s instructions. Upon the request of the Administrative Agent, each Grantor
agrees to mark its books and records to reflect the security interest of the Administrative Agent in the Collateral. 
 (d)
Control. Execute and deliver (and use commercially reasonable efforts to cause to be executed and delivered by any person that is not an Affiliate) all agreements, assignments, instruments or other documents as the Administrative Agent shall
reasonably request for the purpose of obtaining and maintaining control within the meaning of the UCC with respect to any Collateral consisting of Deposit Accounts (other than Excluded Accounts), Securities Accounts, Investment Property, Letter-of-Credit Rights and Electronic Chattel Paper. 

  
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 (e) Collateral held by Warehouseman, Bailee, etc.; Collateral Access
Agreements. 
 (i) If any Collateral with a value of greater than $500,000 of such Grantor is at any time in the
possession or control of a warehouseman, bailee, agent or processor of such Grantor, upon request of the Administrative Agent, (A) notify such Person in writing of the Administrative Agent’s security interest in such Collateral,
(B) instruct such Person to hold all such Collateral for the Administrative Agent’s account and subject to the Administrative Agent’s instructions and (C) use commercially reasonable efforts to obtain written acknowledgment from
such Person that it is holding such Collateral for the benefit of the Administrative Agent. 
 (ii) If any real property
leasehold interest of any Grantor is (A) a location that acts as the chief executive office of a Grantor, or (B) a location where the value of the Collateral stored or located is in excess of $500,000, such Grantor shall use commercially
reasonable efforts to promptly (and in any event within sixty (60) days) obtain a Collateral Access Agreement with respect to such property (it being understood and agreed that with respect to all such leasehold interests in existence as of the
Closing Date, the Grantors’ obligations under this Section 5(e)(ii) shall be subject to Section 7.21 of the Credit Agreement). 

(f) Treatment of Accounts. Not grant or extend the time for payment of any Account of such Grantor, or compromise or
settle any such Account for less than the full amount thereof, or release any Person or property, in whole or in part, from payment thereof, or allow any credit or discount thereon, in each case other than as normal and customary in the ordinary
course of such Grantor’s business or as such Grantor may determine appropriate in the exercise of its commercially reasonable judgment or as required by Law. 

(g) Insurance. Insure, repair and replace the Collateral of such Grantor as set forth in the Credit Agreement (it being
understood and agreed that all insurance proceeds shall be subject to the security interest of the Administrative Agent to the extent set forth hereunder). 

(h) Commercial Tort Claims. 

(i) Promptly (and in any event not later than the current fiscal month end after receipt thereof) notify the Administrative
Agent in writing of obtaining any Commercial Tort Claim involving amounts above $500,000, and, in connection therewith, promptly (and in any event not later than the current fiscal month end after receipt thereof) forward to the Administrative Agent
an updated Schedule 2(c) listing any such Commercial Tort Claim. 
 (ii) Execute and deliver such statements,
documents and notices and do and cause to be done all such things as the Administrative Agent may reasonably deem necessary, appropriate or convenient, or as are required by law, to create, preserve, perfect and maintain the Administrative
Agent’s security interest in any Commercial Tort Claim. 
 6. Covenants Relating to IP Collateral. Each Grantor covenants that,
so long as any Lender shall have any Commitment under the Credit Agreement, and so long as any Loan or other Obligation under the Credit Agreement shall remain unpaid or unsatisfied (other than contingent indemnification obligations for which no
claim has been asserted), such Grantor shall: 
 (a) Covenants Relating to Copyrights. (i) Not do any act, or
knowingly omit to do any act, whereby any Copyright of such Grantor that is Material Intellectual Property may become dedicated to the public domain, (ii) notify the Administrative Agent promptly if a Responsible


  
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Officer of such Grantor knows (x) that any Copyright of such Grantor that is Material Intellectual Property is reasonably likely to become dedicated to the public domain or (y) of any
adverse determination or development (including the institution of, or any such determination or development in, any court or tribunal in the United States or any other country) regarding such Grantor’s ownership of any such Copyright or its
validity or enforceability, and (iii) take all necessary steps as it shall deem appropriate under the circumstances, to maintain and pursue each application (and to obtain the relevant registration) of each Copyright of such Grantor that is
Material Intellectual Property and to maintain each registration of each such Copyright Grantor that is Material Intellectual Property including filing of applications for renewal where necessary, excluding the maintenance of Intellectual Property
that in the commercially reasonable business judgment of the Grantor is not necessary or material for either (x) the conduct of the business of any Loan Party or its Subsidiaries or (y) any material Product Development and
Commercialization Activities associated with any Product. 
 (b) Covenants Relating to Patents and Trademarks. 

(i) (A) Maintain as in the past the quality of products and services offered under each Trademark owned by such Grantor that is
Material Intellectual Property, except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect or a material adverse effect on such Grantor’s rights in such Trademark, (B) employ each Trademark
owned by such Grantor that is Material Intellectual Property with the appropriate notice of registration, if applicable, except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect or a material adverse
effect on such Grantor’s rights in such Trademark, and (C) not adopt or use any mark that is confusingly similar to or a colorable imitation of any Trademark owned by such Grantor unless the Administrative Agent, for the benefit of the
Secured Parties, shall obtain a perfected security interest in such Trademark pursuant to this Security Agreement. 
 (ii)
Notify the Administrative Agent promptly if a Responsible Officer of such Grantor knows (x) that any Trademark or Patent owned by such Grantor that is Material Intellectual Property, or any application or registration relating to any Patent or
Trademark owned by such Grantor that is Material Intellectual Property, is reasonably likely to become abandoned, invalidated, rendered unenforceable or dedicated to the public, or (y) of any adverse determination or development (including the
institution of, or any such determination or development in, any proceeding in the United States Patent and Trademark Office, or any similar office or agency in any other country or any political subdivision thereof or any court or tribunal in any
country) regarding such Grantor’s ownership of any such Patent or Trademark or its right to register the same or to keep and maintain the same. 

(iii) Take all reasonable and necessary steps, including in any proceeding before the United States Patent and Trademark
Office, or any similar office or agency in any other country or any political subdivision thereof, to maintain and pursue each application (and to obtain the relevant registration) and to maintain each registration of each Patent and each Trademark
owned by such Grantor that is Material Intellectual Property, including filing of applications for renewal, affidavits of use and affidavits of incontestability, but excluding the maintenance of any Patent or Trademark that in the commercially
reasonable business judgment of the Grantor is not necessary or material for either (x) the conduct of the business of any Loan Party or its Subsidiaries or (y) any material Product Development and Commercialization Activities associated
with any Product. 

  
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 (c) Other Covenants Relating to Rights in Intellectual Property. 

(i) Not (and not permit any licensee or sublicensee thereof to) do any act, or omit to do any act, whereby any Material
Intellectual Property of such Grantor may become abandoned, invalidated, rendered unenforceable, diluted or dedicated to the public, but excluding Intellectual Property that in the commercially reasonable business judgment of the Grantor is not
necessary or material for either (x) the conduct of the business of any Loan Party or its Subsidiaries or (y) any material Product Development and Commercialization Activities associated with any Product. 

(ii) Use commercially reasonable efforts to maintain the confidentiality of all confidential information and trade secrets.

 (iii) Upon request of the Administrative Agent, execute and deliver any and all agreements, instruments, documents and
papers as the Administrative Agent may reasonably request to evidence and perfect the security interest of the Administrative Agent and the Secured Parties in any Intellectual Property that constitutes Collateral and the goodwill and general
intangibles of such Grantor relating thereto or represented thereby. 
 (iv) Promptly notify the Administrative Agent of any
Infringement or other violation of any Material Intellectual Property of such Grantor of which a Responsible Officer of such Grantor becomes aware and make such commercially reasonable efforts as it shall determine in its reasonable business
judgment to be appropriate under the circumstances to protect such Material Intellectual Property, including, where appropriate, the bringing of suit for infringement, violation, misappropriation or dilution, seeking injunctive relief and seeking to
recover any and all damages for such infringement, violation, misappropriation or dilution. 
 (v) Not make any assignment or
agreement in conflict with the security interest in the rights in Intellectual Property of such Grantor hereunder (other than as permitted by the Credit Agreement). 

7. Advances. On failure of any Grantor to perform any of the covenants and agreements contained herein or in any other Loan Document,
the Administrative Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Agent may reasonably deem advisable in the performance thereof, including the payment of any
insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Agent may make for the protection of
the security hereof or that may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors, on a joint and several basis (subject to Section 23) within 10 Business
Days after demand therefor (such demand to include a reasonably detailed invoice), and shall constitute additional Obligations and shall bear interest from the date said amounts are expended at the Default Rate. No such performance of any covenant
or agreement by the Administrative Agent on behalf of any Grantor, and no such advance or expenditure therefor, shall relieve the Grantors of any Default or Event of Default. The Administrative Agent may make any payment hereby authorized in
accordance with any bill, statement or estimate procured from the appropriate public office or holder of the claim to be discharged, without inquiry into the accuracy of such bill, statement or estimate or into the validity of any tax assessment,
sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP. 

  
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 8. Remedies. 

(a) General Remedies. Upon the occurrence of an Event of Default and during the continuation thereof, the Administrative
Agent shall have, in addition to the rights and remedies provided herein, in the Loan Documents, in any other documents relating to the Obligations, or by law (including levy of attachment, garnishment and the rights and remedies set forth in the
UCC of the jurisdiction applicable to the affected Collateral), the rights and remedies of a secured party under the UCC (regardless of whether the UCC is the law of the jurisdiction where the rights and remedies are asserted and regardless of
whether the UCC applies to the affected Collateral) and, further, the Administrative Agent may, with or without judicial process or the aid and assistance of others, in each case to the extent permitted by applicable law, (i) enter on any
premises on which any of the Collateral may be located and, without resistance or interference by the Grantors, take possession of the Collateral, (ii) dispose of any Collateral on any such premises, (iii) require the Grantors to assemble
and make available to the Administrative Agent at the expense of the Grantors any Collateral at any place and time designated by the Administrative Agent that is reasonably convenient to both parties, (iv) remove any Collateral from any such
premises for the purpose of effecting the sale or other disposition thereof, and/or (v) without demand and without advertisement, notice, hearing or process of law, all of which each of the Grantors hereby waives to the fullest extent permitted
by law, at any place and time or times, sell and deliver any or all Collateral held by or for it at public or private sale, by one or more contracts, in one or more parcels, for cash, upon credit or otherwise, at such prices and upon such terms as
the Administrative Agent deems advisable, in its sole discretion (subject to any and all mandatory legal requirements). Each of the Grantors acknowledges that any private sale referenced above may be at prices and on terms less favorable to the
seller than the prices and terms that might have been obtained at a public sale and, notwithstanding the foregoing, agrees that such private sale shall be deemed to have been made in a commercially reasonable manner. Neither the Administrative
Agent’s compliance with applicable law nor its disclaimer of warranties relating to the Collateral shall be considered to adversely affect the commercial reasonableness of any sale. In addition to all other sums due the Administrative Agent and
the Secured Parties with respect to the Obligations, the Grantors shall pay the Administrative Agent and each of the Secured Parties all out-of-pocket costs and expenses
incurred by the Administrative Agent or any such Secured Party, in enforcing its remedies hereunder including, but not limited to, attorneys’ fees and court costs, in obtaining or liquidating the Collateral, in enforcing payment of the
Obligations, or in the prosecution or defense of any action or proceeding by or against the Administrative Agent or the Secured Parties or the Grantors concerning any matter arising out of or connected with this Security Agreement, any Collateral or
the Obligations, including any of the foregoing arising in, arising under or related to a case under Debtor Relief Laws. To the extent the rights of notice cannot be legally waived hereunder, each Grantor agrees that any requirement of reasonable
notice shall be met if such notice, specifying the place of any public sale or the time after which any private sale is to be made, is personally served on or mailed, postage prepaid, to the Borrower in accordance with the notice provisions of
Section 11.02 of the Credit Agreement at least ten (10) Business Days before the time of sale or other event giving rise to the requirement of such notice. The Administrative Agent may adjourn any public or private sale from time to time
by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. The Administrative Agent shall not be obligated to make any sale or other disposition of the
Collateral regardless of notice having been given. To the extent permitted by law, any Secured Party may be a purchaser at any such sale. To the extent permitted by applicable law, each of the Grantors hereby waives all of its rights of redemption
with respect to any such sale. Subject to the provisions of applicable law, the Administrative Agent may postpone or cause the postponement of the sale of all or any portion of the Collateral by announcement at the time and place of such sale, and
such sale may, without further notice, to the extent permitted by law, be made at the time and place to which the sale was postponed, or the Administrative Agent may further postpone such sale by announcement made at such time and place. 

  
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 (b) Remedies Relating to Accounts. Upon the occurrence of an Event of
Default and during the continuation thereof, whether or not the Administrative Agent has exercised any or all of its rights and remedies hereunder, (i) each Grantor will promptly upon request of the Administrative Agent instruct all account
debtors to remit all payments in respect of Accounts to a mailing location selected by the Administrative Agent and (ii) the Administrative Agent shall have the right to enforce any Grantor’s rights against its customers and account
debtors, and the Administrative Agent or its designee may notify (or require any Grantor to notify) any Grantor’s customers and account debtors that the Accounts of such Grantor have been assigned to the Administrative Agent or of the
Administrative Agent’s security interest therein, and may (either in its own name or in the name of a Grantor or both) demand, collect (including by way of a lockbox arrangement), receive, take receipt for, sell, sue for, compound, settle,
compromise and give acquittance for any and all amounts due or to become due on any Account, and, in the Administrative Agent’s discretion, file any claim or take any other action or proceeding to protect and realize upon the security interest
of the Secured Parties in the Accounts. Each Grantor acknowledges and agrees that the Proceeds of its Accounts remitted to or on behalf of the Administrative Agent in accordance with the provisions hereof shall be solely for the Administrative
Agent’s own convenience and that such Grantor shall not have any right, title or interest in such Accounts or in any such other amounts except as expressly provided herein. The Administrative Agent and the other Secured Parties shall have no
liability or responsibility to any Grantor for acceptance of a check, draft or other order for payment of money bearing the legend “payment in full” or words of similar import or any other restrictive legend or endorsement or be
responsible for determining the correctness of any remittance. Furthermore, upon the occurrence of an Event of Default and during the continuation thereof, (A) the Administrative Agent shall have the right, but not the obligation, after
providing reasonable advance notice to the Grantors, to make test verifications of the Accounts in any manner and through any medium that it reasonably considers advisable, and the Grantors shall furnish all such assistance and information as the
Administrative Agent may require in connection with such test verifications, (B) upon the Administrative Agent’s request and at the expense of the Grantors, the Grantors shall cause independent public accountants or others satisfactory to
the Administrative Agent to furnish to the Administrative Agent reports showing reconciliations, aging and test verifications of, and trial balances for, the Accounts and (C) the Administrative Agent in its own name or in the name of others
may, after providing reasonable advance notice to the Grantors, communicate with account debtors on the Accounts to verify with them to the Administrative Agent’s satisfaction the existence, amount and terms of any Accounts. 

(c) Access. In addition to the rights and remedies hereunder, upon the occurrence of an Event of Default and during the
continuation thereof, the Administrative Agent shall have the right to enter and remain upon the various premises of the Grantors without cost or charge to the Administrative Agent, and use the same, together with materials, supplies, books and
records of the Grantors for the purpose of collecting and liquidating the Collateral, or for preparing for sale and conducting the sale of the Collateral, whether by foreclosure, auction or otherwise. In addition, the Administrative Agent may remove
Collateral, or any part thereof, from such premises and/or any records with respect thereto, in order to effectively collect or liquidate such Collateral. 

(d) Nonexclusive Nature of Remedies. Failure by the Administrative Agent or the Secured Parties to exercise any right,
remedy or option under this Security Agreement, any other Loan Document, any other document relating to the Obligations, or as provided by law, or any delay by the Administrative Agent or the Secured Parties in exercising the same, shall not operate
as a waiver of any such right, remedy or option. No waiver hereunder shall be effective unless it is in writing, signed by the party against whom such waiver is sought to be enforced and then only to the


  
 11 








 
extent specifically stated, which in the case of the Administrative Agent or the Secured Parties shall only be granted as provided herein. To the extent permitted by law, neither the
Administrative Agent, the Secured Parties, nor any party acting as attorney for the Administrative Agent or the Secured Parties, shall be liable hereunder for any acts or omissions or for any error of judgment or mistake of fact or law other than
their bad faith, gross negligence or willful misconduct hereunder, as determined by a court of competent jurisdiction by final and non-appealable judgment. The rights and remedies of the Administrative Agent
and the Secured Parties under this Security Agreement shall be cumulative and not exclusive of any other right or remedy that the Administrative Agent or the Secured Parties may have. 

(e) Retention of Collateral. In addition to the rights and remedies hereunder, the Administrative Agent may, in
compliance with Sections 9-620 and 9-621 of the UCC or otherwise complying with the requirements of applicable law of the relevant jurisdiction, accept or retain all or
any portion of the Collateral in satisfaction of the Obligations. Unless and until the Administrative Agent shall have provided such notices, however, the Administrative Agent shall not be deemed to have accepted or retained any Collateral in
satisfaction of any Obligations for any reason. 
 (f) Deficiency. In the event that the proceeds of any sale,
collection or realization are insufficient to pay all amounts to which the Administrative Agent or the Secured Parties are legally entitled, the Grantors shall be jointly and severally liable for the deficiency (subject to
Section 23), together with interest thereon at the Default Rate, together with the costs of collection and the fees, charges and disbursements of counsel. Any surplus remaining after the full payment and satisfaction of the
Obligations shall be returned to the Grantors or to whomsoever a court of competent jurisdiction shall determine to be entitled thereto. 

9. Rights of the Administrative Agent. 

(a) Power of Attorney. In addition to other powers of attorney contained herein, each Grantor hereby designates and
appoints the Administrative Agent, on behalf of the Secured Parties, and each of its designees or agents, as attorney-in-fact of such Grantor, irrevocably and with power
of substitution, with authority to take any or all of the following actions upon the occurrence and during the continuation of an Event of Default: 

(i) to demand, collect, settle, compromise and adjust, and give discharges and releases, all as the Administrative Agent may
reasonably deem appropriate; 
 (ii) to commence and prosecute any actions at any court for the purposes of collecting any of
the Collateral and enforcing any other right in respect thereof; 
 (iii) to defend, settle or compromise any action, suit or
proceeding brought and, in connection therewith, give such discharge or release as the Administrative Agent may reasonably deem appropriate; 

(iv) to receive, open and dispose of mail addressed to such Grantor and endorse checks, notes, drafts, acceptances, money
orders, bills of lading, warehouse receipts or other instruments or documents evidencing payment, shipment or storage of the goods giving rise to the Collateral of such Grantor on behalf of and in the name of such Grantor, or securing, or relating
to such Collateral; 
 (v) to pay or discharge taxes, liens, security interests or other encumbrances levied or placed on or
threatened against the Collateral; 

  
 12 








 (vi) to direct any parties liable for any payment in connection with any of the
Collateral to make payment of any and all monies due and to become due thereunder directly to the Administrative Agent or as the Administrative Agent shall direct; 

(vii) to receive payment of and receipt for any and all monies, claims, and other amounts due and to become due at any time in
respect of or arising out of any Collateral; 
 (viii) to sell, assign, transfer, make any agreement in respect of, or
otherwise deal with or exercise rights in respect of, any Collateral or the goods or services that have given rise thereto, as fully and completely as though the Administrative Agent were the absolute owner thereof for all purposes; 

(ix) to adjust and settle claims under any insurance policy relating thereto; 

(x) to execute and deliver all assignments, conveyances, statements, financing statements, renewal financing statements,
security and pledge agreements, affidavits, notices and other agreements, instruments and documents that the Administrative Agent may deem appropriate in order to perfect and maintain the security interests and liens granted in this Security
Agreement and in order to fully consummate all of the transactions contemplated therein; 
 (xi) to institute any foreclosure
proceedings that the Administrative Agent may reasonably deem appropriate; 
 (xii) to sign and endorse any drafts,
assignments, verifications, notices and other documents relating to the Collateral; and 
 (xiii) to do and perform all such
other acts and things as the Administrative Agent may deem appropriate or convenient in connection with the Collateral. 

This power of attorney is a power coupled with an interest and shall be irrevocable for so long as any Lender shall have any
Commitment under the Credit Agreement, and so long as any Loan or other Obligation under the Credit Agreement shall remain unpaid or unsatisfied (other than contingent indemnification obligations for which no claim has been asserted). The
Administrative Agent shall be under no duty to exercise or withhold the exercise of any of the rights, powers, privileges and options expressly or implicitly granted to the Administrative Agent in this Security Agreement, and shall not be liable for
any failure to do so or any delay in doing so. The Administrative Agent shall not be liable for any act or omission or for any error of judgment or any mistake of fact or law in its individual capacity or its capacity as attorney-in-fact except acts or omissions resulting from its gross negligence or willful misconduct, as determined by a court of competent jurisdiction by final and non-appealable judgment. This power of attorney is conferred on the Administrative Agent solely to protect, preserve and realize upon its security interest in the Collateral. 

(b) Assignment by the Administrative Agent. The Administrative Agent may from time to time assign the Obligations to a
successor Administrative Agent appointed in accordance with the Credit Agreement, and such successor shall be entitled to all of the rights and remedies of the Administrative Agent under this Security Agreement in relation thereto. 

  
 13 








 (c) Releases of Collateral. If any Collateral shall be sold, transferred
or otherwise disposed of by any Grantor in a transaction permitted by the Credit Agreement, then the Administrative Agent, at the request and sole expense of such Grantor, shall promptly execute and deliver to such Grantor all releases and other
documents, and take such other action, reasonably necessary for the release of the Liens created hereby or by any other Collateral Document on such Collateral. If any of the Collateral constituting Intellectual Property is licensed to a third party
under, or rights thereto are granted to a third party pursuant to, a license of Intellectual Property permitted by the Credit Agreement, the Liens granted hereunder and under the other Collateral Documents to such Intellectual Property shall be
subject to the rights of such third party to use such Intellectual Property in accordance with the terms of such license. 

(d) The Administrative Agent’s Duty of Care. Other than the exercise of reasonable care to assure the safe custody
of the Collateral while being held by the Administrative Agent hereunder, the Administrative Agent shall have no duty or liability to preserve rights pertaining thereto, it being understood and agreed that the Grantors shall be responsible for
preservation of all rights in the Collateral, and the Administrative Agent shall be relieved of all responsibility for the Collateral upon surrendering it or tendering the surrender of it to the Grantors. The Administrative Agent shall be deemed to
have exercised reasonable care in the custody and preservation of the Collateral in its possession if such Collateral is accorded treatment substantially equal to that which the Administrative Agent accords its own property, which shall be no less
than the treatment employed by a reasonable and prudent agent in the industry, it being understood that the Administrative Agent shall not have responsibility for taking any necessary steps to preserve rights against any parties with respect to any
of the Collateral. In the event of a public or private sale of Collateral pursuant to Section 8, the Administrative Agent shall have no responsibility for (i) ascertaining or taking action with respect to any matters
relating to any Collateral, whether or not the Administrative Agent has or is deemed to have knowledge of such matters, or (ii) taking any steps to clean, repair or otherwise prepare the Collateral for sale. 

10. Application of Proceeds. Upon the acceleration of the Obligations pursuant to Section 9.02 of the Credit Agreement, any
payments in respect of the Obligations and any proceeds of the Collateral, when received by the Administrative Agent or any Secured Party in cash or its equivalent, will be applied in reduction of the Obligations in the order set forth in
Section 9.03 of the Credit Agreement, and each Grantor irrevocably waives the right to direct the application of such payments and proceeds and acknowledges and agrees that the Administrative Agent shall have the continuing and exclusive right
to apply and reapply any and all such payments and proceeds in the Administrative Agent’s sole discretion, notwithstanding any entry to the contrary upon any of its books and records. 

11. Continuing Agreement. 

(a) This Security Agreement shall remain in full force and effect for so long as any Lender shall have any Commitment under the
Credit Agreement, and so long as any Loan or other Obligation under the Credit Agreement shall remain unpaid or unsatisfied (other than contingent indemnification obligations for which no claim has been asserted), at which time this Security
Agreement, and the liens and security interests of the Administrative Agent hereunder, shall be automatically terminated and the Administrative Agent shall, upon the request and at the expense of the Grantors, execute and deliver all UCC termination
statements and/or other documents reasonably requested by the Grantors evidencing such termination and return to Grantors all Collateral in its possession. 

  
 14 








 (b) This Security Agreement shall continue to be effective or be automatically
reinstated, as the case may be, if at any time payment, in whole or in part, of any of the Obligations is rescinded or must otherwise be restored or returned by the Administrative Agent or any Secured Party as a preference, fraudulent conveyance or
otherwise under any Debtor Relief Law, all as though such payment had not been made; provided, that, in the event payment of all or any part of the Obligations is rescinded or must be restored or returned, all costs and expenses
(including any legal fees and disbursements) incurred by the Administrative Agent or any Secured Party in defending and enforcing such reinstatement shall be deemed to be included as a part of the Obligations. 

12. Amendments and Waivers; Modifications. This Security Agreement and the provisions hereof may not be amended, waived, modified,
changed, discharged or terminated except as set forth in Section 11.01 of the Credit Agreement; provided, that, (a) any update or revision to Schedule 2(c) delivered by any Grantor in accordance with the terms hereof,
or (b) any amendment to the schedules hereof pursuant to a Joinder Agreement (as contemplated by Section 24), in each case, shall not constitute an amendment for purposes of this Section 12 or
Section 11.01 of the Credit Agreement. 
 13. Successors in Interest. This Security Agreement shall create a continuing security
interest in the Collateral and shall be binding upon each Grantor, its successors and permitted assigns, and shall inure, together with the rights and remedies of the Administrative Agent and the Secured Parties hereunder, to the benefit of the
Administrative Agent and the Secured Parties and their successors and permitted assigns. 
 14. Notices. All notices required or
permitted to be given under this Security Agreement shall be given as provided in Section 11.02 of the Credit Agreement. 
 15.
Counterparts. This Security Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single
contract. Delivery of an executed counterpart of a signature page of this Security Agreement by facsimile or other electronic imaging means (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart
of this Security Agreement. 
 16. Headings. Section headings herein are included for convenience of reference only and shall not
affect the interpretation of this Security Agreement. 
 17. Governing Law; Submission to Jurisdiction; Waiver of Venue, Service of
Process, Waiver of Right to Jury Trial. The terms of Section 11.14 of the Credit Agreement and Section 11.15 of the Credit Agreement with respect to governing law, submission to jurisdiction, waiver of venue, service of process and
waiver of the right to a jury trial are each incorporated herein by reference, mutatis mutandis, and the parties hereto agree to such terms. 

18. Severability. If any provision of this Security Agreement is held to be illegal, invalid or unenforceable, (a) the legality,
validity and enforceability of the remaining provisions of this Security Agreement shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable
provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. 
 19. Entirety. This Security Agreement, the other Loan Documents and the
other documents relating to the Obligations represent the entire agreement of the parties hereto and thereto, and supersede all prior agreements and understandings, oral or written, if any, including any proposal letters or correspondence relating
to the Loan Documents, any other documents relating to the Obligations, or the transactions contemplated herein and therein. 

  
 15 








 20. Survival. All representations and warranties of the Grantors hereunder shall survive
the execution and delivery of this Security Agreement, the other Loan Documents and the other documents relating to the Obligations, the delivery of the Notes and the extension of credit thereunder or in connection therewith. 

21. Other Security. To the extent that any of the Obligations are now or hereafter secured by property other than the Collateral
(including real and other personal property and securities owned by a Grantor), or by a guarantee, endorsement or property of any other Person, then the Administrative Agent shall have the right to proceed against such other property, guarantee or
endorsement upon the occurrence and during the continuation of any Event of Default, and the Administrative Agent shall have the right, in its sole discretion, to determine which rights, security, liens, security interests or remedies the
Administrative Agent shall at any time pursue, relinquish, subordinate, modify or take with respect thereto, without in any way modifying or affecting any of them or the Obligations or any of the rights of the Administrative Agent or the Secured
Parties under this Security Agreement, under any of the other Loan Documents or under any other document relating to the Obligations. 
 22.
Rights of Required Lenders. All rights of the Administrative Agent hereunder, if not exercised by the Administrative Agent, may be exercised by the Required Lenders. 

23. Joint and Several Obligations of Grantors. 

(a) Subject to Section 23(c), each of the Grantors is accepting joint and several liability hereunder
in consideration of the financial accommodation to be provided by the Secured Parties, for the mutual benefit, directly and indirectly, of each of the Grantors and in consideration of the undertakings of each of the Grantors to accept joint and
several liability for the obligations of each of them. 
 (b) Subject to Section 23(c), each of the
Grantors jointly and severally hereby irrevocably and unconditionally accepts, not merely as a surety but also as a co-debtor, joint and several liability with the other Grantors with respect to the payment
and performance of all of the Obligations arising under this Security Agreement, the other Loan Documents and any other documents relating to the Obligations, it being the intention of the parties hereto that all the Obligations shall be the joint
and several obligations of each of the Grantors without preferences or distinction among them. 
 (c) Notwithstanding any
provision to the contrary contained herein, in any other of the Loan Documents or in any other documents relating to the Obligations, the obligations of each Guarantor under the Credit Agreement, the other Loan Documents and the other documents
relating to the Obligations shall be limited to an aggregate amount equal to the largest amount that would not render such obligations subject to avoidance under Section 548 of the United States Bankruptcy Code or any comparable provisions of
any applicable state law. 
 24. Joinder. At any time after the date of this Security Agreement, one or more additional Persons may
become party hereto by executing and delivering to the Administrative Agent a Joinder Agreement. Immediately upon such execution and delivery of such Joinder Agreement (and without any further action), each such additional Person will become a party
to this Security Agreement as a “Grantor” and have all of the rights and obligations of a Grantor hereunder and this Security Agreement and the schedules hereto shall be deemed amended by such Joinder Agreement. 

[Signature Pages Follow] 

  
 16 








 Each of the parties hereto has caused a counterpart of this Security Agreement to be duly
executed and delivered as of the date first above written. 
  

							
	GRANTORS:	 		 	RECRO PHARMA, INC.,
		 		 	a Pennsylvania corporation
				
		 		 	By:	 	 /s/ Ryan Lake

		 		 	Name: Ryan Lake
		 		 	Title: Senior Vice President of Finance and Chief Accounting Officer
			
		 		 	 RECRO ENTERPRISES, INC.,
 a Delaware
corporation

				
		 		 	By:	 	 /s/ Ryan Lake

		 		 	Name: Ryan Lake
		 		 	Title: Secretary and Treasurer
			
		 		 	 RECRO GAINESVILLE LLC,
 a
Massachusetts limited liability company

				
		 		 	By:	 	 /s/ Ryan Lake

		 		 	Name: Ryan Lake
		 		 	Title: Treasurer

 RECRO PHARMA, INC. 

SECURITY AGREEMENT 







 Accepted and agreed to as of the date first above written. 

 
  

							
	 ATHYRIUM OPPORTUNITIES III ACQUISITION LP,

a Delaware limited partnership, as Administrative Agent

		
		 	By: Athyrium Opportunities Associates III LP, its General Partner
			
		 		 	By: Athyrium Opportunities Associates III GP LLC, the General
		 		 	Partner of Athyrium Opportunities Associates III LP
				
		 		 		  	By: /s/ Andrew C. Hyman                    
		 		 		  	Name: Andrew C. Hyman
		 		 		  	Title: Authorized Signatory

 RECRO PHARMA, INC. 

SECURITY AGREEMENT 







 SCHEDULE 2(c) 

COMMERCIAL TORT CLAIMS 
 None. 







 SCHEDULE 4(e) 

EQUIPMENT OR INVENTORY IN THE POSSESSION OF A BAILEE OR WAREHOUSEMAN 
  


					
	 Name
	  	 Address
	  	 Description

	Adams Transfer and Storage	  	 800 Georgia Avenue
 Gainesville, GA
	  	Recro Gainesville LLC
			
	Adams Transfer and Storage	  	 795 Georgia Avenue
 Gainesville, GA
	  	Recro Gainesville LLC








 SCHEDULE 4(f) 

INSTRUMENTS, DOCUMENTS AND TANGIBLE CHATTEL PAPER 

Note, dated as of the date hereof, issued by Recro Ireland Limited, a private company limited by shares incorporated in Ireland, in favor of Recro Pharma,
Inc., a Pennsylvania Corporation. 







 EXHIBIT 5(c)(i)(B) 

FORM 
 OF 

NOTICE 
 OF 

GRANT OF SECURITY INTEREST 
 IN

 COPYRIGHTS 
 United States Copyright Office

 Ladies and Gentlemen: 
 Please be advised
that pursuant to the Security Agreement dated as of November 17, 2017 (as the same may be amended, modified, restated or supplemented from time to time, the “Security Agreement”) by and among the Grantors party thereto (each a
“Grantor” and collectively, the “Grantors”) and Athyrium Opportunities III Acquisition LP, as Administrative Agent (the “Administrative Agent”) for the Secured Parties referenced therein, the
undersigned Grantor has granted a continuing security interest in and continuing lien upon, the copyrights, copyright licenses and copyright applications shown on Schedule 1 attached hereto to the Administrative Agent for the ratable benefit
of the Secured Parties. 
 The undersigned Grantor and the Administrative Agent, on behalf of the Secured Parties, hereby acknowledge and
agree that the security interest in the copyrights, copyright licenses and copyright applications set forth on Schedule 1 attached hereto (i) may only be terminated in accordance with the terms of the Security Agreement, (ii) is not
to be construed as an assignment of any copyright, copyright license or copyright application. 
 [Signature pages follow] 







 
			
	Very truly yours,
	
	[GRANTOR]


 
			
		
	By:	 	  

	Name:
	Title:


     Acknowledged and Accepted: 

 

							
	     ATHYRIUM OPPORTUNITIES III ACQUISITION LP,

    a Delaware limited partnership, as Administrative Agent

		
		 	 By: Athyrium Opportunities Associates III LP, its General Partner

			
		 		 	By: Athyrium Opportunities Associates III GP LLC, the General
		 		 	Partner of Athyrium Opportunities Associates III LP
				
		 		 		  	By:
                                         
                                         
  
		 		 		  	Name:
		 		 		  	Title:








 EXHIBIT 5(c)(i)(C) 

FORM 
 OF 

NOTICE 
 OF 

GRANT OF SECURITY INTEREST 
 IN

 PATENTS 
 United States Patent and Trademark
Office 
 Ladies and Gentlemen: 
 Please be
advised that pursuant to the Security Agreement dated as of November 17, 2017 (as the same may be amended, modified, restated or supplemented from time to time, the “Security Agreement”) by and among the Grantors party thereto
(each a “Grantor” and collectively, the “Grantors”) and Athyrium Opportunities III Acquisition LP, as Administrative Agent (the “Administrative Agent”) for the Secured Parties referenced therein,
the undersigned Grantor has granted a continuing security interest in and continuing lien upon, the patents, patent licenses and patent applications set forth on Schedule 1 attached hereto to the Administrative Agent for the ratable benefit
of the Secured Parties. 
 The undersigned Grantor and the Administrative Agent, on behalf of the Secured Parties, hereby acknowledge and
agree that the security interest in the patents, patent licenses and patent applications set forth on Schedule 1 attached hereto (i) may only be terminated in accordance with the terms of the Security Agreement, (ii) is not to be
construed as an assignment of any patent, patent license or patent application. 
 [Signature pages follow] 







 
			
	Very truly yours,
	
	[GRANTOR]


 
			
		
	By:	 	  

	Name:
	Title:


     Acknowledged and Accepted: 

 

							
	     ATHYRIUM OPPORTUNITIES III ACQUISITION LP,

    a Delaware limited partnership, as Administrative Agent

		
		 	By: Athyrium Opportunities Associates III LP, its General Partner
			
		 		 	By: Athyrium Opportunities Associates III GP LLC, the General
		 		 	Partner of Athyrium Opportunities Associates III LP
				
		 		 		  	By:                                     
                                   
		 		 		  	Name:
		 		 		  	Title:








 EXHIBIT 5(c)(i)(D) 

FORM 
 OF 

NOTICE 
 OF 

GRANT OF SECURITY INTEREST 
 IN

 TRADEMARKS 
 United States Patent and
Trademark Office 
 Ladies and Gentlemen: 

Please be advised that pursuant to the Security Agreement dated as of November 17, 2017 (as the same may be amended, modified, restated or
supplemented from time to time, the “Security Agreement”) by and among the Grantors party thereto (each a “Grantor” and collectively, the “Grantors”) and Athyrium Opportunities III Acquisition LP,
as Administrative Agent (the “Administrative Agent”) for the Secured Parties referenced therein, the undersigned Grantor has granted a continuing security interest in and continuing lien upon, the trademarks, trademark licenses and
trademark applications set forth on Schedule 1 attached hereto to the Administrative Agent for the ratable benefit of the Secured Parties. 

The undersigned Grantor and the Administrative Agent, on behalf of the Secured Parties, hereby acknowledge and agree that the security
interest in the trademarks, trademark licenses and trademark applications set forth on Schedule 1 attached hereto (i) may only be terminated in accordance with the terms of the Security Agreement, (ii) is not to be construed as an
assignment of any trademark, trademark license or trademark application. 
 [Signature pages follow] 







 
			
	 Very truly yours,

	
	 [GRANTOR]





			
		
	 By:
	 	  

	Name:
	Title:


     Acknowledged and Accepted: 

 

							
	     ATHYRIUM OPPORTUNITIES III ACQUISITION LP,

    a Delaware limited partnership, as Administrative Agent

		
		 	By: Athyrium Opportunities Associates III LP, its General Partner
			
		 		 	By: Athyrium Opportunities Associates III GP LLC, the General
		 		 	Partner of Athyrium Opportunities Associates III LP
				
		 		 		  	By:                                     
                                   
		 		 		  	Name:
		 		 		  	Title: